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id="xdx_89B_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000195944Member_dU_zo2Te0cIqxR7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> 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%. <p id="xdx_89B_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000195944Member_dU_zeVxmMci8qik" style="font: 10pt Times New Roman, Times, Serif; display: none; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"> Average Annual Total Returns As of June 30, 2026 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(33,82,245)"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 35%; padding-right: 0pt; padding-left: 0pt"> </td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 13%; padding-right: 0pt; padding-left: 0pt; text-align: center">1 Year</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 13%; padding-right: 0pt; padding-left: 0pt; text-align: center">3 Year</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 13%; padding-right: 0pt; padding-left: 0pt; text-align: center">5 Year</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 13%; padding-right: 0pt; padding-left: 0pt; text-align: center">10 Year</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 13%; padding-right: 0pt; padding-left: 0pt; text-align: center">Since Inception (1/6/2015)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">GraniteShares HIPS US High Income ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">5.82%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">10.07%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">4.01%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">5.49%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">4.21%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">22.32%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">20.61%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">13.41%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">15.51%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">14.16%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">EQM High Income Pass-Through Securities Index/TFMS HIPS</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span id="xdx_901_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20250701__20260630__oef--ClassAxis__custom--C000195944Member__oef--SalesLoadAxis__custom--EQMHighIncomePassThroughSecuritiesIndexTFMSHIPSMember_zs6ZWScobwjk">6.31%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span id="xdx_90E_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20230701__20260630__oef--ClassAxis__custom--C000195944Member__oef--SalesLoadAxis__custom--EQMHighIncomePassThroughSecuritiesIndexTFMSHIPSMember_zWat1rE4M0Pi">10.81%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span id="xdx_901_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20210701__20260630__oef--ClassAxis__custom--C000195944Member__oef--SalesLoadAxis__custom--EQMHighIncomePassThroughSecuritiesIndexTFMSHIPSMember_zdGlXnoX0lQk">4.70%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span id="xdx_90E_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20160701__20260630__oef--ClassAxis__custom--C000195944Member__oef--SalesLoadAxis__custom--EQMHighIncomePassThroughSecuritiesIndexTFMSHIPSMember_zKlBQ7BgLakg">6.26%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span id="xdx_90C_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20150106__20260630__oef--ClassAxis__custom--C000195944Member__oef--SalesLoadAxis__custom--EQMHighIncomePassThroughSecuritiesIndexTFMSHIPSMember_zwDB73yERYI6">4.93%</td></tr> </table> 2015-01-06 0.0582 0.1007 0.0401 0.0549 0.0421 0.2232 0.2061 0.1341 0.1551 0.1416 0.0631 0.1081 0.0470 0.0626 0.0493 <p id="xdx_895_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000195944Member_dU_zNW0vkXwRci9" style="font: 10pt Times New Roman, Times, Serif; display: none; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"> How did the fund perform since inception. <img alt="" src="formn-csr_001.jpg"/> 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. <p id="xdx_899_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000195944Member_dU_zyS0QKX1BQl7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> What were the fund’s costs for the last 12 months? (based on hypothetical $10,000 investment) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%; padding-right: 0pt; padding-left: 0pt">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; padding-right: 0pt; padding-left: 0pt; text-align: right">0.70%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: right">$71.79</td></tr> </table> 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%. 0.0070 71.79 <p id="xdx_892_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000195944Member_dU_zIVXBSN62gK9" style="font: 10pt Times New Roman, Times, Serif; display: none; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"> 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(33,82,245); vertical-align: top"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%; padding-right: 0pt; padding-left: 0pt">Holding</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; padding-right: 0pt; padding-left: 0pt; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">United States Treasury Bill</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">30.88%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Two Harbors Investment Corp.</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">2.08%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Plains All American Pipeline LP</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">2.06%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Kimbell Royalty Partners LP</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">2.03%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Dorchester Minerals LP</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">2.02%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Delek Logistics Partners LP</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">2.01%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">BlackRock Enhanced Large Cap Core Fund, Inc.</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">2.00%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Western Midstream Partners LP</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">1.95%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">CVR Partners LP</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">1.92%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Capital Southwest Corp.</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">1.91%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(33,82,245); vertical-align: top"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%; padding-right: 0pt; padding-left: 0pt">Sector</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; padding-right: 0pt; padding-left: 0pt; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Financial</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">32.67%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Government</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">30.88%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Energy</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">17.48%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Closed End Funds</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">17.05%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Basic Materials</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">1.92%</td></tr> </table> 0.3088 0.0208 0.0206 0.0203 0.0202 0.0201 0.0200 0.0195 0.0192 0.0191 0.3267 0.3088 0.1748 0.1705 0.0192 <p id="xdx_89B_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000195944Member_dU_zpKkGq4At9Qb" style="font: 10pt Times New Roman, Times, Serif; display: none; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt"> Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%; padding-right: 0pt; padding-left: 0pt">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; padding-right: 0pt; padding-left: 0pt; text-align: right">$109,902,109</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: right">41</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: right"><span id="xdx_90D_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20250701__20260630__oef--ClassAxis__custom--C000195944Member_zP05YrywTl23" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: right">1/6/2015</td></tr> </table>

109902109

0.52

2015-01-06 <p id="xdx_894_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000195944Member_dU_zw1l9VcRYiX6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. <p id="xdx_892_eoef--AddlInfoTextBlock_hoef--ClassAxis__custom--C000195944Member_dU_zvi9ITU8Teye" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">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 GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF NYSE COMB Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com <p id="xdx_89B_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000177158Member_dU_zPxs1QeuqvZc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> 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%. <p id="xdx_899_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000177158Member_dU_zYiduwNXYaol" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> Average Annual Total Returns As of June 30, 2026 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(33,82,245); vertical-align: top"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 36%; padding-right: 0pt; padding-left: 0pt"> </td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 16%; padding-right: 0pt; padding-left: 0pt; text-align: center">1 Year</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 16%; padding-right: 0pt; padding-left: 0pt; text-align: center">3 Year</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 16%; padding-right: 0pt; padding-left: 0pt; text-align: center">5 Year</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 16%; padding-right: 0pt; padding-left: 0pt; text-align: center">Since Inception (5/19/2017)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">25.06%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">11.26%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">8.85%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">6.50%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Bloomberg Commodity Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">25.46%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">11.69%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">9.37%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">6.92%</td></tr> </table> 2017-05-19 0.2506 0.1126 0.0885 0.0650 0.2546 0.1169 0.0937 0.0692 <p id="xdx_89F_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000177158Member_dU_zUSn2DYQeaX5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">How did the fund perform since inception. <img alt="" src="formn-csr_002.jpg"/> 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. <p id="xdx_890_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000177158Member_dU_zARBEK8bvjz1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> What were the fund’s costs for the last 12 months? (based on hypothetical $10,000 investment) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%; padding-right: 0pt; padding-left: 0pt">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; padding-right: 0pt; padding-left: 0pt; text-align: right">0.25%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: right">$28.07</td></tr> </table> 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%. 0.0025 28.07 <p id="xdx_89A_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000177158Member_dU_zOz1IRJRAoY4" style="font: 10pt Times New Roman, Times, Serif; display: none; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"> 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(33,82,245); vertical-align: top"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%; padding-right: 0pt; padding-left: 0pt">Holding</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; padding-right: 0pt; padding-left: 0pt; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">United States Treasury Bill</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">41.00%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Gold 100 Oz Future</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">6.38%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Brent Crude</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">4.79%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">WTI CRUDE FUTURE Sep16</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">3.86%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">NATURAL GAS FUTR Sep26</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">3.70%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Copper</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">3.18%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Soybean</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">2.68%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Corn</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span id="xdx_900_eoef--PctOfTotalInv_iI_pid_dp_c20260630__oef--ClassAxis__custom--C000177158Member__oef--LargestHoldingAxis__custom--CornMember_zJxEkOQ0lUb6" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.42%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Low Su Gasoil G Sep16</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">2.02%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">LME PRI ALUM FUTR Sep26</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">1.86%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(33,82,245); vertical-align: top"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%; padding-right: 0pt; padding-left: 0pt">Sector</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; padding-right: 0pt; padding-left: 0pt; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Futures</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span id="xdx_900_eoef--PctOfTotalInv_iI_pid_dp_c20260630__oef--ClassAxis__custom--C000177158Member__oef--IndustrySectorAxis__custom--FuturesMember_zwtxwKMf6wn1" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50.46%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Government</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span id="xdx_900_eoef--PctOfTotalInv_iI_pid_dp_c20260630__oef--ClassAxis__custom--C000177158Member__oef--IndustrySectorAxis__us-gaap--GovernmentMember_zXyc6KqcU6kk" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">41.00%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Broker Cash</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span id="xdx_909_eoef--PctOfTotalInv_iI_pid_dp_c20260630__oef--ClassAxis__custom--C000177158Member__oef--IndustrySectorAxis__us-gaap--CashMember_zpZFmBpnqoJ9" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.54%</td></tr> </table> 0.4100 0.0638 0.0479 0.0386 0.0370 0.0318 0.0268 0.0242 0.0202 0.0186 0.5046 0.4100 0.0854 <p id="xdx_89C_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000177158Member_dU_zqI9tCLtRSC9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%; padding-right: 0pt; padding-left: 0pt">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; padding-right: 0pt; padding-left: 0pt; text-align: right">$121,498,610</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: right">40</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: right">5/19/2017</td></tr> </table>

121498610

2017-05-19 <p id="xdx_893_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000177158Member_dU_zSfdZBIBnPvi" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. <p id="xdx_89B_eoef--AddlInfoTextBlock_hoef--ClassAxis__custom--C000177158Member_dU_zVpUN2B1vakg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">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 GraniteShares Nasdaq Select Disruptors ETF GraniteShares Nasdaq Select Disruptors ETF NYSE DRUP Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com <p id="xdx_891_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000214774Member_dU_zLAyHJxSB7C2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> 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%. <p id="xdx_89E_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000214774Member_dU_zkuWFMr5Pro" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Average Annual Total Returns As of June 30, 2026 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(33,82,245); vertical-align: top"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 36%; padding-right: 0pt; padding-left: 0pt"> </td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 16%; padding-right: 0pt; padding-left: 0pt; text-align: center">1 Year</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 16%; padding-right: 0pt; padding-left: 0pt; text-align: center">3 Year</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 16%; padding-right: 0pt; padding-left: 0pt; text-align: center">5 Year</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 16%; padding-right: 0pt; padding-left: 0pt; text-align: center">Since Inception (10/4/2019)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">GraniteShares Nasdaq Select Disruptors ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">-0.39%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">15.66%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">9.02%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">14.56%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Nasdaq US Large Cap Select Disruptors Index</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">0.19%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">15.74%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">8.84%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">17.39%</td></tr> </table> 2019-10-04 -0.0039 0.1566 0.0902 0.1456 0.0019 0.1574 0.0884 0.1739 <p id="xdx_895_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000214774Member_dU_z1e3SiZCdY61" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">How did the fund perform since inception. <img alt="" src="formn-csr_003.jpg"/> 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. <p id="xdx_898_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000214774Member_dU_zgDjKImUz3Kf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">What were the fund’s costs for the last 12 months? (based on hypothetical $10,000 investment) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%; padding-right: 0pt; padding-left: 0pt">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; padding-right: 0pt; padding-left: 0pt; text-align: right">0.60%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: right">$60.24</td></tr> </table> 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%. 0.0060 60.24 <p id="xdx_891_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000214774Member_dU_z7hCHRPv5Db4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(33,82,245); vertical-align: top"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%; padding-right: 0pt; padding-left: 0pt">Holding</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; padding-right: 0pt; padding-left: 0pt; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Microsoft Corp.</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">8.65%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Alphabet, Inc.</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">8.27%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Meta Platforms, Inc.</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">6.06%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Eli Lilly & Co.</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">6.05%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Johnson & Johnson</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">4.80%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Cisco Systems, Inc.</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">3.89%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Palo Alto Networks, Inc.</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">3.38%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Arista Networks, Inc.</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">2.66%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Crowdstrike Holdings, Inc.</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">2.63%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Palantir Technologies, Inc.</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">2.59%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(33,82,245); vertical-align: top"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%; padding-right: 0pt; padding-left: 0pt">Sector</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; padding-right: 0pt; padding-left: 0pt; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Technology</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">38.46%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Consumer, Non-cyclical</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">29.71%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Communications</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">28.69%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Industrial</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">2.57%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Financial</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">0.57%</td></tr> </table> 0.0865 0.0827 0.0606 0.0605 0.0480 0.0389 0.0338 0.0266 0.0263 0.0259 0.3846 0.2971 0.2869 0.0257 0.0057 <p id="xdx_89E_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000214774Member_dU_zv8q5Wf7xwm5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%; padding-right: 0pt; padding-left: 0pt">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; padding-right: 0pt; padding-left: 0pt; text-align: right">$46,556,053</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: right">50</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: right">47%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: right">10/4/2019</td></tr> </table>

46556053

0.47

2019-10-04 <p id="xdx_89E_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000214774Member_dU_zo8Jl1rGv2he" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. <p id="xdx_89A_eoef--AddlInfoTextBlock_hoef--ClassAxis__custom--C000214774Member_dU_z9q1geQchI5l" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">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 GraniteShares 2x Long AAPL Daily ETF GraniteShares 2x Long AAPL Daily ETF NASDAQ AAPB Annual Shareholder Report www.graniteshares.com (844) 476 8747 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 75.94% return. Over the same period the Benchmark had a return of 22.32%. Average Annual Total Returns As of June 30, 2026 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif; width: 37%; vertical-align: bottom"> </td> <td style="border-top: #CCCCCC 1pt solid; vertical-align: bottom; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 21%; text-align: center">1 Year</td> <td style="border-top: #CCCCCC 1pt solid; vertical-align: bottom; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 21%; text-align: center">3 Year</td> <td style="border-top: #CCCCCC 1pt solid; vertical-align: bottom; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 21%; text-align: center">Since Inception (8/8/2022)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GraniteShares 2x Long AAPL Daily ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">75.94%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">12.68%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">14.29%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">22.32%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">20.61%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">18.18%</td></tr> </table> 2022-08-08 0.7594 0.1268 0.1429 0.2232 0.2061 0.1818 How did the fund perform since inception. <img alt="" src="grshsl-tsr_001.jpg"/> 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) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; text-align: right">1.15%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">$156.16</td></tr> </table> 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%. 0.0115 156.16 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Holding</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">United States Treasury Bill</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">53.46%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">AAPL EQUITY SWAP</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">45.74%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Sector</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Government</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">53.46%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Return Swap</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">45.74%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Broker Cash</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.80%</td></tr> </table> 0.5346 0.4574 0.5346 0.4574 0.0080 <p id="xdx_891_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000236101Member_dU_zcyottICxpC8" style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0pt; text-align: justify"> Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: right">$18,340,919</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">8/8/2022</td></tr> </table>

18340919

2022-08-08 Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. 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 GraniteShares 2x Long BABA Daily ETF GraniteShares 2x Long BABA Daily ETF NASDAQ BABX Annual Shareholder Report www.graniteshares.com (844) 476 8747 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 -44.33% return. Over the same period the Benchmark had a return of 22.32%. Average Annual Total Returns As of June 30, 2026 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif; width: 37%; vertical-align: bottom"> </td> <td style="border-top: #CCCCCC 1pt solid; vertical-align: bottom; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 21%; text-align: center">1 Year</td> <td style="border-top: #CCCCCC 1pt solid; vertical-align: bottom; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 21%; text-align: center">3 Year</td> <td style="border-top: #CCCCCC 1pt solid; vertical-align: bottom; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 21%; text-align: center">Since Inception (12/12/2022)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GraniteShares 2x Long BABA Daily ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-44.33%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-10.66%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-15.32%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">22.32%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">20.61%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">21.15%</td></tr> </table> 2022-12-12 -0.443 -0.1066 -0.1532 0.2232 0.2061 0.2115 How did the fund perform since inception. <img alt="" src="grshsl-tsr_002.jpg"/> 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) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; text-align: right">1.06%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">$81.99</td></tr> </table> 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%. 0.0106 81.99 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Holding</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Recv Long Baba Trs Cs1</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">30.25%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">BABA EQUITY SWAP</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">26.70%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Recv Long Baba Trs Wf</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">13.23%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Sector</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Return Swap</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">70.17%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Broker Cash</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">29.83%</td></tr> </table> 0.3025 0.2670 0.1323 0.7017 0.2983 Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: right">$74,518,266</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">12/12/2022</td></tr> </table>

74518266

2022-12-12 Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. 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 GraniteShares 2x Long COIN Daily ETF GraniteShares 2x Long COIN Daily ETF NASDAQ CONL Annual Shareholder Report www.graniteshares.com (844) 476 8747 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 -90.77% return. Over the same period the Benchmark had a return of 22.32%. Average Annual Total Returns As of June 30, 2026 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif; width: 37%; vertical-align: bottom"> </td> <td style="border-top: #CCCCCC 1pt solid; vertical-align: bottom; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 21%; text-align: center">1 Year</td> <td style="border-top: #CCCCCC 1pt solid; vertical-align: bottom; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 21%; text-align: center">3 Year</td> <td style="border-top: #CCCCCC 1pt solid; vertical-align: bottom; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 21%; text-align: center">Since Inception (8/8/2022)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GraniteShares 2x Long COIN Daily ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-90.77%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-25.34%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-36.48%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">22.32%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">20.61%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">18.18%</td></tr> </table> 2022-08-08 -0.9077 -0.2534 -0.3648 0.2232 0.2061 0.1818 How did the fund perform since inception. <img alt="" src="grshsl-tsr_003.jpg"/> 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) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; text-align: right">1.01%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">$55.69</td></tr> </table> 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%. 0.0101 55.69 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Holding</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">COIN EQUITY SWAP</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">18.63%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">COIN EQUITY SWAP 1</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">9.92%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">COIN EQUITY SWAP 3</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">9.18%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Recv Long 2x Coin Gs1</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">9.14%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Recv Long 2x Coin Bmo1</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">6.64%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">COIN EQUITY SWAP 2</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">5.41%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Recv Long 2x Coin Bmo1</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">1.86%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">United States Treasury Bill</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">1.11%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Sector</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Return Swap</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">60.78%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Broker Cash</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">38.11%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Government</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">1.11%</td></tr> </table> 0.1863 0.0992 0.0918 0.0914 0.0664 0.0541 0.0186 0.0111 0.6078 0.3811 0.0111 Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: right">$549,468,295</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">8</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">8/8/2022</td></tr> </table>

549468295

2022-08-08 Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. 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 GraniteShares 2x Long META Daily ETF GraniteShares 2x Long META Daily ETF NASDAQ FBL Annual Shareholder Report www.graniteshares.com (844) 476 8747 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 -53.21% return. Over the same period the Benchmark had a return of 22.32%. Average Annual Total Returns As of June 30, 2026 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif; width: 37%; vertical-align: bottom"> </td> <td style="border-top: #CCCCCC 1pt solid; vertical-align: bottom; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 21%; text-align: center">1 Year</td> <td style="border-top: #CCCCCC 1pt solid; vertical-align: bottom; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 21%; text-align: center">3 Year</td> <td style="border-top: #CCCCCC 1pt solid; vertical-align: bottom; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 21%; text-align: center">Since Inception (12/12/2022)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GraniteShares 2x Long META Daily ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-53.21%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">21.00%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">69.13%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">22.32%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">20.61%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">21.15%</td></tr> </table> 2022-12-12 -0.5321 0.2100 0.6913 0.2232 0.2061 0.2115 How did the fund perform since inception. <img alt="" src="grshsl-tsr_004.jpg"/> 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) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; text-align: right">1.02%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">$76.37</td></tr> </table> 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%. 0.0102 76.37 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Holding</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">META EQUITY SWAP 1</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">23.81%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Recv Meta Trs:30303m102</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">17.44%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Recv Long 2x Meta Trs Gs</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">14.07%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">META EQUITY SWAP</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">13.36%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">United States Treasury Bill</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">3.47%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Sector</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Return Swap</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">68.67%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Broker Cash</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">27.86%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Government</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">3.47%</td></tr> </table> 0.2381 0.1744 0.1407 0.1336 0.0347 0.6867 0.2786 0.0347 Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: right">$197,621,220</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">5</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">12/12/2022</td></tr> </table>

197621220

2022-12-12 Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. 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 GraniteShares 2x Long NVDA Daily ETF GraniteShares 2x Long NVDA Daily ETF NASDAQ NVDL Annual Shareholder Report www.graniteshares.com (844) 476 8747 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 27.28% return. Over the same period the Benchmark had a return of 22.32%. Average Annual Total Returns As of June 30, 2026 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif; width: 37%; vertical-align: bottom"> </td> <td style="border-top: #CCCCCC 1pt solid; vertical-align: bottom; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 21%; text-align: center">1 Year</td> <td style="border-top: #CCCCCC 1pt solid; vertical-align: bottom; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 21%; text-align: center">3 Year</td> <td style="border-top: #CCCCCC 1pt solid; vertical-align: bottom; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 21%; text-align: center">Since Inception (12/12/2022)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GraniteShares 2x Long NVDA Daily ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">27.28%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">92.23%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">144.86%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">22.32%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">20.61%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">21.15%</td></tr> </table> 2022-12-12 0.2728 0.9223 1.4486 0.2232 0.2061 0.2115 How did the fund perform since inception. <img alt="" src="grshsl-tsr_005.jpg"/> 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) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; text-align: right">1.02%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">$119.74</td></tr> </table> 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%. 0.0102 119.74 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Holding</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">United States Treasury Bill</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">59.71%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">NVDA EQUITY SWAP</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">23.38%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">NVDA EQUITY SWAP 2</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">6.45%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">NVDA EQUITY SWAP 1</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">3.29%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">NVDA EQUITY SWAP 19</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">1.66%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">NVDA EQUITY SWAP 5</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">1.01%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Recv Long Nvda Trs Gs2</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.92%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">United States Treasury Bill</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.69%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">NVDA EQUITY SWAP 4</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.65%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">NVDA EQUITY SWAP 7</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.00%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Sector</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Government</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">60.40%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Return Swap</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">37.35%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Broker Cash</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2.25%</td></tr> </table> 0.5971 0.2338 0.0645 0.0329 0.0166 0.0101 0.0092 0.0069 0.0065 0.0000 0.6040 0.3735 0.0225 Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: right">$4,051,374,858</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">11</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">12/12/2022</td></tr> </table>

4051374858

2022-12-12 Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. 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 GraniteShares 2x Short NVDA Daily ETF GraniteShares 2x Short NVDA Daily ETF NASDAQ NVD Annual Shareholder Report www.graniteshares.com (844) 476 8747 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 -53.87% return. Over the same period the Benchmark had a return of 22.32%. Average Annual Total Returns As of June 30, 2026 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif; width: 36%; vertical-align: bottom"> </td> <td style="border-top: #CCCCCC 1pt solid; vertical-align: bottom; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center">1 Year</td> <td style="border-top: #CCCCCC 1pt solid; vertical-align: bottom; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center">Since Inception (8/21/2023)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GraniteShares 2x Short NVDA Daily ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-53.87%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-78.84%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">22.32%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">22.12%</td></tr> </table> 2023-08-21 -0.5387 -0.7884 0.2232 0.2212 How did the fund perform since inception. <img alt="" src="grshsl-tsr_006.jpg"/> 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) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; text-align: right">1.27%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">$91.11</td></tr> </table> 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%. 0.0127 91.11 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Holding</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">NVDA EQUITY SWAP</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">37.83%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GRANITESHARES SHORT NVDA SWAP</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">11.13%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Recv Short 2x Nvda Gs1</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">6.73%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Sector</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Return Swap</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">55.69%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Broker Cash</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">44.31%</td></tr> </table> 0.3783 0.1113 0.0673 0.5569 0.4431 Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: right">$60,726,077</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">8/21/2023</td></tr> </table>

60726077

2023-08-21 Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. 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 GraniteShares 1.25x Long TSLA Daily ETF GraniteShares 1.25x Long TSLA Daily ETF NASDAQ TSL Annual Shareholder Report www.graniteshares.com (844) 476 8747 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 33.17% return. Over the same period the Benchmark had a return of 22.32%. Average Annual Total Returns As of June 30, 2026 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif; width: 37%; vertical-align: bottom"> </td> <td style="border-top: #CCCCCC 1pt solid; vertical-align: bottom; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 21%; text-align: center">1 Year</td> <td style="border-top: #CCCCCC 1pt solid; vertical-align: bottom; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 21%; text-align: center">3 Year</td> <td style="border-top: #CCCCCC 1pt solid; vertical-align: bottom; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 21%; text-align: center">Since Inception (8/8/2022)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GraniteShares 1.25x Long TSLA Daily ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">33.17%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">10.04%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">1.18%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">22.32%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">20.61%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">18.18%</td></tr> </table> 2022-08-08 0.3317 0.1004 0.0118 0.2232 0.2061 0.1818 How did the fund perform since inception. <img alt="" src="grshsl-tsr_007.jpg"/> 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) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; text-align: right">1.15%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">$139.53</td></tr> </table> 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%. 0.0115 139.53 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Holding</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">United States Treasury Bill</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">56.60%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Tesla, Inc. Equity Swap</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">38.99%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Sector</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Government</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">56.60%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Return Swap</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">38.99%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Broker Cash</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">4.41%</td></tr> </table> 0.5660 0.3899 0.5660 0.3899 0.0441 Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: right">$12,358,227</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">8/8/2022</td></tr> </table>

12358227

2022-08-08 Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. 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 GraniteShares 2x Long TSLA Daily ETF GraniteShares 2x Long TSLA Daily ETF NASDAQ TSLR Annual Shareholder Report www.graniteshares.com (844) 476 8747 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 28.93% return. Over the same period the Benchmark had a return of 22.32%. Average Annual Total Returns As of June 30, 2026 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif; width: 36%; vertical-align: bottom"> </td> <td style="border-top: #CCCCCC 1pt solid; vertical-align: bottom; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center">1 Year</td> <td style="border-top: #CCCCCC 1pt solid; vertical-align: bottom; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center">Since Inception (8/21/2023)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GraniteShares 2x Long TSLA Daily ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">28.93%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-0.86%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">22.32%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">22.12%</td></tr> </table> 2023-08-21 0.2893 -0.0086 0.2232 0.2212 How did the fund perform since inception. <img alt="" src="grshsl-tsr_008.jpg"/> 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) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; text-align: right">0.95%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">$116.08</td></tr> </table> 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%. 0.0095 116.08 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Holding</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">United States Treasury Bill</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">28.76%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">TSLA EQUITY SWAP</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">24.49%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Recv Long Tsla 2x Trs Wf</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">23.99%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GRANITESHARES LONG 2X TESLA TRS JPM</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">9.72%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GRANITESHARES LONG TSLA SWAP BANK OF AMERICA</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">3.84%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Recv Long Tsla Trs Cs</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.05%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Sector</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Return Swap</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">62.09%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Government</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">28.76%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Broker Cash</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">9.15%</td></tr> </table> 0.2876 0.2449 0.2399 0.0972 0.0384 0.0005 0.6209 0.2876 0.0915 Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: right">$107,260,452</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">6</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">8/21/2023</td></tr> </table>

107260452

2023-08-21 Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. 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 GraniteShares 2x Short TSLA Daily ETF GraniteShares 2x Short TSLA Daily ETF NASDAQ TSDD Annual Shareholder Report www.graniteshares.com (844) 476 8747 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 -66.68% return. Over the same period the Benchmark had a return of 22.32%. Average Annual Total Returns As of June 30, 2026 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif; width: 36%; vertical-align: bottom"> </td> <td style="border-top: #CCCCCC 1pt solid; vertical-align: bottom; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center">1 Year</td> <td style="border-top: #CCCCCC 1pt solid; vertical-align: bottom; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center">Since Inception (8/21/2023)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GraniteShares 2x Short TSLA Daily ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-66.68%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-74.83%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">22.32%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">22.12%</td></tr> </table> 2023-08-21 -0.6668 -0.7483 0.2232 0.2212 How did the fund perform since inception. <img alt="" src="grshsl-tsr_009.jpg"/> 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) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; text-align: right">0.95%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">$61.87</td></tr> </table> 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%. 0.0095 61.87 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Holding</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GRANITESHARES SHORT TSLA SWAP BAML</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">43.69%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Recv Short 2x Tsla Cf1</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">32.35%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">TSLA EQUITY SWAP</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.12%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GRANTIESHARES SHORT TSLA SWAP CLEAR STREET</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.04%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Recv Short 2x Tsla Gs1</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.03%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Sector</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Return Swap</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">76.23%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Broker Cash</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">23.77%</td></tr> </table> 0.4369 0.3235 0.0012 0.0004 0.0003 0.7623 0.2377 Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: right">$39,023,823</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">5</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">8/21/2023</td></tr> </table>

39023823

2023-08-21 Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. 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 GraniteShares 2x Long MSFT Daily ETF GraniteShares 2x Long MSFT Daily ETF NASDAQ MSFL Annual Shareholder Report www.graniteshares.com (844) 476 8747 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 -51.13% return. Over the same period the Benchmark had a return of 22.32%. Average Annual Total Returns As of June 30, 2026 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif; width: 36%; vertical-align: bottom"> </td> <td style="border-top: #CCCCCC 1pt solid; vertical-align: bottom; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center">1 Year</td> <td style="border-top: #CCCCCC 1pt solid; vertical-align: bottom; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center">Since Inception (3/15/2024)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GraniteShares 2x Long MSFT Daily ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-51.13%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-20.62%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">22.32%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">19.65%</td></tr> </table> 2024-03-15 -0.5113 -0.2062 0.2232 0.1965 How did the fund perform since inception. <img alt="" src="grshsl-tsr_010.jpg"/> 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) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; text-align: right">1.12%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">$84.21</td></tr> </table> 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%. 0.0112 84.21 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Holding</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Recv Long 2x Msft Trs Boa</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">40.54%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">MSFT EQUITY SWAP</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">30.57%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Sector</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Return Swap</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">71.11%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Broker Cash</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">28.89%</td></tr> </table> 0.4054 0.3057 0.7111 0.2889 Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: right">$125,577,456</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3/15/2024</td></tr> </table>

125577456

2024-03-15 Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. 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 GraniteShares 2x Long AMD Daily ETF GraniteShares 2x Long AMD Daily ETF NASDAQ AMDL Annual Shareholder Report 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif; width: 36%; vertical-align: bottom"> </td> <td style="border-top: #CCCCCC 1pt solid; vertical-align: bottom; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center">1 Year</td> <td style="border-top: #CCCCCC 1pt solid; vertical-align: bottom; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center">Since Inception (3/15/2024)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GraniteShares 2x Long AMD Daily ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">871.13%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">68.53%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">22.32%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">19.65%</td></tr> </table> 2024-03-15 8.7113 0.6853 0.2232 0.1965 How did the fund perform since inception. <img alt="" src="grshsl-tsr_011.jpg"/> 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) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; text-align: right">1.01%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">$585.60</td></tr> </table> 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%. 0.0101 585.60 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Holding</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">United States Treasury Bill</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">48.77%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Recv Long 2x Amd Trs Nm</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">9.11%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GRANITESHARES LONG AMD SWAP CANTOR</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">9.05%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Recv Long 2x Amd Trs Bmo</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">8.89%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Recv Long 2x Amd Trs Wf</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">8.44%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">AMD EQUITY SWAP</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">5.99%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Recv Long 2x Amd Trs Cs</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">5.69%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Sector</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Government</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">48.77%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Return Swap</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">47.16%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Broker Cash</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">4.07%</td></tr> </table> 0.4877 0.0911 0.0905 0.0889 0.0844 0.0599 0.0569 0.4877 0.4716 0.0407 Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: right">$1,661,372,409</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">7</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3/15/2024</td></tr> </table>

1661372409

2024-03-15 Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. 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 GraniteShares 2x Long AMZN Daily ETF GraniteShares 2x Long AMZN Daily ETF NASDAQ AMZZ Annual Shareholder Report www.graniteshares.com (844) 476 8747 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 -0.61% return. Over the same period the Benchmark had a return of 22.32%. Average Annual Total Returns As of June 30, 2026 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif; width: 36%; vertical-align: bottom"> </td> <td style="border-top: #CCCCCC 1pt solid; vertical-align: bottom; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center">1 Year</td> <td style="border-top: #CCCCCC 1pt solid; vertical-align: bottom; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center">Since Inception (3/15/2024)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GraniteShares 2x Long AMZN Daily ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-0.61%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">9.43%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">22.32%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">19.65%</td></tr> </table> 2024-03-15 -0.0061 0.0943 0.2232 0.1965 How did the fund perform since inception. <img alt="" src="grshsl-tsr_012.jpg"/> 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) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; text-align: right">1.12%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">$111.24</td></tr> </table> 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%. 0.0112 111.24 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Holding</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">AMZN EQUITY SWAP</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">59.42%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">United States Treasury Bill</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">30.45%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Sector</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Return Swap</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">59.42%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Government</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">30.45%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Broker Cash</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">10.13%</td></tr> </table> 0.5942 0.3045 0.5942 0.3045 0.1013 Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: right">$45,189,060</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3/15/2024</td></tr> </table>

45189060

2024-03-15 Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. 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 GraniteShares 2x Short COIN Daily ETF GraniteShares 2x Short COIN Daily ETF NASDAQ CONI Annual Shareholder Report www.graniteshares.com (844) 476 8747 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 32.96% return. Over the same period the Benchmark had a return of 22.32%. Average Annual Total Returns As of June 30, 2026 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif; width: 36%; vertical-align: bottom"> </td> <td style="border-top: #CCCCCC 1pt solid; vertical-align: bottom; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center">1 Year</td> <td style="border-top: #CCCCCC 1pt solid; vertical-align: bottom; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center">Since Inception (9/3/2024)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GraniteShares 2x Short COIN Daily ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span id="xdx_90A_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20250701__20260630__oef--ClassAxis__custom--C000243809Member__oef--SalesLoadAxis__custom--NAVMember_zCZizOfqUgY2" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">32.96%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-67.33%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">22.32%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">19.72%</td></tr> </table> 2024-09-03 0.3296 -0.6733 0.2232 0.1972 How did the fund perform since inception. <img alt="" src="grshsl-tsr_013.jpg"/> 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) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; text-align: right">1.10%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">$122.09</td></tr> </table> 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%. 0.0110 122.09 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Holding</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">United States Treasury Bill</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">59.00%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Recv Short 2x Coin Nm1</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">20.82%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GRANITESHARES SHORT COIN SWAP MAREX</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">16.53%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Sector</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Government</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">59.00%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Return Swap</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">37.35%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Broker Cash</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span id="xdx_90A_eoef--PctOfTotalInv_iI_pid_dp_c20260630__oef--ClassAxis__custom--C000243809Member__oef--IndustrySectorAxis__us-gaap--CashMember_zNsoVU5KrhAa" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.66%</td></tr> </table> 0.5900 0.2082 0.1653 0.5900 0.3735 0.0366 Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: right">$15,960,794</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">9/3/2024</td></tr> </table>

15960794

2024-09-03 Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. 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 GraniteShares 2x Long PLTR Daily ETF GraniteShares 2x Long PLTR Daily ETF NASDAQ PTIR Annual Shareholder Report www.graniteshares.com (844) 476 8747 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 -49.07% return. Over the same period the Benchmark had a return of 22.32%. Average Annual Total Returns As of June 30, 2026 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif; width: 36%; vertical-align: bottom"> </td> <td style="border-top: #CCCCCC 1pt solid; vertical-align: bottom; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center">1 Year</td> <td style="border-top: #CCCCCC 1pt solid; vertical-align: bottom; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center">Since Inception (9/3/2024)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GraniteShares 2x Long PLTR Daily ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-49.07%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">165.86%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">22.32%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">19.72%</td></tr> </table> 2024-09-03 -0.4907 1.6586 0.2232 0.1972 How did the fund perform since inception. <img alt="" src="grshsl-tsr_014.jpg"/> 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) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; text-align: right">1.01%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">$78.68</td></tr> </table> 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%. 0.0101 78.68 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Holding</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">United States Treasury Bill</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">28.45%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GRANITESHARES LONG PLTR SWAP CLEAR STREET</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">21.63%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GRANITESHARES LONG PLTR SWAP COWEN</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">12.52%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Recv Long 2x Pltr Trs Bmo</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">11.72%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GRANITESHARES LONG PLTR SWAP NOMURA</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">3.39%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Recv Long 2x Pltr Wf1</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2.17%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Sector</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Return Swap</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">51.43%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Government</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">28.45%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Broker Cash</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">20.12%</td></tr> </table> 0.2845 0.2163 0.1252 0.1172 0.0339 0.0217 0.5143 0.2845 0.2012 Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: right">$296,774,632</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">6</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">9/3/2024</td></tr> </table>

296774632

2024-09-03 Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. 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 GraniteShares 2x Long UBER Daily ETF GraniteShares 2x Long UBER Daily ETF NASDAQ UBRL Annual Shareholder Report www.graniteshares.com (844) 476 8747 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 -50.36% return. Over the same period the Benchmark had a return of 22.32%. Average Annual Total Returns As of June 30, 2026 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif; width: 36%; vertical-align: bottom"> </td> <td style="border-top: #CCCCCC 1pt solid; vertical-align: bottom; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center">1 Year</td> <td style="border-top: #CCCCCC 1pt solid; vertical-align: bottom; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center">Since Inception (9/3/2024)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GraniteShares 2x Long UBER Daily ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-50.36%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-20.29%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">22.32%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">19.72%</td></tr> </table> 2024-09-03 -0.5036 -0.2029 0.2232 0.1972 How did the fund perform since inception. <img alt="" src="grshsl-tsr_015.jpg"/> 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) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; text-align: right">1.15%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">$86.79</td></tr> </table> 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%. 0.0115 86.79 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Holding</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GRANITESHARES LONG UBER SWAP COWEN</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">72.58%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">United States Treasury Bill</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">1.04%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Sector</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Return Swap</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">72.58%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Broker Cash</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">26.38%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Government</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">1.04%</td></tr> </table> 0.7258 0.0104 0.7258 0.2638 0.0104 Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: right">$20,962,910</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">9/3/2024</td></tr> </table>

20962910

2024-09-03 Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. 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 GraniteShares 2x Long CRWD Daily ETF GraniteShares 2x Long CRWD Daily ETF NASDAQ CRWL Annual Shareholder Report www.graniteshares.com (844) 476 8747 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 50.90% return. Over the same period the Benchmark had a return of 22.32%. Average Annual Total Returns As of June 30, 2026 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif; width: 36%; vertical-align: bottom"> </td> <td style="border-top: #CCCCCC 1pt solid; vertical-align: bottom; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center">1 Year</td> <td style="border-top: #CCCCCC 1pt solid; vertical-align: bottom; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center">Since Inception (11/11/2024)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GraniteShares 2x Long CRWD Daily ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">50.90%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">77.59%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">22.32%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">16.10%</td></tr> </table> 2024-11-11 0.5090 0.7759 0.2232 0.1610 How did the fund perform since inception. <img alt="" src="grshsl-tsr_016.jpg"/> 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) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; text-align: right">1.42%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">$186.07</td></tr> </table> 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%. 0.0142 186.07 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Holding</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">United States Treasury Bill</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">70.37%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Recv Long 2x Crwd Trs Nm1</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">29.63%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Sector</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Government</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">70.37%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Return Swap</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">29.63%</td></tr> </table> 0.7037 0.2963 0.7037 0.2963 Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: right">$53,005,212</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">11/11/2024</td></tr> </table>

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2024-11-11 Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. 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 GraniteShares 2x Long TSM Daily ETF GraniteShares 2x Long TSM Daily ETF NASDAQ TSMU Annual Shareholder Report www.graniteshares.com (844) 476 8747 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 233.91% return. Over the same period the Benchmark had a return of 22.32%. Average Annual Total Returns As of June 30, 2026 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif; width: 36%; vertical-align: bottom"> </td> <td style="border-top: #CCCCCC 1pt solid; vertical-align: bottom; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center">1 Year</td> <td style="border-top: #CCCCCC 1pt solid; vertical-align: bottom; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center">Since Inception (11/11/2024)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GraniteShares 2x Long TSM Daily ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">233.91%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">122.18%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">22.32%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">16.10%</td></tr> </table> 2024-11-11 2.3391 1.2218 0.2232 0.1610 How did the fund perform since inception. <img alt="" src="grshsl-tsr_017.jpg"/> 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) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; text-align: right">1.50%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">$329.54</td></tr> </table> 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%. 0.0150 329.54 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Holding</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">United States Treasury Bill</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">61.20%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Recv Long 2x Tsm Trs Nm1</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">35.35%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Sector</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Government</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">61.20%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Return Swap</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">35.35%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Broker Cash</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">3.45%</td></tr> </table> 0.6120 0.3535 0.6120 0.3535 0.0345 Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: right">$64,440,688</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">11/11/2024</td></tr> </table> Material Fund Changes There were no material fund changes during the period

64440688

2024-11-11 Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. 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 GraniteShares 2x Long MU Daily ETF GraniteShares 2x Long MU Daily ETF NASDAQ MULL Annual Shareholder Report www.graniteshares.com (844) 476 8747 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 4217.12% return. Over the same period the Benchmark had a return of 22.32%. Average Annual Total Returns As of June 30, 2026 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif; width: 36%; vertical-align: bottom"> </td> <td style="border-top: #CCCCCC 1pt solid; vertical-align: bottom; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center">1 Year</td> <td style="border-top: #CCCCCC 1pt solid; vertical-align: bottom; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center">Since Inception (11/11/2024)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GraniteShares 2x Long MU Daily ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">4217.12%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">813.19%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">22.32%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">16.10%</td></tr> </table> 2024-11-11 42.1712 8.1319 0.2232 0.1610 How did the fund perform since inception. <img alt="" src="grshsl-tsr_018.jpg"/> 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) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; text-align: right">1.36%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">$3,129.75</td></tr> </table> 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%. 0.0136 3129.75 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Holding</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">United States Treasury Bill</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">42.49%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Recv Long 2x Mu Trs Nm1</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">15.48%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Recv Long 2x Mu Trs Gs1</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">11.50%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Recv Long 2x Mu Trs Ms1</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">8.96%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Recv Long 2x Mu Trs HSBC</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">8.16%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Recv Long 2x Mu Trs Wf1</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">6.97%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">United States Treasury Bill</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">1.41%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Sector</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Return Swap</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span id="xdx_903_eoef--PctOfTotalInv_iI_pid_dp_c20260630__oef--ClassAxis__custom--C000254487Member__oef--IndustrySectorAxis__us-gaap--TotalReturnSwapMember_zHHpzZekivR8" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51.06%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Government</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">43.90%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Broker Cash</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span id="xdx_902_eoef--PctOfTotalInv_iI_pid_dp_c20260630__oef--ClassAxis__custom--C000254487Member__oef--IndustrySectorAxis__us-gaap--CashMember_zz3aiM78B9Z7" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.04%</td></tr> </table> 0.4249 0.1548 0.1150 0.0896 0.0816 0.0697 0.0141 0.5106 0.4390 0.0504 Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: right">$1,535,623,415</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">7</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">11/11/2024</td></tr> </table>

1535623415

2024-11-11 Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. 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 GraniteShares 2x Long SMCI Daily ETF GraniteShares 2x Long SMCI Daily ETF NASDAQ SMCL Annual Shareholder Report www.graniteshares.com (844) 476 8747 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 -89.95% return. Over the same period the Benchmark had a return of 22.32%. Average Annual Total Returns As of June 30, 2026 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif; width: 36%; vertical-align: bottom"> </td> <td style="border-top: #CCCCCC 1pt solid; vertical-align: bottom; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center">1 Year</td> <td style="border-top: #CCCCCC 1pt solid; vertical-align: bottom; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center">Since Inception (12/10/2024)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GraniteShares 2x Long SMCI Daily ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-89.95%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-81.37%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">22.32%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">16.46%</td></tr> </table> 2024-12-10 -0.8995 -0.8137 0.2232 0.1646 How did the fund perform since inception. <img alt="" src="grshsl-tsr_019.jpg"/> 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) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; text-align: right">1.25%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">$69.56</td></tr> </table> 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%. 0.0125 69.56 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Holding</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Recv Long 2x Smci Trs Cs1</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">39.44%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Recv Long 2x Smci Trs Mx1</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">16.97%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Recv Long Scmi Us Trs Nm1</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">12.91%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Recv Long 2x Smci Trs Cf</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.00%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Sector</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Return Swap</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span id="xdx_90E_eoef--PctOfTotalInv_iI_pid_dp_c20260630__oef--ClassAxis__custom--C000254492Member__oef--IndustrySectorAxis__us-gaap--TotalReturnSwapMember_zC6vZ5qzoHpc" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">69.33%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Broker Cash</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span id="xdx_909_eoef--PctOfTotalInv_iI_pid_dp_c20260630__oef--ClassAxis__custom--C000254492Member__oef--IndustrySectorAxis__us-gaap--CashMember_zb9IzF6j1oQ8" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30.67%</td></tr> </table> 0.3944 0.1697 0.1291 0.0000 0.6933 0.3067 <p id="xdx_899_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000254492Member_dU_zy8X94mMJmX4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; display: none; text-align: justify"> Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: right">$39,220,767</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">4</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">12/10/2024</td></tr> </table>

39220767

2024-12-10 Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. 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 GraniteShares 2x Long DELL Daily ETF GraniteShares 2x Long DELL Daily ETF NASDAQ DLLL Annual Shareholder Report www.graniteshares.com (844) 476 8747 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 715.35% return. Over the same period the Benchmark had a return of 22.32%. Average Annual Total Returns As of June 30, 2026 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif; width: 36%; vertical-align: bottom"> </td> <td style="border-top: #CCCCCC 1pt solid; vertical-align: bottom; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center">1 Year</td> <td style="border-top: #CCCCCC 1pt solid; vertical-align: bottom; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center">Since Inception (2/12/2025)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GraniteShares 2x Long DELL Daily ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">715.35%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">351.80%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">22.32%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">18.33%</td></tr> </table> 2025-02-12 7.1535 3.5180 0.2232 0.1833 How did the fund perform since inception. <img alt="" src="grshsl-tsr_020.jpg"/> 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) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; text-align: right">1.49%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">$691.32</td></tr> </table> 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%. 0.0149 691.32 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Holding</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">United States Treasury Bill</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">61.35%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Recv Long 2x Dell Cowen</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">30.62%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GRANITESHARES 2X LONG DELL SWAP BAML</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">5.01%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Sector</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Government</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">61.35%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Return Swap</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">35.63%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Broker Cash</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">3.02%</td></tr> </table> 0.6135 0.3062 0.0501 0.6135 0.3563 0.0302 Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: right">$160,584,384</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2/12/2025</td></tr> </table>

160584384

2025-02-12 Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. 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 GraniteShares 2x Long INTC Daily ETF GraniteShares 2x Long INTC Daily ETF NASDAQ INTW Annual Shareholder Report www.graniteshares.com (844) 476 8747 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 1950.33% return. Over the same period the Benchmark had a return of 22.32%. Average Annual Total Returns As of June 30, 2026 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif; width: 36%; vertical-align: bottom"> </td> <td style="border-top: #CCCCCC 1pt solid; vertical-align: bottom; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center">1 Year</td> <td style="border-top: #CCCCCC 1pt solid; vertical-align: bottom; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center">Since Inception (2/12/2025)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GraniteShares 2x Long INTC Daily ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">1950.33%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">655.56%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">22.32%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">18.33%</td></tr> </table> 2025-02-12 19.5033 6.5556 0.2232 0.1833 How did the fund perform since inception. <img alt="" src="grshsl-tsr_021.jpg"/> 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) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; text-align: right">1.33%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">$1,381.08</td></tr> </table> 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%. 0.0133 1381.08 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Holding</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">United States Treasury Bill</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">49.11%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Recv Long 2x Intc Cowen</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">18.80%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Recv Long Intc 2x Trs Cf1</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">13.16%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Recv Long Intc 2x Trs Wf1</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">12.78%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Sector</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Government</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">49.11%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Return Swap</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">44.75%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Broker Cash</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">6.14%</td></tr> </table> 0.4911 0.1880 0.1316 0.1278 0.4911 0.4475 0.0614 Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: right">$808,915,226</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">4</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2/12/2025</td></tr> </table>

808915226

2025-02-12 Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. 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 GraniteShares 2x Long QCOM Daily ETF GraniteShares 2x Long QCOM Daily ETF NASDAQ QCML Annual Shareholder Report www.graniteshares.com (844) 476 8747 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 -0.25% return. Over the same period the Benchmark had a return of 22.32%. Average Annual Total Returns As of June 30, 2026 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif; width: 36%; vertical-align: bottom"> </td> <td style="border-top: #CCCCCC 1pt solid; vertical-align: bottom; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center">1 Year</td> <td style="border-top: #CCCCCC 1pt solid; vertical-align: bottom; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center">Since Inception (2/12/2025)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GraniteShares 2x Long QCOM Daily ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-0.25%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-15.51%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">22.32%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">18.33%</td></tr> </table> 2025-02-12 -0.0025 -0.1551 0.2232 0.1833 How did the fund perform since inception. <img alt="" src="grshsl-tsr_022.jpg"/> 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) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; text-align: right">1.50%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">$149.72</td></tr> </table> 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%. 0.0150 149.72 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Holding</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Recv Long 2x Qcom Cowen</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">35.25%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Recv Long 2x Qcom Nm1</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">29.47%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Sector</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Return Swap</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">64.72%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Broker Cash</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">35.28%</td></tr> </table> 0.3525 0.2947 0.6472 0.3528 Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: right">$136,171,312</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2/12/2025</td></tr> </table>

136171312

2025-02-12 Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. 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 GraniteShares 2x Long MARA Daily ETF GraniteShares 2x Long MARA Daily ETF NASDAQ MRAL Annual Shareholder Report www.graniteshares.com (844) 476 8747 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 -64.26% return. Over the same period the Benchmark had a return of 22.32%. Average Annual Total Returns As of June 30, 2026 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif; width: 36%; vertical-align: bottom"> </td> <td style="border-top: #CCCCCC 1pt solid; vertical-align: bottom; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center">1 Year</td> <td style="border-top: #CCCCCC 1pt solid; vertical-align: bottom; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center">Since Inception (3/6/2025)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GraniteShares 2x Long MARA Daily ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-64.26%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-61.65%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">22.32%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">24.06%</td></tr> </table> 2025-03-06 -0.6426 -0.6165 0.2232 0.2406 How did the fund perform since inception. <img alt="" src="grshsl-tsr_023.jpg"/> 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) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; text-align: right">1.39%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">$94.00</td></tr> </table> 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%. 0.0139 94.00 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Holding</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">United States Treasury Bill</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">50.83%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Recv Long 2x Mara Marex</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">27.46%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GRANITESHARES LONG MARA SWAP MAREX</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">9.38%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Recv Long 2x Mara Nomura</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.00%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Recv Long 2x Mara Trs Nx</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.00%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Recv Long 2x Mara Trs Cf</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.00%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Sector</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Government</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">50.83%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Return Swap</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">36.84%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Broker Cash</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">12.33%</td></tr> </table> 0.5083 0.2746 0.0938 0.0000 0.0000 0.0000 0.5083 0.3684 0.1233 <p id="xdx_89D_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000258301Member_dU_ziyD9nNaikih" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; display: none; text-align: justify"> Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: right">$72,249,304</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">5</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3/6/2025</td></tr> </table>

72249304

2025-03-06 Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. 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 GraniteShares 2x Long MRVL Daily ETF GraniteShares 2x Long MRVL Daily ETF NASDAQ MVLL Annual Shareholder Report www.graniteshares.com (844) 476 8747 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 651.05% return. Over the same period the Benchmark had a return of 22.32%. Average Annual Total Returns As of June 30, 2026 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif; width: 36%; vertical-align: bottom"> </td> <td style="border-top: #CCCCCC 1pt solid; vertical-align: bottom; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center">1 Year</td> <td style="border-top: #CCCCCC 1pt solid; vertical-align: bottom; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center">Since Inception (3/6/2025)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GraniteShares 2x Long MRVL Daily ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">651.05%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">332.66%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">22.32%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">24.06%</td></tr> </table> 2025-03-06 6.5105 3.3266 0.2232 0.2406 How did the fund perform since inception. <img alt="" src="grshsl-tsr_024.jpg"/> 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) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; text-align: right">1.37%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">$598.42</td></tr> </table> 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%. 0.0137 598.42 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Holding</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">United States Treasury Bill</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">38.91%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Recv Long Mrvl Trs Cantor</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">21.88%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Recv Long 2x Mrvl Marex</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">18.35%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Recv Long 2x Mrvl Hsbc1</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">6.26%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GRANITESHARES 2X LONG MRVL SWAP CLEAR STREET</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">3.79%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GRANITESHARES LONG 2X MRVL SWAP NAT BANK OF CANADA</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.58%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Recv Long 2x Mrvl Trs Nm1</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.00%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Sector</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Return Swap</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">50.86%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Government</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">38.91%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Broker Cash</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span id="xdx_909_eoef--PctOfTotalInv_iI_pid_dp_c20260630__oef--ClassAxis__custom--C000258302Member__oef--IndustrySectorAxis__us-gaap--CashMember_zFQ8D3JCZKL7" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.22%</td></tr> </table> 0.3891 0.2188 0.1835 0.0626 0.0379 0.0058 0.0000 0.5086 0.3891 0.1022 <p id="xdx_89A_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000258302Member_dU_zIs46vhu3r9g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; display: none; text-align: justify"> Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: right">$1,033,684,500</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">7</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3/6/2025</td></tr> </table>

1033684500

2025-03-06 Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. 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 GraniteShares 2x Long IONQ Daily ETF GraniteShares 2x Long IONQ Daily ETF NASDAQ IONL Annual Shareholder Report www.graniteshares.com (844) 476 8747 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 -44.98% return. Over the same period the Benchmark had a return of 22.32%. Average Annual Total Returns As of June 30, 2026 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif; width: 36%; vertical-align: bottom"> </td> <td style="border-top: #CCCCCC 1pt solid; vertical-align: bottom; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center">1 Year</td> <td style="border-top: #CCCCCC 1pt solid; vertical-align: bottom; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center">Since Inception (3/24/2025)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GraniteShares 2x Long IONQ Daily ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-44.98%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">6.29%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">22.32%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">24.52%</td></tr> </table> 2025-03-24 -0.4498 0.0629 0.2232 0.2452 How did the fund perform since inception. <img alt="" src="grshsl-tsr_025.jpg"/> 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) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; text-align: right">1.42%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">$116.33</td></tr> </table> 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%. 0.0142 116.33 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Holding</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">United States Treasury Bill</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">58.34%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GRANITESHARES LONG IONQ SWAP MAREX</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">29.08%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Recv Long Ionq 2x Trs Ba1</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2.33%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Sector</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Government</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">58.34%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Return Swap</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">31.41%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Broker Cash</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">10.25%</td></tr> </table> 0.5834 0.2908 0.0233 0.5834 0.3141 0.1025 Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: right">$86,983,686</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3/24/2025</td></tr> </table>

86983686

2025-03-24 Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. 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 GraniteShares 2x Long RDDT Daily ETF GraniteShares 2x Long RDDT Daily ETF NASDAQ RDTL Annual Shareholder Report www.graniteshares.com (844) 476 8747 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 -26.66% return. Over the same period the Benchmark had a return of 22.32%. Average Annual Total Returns As of June 30, 2026 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif; width: 36%; vertical-align: bottom"> </td> <td style="border-top: #CCCCCC 1pt solid; vertical-align: bottom; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center">1 Year</td> <td style="border-top: #CCCCCC 1pt solid; vertical-align: bottom; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center">Since Inception (3/24/2025)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GraniteShares 2x Long RDDT Daily ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-26.66%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-12.97%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">22.32%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">24.52%</td></tr> </table> 2025-03-24 -0.2666 -0.1297 0.2232 0.2452 How did the fund perform since inception. <img alt="" src="grshsl-tsr_026.jpg"/> 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) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; text-align: right">1.40%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">$120.36</td></tr> </table> 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%. 0.0140 120.36 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Holding</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GRANITESHARES LONG RDDT SWAP MAREX</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">41.43%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">United States Treasury Bill</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">38.75%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Sector</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Return Swap</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">41.43%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Government</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">38.75%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Broker Cash</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">19.82%</td></tr> </table> 0.4143 0.3875 0.4143 0.3875 0.1982 Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: right">$56,788,664</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3/24/2025</td></tr> </table>

56788664

2025-03-24 Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. 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 GraniteShares 2x Long VRT Daily ETF GraniteShares 2x Long VRT Daily ETF NASDAQ VRTL Annual Shareholder Report www.graniteshares.com (844) 476 8747 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 304.53% return. Over the same period the Benchmark had a return of 22.32%. Average Annual Total Returns As of June 30, 2026 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif; width: 36%; vertical-align: bottom"> </td> <td style="border-top: #CCCCCC 1pt solid; vertical-align: bottom; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center">1 Year</td> <td style="border-top: #CCCCCC 1pt solid; vertical-align: bottom; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center">Since Inception (3/24/2025)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GraniteShares 2x Long VRTV Daily ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">304.53%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">324.10%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">22.32%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">24.52%</td></tr> </table> How did the fund perform since inception. <img alt="" src="grshsl-tsr_027.jpg"/> 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. 2025-03-24 3.0453 3.2410 0.2232 0.2452 How did the fund perform since inception. <img alt="" src="grshsl-tsr_027.jpg"/> 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) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; text-align: right">1.48%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">$402.55</td></tr> </table> 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%. 0.0148 402.55 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Holding</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">United States Treasury Bill</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">52.44%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GRANITESHARES LONG VRT SWAP MAREX</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">39.07%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Sector</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Government</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">52.44%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Return Swap</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">39.07%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Broker Cash</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">8.49%</td></tr> </table> 0.5244 0.3907 0.5244 0.3907 0.0849 <p id="xdx_895_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000258298Member_dU_zCQ5ECSIDGlh" style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0pt; text-align: justify"> Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: right">$88,040,008</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3/24/2025</td></tr> </table>

88040008

2025-03-24 Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. 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 GraniteShares 2x Long LCID Daily ETF GraniteShares 2x Long LCID Daily ETF NASDAQ LCDL Annual Shareholder Report www.graniteshares.com (844) 476 8747 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 -95.14% return. Over the same period the Benchmark had a return of 22.32%. Average Annual Total Returns As of June 30, 2026 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif; width: 36%; vertical-align: bottom"> </td> <td style="border-top: #CCCCCC 1pt solid; vertical-align: bottom; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center">1 Year</td> <td style="border-top: #CCCCCC 1pt solid; vertical-align: bottom; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center">Since Inception (4/21/2025)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GraniteShares 2x Long LCID Daily ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-95.14%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-93.80%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">22.32%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">38.59%</td></tr> </table> 2025-04-21 -0.9514 -0.9380 0.2232 0.3859 How did the fund perform since inception. <img alt="" src="grshsl-tsr_028.jpg"/> 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) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; text-align: right">1.15%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">$60.52</td></tr> </table> 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%. 0.0115 60.52 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Holding</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Recv Long Lcid Trs Marex</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">49.25%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">United States Treasury Bill</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">40.89%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Sector</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Return Swap</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">49.25%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Government</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">40.89%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Broker Cash</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">9.86%</td></tr> </table> 0.4925 0.4089 0.4925 0.4089 0.0986 <p id="xdx_89D_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000243834Member_dU_zSznWG74Vm9d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; display: none; text-align: justify"> Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: right">$6,552,121</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">4/21/2025</td></tr> </table>

6552121

2025-04-21 Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. 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 GraniteShares 2x Long RIVN Daily ETF GraniteShares 2x Long RIVN Daily ETF NASDAQ RVNL Annual Shareholder Report www.graniteshares.com (844) 476 8747 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 -6.65% return. Over the same period the Benchmark had a return of 22.32%. Average Annual Total Returns As of June 30, 2026 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 36%"> </td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center">1 Year</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center">Since Inception (4/21/2025)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GraniteShares 2x Long RIVN Daily ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-6.65%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">27.03%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">22.32%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">38.59%</td></tr> </table> 2025-04-21 -0.0665 0.2703 0.2232 0.3859 How did the fund perform since inception. <img alt="" src="grshsl-tsr_029.jpg"/> 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) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; text-align: right">1.15%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">$113.40</td></tr> </table> 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%. 0.0115 113.40 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Holding</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Recv Long Rivn Trs Marex</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">56.34%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">United States Treasury Bill</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">34.20%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Sector</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Return Swap</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">56.34%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Government</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">34.20%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Broker Cash</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span id="xdx_907_eoef--PctOfTotalInv_iI_pid_dp_c20260630__oef--ClassAxis__custom--C000243835Member__oef--IndustrySectorAxis__us-gaap--CashMember_zhh4ZFwLvR21" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.45%</td></tr> </table> 0.5634 0.3420 0.5634 0.3420 0.0945 <p id="xdx_894_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000243835Member_dU_ziYA4P8cAzck" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; display: none; text-align: justify"> Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: right">$15,293,911</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">4/21/2025</td></tr> </table>

15293911

2025-04-21 Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. 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 GraniteShares 2x Long MSTR Daily ETF GraniteShares 2x Long MSTR Daily ETF NASDAQ MSTP Annual Shareholder Report www.graniteshares.com (844) 476 8747 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 -97.85% return. Over the same period the Benchmark had a return of 22.32%. Average Annual Total Returns As of June 30, 2026 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 36%"> </td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center">1 Year</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center">Since Inception (6/9/2025)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GraniteShares 2x Long MSTR Daily ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-97.85%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-97.24%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">22.32%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">24.87%</td></tr> </table> 2025-06-09 -0.9785 -0.9724 0.2232 0.2487 How did the fund perform since inception. <img alt="" src="grshsl-tsr_030.jpg"/> 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) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; text-align: right">1.50%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">$76.92</td></tr> </table> 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%. 0.0150 76.92 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Holding</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GRANITESHARES SHORT MSTR SWAP MAREX</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">72.49%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Sector</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Return Swap</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">72.49%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Broker Cash</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">27.51%</td></tr> </table> 0.7249 0.7249 0.2751 <p id="xdx_893_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000258153Member_dU_zDXvx8SlHRsi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; display: none; text-align: justify"> Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: right">$5,167,479</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">6/9/2025</td></tr> </table>

5167479

2025-06-09 Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. 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 GraniteShares 2x Long NOW Daily ETF GraniteShares 2x Long NOW Daily ETF NASDAQ NOWL Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%"> </td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%; text-align: center">Since Inception (7/14/2025)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GraniteShares 2x Long NOW Daily ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-82.48%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">21.04%</td></tr> </table> 2025-07-14 -0.8248 0.2104 How did the fund perform since inception. <img alt="" src="grshsl-tsr_031.jpg"/> 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) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; text-align: right">1.38%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">$78.30</td></tr> </table> 0.0138 78.30 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Holding</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GRANITESHARES LONG 2X NOW TRS MAREX</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">56.84%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GRANITESHARES LONG NOW SWAP CANTOR FITZGERALD</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">30.81%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Sector</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Return Swap</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">87.65%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Broker Cash</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">12.35%</td></tr> </table> 0.5684 0.3081 0.8765 0.1235 <p id="xdx_898_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000258303Member_dU_zhRIcz0NbVs2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; display: none; text-align: justify"> Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: right">$285,662,561</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">7/14/2025</td></tr> </table>

285662561

2025-07-14 Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. 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 GraniteShares 2x Long PDD Daily ETF GraniteShares 2x Long PDD Daily ETF NASDAQ PDDL Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%"> </td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%; text-align: center">Since Inception (7/14/2025)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GraniteShares 2x Long PDD Daily ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-55.37%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">21.04%</td></tr> </table> 2025-07-14 -0.5537 0.2104 How did the fund perform since inception. <img alt="" src="grshsl-tsr_032.jpg"/> 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) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; text-align: right">1.50%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">$102.67</td></tr> </table> 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%. 0.0150 102.67 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Holding</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GRANITESHARES LONG PDD SWAP CANTOR FITZGERALD</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">51.15%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">United States Treasury Bill</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">16.22%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Sector</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Return Swap</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">51.15%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Broker Cash</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">32.63%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Government</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">16.22%</td></tr> </table> 0.5115 0.1622 0.5115 0.3263 0.1622 <p id="xdx_898_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000258304Member_dU_zjNbKY9dZ6mb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; display: none; text-align: justify"> Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: right">$7,558,946</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">7/14/2025</td></tr> </table>

7558946

2025-07-14 Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. 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 GraniteShares 2x Long AVGO Daily ETF GraniteShares 2x Long AVGO Daily ETF NASDAQ AVGU Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%"> </td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%; text-align: center">Since Inception (7/14/2025)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GraniteShares 2x Long AVGO Daily ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">39.80%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">21.04%</td></tr> </table> 2025-07-14 0.3980 0.2104 How did the fund perform since inception. <img alt="" src="grshsl-tsr_033.jpg"/> 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) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; text-align: right">1.50%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">$169.20</td></tr> </table> 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%. 0.0150 169.20 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Holding</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GRANITESHARES LONG AVGO SWAP CANTOR FITZGERALD</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">67.85%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Sector</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Return Swap</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">67.85%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Broker Cash</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">32.15%</td></tr> </table> 0.6785 0.6785 0.3215 Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: right">$35,650,050</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">7/14/2025</td></tr> </table>

35650050

2025-07-14 Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. 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 GraniteShares 2x Long ISRG Daily ETF GraniteShares 2x Long ISRG Daily ETF NASDAQ ISUL Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%"> </td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%; text-align: center">Since Inception (10/6/2025)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GraniteShares 2x Long ISRG Daily ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-31.96%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">12.24%</td></tr> </table> 2025-10-06 -0.3196 0.1224 How did the fund perform since inception. <img alt="" src="grshsl-tsr_034.jpg"/> 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) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; text-align: right">1.50%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">$93.43</td></tr> </table> 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%. 0.0150 93.43 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Holding</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GRANITESHARES 2X LONG ISRG SWAP CLEAR STREET</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">64.02%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Sector</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Return Swap</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">64.02%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Broker Cash</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">35.98%</td></tr> </table> 0.6402 0.6402 0.3598 Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: right">$7,144,327</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">10/6/2025</td></tr> </table>

7144327

2025-10-06 Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. 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 GraniteShares 2x Long NBIS Daily ETF GraniteShares 2x Long NBIS Daily ETF NASDAQ NBIL Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%"> </td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%; text-align: center">Since Inception (10/6/2025)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GraniteShares 2x Long NBIS Daily ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">128.12%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">12.24%</td></tr> </table> 2025-10-06 1.2812 0.1224 How did the fund perform since inception. <img alt="" src="grshsl-tsr_035.jpg"/> 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) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; text-align: right">1.37%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">$179.58</td></tr> </table> 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%. 0.0137 179.58 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Holding</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">United States Treasury Bill</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">71.55%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GRANITESHARES 2X LONG NBIS SWAP CLEAR STREET</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">28.40%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Sector</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Government</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">71.55%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Return Swap</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">28.40%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Broker Cash</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.05%</td></tr> </table> 0.7155 0.2840 0.7155 0.2840 0.0005 Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: right">$195,599,438</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">10/6/2025</td></tr> </table>

195599438

2025-10-06 Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. 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 GraniteShares 2x Long GOOGL Daily ETF GraniteShares 2x Long GOOGL Daily ETF NASDAQ GOU Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%"> </td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%; text-align: center">Since Inception (12/1/2025)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GraniteShares 2x Long GOOGL Daily ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">14.88%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">10.85%</td></tr> </table> 2025-12-01 0.1488 0.1085 How did the fund perform since inception. <img alt="" src="grshsl-tsr_036.jpg"/> 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) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; text-align: right">1.15%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">$71.05</td></tr> </table> 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%. 0.0115 71.05 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Holding</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Recv Long 2x Googl Trs</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">79.68%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Sector</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Return Swap</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">79.68%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Broker Cash</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">20.32%</td></tr> </table> 0.7968 0.7968 0.2032 Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: right">$12,063,721</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">12/1/2025</td></tr> </table>

12063721

2025-12-01 Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. 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 GraniteShares 2x Long SpaceX Daily ETF GraniteShares 2x Long SpaceX Daily ETF CBOE SPAL Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%"> </td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%; text-align: center">Since Inception (6/12/2026)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GraniteShares 2x Long SpaceX Daily ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2.56%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.97%</td></tr> </table> 2026-06-12 0.0256 0.0097 How did the fund perform since inception. <img alt="" src="grshsl-tsr_037.jpg"/> 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) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; text-align: right">1.50%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">$5.68</td></tr> </table> 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%. 0.0150 5.68 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Holding</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Recv Long Spcx Trs Bm2</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">50.61%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GRANITESHARES 2X LONG SPCX TRS CLEAR STREET</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">20.73%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Sector</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Return Swap</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">71.34%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Broker Cash</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">28.66%</td></tr> </table> 0.5061 0.2073 0.7134 0.2866 Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: right">$31,277,494</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">6/12/2026</td></tr> </table>

31277494

2026-06-12 Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. 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 GraniteShares 2x Short SpaceX Daily ETF GraniteShares 2x Short SpaceX Daily ETF CBOE SNK Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%"> </td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%; text-align: center">Since Inception (6/12/2026)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GraniteShares 2x Short SpaceX Daily ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-32.24%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.97%</td></tr> </table> 2026-06-12 -0.3224 0.0097 How did the fund perform since inception. <img alt="" src="grshsl-tsr_038.jpg"/> 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) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; text-align: right">2.88%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">$13.20</td></tr> </table> 0.0288 13.20 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Holding</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GRANITESHARES 2X SHORT SPCX TRS CLEAR STREET</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">69.49%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">United States Treasury Bill</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">23.99%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Sector</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Return Swap</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">69.49%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Government</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">23.99%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Broker Cash</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">6.52%</td></tr> </table> 0.6949 0.2399 0.6949 0.2399 0.0652 <p id="xdx_891_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000274313Member_dU_zcH4SpIkEMu6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; display: none; text-align: justify"> Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: right">$38,109,047</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">6/12/2026</td></tr> </table>

38109047

2026-06-12 Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. 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 GraniteShares YieldBOOST TSLA ETF GraniteShares YieldBOOST TSLA ETF NASDAQ TSYY Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com <p id="xdx_89F_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000252008Member_dU_znIldIf7giQi" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> 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%. <p id="xdx_894_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000252008Member_dU_z6i4O2UBU0i3" style="font: 10pt Times New Roman, Times, Serif; display: none; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"> Average Annual Total Returns As of June 30, 2026 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 36%; padding-right: 0pt; padding-left: 0pt"> </td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; padding-right: 0pt; padding-left: 0pt; text-align: center">1 Year</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; padding-right: 0pt; padding-left: 0pt; text-align: center">Since Inception (12/17/2024)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">GraniteShares YieldBOOST TSLA ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">-5.44%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">-20.89%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">22.32%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">16.46%</td></tr> </table> 2024-12-17 -0.0544 -0.2089 0.2232 0.1646 <p id="xdx_89D_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000252008Member_dU_zVYJUX1y1e52" style="font: 10pt Times New Roman, Times, Serif; display: none; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"> How did the fund perform since inception. <img alt="" src="singles_001.jpg"/> 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. <p id="xdx_89A_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000252008Member_dU_zkRbxRwkVYk9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> What were the fund’s costs for the last 12 months? (based on hypothetical $10,000 investment) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%; padding-right: 0pt; padding-left: 0pt">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; padding-right: 0pt; padding-left: 0pt; text-align: right">1.08%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: right">$106.77</td></tr> </table> 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%. 0.0108 106.77 <p id="xdx_897_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000252008Member_dU_zLm5XB86VPkc" style="font: 10pt Times New Roman, Times, Serif; display: none; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"> 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%; padding-right: 0pt; padding-left: 0pt">Holding</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; padding-right: 0pt; padding-left: 0pt; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">United States Treasury Bill</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">67.69%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">United States Treasury Bill</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">30.54%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Put TSLR July 21.05 07/06/2026</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">0.43%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Put TSLL July 10.46 07/02/2026</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">0.01%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Put TSLL July 10.28 07/01/2026</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">0.00%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%; padding-right: 0pt; padding-left: 0pt">Sector</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; padding-right: 0pt; padding-left: 0pt; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Government</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">98.23%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Broker Cash</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">1.32%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Purchased Options</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">0.45%</td></tr> </table> 0.6769 0.3054 0.0043 0.0001 0.0000 0.9823 0.0132 0.0045 <p id="xdx_89C_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000252008Member_dU_zxsC3UJoRWld" style="font: 10pt Times New Roman, Times, Serif; display: none; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"> Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%; padding-right: 0pt; padding-left: 0pt">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; padding-right: 0pt; padding-left: 0pt; text-align: right">$78,671,643</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: right">5</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: right">12/17/2024</td></tr> </table>

78671643

2024-12-17 <p id="xdx_89E_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000252008Member_dU_zoUdgRJ4gpzf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. <p id="xdx_89F_eoef--AddlInfoTextBlock_hoef--ClassAxis__custom--C000252008Member_dU_zxa9GXglEEL4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">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 GraniteShares YieldBOOST SPY ETF GraniteShares YieldBOOST SPY ETF NASDAQ YSPY Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com <p id="xdx_891_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000252003Member_dU_zY6F2AuP6Ulf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> 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%. <p id="xdx_89B_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000252003Member_dU_zNXNKx1VM9Ak" style="font: 10pt Times New Roman, Times, Serif; display: none; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"> Average Annual Total Returns As of June 30, 2026 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 36%; padding-right: 0pt; padding-left: 0pt"> </td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; padding-right: 0pt; padding-left: 0pt; text-align: center">1 Year</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; padding-right: 0pt; padding-left: 0pt; text-align: center">Since Inception (2/25/2025)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">GraniteShares YieldBOOST SPY ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">17.57%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">8.78%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">22.32%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">20.23%</td></tr> </table> 2025-02-25 0.1757 0.0878 0.2232 0.2023 <p id="xdx_893_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000252003Member_dU_zJUcbimT2DR2" style="font: 10pt Times New Roman, Times, Serif; display: none; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"> How did the fund perform since inception. <img alt="" src="singles_002.jpg"/> 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. <p id="xdx_89A_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000252003Member_dU_z2Otu1wXCh9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> What were the fund’s costs for the last 12 months? (based on hypothetical $10,000 investment) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%; padding-right: 0pt; padding-left: 0pt">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; padding-right: 0pt; padding-left: 0pt; text-align: right">1.15%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: right">$124.84</td></tr> </table> 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%. 0.0115 124.84 <p id="xdx_899_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000252003Member_dU_zCGxPyxZpudf" style="font: 10pt Times New Roman, Times, Serif; display: none; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"> 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%; padding-right: 0pt; padding-left: 0pt">Holding</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; padding-right: 0pt; padding-left: 0pt; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">United States Treasury Bill</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">50.40%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">United States Treasury Bill</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">28.70%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Put SPXL July 226.49 07/02/2026</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">0.05%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Put SPXL July 231.41 07/01/2026</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">0.00%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%; padding-right: 0pt; padding-left: 0pt">Sector</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; padding-right: 0pt; padding-left: 0pt; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Government</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">79.10%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Broker Cash</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">20.85%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Purchased Options</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">0.05%</td></tr> </table> 0.5040 0.2870 0.0005 0.0000 0.7910 0.2085 0.0005 <p id="xdx_891_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000252003Member_dU_zmqqBTrpsBah" style="font: 10pt Times New Roman, Times, Serif; display: none; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"> Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%; padding-right: 0pt; padding-left: 0pt">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; padding-right: 0pt; padding-left: 0pt; text-align: right">$12,084,088</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: right">4</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: right">2/25/2025</td></tr> </table>

12084088

2025-02-25 <p id="xdx_89D_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000252003Member_dU_zunWT4XL1R8g" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. <p id="xdx_891_eoef--AddlInfoTextBlock_hoef--ClassAxis__custom--C000252003Member_dU_zgpkKtWSIqpd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">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 GraniteShares YieldBOOST QQQ ETF GraniteShares YieldBOOST QQQ ETF NASDAQ TQQY Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com <p id="xdx_89D_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000252002Member_dU_zVTahzYwHen6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> 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%. <p id="xdx_892_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000252002Member_dU_zSNaGRwFEP83" style="font: 10pt Times New Roman, Times, Serif; display: none; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"> Average Annual Total Returns As of June 30, 2026 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 36%; padding-right: 0pt; padding-left: 0pt"> </td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; padding-right: 0pt; padding-left: 0pt; text-align: center">1 Year</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; padding-right: 0pt; padding-left: 0pt; text-align: center">Since Inception (2/25/2025)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">GraniteShares YieldBOOST QQQ ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">11.29%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">0.44%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">22.32%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">20.23%</td></tr> </table> 2025-02-25 0.1129 0.0044 0.2232 0.2023 <p id="xdx_894_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000252002Member_dU_zvvyisguVEvh" style="font: 10pt Times New Roman, Times, Serif; display: none; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"> How did the fund perform since inception. <img alt="" src="singles_003.jpg"/> 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. <p id="xdx_89D_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000252002Member_dU_zYpqjZkqgdo3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> What were the fund’s costs for the last 12 months? (based on hypothetical $10,000 investment) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%; padding-right: 0pt; padding-left: 0pt">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; padding-right: 0pt; padding-left: 0pt; text-align: right">1.15%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: right">$121.74</td></tr> </table> 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%. 0.0115 121.74 <p id="xdx_897_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000252002Member_dU_zFMfyWPc0CBk" style="font: 10pt Times New Roman, Times, Serif; display: none; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"> 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%; padding-right: 0pt; padding-left: 0pt">Holding</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; padding-right: 0pt; padding-left: 0pt; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">United States Treasury Bill</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">52.58%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">United States Treasury Bill</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">23.43%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Put TQQQ July 69.47 07/06/2026</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">0.08%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Put TQQQ July 64.65 07/02/2026</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">0.05%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Put TQQQ July 65.97 07/01/2026</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">0.02%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%; padding-right: 0pt; padding-left: 0pt">Sector</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; padding-right: 0pt; padding-left: 0pt; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Government</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">76.01%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Broker Cash</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">23.84%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Purchased Options</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">0.15%</td></tr> </table> 0.5258 0.2343 0.0008 0.0005 0.0002 0.7601 0.2384 0.0015 <p id="xdx_89B_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000252002Member_dU_zIVPsV0GAoK3" style="font: 10pt Times New Roman, Times, Serif; display: none; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"> Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%; padding-right: 0pt; padding-left: 0pt">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; padding-right: 0pt; padding-left: 0pt; text-align: right">$6,625,150</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: right">5</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: right">2/25/2025</td></tr> </table>

6625150

2025-02-25 <p id="xdx_896_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000252002Member_dU_zhSmDsYh8jT5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. <p id="xdx_89C_eoef--AddlInfoTextBlock_hoef--ClassAxis__custom--C000252002Member_dU_zoT3wqdFaoLf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">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 GraniteShares YieldBOOST NVDA ETF GraniteShares YieldBOOST NVDA ETF NASDAQ NVYY Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com <p id="xdx_899_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000252000Member_dU_zJsudGqiTY4e" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> 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%. <p id="xdx_891_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000252000Member_dU_zU9LzdmiSrMc" style="font: 10pt Times New Roman, Times, Serif; display: none; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"> Average Annual Total Returns As of June 30, 2026 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 36%; padding-right: 0pt; padding-left: 0pt"> </td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; padding-right: 0pt; padding-left: 0pt; text-align: center">1 Year</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; padding-right: 0pt; padding-left: 0pt; text-align: center">Since Inception (5/12/2025)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">GraniteShares YieldBOOST NVDA ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">17.61%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">32.47%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">22.32%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">26.15%</td></tr> </table> 2025-05-12 0.1761 0.3247 0.2232 0.2615 <p id="xdx_89C_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000252000Member_dU_zBRpP9213WJc" style="font: 10pt Times New Roman, Times, Serif; display: none; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"> How did the fund perform since inception. <img alt="" src="singles_004.jpg"/> 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. <p id="xdx_896_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000252000Member_dU_zpDjRftOhiT1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> What were the fund’s costs for the last 12 months? (based on hypothetical $10,000 investment) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%; padding-right: 0pt; padding-left: 0pt">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; padding-right: 0pt; padding-left: 0pt; text-align: right">1.11%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: right">$122.92</td></tr> </table> 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%. 0.0111 122.92 <p id="xdx_892_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000252000Member_dU_zZh4LdKIorFk" style="font: 10pt Times New Roman, Times, Serif; display: none; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"> 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%; padding-right: 0pt; padding-left: 0pt">Holding</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; padding-right: 0pt; padding-left: 0pt; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">United States Treasury Bill</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">59.16%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">United States Treasury Bill</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">18.03%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Put NVDL July 25.58 07/06/2026</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">0.13%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Put NVDL July 26.6567 07/01/2026</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">0.06%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Put NVDL July 24.82 07/02/2026</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">0.02%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%; padding-right: 0pt; padding-left: 0pt">Sector</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; padding-right: 0pt; padding-left: 0pt; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Government</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">77.19%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Broker Cash</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">22.61%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Purchased Options</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">0.20%</td></tr> </table> 0.5916 0.1803 0.0013 0.0006 0.0002 0.7719 0.2261 0.0020 <p id="xdx_89C_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000252000Member_dU_zGgbpfw01Jql" style="font: 10pt Times New Roman, Times, Serif; display: none; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"> Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%; padding-right: 0pt; padding-left: 0pt">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; padding-right: 0pt; padding-left: 0pt; text-align: right">$39,317,560</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: right">5</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: right">5/12/2025</td></tr> </table>

39317560

2025-05-12 <p id="xdx_89F_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000252000Member_dU_zkBduBgga2Q" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. <p id="xdx_89B_eoef--AddlInfoTextBlock_hoef--ClassAxis__custom--C000252000Member_dU_zB417ompa7k2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">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 GraniteShares YieldBOOST Bitcoin ETF GraniteShares YieldBOOST Bitcoin ETF NASDAQ XBTY Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com <p id="xdx_899_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000252015Member_dU_z25x43VaC9li" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> 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%. <p id="xdx_89A_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000252015Member_dU_zAa6MeILCqe6" style="font: 10pt Times New Roman, Times, Serif; display: none; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"> Average Annual Total Returns As of June 30, 2026 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 36%; padding-right: 0pt; padding-left: 0pt"> </td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; padding-right: 0pt; padding-left: 0pt; text-align: center">1 Year</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; padding-right: 0pt; padding-left: 0pt; text-align: center">Since Inception (5/12/2025)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">GraniteShares YieldBOOST Bitcoin ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">-43.74%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">-35.43%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">22.32%</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">26.15%</td></tr> </table> 2025-05-12 -0.4374 -0.3543 0.2232 0.2615 <p id="xdx_89E_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000252015Member_dU_zR4ngBXi5LD" style="font: 10pt Times New Roman, Times, Serif; display: none; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"> How did the fund perform since inception. <img alt="" src="singles_005.jpg"/> 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. <p id="xdx_89F_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000252015Member_dU_z24QIxAcA2ve" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> What were the fund’s costs for the last 12 months? (based on hypothetical $10,000 investment) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%; padding-right: 0pt; padding-left: 0pt">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; padding-right: 0pt; padding-left: 0pt; text-align: right">1.15%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: right">$90.44</td></tr> </table> 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%. 0.0115 90.44 <p id="xdx_895_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000252015Member_dU_zIVvyhDrN9i6" style="font: 10pt Times New Roman, Times, Serif; display: none; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"> 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%; padding-right: 0pt; padding-left: 0pt">Holding</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; padding-right: 0pt; padding-left: 0pt; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">United States Treasury Bill</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">61.83%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">United States Treasury Bill</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">37.04%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Put BITX July 9.84 07/06/2026</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">0.70%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Put BITX July 9.70 07/01/2026</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">0.27%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Put BITX July 9.65 07/02/2026</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">0.16%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%; padding-right: 0pt; padding-left: 0pt">Sector</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; padding-right: 0pt; padding-left: 0pt; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Government</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">98.87%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Purchased Options</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">1.13%</td></tr> </table> 0.6183 0.3704 0.0070 0.0027 0.0016 0.9887 0.0113 <p id="xdx_89C_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000252015Member_dU_zvc2umGOMxXl" style="font: 10pt Times New Roman, Times, Serif; display: none; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"> Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%; padding-right: 0pt; padding-left: 0pt">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; padding-right: 0pt; padding-left: 0pt; text-align: right">$11,576,765</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: right">5</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: right">5/12/2025</td></tr> </table>

11576765

2025-05-12 <p id="xdx_899_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000252015Member_dU_zKXdjTgQoKJ1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results <p id="xdx_890_eoef--AddlInfoTextBlock_hoef--ClassAxis__custom--C000252015Member_dU_z6jUuwDszQW2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">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 GraniteShares YieldBOOST COIN ETF GraniteShares YieldBOOST COIN ETF NASDAQ COYY Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com <p id="xdx_89B_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000252016Member_dU_zz2mDvvnAxcl" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> 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%. <p id="xdx_898_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000252016Member_dU_z4o8d6AVwAq6" style="font: 10pt Times New Roman, Times, Serif; display: none; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"> Average Annual Total Returns As of June 30, 2026 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; padding-right: 0pt; padding-left: 0pt"> </td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%; padding-right: 0pt; padding-left: 0pt; text-align: center">Since Inception (7/28/2025)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">GraniteShares YieldBOOST COIN ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">-59.39%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">18.71%</td></tr> </table> 2025-07-28 -0.5939 0.1871 <p id="xdx_892_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000252016Member_dU_zfOBXexHUx3f" style="font: 10pt Times New Roman, Times, Serif; display: none; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"> How did the fund perform since inception. <img alt="" src="singles_006.jpg"/> 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. <p id="xdx_89E_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000252016Member_dU_z08KazrI4O4h" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> What were the fund’s costs for the last 12 months? (based on hypothetical $10,000 investment) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%; padding-right: 0pt; padding-left: 0pt">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; padding-right: 0pt; padding-left: 0pt; text-align: right">1.11%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: right">$72.25</td></tr> </table> 0.0111 72.25 <p id="xdx_890_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000252016Member_dU_zak4K1udIy48" style="font: 10pt Times New Roman, Times, Serif; display: none; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"> 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%; padding-right: 0pt; padding-left: 0pt">Holding</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; padding-right: 0pt; padding-left: 0pt; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">United States Treasury Bill</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">98.25%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Put CONL July 4.09 07/01/2026</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">0.70%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Put CONL July 4.13 07/06/2026</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">0.53%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Put CONL July 4.01 07/02/2026</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">0.52%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%; padding-right: 0pt; padding-left: 0pt">Sector</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; padding-right: 0pt; padding-left: 0pt; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Government</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">98.25%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Purchased Options</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">1.75%</td></tr> </table> 0.9825 0.0070 0.0053 0.0052 0.9825 0.0175 <p id="xdx_897_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000252016Member_dU_zclfGW8gDmmb" style="font: 10pt Times New Roman, Times, Serif; display: none; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"> Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%; padding-right: 0pt; padding-left: 0pt">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; padding-right: 0pt; padding-left: 0pt; text-align: right">$ 21,107,617</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: right">5</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: right">7/28/2025</td></tr> </table>

21107617

2025-07-28 <p id="xdx_896_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000252016Member_dU_zuhunrdAiDXa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results <p id="xdx_89B_eoef--AddlInfoTextBlock_hoef--ClassAxis__custom--C000252016Member_dU_zlEGwIi43bDg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">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 GraniteShares YieldBOOST AMD ETF GraniteShares YieldBOOST AMD ETF NASDAQ AMYY Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com <p id="xdx_899_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000252011Member_dU_zDuLE2An1Kw" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> 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%. <p id="xdx_894_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000252011Member_dU_zzj5dj9rht5c" style="font: 10pt Times New Roman, Times, Serif; display: none; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"> Average Annual Total Returns As of June 30, 2026 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; padding-right: 0pt; padding-left: 0pt"> </td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%; padding-right: 0pt; padding-left: 0pt; text-align: center">Since Inception (9/15/2025)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">GraniteShares YieldBOOST AMD ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">30.99%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">14.42%</td></tr> </table> 2025-09-15 0.3099 0.1442 <p id="xdx_893_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000252011Member_dU_zx6HWJpsC7Oh" style="font: 10pt Times New Roman, Times, Serif; display: none; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"> How did the fund perform since inception. <img alt="" src="singles_007.jpg"/> 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. <p id="xdx_891_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000252011Member_dU_z3Q4dHIo0eF4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> What were the fund’s costs for the last 12 months? (based on hypothetical $10,000 investment) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%; padding-right: 0pt; padding-left: 0pt">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; padding-right: 0pt; padding-left: 0pt; text-align: right">1.15%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: right">$104.83</td></tr> </table> 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%. 0.0115 104.83 <p id="xdx_89E_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000252011Member_dU_z29TkNhcNljg" style="font: 10pt Times New Roman, Times, Serif; display: none; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"> 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%; padding-right: 0pt; padding-left: 0pt">Holding</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; padding-right: 0pt; padding-left: 0pt; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">United States Treasury Bill</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">62.52%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Put AMDL July 64.62 07/06/2026</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">0.16%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Put AMDL July 60.06 07/02/2026</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">0.11%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Put AMDL July 60.07 07/01/2026</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">0.01%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%; padding-right: 0pt; padding-left: 0pt">Sector</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; padding-right: 0pt; padding-left: 0pt; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Government</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">62.52%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Broker Cash</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">37.20%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Purchased Options</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">0.28%</td></tr> </table> 0.6252 0.0016 0.0011 0.0001 0.6252 0.3720 0.0028 <p id="xdx_898_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000252011Member_dU_zrD2ZRXHyJQ9" style="font: 10pt Times New Roman, Times, Serif; display: none; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"> Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%; padding-right: 0pt; padding-left: 0pt">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; padding-right: 0pt; padding-left: 0pt; text-align: right">$9,184,850</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: right">4</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: right">9/15/2025</td></tr> </table>

9184850

2025-09-15 <p id="xdx_897_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000252011Member_dU_zZX33A8Iml7k" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results <p id="xdx_89D_eoef--AddlInfoTextBlock_hoef--ClassAxis__custom--C000252011Member_dU_z5fITYh2k7R" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">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 GraniteShares YieldBOOST AMZN ETF GraniteShares YieldBOOST AMZN ETF NASDAQ AZYY Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com <p id="xdx_89C_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000252012Member_dU_z84K7SieqFL1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> 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%. <p id="xdx_897_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000252012Member_dU_zcs4R1R0B9F5" style="font: 10pt Times New Roman, Times, Serif; display: none; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"> Average Annual Total Returns As of June 30, 2026 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; padding-right: 0pt; padding-left: 0pt"> </td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%; padding-right: 0pt; padding-left: 0pt; text-align: center">Since Inception (9/15/2025)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">GraniteShares YieldBOOST AMZN ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">-10.89%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">14.42%</td></tr> </table> 2025-09-15 -0.1089 0.1442 <p id="xdx_894_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000252012Member_dU_zh1rWOZXvHl5" style="font: 10pt Times New Roman, Times, Serif; display: none; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"> How did the fund perform since inception. <img alt="" src="singles_008.jpg"/> 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. <p id="xdx_898_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000252012Member_dU_zqfJDq3aIgm4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> What were the fund’s costs for the last 12 months? (based on hypothetical $10,000 investment) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%; padding-right: 0pt; padding-left: 0pt">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; padding-right: 0pt; padding-left: 0pt; text-align: right">1.15%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: right">$85.51</td></tr> </table> 0.0115 85.51 <p id="xdx_895_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000252012Member_dU_zcYn3oYgdnR6" style="font: 10pt Times New Roman, Times, Serif; display: none; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"> 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%; padding-right: 0pt; padding-left: 0pt">Holding</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; padding-right: 0pt; padding-left: 0pt; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">United States Treasury Bill</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">93.55%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Put AMZZ July 26.84 07/01/2026</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span id="xdx_903_eoef--PctOfTotalInv_iI_pid_dp_c20260630__oef--ClassAxis__custom--C000252012Member__oef--LargestHoldingAxis__custom--PutAMZZJulyMember_zIy1iLv01Sp9" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.05%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Put AMZZ July 26.33 07/02/2026</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">0.03%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%; padding-right: 0pt; padding-left: 0pt">Sector</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; padding-right: 0pt; padding-left: 0pt; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Government</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">93.55%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Broker Cash</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">6.36%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Purchased Options</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">0.09%</td></tr> </table> 0.9355 0.0005 0.0003 0.9355 0.0636 0.0009 <p id="xdx_896_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000252012Member_dU_z61mSoi4z7b8" style="font: 10pt Times New Roman, Times, Serif; display: none; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"> Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%; padding-right: 0pt; padding-left: 0pt">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; padding-right: 0pt; padding-left: 0pt; text-align: right">$3,202,989</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: right">4</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: right">9/15/2025</td></tr> </table>

3202989

2025-09-15 <p id="xdx_89C_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000252012Member_dU_z3ajUAenZwRd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results <p id="xdx_89C_eoef--AddlInfoTextBlock_hoef--ClassAxis__custom--C000252012Member_dU_zWtNiBPXfMka" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">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 GraniteShares YieldBOOST MSTR ETF GraniteShares YieldBOOST MSTR ETF NASDAQ MTYY Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com <p id="xdx_890_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000263500Member_dU_z8ZCBrntgWZj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> 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%. <p id="xdx_898_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000263500Member_dU_z9vT0I0OULTl" style="font: 10pt Times New Roman, Times, Serif; display: none; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"> Average Annual Total Returns As of June 30, 2026 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; padding-right: 0pt; padding-left: 0pt"> </td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%; padding-right: 0pt; padding-left: 0pt; text-align: center">Since Inception (9/22/2025)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">GraniteShares YieldBOOST MSTR ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">-70.66%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">13.06%</td></tr> </table> 2025-09-22 -0.7066 0.1306 <p id="xdx_899_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000263500Member_dU_zLb7QvBBRtSc" style="font: 10pt Times New Roman, Times, Serif; display: none; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"> How did the fund perform since inception. <img alt="" src="singles_009.jpg"/> 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. <p id="xdx_898_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000263500Member_dU_z7xbmy6Vr1hd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> What were the fund’s costs for the last 12 months? (based on hypothetical $10,000 investment) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%; padding-right: 0pt; padding-left: 0pt">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; padding-right: 0pt; padding-left: 0pt; text-align: right">1.15%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: right">$57.33</td></tr> </table> 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%. 0.0115 57.33 <p id="xdx_898_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000263500Member_dU_zdwt14tJPhXk" style="font: 10pt Times New Roman, Times, Serif; display: none; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"> 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%; padding-right: 0pt; padding-left: 0pt">Holding</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; padding-right: 0pt; padding-left: 0pt; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">United States Treasury Bill</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">92.41%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Put MSTU July 1.77 07/01/2026</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">6.57%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Put MSTU July 1.32 07/02/2026</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">1.02%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%; padding-right: 0pt; padding-left: 0pt">Sector</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; padding-right: 0pt; padding-left: 0pt; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Government</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">92.41%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Purchased Options</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">7.59%</td></tr> </table> 0.9241 0.0657 0.0102 0.9241 0.0759 <p id="xdx_896_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000263500Member_dU_zIxjU6OsOipb" style="font: 10pt Times New Roman, Times, Serif; display: none; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"> Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%; padding-right: 0pt; padding-left: 0pt">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; padding-right: 0pt; padding-left: 0pt; text-align: right">$1,395,414</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: right">4</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: right">9/22/2025</td></tr> </table>

1395414

2025-09-22 <p id="xdx_89C_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000263500Member_dU_zTLXa8NvZHF5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. <p id="xdx_890_eoef--AddlInfoTextBlock_hoef--ClassAxis__custom--C000263500Member_dU_zRWQ5kXodcAd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">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 GraniteShares YieldBOOST PLTR ETF GraniteShares YieldBOOST PLTR ETF NASDAQ PLYY Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com <p id="xdx_89A_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000263504Member_dU_zc3LktVH9lJa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> 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%. <p id="xdx_895_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000263504Member_dU_zmNUoEkH5qkf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> Average Annual Total Returns As of June 30, 2026 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; padding-right: 0pt; padding-left: 0pt"> </td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%; padding-right: 0pt; padding-left: 0pt; text-align: center">Since Inception (9/22/2025)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">GraniteShares YieldBOOST PLTR ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">-30.35%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">13.06%</td></tr> </table> 2025-09-22 -0.3035 0.1306 <p id="xdx_89B_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000263504Member_dU_zoeylHCpNVof" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> How did the fund perform since inception. <img alt="" src="singles_010.jpg"/> 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. <p id="xdx_89E_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000263504Member_dU_znx4hHWpKBh8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> What were the fund’s costs for the last 12 months? (based on hypothetical $10,000 investment) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%; padding-right: 0pt; padding-left: 0pt">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; padding-right: 0pt; padding-left: 0pt; text-align: right">1.15%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: right">$74.37</td></tr> </table> 0.0115 74.37 <p id="xdx_890_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000263504Member_dU_zmjJrBfhOUW1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%; padding-right: 0pt; padding-left: 0pt">Holding</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; padding-right: 0pt; padding-left: 0pt; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">United States Treasury Bill</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">99.98%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Put PTIR July 7.93 07/02/2026</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">0.02%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Put PTIR July 8.06 07/01/2026</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">0.00%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%; padding-right: 0pt; padding-left: 0pt">Sector</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; padding-right: 0pt; padding-left: 0pt; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Government</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">99.98%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Purchased Options</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">0.02%</td></tr> </table> 0.9998 0.0002 0.0000 0.9998 0.0002 <p id="xdx_890_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000263504Member_dU_zzS6ay3G4kuh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%; padding-right: 0pt; padding-left: 0pt">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; padding-right: 0pt; padding-left: 0pt; text-align: right">$3,099,078</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: right">4</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: right">9/22/2025</td></tr> </table>

3099078

2025-09-22 <p id="xdx_898_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000263504Member_dU_zqL8Lsqu5r1h" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. <p id="xdx_89F_eoef--AddlInfoTextBlock_hoef--ClassAxis__custom--C000263504Member_dU_zBxSRAbwv2C9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">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 GraniteShares YieldBOOST SMCI ETF GraniteShares YieldBOOST SMCI ETF NASDAQ SMYY Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com <p id="xdx_89A_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000263510Member_dU_zUKwkX96nole" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> 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%. <p id="xdx_895_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000263510Member_dU_z66mG6D4mS99" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"> Average Annual Total Returns As of June 30, 2026 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; padding-right: 0pt; padding-left: 0pt"> </td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%; padding-right: 0pt; padding-left: 0pt; text-align: center">Since Inception (9/29/2025)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">GraniteShares YieldBOOST SMCI ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">-27.63%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">13.61%</td></tr> </table> 2025-09-29 -0.2763 0.1361 <p id="xdx_89B_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000263510Member_dU_zL3vGs8m31ej" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"> How did the fund perform since inception. <img alt="" src="singles_011.jpg"/> 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. <p id="xdx_89E_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000263510Member_dU_zLcU4vr2yIni" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> What were the fund’s costs for the last 12 months? (based on hypothetical $10,000 investment) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%; padding-right: 0pt; padding-left: 0pt">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; padding-right: 0pt; padding-left: 0pt; text-align: right">1.15%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: right">$73.47</td></tr> </table> 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%. 0.0115 73.47 <p id="xdx_890_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000263510Member_dU_zHzy0Eckyiaf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%; padding-right: 0pt; padding-left: 0pt">Holding</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; padding-right: 0pt; padding-left: 0pt; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">United States Treasury Bill</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">83.83%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Put SMCX July 10.00 07/01/2026</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">9.27%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Put SMCX July 8.87 07/02/2026</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">2.17%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Put SMCX July 7.43 07/06/2026</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">0.59%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%; padding-right: 0pt; padding-left: 0pt">Sector</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; padding-right: 0pt; padding-left: 0pt; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Government</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">83.83%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Purchased Options</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">12.00%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Broker Cash</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">4.17%</td></tr> </table> 0.8383 0.0927 0.0217 0.0059 0.8383 0.1200 0.0417 <p id="xdx_890_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000263510Member_dU_zK2Wtanjb767" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%; padding-right: 0pt; padding-left: 0pt">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; padding-right: 0pt; padding-left: 0pt; text-align: right">$8,693,921</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: right">5</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: right">9/29/2025</td></tr> </table>

8693921

2025-09-29 <p id="xdx_898_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000263510Member_dU_zfvyKw76KiEb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. <p id="xdx_89F_eoef--AddlInfoTextBlock_hoef--ClassAxis__custom--C000263510Member_dU_ze5W5jWXOmg5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">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 GraniteShares YieldBOOST HOOD ETF GraniteShares YieldBOOST HOOD ETF NASDAQ HOYY Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com <p id="xdx_89A_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000263519Member_dU_zll9mZhfmudh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> 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%. <p id="xdx_895_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000263519Member_dU_zDXhEUjLQVCf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> Average Annual Total Returns As of June 30, 2026 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; padding-right: 0pt; padding-left: 0pt"> </td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%; padding-right: 0pt; padding-left: 0pt; text-align: center">Since Inception (9/29/2025)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">GraniteShares YieldBOOST HOOD ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">-44.47%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">13.61%</td></tr> </table> 2025-09-29 -0.4447 0.1361 <p id="xdx_89B_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000263519Member_dU_zd8GrmP3URgh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> How did the fund perform since inception. <img alt="" src="singles_012.jpg"/> 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. <p id="xdx_89E_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000263519Member_dU_zUDFbhZSVcKl" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> What were the fund’s costs for the last 12 months? (based on hypothetical $10,000 investment) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%; padding-right: 0pt; padding-left: 0pt">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; padding-right: 0pt; padding-left: 0pt; text-align: right">1.15%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: right">$66.20</td></tr> </table> 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%. 0.0115 66.20 <p id="xdx_890_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000263519Member_dU_zeisDuDjn9f3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%; padding-right: 0pt; padding-left: 0pt">Holding</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; padding-right: 0pt; padding-left: 0pt; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">United States Treasury Bill</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">96.07%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Put ROBN July 28.01 07/06/2026</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">0.34%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Put ROBN July 26.39 07/02/2026</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">0.14%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Put ROBN July 25.78 07/01/2026</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">0.12%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%; padding-right: 0pt; padding-left: 0pt">Sector</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; padding-right: 0pt; padding-left: 0pt; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Government</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">96.07%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Broker Cash</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">3.33%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Purchased Options</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">0.60%</td></tr> </table> 0.9607 0.0034 0.0014 0.0012 0.9607 0.0333 0.0060 <p id="xdx_890_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000263519Member_dU_z2ICykZiuxvk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%; padding-right: 0pt; padding-left: 0pt">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; padding-right: 0pt; padding-left: 0pt; text-align: right">$6,999,762</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: right">5</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: right">9/29/2025</td></tr> </table>

6999762

2025-09-29 <p id="xdx_898_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000263519Member_dU_zwPsxHFghWz9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. <p id="xdx_89F_eoef--AddlInfoTextBlock_hoef--ClassAxis__custom--C000263519Member_dU_z2Wj4XXfp5Q8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">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 GraniteShares YieldBOOST META ETF GraniteShares YieldBOOST META ETF NASDAQ FBYY Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com <p id="xdx_89A_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000251998Member_dU_z0og1IVlArG1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> 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%. <p id="xdx_895_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000251998Member_dU_z4OvH6N6ppd7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> Average Annual Total Returns As of June 30, 2026 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; padding-right: 0pt; padding-left: 0pt"> </td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%; padding-right: 0pt; padding-left: 0pt; text-align: center">Since Inception (10/20/2025)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">GraniteShares YieldBOOST META ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">-34.16%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">12.29%</td></tr> </table> 2025-10-20 -0.3416 0.1229 <p id="xdx_89B_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000251998Member_dU_zOHbhMRl0yeb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> How did the fund perform since inception. <img alt="" src="singles_013.jpg"/> 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. <p id="xdx_89E_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000251998Member_dU_zpxZFVDdlPug" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> What were the fund’s costs for the last 12 months? (based on hypothetical $10,000 investment) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; text-align: right">1.14%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">$65.62</td></tr> </table> 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%. 0.0114 65.62 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Holding</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">United States Treasury Bill</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">99.81%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Put FBL July 18.81 07/06/2026</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.19%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Put FBL July 17.96 07/02/2026</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.00%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Sector</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Government</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">99.81%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Purchased Options</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.19%</td></tr> </table> 0.9981 0.0019 0.0000 0.9981 0.0019 Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: right">$355,679</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">4</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">10/20/2025</td></tr> </table>

355679

2025-10-20 Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. 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 GraniteShares YieldBOOST BABA ETF GraniteShares YieldBOOST BABA ETF NASDAQ BBYY Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%"> </td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%; text-align: center">Since Inception (10/20/2025)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GraniteShares YieldBOOST BABA ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-30.87%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">12.29%</td></tr> </table> 2025-10-20 -0.3087 0.1229 How did the fund perform since inception. <img alt="" src="singles_014.jpg"/> 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) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; text-align: right">1.15%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">$67.51</td></tr> </table> 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%. 0.0115 67.51 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Holding</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">United States Treasury Bill</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">99.63%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Put BABX July 13.51 07/01/2026</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.34%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Put BABX July 12.17 07/02/2026</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.03%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Sector</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Government</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">99.63%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Purchased Options</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.37%</td></tr> </table> 0.9963 0.0034 0.0003 0.9963 0.0037 Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: right">$670,589</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">4</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">10/20/2025</td></tr> </table>

670589

2025-10-20 Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. 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 GraniteShares YieldBOOST MARA ETF GraniteShares YieldBOOST MARA ETF NASDAQ MAAY Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%"> </td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%; text-align: center">Since Inception (11/3/2025)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GraniteShares YieldBOOST MARA ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-40.09%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">10.35%</td></tr> </table> 2025-11-03 -0.4009 0.1035 How did the fund perform since inception. <img alt="" src="singles_015.jpg"/> 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) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; text-align: right">1.15%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">$60.81</td></tr> </table> 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%. 0.0115 60.81 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Holding</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">United States Treasury Bill</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">75.58%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Put MRAL July 65.77 07/06/2026</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span id="xdx_901_eoef--PctOfTotalInv_iI_pid_dp_c20260630__oef--ClassAxis__custom--C000263522Member__oef--LargestHoldingAxis__custom--PutMRALJulySixFiveDotSeventySevenZeroSevenZeroSixTwoThousandTwentySixMember_zpRFGE2qNqM8">1.44%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Put MRAL July 69.75 07/02/2026</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span id="xdx_90C_eoef--PctOfTotalInv_iI_pid_dp_c20260630__oef--ClassAxis__custom--C000263522Member__oef--LargestHoldingAxis__custom--PutMRALJulySixtyNineDotSeventyFiveZeroSevenZeroTwoTwoThousandTwentySixMember_zjzqVVqrPVXg">0.51%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Put MRAL July 64.63 07/01/2026</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span id="xdx_903_eoef--PctOfTotalInv_iI_pid_dp_c20260630__oef--ClassAxis__custom--C000263522Member__oef--LargestHoldingAxis__custom--PutMRALJulySixtyFourDotSeventyFourZeroSevenZeroOneTwoThousandTwentySixMember_zAb2RRITWvAi">0.21%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Sector</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Government</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">75.58%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Broker Cash</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">22.26%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Purchased Options</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2.16%</td></tr> </table> 0.7558 0.0144 0.0051 0.0021 0.7558 0.2226 0.0216 Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: right">$2,873,858</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">4</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">11/3/2025</td></tr> </table>

2873858

2025-11-03 Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. 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 GraniteShares YieldBOOST IONQ ETF GraniteShares YieldBOOST IONQ ETF NASDAQ IOYY Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%"> </td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%; text-align: center">Since Inception (11/3/2025)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GraniteShares YieldBOOST IONQ ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-25.64%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">10.35%</td></tr> </table> 2025-11-03 -0.2564 0.1035 How did the fund perform since inception. <img alt="" src="singles_016.jpg"/> 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) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; text-align: right">1.15%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">$66.28</td></tr> </table> 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%. 0.0115 66.28 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Holding</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">United States Treasury Bill</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">86.04%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Put IONL July 24.90 07/06/2026</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.79%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Put IONL July 25.04 07/01/2026</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.61%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Put IONL July 20.93 07/02/2026</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.10%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Sector</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Government</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">86.04%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Broker Cash</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">12.46%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Purchased Options</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">1.50%</td></tr> </table> 0.8604 0.0079 0.0061 0.0010 0.8604 0.1246 0.0150 Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: right">$7,003,691</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">4</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">11/3/2025</td></tr> </table>

7003691

2025-11-03 Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. 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 GraniteShares YieldBOOST Gold Miners ETF GraniteShares YieldBOOST Gold Miners ETF NASDAQ NUGY Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%"> </td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%; text-align: center">Since Inception (11/17/2025)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GraniteShares YieldBOOST Gold Miners ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-3.67%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">15.73%</td></tr> </table> 2025-11-17 -0.0367 0.1573 How did the fund perform since inception. <img alt="" src="singles_017.jpg"/> 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) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; text-align: right">1.15%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">$69.18</td></tr> </table> 0.0115 69.18 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Holding</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">United States Treasury Bill</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">99.46%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Put NUGT July 106.21 07/06/2026</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.27%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Put NUGT July 110.03 07/02/2026</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.24%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Put NUGT July 103.22 07/01/2026</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.03%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Sector</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Government</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">99.46%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Purchased Options</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.54%</td></tr> </table> 0.9946 0.0027 0.0024 0.0003 0.9946 0.0054 Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: right">$7,373,889</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">5</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">11/17/2025</td></tr> </table>

7373889

2025-11-17 Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. 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 GraniteShares YieldBOOST Semiconductor ETF GraniteShares YieldBOOST Semiconductor ETF NASDAQ SEMY Annual Shareholder Report www.graniteshares.com (844) 476 874 info@graniteshares.com 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%"> </td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%; text-align: center">Since Inception (11/17/2025)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GraniteShares YieldBOOST Semiconductor ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">38.61%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">13.25%</td></tr> </table> 2025-11-17 0.3861 0.1325 How did the fund perform since inception. <img alt="" src="singles_018.jpg"/> 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) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; text-align: right">1.11%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">$82.56</td></tr> </table> 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%. 0.0111 82.56 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Holding</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">United States Treasury Bill</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">55.32%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Put SOXL July 212.87 07/06/2026</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">1.41%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Put SOXL July 206.61 07/01/2026</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.11%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Put SOXL July 194.04 07/02/2026</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.10%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Sector</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Government</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">55.32%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Broker Cash</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">43.06%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Purchased Options</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">1.62%</td></tr> </table> 0.5532 0.0141 0.0011 0.0010 0.5532 0.4306 0.0162 Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: right">$94,268,332</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">5</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">11/17/2025</td></tr> </table>

94268332

2025-11-17 Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. 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 GraniteShares YieldBOOST RGTI ETF GraniteShares YieldBOOST RGTI ETF NASDAQ RGYY Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%"> </td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%; text-align: center">Since Inception (11/24/2025)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GraniteShares YieldBOOST RGTI ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-35.98%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">12.66%</td></tr> </table> 2025-11-24 -0.3598 0.1266 How did the fund perform since inception. <img alt="" src="singles_019.jpg"/> 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) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; text-align: right">1.15%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">$56.99</td></tr> </table> 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%. 0.0115 56.99 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Holding</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">United States Treasury Bill</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">95.26%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Put RGTX July 16.65 07/06/2026</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">1.41%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Put RGTX July 17.25 07/01/2026</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.97%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Put RGTX July 15.00 07/02/2026</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.44%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Put RGTX July 15.18 07/01/2026</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.03%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Sector</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Government</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">95.26%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Purchased Options</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2.85%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Broker Cash</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">1.89%</td></tr> </table> 0.9526 0.0141 0.0097 0.0044 0.0003 0.9526 0.0285 0.0189 Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: right">$2,920,448</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">6</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">11/24/2025</td></tr> </table>

2920448

2025-11-24 Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. 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 GraniteShares YieldBOOST QBTS ETF GraniteShares YieldBOOST QBTS ETF NASDAQ QBY Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%"> </td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%; text-align: center">Since Inception (11/24/2025)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GraniteShares YieldBOOST QBTS ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-34.33%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">12.66%</td></tr> </table> 2025-11-24 -0.3433 0.1266 How did the fund perform since inception. <img alt="" src="singles_020.jpg"/> 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) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; text-align: right">1.15%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">$56.99</td></tr> </table> 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%. 0.0115 56.99 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Holding</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">United States Treasury Bill</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">87.01%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Put QBTX July 13.30 07/06/2026</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2.96%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Put QBTX July 12.25 07/02/2026</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.32%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Put QBTX July 12.06 07/01/2026</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.07%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Sector</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Government</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">87.01%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Broker Cash</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">9.63%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Purchased Options</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">3.36%</td></tr> </table> 0.8701 0.0296 0.0032 0.0007 0.8701 0.0963 0.0336 Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: right">$2,775,309</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">5</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">11/24/2025</td></tr> </table>

2775309

2025-11-24 Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. 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 GraniteShares YieldBoost RIOT ETF GraniteShares YieldBoost RIOT ETF NASDAQ RTYY Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; width: 34%"> </td> <td style="border-top: #CCCCCC 1pt solid; width: 66%; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; text-align: center">Since Inception (01/15/2025)</td></tr> <tr style="vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid">GraniteShares YieldBOOST RIOT ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; text-align: center">-6.11%</td></tr> <tr style="vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; text-align: center">10.85%</td></tr> </table> 2025-01-15 -0.0611 0.1085 How did the fund perform since inception. <img alt="" src="singles_021.jpg"/> 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) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; text-align: right">1.15%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">$64.51</td></tr> </table> 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%. 0.0115 64.51 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 <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; width: 72%">Holding</td> <td style="border-top: #CCCCCC 1pt solid; width: 28%; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; text-align: center">% of Total Investments</td></tr> <tr style="background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid">United States Treasury Bill</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; text-align: center">75.28%</td></tr> <tr style="background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid">Put RIOX July 57.49 07/02/2026</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; text-align: center">1.31%</td></tr> <tr style="background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid">Put RIOX July 57.49 07/02/2026</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; text-align: center">0.76%</td></tr> <tr style="background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid">Put RIOX July 54.00 07/01/2026</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; text-align: center">0.7%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; width: 72%">Sector</td> <td style="border-top: #CCCCCC 1pt solid; width: 28%; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; text-align: center">% of Total Investments</td></tr> <tr style="background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid">Government</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; text-align: center">75.28%</td></tr> <tr style="background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid">Broker Cash</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; text-align: center">21.95%</td></tr> <tr style="background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid">Purchased Options</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; text-align: center">2,77%</td></tr> </table> 0.7528 0.0131 0.0076 0.007 0.7528 0.2195 0.0277 Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: right">$3,651,717</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">4</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1/15/2025</td></tr> </table>

3651717

2025-01-15 Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. 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 GraniteShares YieldBOOST HIMS ETF GraniteShares YieldBOOST HIMS ETF NASDAQ HMYY Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%"> </td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%; text-align: center">Since Inception (12/1/2025)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GraniteShares YieldBOOST HIMS ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-48.59%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">10.85%</td></tr> </table> 2025-12-01 -0.4859 0.1085 How did the fund perform since inception. <img alt="" src="singles_022.jpg"/> 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) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; text-align: right">1.15%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">$50.33</td></tr> </table> 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%. 0.0115 50.33 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Holding</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">United States Treasury Bill</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">85.39%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Put HIMZ July 41.17 07/06/2026</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.70%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Put HIMZ July 42.52 07/02/2026</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.30%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Put HIMZ July 39.76 07/01/2026</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.04%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Sector</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Government</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">85.39%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Broker Cash</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">13.57%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Purchased Options</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">1.04%</td></tr> </table> 0.8539 0.0070 0.0030 0.0004 0.8539 0.1357 0.0104 Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: right">$775,361</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">5</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">12/1/2025</td></tr> </table>

775361

2025-12-01 Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. 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 GraniteShares YieldBOOST CRWV ETF GraniteShares YieldBOOST CRWV ETF NASDAQ CWY Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%"> </td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%; text-align: center">Since Inception (4/13/2026)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GraniteShares YieldBOOST CRWV ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-3.34%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">9.18%</td></tr> </table> 2026-04-13 -0.0334 0.0918 How did the fund perform since inception. <img alt="" src="singles_023.jpg"/> 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) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; text-align: right">1.15%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">$23.91</td></tr> </table> 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%. 0.0115 23.91 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Holding</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">United States Treasury Bill</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">93.08%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Put CWVX July 21.92 07/06/2026</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">3.76%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Sector</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Government</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">93.08%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Purchased Options</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">3.76%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Broker Cash</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">3.16%</td></tr> </table> 0.9308 0.0376 0.9308 0.0376 0.0316 Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: right">$602,173</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">4/13/2026</td></tr> </table>

602173

2026-04-13 Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. 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 GraniteShares YieldBOOST MU ETF GraniteShares YieldBOOST MU ETF NASDAQ MUYY Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%"> </td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%; text-align: center">Since Inception (4/13/2026)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GraniteShares YieldBOOST MU ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">17.32%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">9.18%</td></tr> </table> 2026-04-13 0.1732 0.0918 How did the fund perform since inception. <img alt="" src="singles_024.jpg"/> 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) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; text-align: right">1.15%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">$26.23</td></tr> </table> 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%. 0.0115 26.23 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Holding</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">United States Treasury Bill</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">82.18%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Put MULL July 32.71 07/06/2026</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">3.35%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Put MULL July 37.1012 07/01/2026</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.60%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Put MULL July 31.73 07/02/2026</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.53%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Put MULL July 33.14 07/06/2026</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.52%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Put MULL July 28.0844 07/01/2026</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.02%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Sector</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Government</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">82.18%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Broker Cash</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">12.80%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Purchased Options</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">5.02%</td></tr> </table> 0.8218 0.0335 0.0060 0.0053 0.0052 0.0002 0.8218 0.1280 0.0502 Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: right">$17,594,585</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">7</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">4/13/2026</td></tr> </table>

17594585

2026-04-13 Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. 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 GraniteShares YieldBOOST TSM ETF GraniteShares YieldBOOST TSM ETF NASDAQ TMYY Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%"> </td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%; text-align: center">Since Inception (4/13/2026)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GraniteShares YieldBOOST TSM ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">17.03%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">9.18%</td></tr> </table> 2026-04-13 0.1703 0.0918 How did the fund perform since inception. <img alt="" src="singles_025.jpg"/> 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) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; text-align: right">1.15%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">$26.43</td></tr> </table> 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%. 0.0115 26.43 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Holding</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">United States Treasury Bill</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">71.06%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Put TSMU July 75.48 07/06/2026</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">1.13%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Sector</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Government</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">71.06%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Broker Cash</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">27.81%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Purchased Options</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">1.13%</td></tr> </table> 0.7106 0.0113 0.7106 0.2781 0.0113 Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: right">$1,000,367</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">4/13/2026</td></tr> </table>

1000367

2026-04-13 Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. 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 GraniteShares YieldBOOST CRCL ETF GraniteShares YieldBOOST CRCL ETF NASDAQ CRY Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%"> </td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%; text-align: center">Since Inception (4/27/2026)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GraniteShares YieldBOOST CRCL ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-7.69%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">4.78%</td></tr> </table> 2026-04-27 -0.0769 0.0478 How did the fund perform since inception. <img alt="" src="singles_026.jpg"/> 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) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; text-align: right">1.15%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">$19.32</td></tr> </table> 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%. 0.0115 19.32 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Holding</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">United States Treasury Bill</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">58.70%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Put CRCA July 17.72 07/06/2026</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">41.30%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Sector</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Government</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">58.70%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Purchased Options</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">41.30%</td></tr> </table> 0.5870 0.4130 0.5870 0.4130 Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: right">$977,559</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">4/27/2026</td></tr> </table>

977559

2026-04-27 Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. 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 GraniteShares YieldBOOST Ether ETF GraniteShares YieldBOOST Ether ETF NASDAQ XEY Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%"> </td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%; text-align: center">Since Inception (4/27/2026)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GraniteShares YieldBOOST Ether ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-12.72%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">4.78%</td></tr> </table> 2026-04-27 -0.1272 0.0478 How did the fund perform since inception. <img alt="" src="singles_027.jpg"/> 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) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; text-align: right">1.15%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">$18.79</td></tr> </table> 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%. 0.0115 18.79 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Holding</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">United States Treasury Bill</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">94.37%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Put ETHU July 10.87 07/06/2026</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">5.63%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Sector</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Government</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">94.37%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Purchased Options</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">5.63%</td></tr> </table> 0.9437 0.0563 0.9437 0.0563 Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: right">$593,234</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">4/27/2026</td></tr> </table>

593234

2026-04-27 Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. 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 GraniteShares YieldBOOST Biotech ETF GraniteShares YieldBOOST Biotech ETF NASDAQ BIOY Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%"> </td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%; text-align: center">Since Inception (5/4/2026)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GraniteShares YieldBOOST Biotech ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">1.35%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GraniteShares YieldBOOST Biotech ETF - Market</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">1.53%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">4.37%</td></tr> </table> 2026-05-04 0.0135 0.0153 0.0437 How did the fund perform since inception. <img alt="A graph showing a line of a graph AI-generated content may be incorrect." src="image_001.jpg"/> 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) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 68%">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: right">1.18%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">$18.50</td></tr> </table> 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%. 0.0118 18.50 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 67%">Holding</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 33%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">United States Treasury Bill</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">88.86%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Put LABU July 262.51 07/06/2026</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2.42%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 67%">Sector</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 33%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Government</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">88.86%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Broker Cash</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">8.72%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Purchased Options</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2.42%</td></tr> </table> 0.8886 0.0242 0.8886 0.0872 0.0242 Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 67%">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 33%; text-align: right">$693,232</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">—</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">5/4/2026</td></tr> </table>

693232

2026-05-04 Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. 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 GraniteShares YieldBOOST Financials ETF GraniteShares YieldBOOST Financials ETF NASDAQ FINY Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%"> </td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%; text-align: center">Since Inception 5/4/2026</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GraniteShares YieldBOOST Financials ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">4.94%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GraniteShares YieldBOOST Financials ETF - Market</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">5.19%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">4.37%</td></tr> </table> 2026-05-04 0.0494 0.0519 0.0437 How did the fund perform since inception. <img alt="A graph with a line AI-generated content may be incorrect." src="image_002.jpg"/> 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) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 67%">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 33%; text-align: right">1.14%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">$18.22</td></tr> </table> 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%. 0.0114 18.22 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 67%">Holding</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 33%; text-align: center">% of Net Assets</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">United States Treasury Bill</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">90.63%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Put FAS July 133.31 07/06/2026</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.38%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 67%">Sector</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 33%; text-align: center">% of Net Assets</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Government</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">90.63%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Broker Cash</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">8.99%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Purchased Options</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.38%</td></tr> </table> 0.9063 0.0038 0.9063 0.0899 0.0038 Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 67%">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 33%; text-align: right">$757,001</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">—</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">5/4/2026</td></tr> </table>

757001

2026-05-04 Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. 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 GraniteShares YieldBOOST Technology ETF GraniteShares YieldBOOST Technology ETF NASDAQ TECY Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%"> </td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%; text-align: center">Since Inception (5/4/2026)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GraniteShares YieldBOOST Technology ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-1.33%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GraniteShares YieldBOOST Technology ETF - Market</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-1.11%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">4.37%</td></tr> </table> 2026-05-04 -0.0133 -0.0111 0.0437 How did the fund perform since inception. <img alt="A graph showing a line of a graph AI-generated content may be incorrect." src="image_003.jpg"/> 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) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 68%">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: right">1.22%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">$18.79</td></tr> </table> 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%. 0.0122 18.79 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 67%">Holding</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 33%; text-align: center">% of Net Assets</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">United States Treasury Bill</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">98.60%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Put TECL July 192.43 07/06/2026</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">1.40%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 67%">Sector</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 33%; text-align: center">% of Net Assets</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Government</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">98.60%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Purchased Options</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">1.40%</td></tr> </table> 0.9860 0.0140 0.9860 0.0140 Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 67%">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 33%; text-align: right">$685,111</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">—</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">5/4/2026</td></tr> </table>

685111

2026-05-04 Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. 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 GraniteShares YieldBOOST 20Y+ Treasuries ETF GraniteShares YieldBOOST 20Y+ Treasuries ETF NASDAQ FIYY Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%"> </td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%; text-align: center">Since Inception 5/4/2026</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GraniteShares YieldBOOST 20Y+ Treasuries ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-1.39%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GraniteShares YieldBOOST 20Y+ Treasuries ETF - Market</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-1.19%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">4.37%</td></tr> </table> 2026-05-04 -0.0139 -0.0119 0.0437 How did the fund perform since inception. <img alt="A graph showing a line of a graph AI-generated content may be incorrect." src="image_004.jpg"/> 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) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 74%">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 26%; text-align: right">1.16%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">$17.87</td></tr> </table> 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%. 0.0116 17.87 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 67%">Holding</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 33%; text-align: center">% of Net Assets</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">United States Treasury Bill</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">96.92%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Put TMF July 33.08 07/06/2026</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.10%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 67%">Sector</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 33%; text-align: center">% of Net Assets</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Government</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">96.92%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Broker Cash</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2.98%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Purchased Options</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.10%</td></tr> </table> 0.9692 0.0010 0.9692 0.0298 0.0010 Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 69%">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 31%; text-align: right">$732,301</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">—</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">5/4/2026</td></tr> </table>

732301

2026-05-04 Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. 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 GraniteShares YieldBOOST Single Stock Universe ETF GraniteShares YieldBOOST Single Stock Universe ETF NASDAQ YBST Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com 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 <table cellpadding="0" cellspacing="0" style="font: 11pt Cambria, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 50%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-top: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 50%; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Since Inception (12/15/2025)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">GraniteShares YieldBOOST Single Stock Universe ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-21.22%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">10.72%</td></tr> </table> 2025-12-15 -0.2122 0.1072 How did the fund perform since inception. <img alt="" src="ybstfof-tsr_001.jpg"/> 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) <table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse"> <tr style="background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%; padding-right: 5.4pt; padding-left: 5.4pt">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.50%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$23.98</td></tr> </table> 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%. 0.0050 23.98 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%; padding-right: 5.4pt; padding-left: 5.4pt">Holding</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">GraniteShares YieldBOOST QBTS ETF</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4.82%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">GraniteShares YieldBOOST RGTI ETF</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4.80%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">GraniteShares YieldBOOST TSM ETF</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4.79%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">GraniteShares YieldBOOST RIOT ETF</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4.78%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">GraniteShares YieldBOOST MU ETF</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4.78%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">GraniteShares YieldBOOST MARA ETF</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4.77%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">GraniteShares YieldBOOST COIN ETF</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4.77%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">GraniteShares YieldBOOST MSTR ETF</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4.76%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">GraniteShares YieldBOOST IONQ ETF</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4.76%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">GraniteShares YieldBOOST CRCL ETF</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4.76%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%; padding-right: 5.4pt; padding-left: 5.4pt">Sector</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Exchange Traded Funds</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">100.00%</td></tr> </table> 0.0482 0.0480 0.0479 0.0478 0.0478 0.0477 0.0477 0.0476 0.0476 0.0476 1.0000 Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 11pt Cambria, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%; padding-right: 5.4pt; padding-left: 5.4pt">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$1,792,419</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">21</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span id="xdx_908_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20250701__20260630__oef--ClassAxis__custom--C000266723Member_zhQDwqs4k8Xe" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">43%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12/15/2025</td></tr> </table>

1792419

0.43

2025-12-15 Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. 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 GraniteShares YieldBOOST TopYielders ETF GraniteShares YieldBOOST TopYielders ETF NASDAQ YBTY Annual Shareholder Report www.graniteshares.com (844) 476 8747 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 <table cellpadding="0" cellspacing="0" style="font: 11pt Cambria, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 50%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-top: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 50%; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Since Inception (12/15/2025)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">GraniteShares YieldBOOST TopYielders ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-24.32%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">10.72%</td></tr> </table> 2025-12-15 -0.2432 0.1072 How did the fund perform since inception. <img alt="" src="ybstfof-tsr_002.jpg"/> 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) <table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse"> <tr style="background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%; padding-right: 5.4pt; padding-left: 5.4pt">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.50%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$23.53</td></tr> </table> 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%. 0.0050 23.53 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 <table cellpadding="0" cellspacing="0" style="font: 11pt Cambria, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%; padding-right: 5.4pt; padding-left: 5.4pt">Holding</td> <td style="border-top: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">GraniteShares YieldBOOST QBTS ETF</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">12.62%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">GraniteShares YieldBOOST RGTI ETF</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">12.58%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">GraniteShares YieldBOOST RIOT ETF</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">12.52%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">GraniteShares YieldBOOST MU ETF</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">12.51%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">GraniteShares YieldBOOST COIN ETF</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">12.50%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">GraniteShares YieldBOOST IONQ ETF</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">12.47%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">GraniteShares YieldBOOST HOOD ETF</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">12.41%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">GraniteShares YieldBOOST SMCI ETF</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">12.39%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%; padding-right: 5.4pt; padding-left: 5.4pt">Sector</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Exchange Traded Funds</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">100.00%</td></tr> </table> 0.1262 0.1258 0.1252 0.1251 0.1250 0.1247 0.1241 0.1239 1.0000 Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 11pt Cambria, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%; padding-right: 5.4pt; padding-left: 5.4pt">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$2,516,167</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">8</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span id="xdx_908_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20250701__20260630__oef--ClassAxis__custom--C000266724Member_zRbKkhMuPtba" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">98%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12/15/2025</td></tr> </table>

2516167

0.98

2025-12-15 Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. 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 GraniteShares Autocallable NVDA ETF GraniteShares Autocallable NVDA ETF NASDAQ ANV Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 50%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-top: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 50%; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Since Inception (2/2/2026)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">GraniteShares Autocallable NVDA ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">6.30%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">8.05%</td></tr> </table> 2026-02-02 0.0630 0.0805 How did the fund perform since inception. <img alt="" src="autocall_002.jpg" style="height: 339px; width: 701px"/> 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) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 50%; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1.15%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$48.15</td></tr> </table> 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%. 0.0115 48.15 Top 10 Holdings As of June 30, 2026 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%; padding-right: 5.4pt; padding-left: 5.4pt">Holding</td> <td style="border-top: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Autocallable NVDA TRS 70% Knock-In</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">15.45%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Autocallable NVDA TRS 65% Knock-In</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">15.42%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Autocallable NVDA TRS 60% Knock-In</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">15.40%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Autocallable NVDA TRS 55% Knock-In</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">15.39%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Autocallable NVDA TRS 50% Knock-In</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">15.38%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%; padding-right: 5.4pt; padding-left: 5.4pt">Sector</td> <td style="border-top: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Return Swap</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">77.04%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Broker Cash</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">22.96%</td></tr> </table> 0.1545 0.1542 0.1540 0.1539 0.1538 0.7704 0.2296 Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%; padding-right: 5.4pt; padding-left: 5.4pt">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$2,513,459</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2/2/2026</td></tr> </table>

2513459

2026-02-02 Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. 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 GraniteShares Autocallable TSLA ETF GraniteShares Autocallable TSLA ETF NASDAQ TLA Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 50%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-top: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 50%; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Since Inception (2/2/2026)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">GraniteShares Autocallable TSLA ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">6.60%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">8.05%</td></tr> </table> 2026-02-02 0.0660 0.0805 How did the fund perform since inception. <img alt="" src="autocall_003.jpg" style="height: 339px; width: 701px"/> 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) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%; padding-right: 5.4pt; padding-left: 5.4pt">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1.15%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$48.05</td></tr> </table> 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%. 0.0115 48.05 Top 10 Holdings As of June 30, 2026 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%; padding-right: 5.4pt; padding-left: 5.4pt">Holding</td> <td style="border-top: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Recv Tsla Auto Trs Nm5</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">15.50%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Recv Tsla Auto Trs Nm4</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">15.47%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Recv Tsla Auto Trs Nm3</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">15.45%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Recv Tsla Auto Trs Nm2</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">15.44%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Recv Tsla Auto Trs Nm1</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">15.42%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%; padding-right: 5.4pt; padding-left: 5.4pt">Sector</td> <td style="border-top: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Return Swap</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">77.28%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Broker Cash</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">22.72%</td></tr> </table> 0.1550 0.1547 0.1545 0.1544 0.1542 0.7728 0.2272 Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%; padding-right: 5.4pt; padding-left: 5.4pt">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$2,248,565</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2/2/2026</td></tr> </table>

2248565

2026-02-02 Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. 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 GraniteShares Autocallable COIN ETF GraniteShares Autocallable COIN ETF NASDAQ ATC www.graniteshares.com (844) 476 8747 info@graniteshares.com 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 50%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Since Inception (5/11/2026)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">GraniteShares Autocallable COIN ETF – NAV</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-15.55%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1.36%</td></tr> </table> 2026-05-11 -0.1555 0.0136 How did the fund perform since inception. <img alt="" src="grshsl-tsr_039.jpg"/> 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) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 67%; padding-right: 5.4pt; padding-left: 5.4pt">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1.15%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$14.49</td></tr> </table> 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%. 0.0115 14.49 Top 10 Holdings As of June 30, 2026 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%; padding-right: 5.4pt; padding-left: 5.4pt">Holding</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Government</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">40.35%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Autocallable COIN TRS</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">32.97%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%; padding-right: 5.4pt; padding-left: 5.4pt">Sector</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Government</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">40.35%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Total Return Swap</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">32.97%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Broker Cash</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">26.68%</td></tr> </table> 0.4035 0.3297 0.4035 0.3297 0.2668 Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$ 816,719</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5/11/2026</td></tr> </table>

816719

2026-05-11 Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. 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 GraniteShares Autocallable HOOD ETF GraniteShares Autocallable HOOD ETF NASDAQ AHD Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 50%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-top: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 50%; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Since Inception (5/18/2026)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">GraniteShares Autocallable HOOD ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5.58%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1.46%</td></tr> </table> 2026-05-18 0.0558 0.0146 How did the fund perform since inception. <img alt="" src="autocall_004.jpg" style="height: 339px; width: 701px"/> 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) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%; padding-right: 5.4pt; padding-left: 5.4pt">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1.15%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$13.88</td></tr> </table> 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%. 0.0115 13.88 Top 10 Holdings As of June 30, 2026 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%; padding-right: 5.4pt; padding-left: 5.4pt">Holding</td> <td style="border-top: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Autocallable HOOD TRS 70% Knock-In</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">16.30%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Autocallable HOOD TRS 65% Knock-In</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">16.28%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Autocallable HOOD TRS 60% Knock-In</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">16.21%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Autocallable HOOD TRS 55% Knock-In</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">16.18%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Autocallable HOOD TRS 50% Knock-In</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">16.12%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%; padding-right: 5.4pt; padding-left: 5.4pt">Sector</td> <td style="border-top: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Return Swap</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">81.09%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Broker Cash</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">18.91%</td></tr> </table> 0.1630 0.1628 0.1621 0.1618 0.1612 0.8109 0.1891 Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%; padding-right: 5.4pt; padding-left: 5.4pt">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$1,031,469</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5/18/2026</td></tr> </table>

1031469

2026-05-18 Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. 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 GraniteShares Autocallable PLTR ETF GraniteShares Autocallable PLTR ETF NASDAQ PLA Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-top: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Since Inception (5/18/2026)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">GraniteShares Autocallable PLTR ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-3.80%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1.46%</td></tr> </table> 2026-05-18 -0.0380 0.0146 How did the fund perform since inception. <img alt="" src="autocall_005.jpg" style="height: 339px; width: 701px"/> 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) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%; padding-right: 5.4pt; padding-left: 5.4pt">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1.15%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$13.20</td></tr> </table> 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%. 0.0115 13.20 Top 10 Holdings As of June 30, 2026 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%; padding-right: 5.4pt; padding-left: 5.4pt">Holding</td> <td style="border-top: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Autocallable PLTR TRS 50% Knock-In</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">15.28%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Autocallable PLTR TRS 55% Knock-In</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">15.18%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Autocallable PLTR TRS 60% Knock-In</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">15.02%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Autocallable PLTR TRS 65% Knock-In</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">14.92%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Autocallable PLTR TRS 70% Knock-In</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">14.78%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%; padding-right: 5.4pt; padding-left: 5.4pt">Sector</td> <td style="border-top: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Return Swap</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">75.18%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Broker Cash</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">24.82%</td></tr> </table> 0.1528 0.1518 0.1502 0.1492 0.1478 0.7518 0.2482 Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%; padding-right: 5.4pt; padding-left: 5.4pt">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$2,128,865</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5/18/2026</td></tr> </table>

2128865

2026-05-18 Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. 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 GraniteShares Autocallable MARA ETF GraniteShares Autocallable MARA ETF NASDAQ MRA Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 50%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-top: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 50%; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Since Inception (5/26/2026)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">GraniteShares Autocallable MARA ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-0.09%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-0.14%</td></tr> </table> 2026-05-26 -0.0009 -0.0014 How did the fund perform since inception. <img alt="" src="autocall_006.jpg" style="height: 340px; width: 701px"/> 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) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%; padding-right: 5.4pt; padding-left: 5.4pt">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1.15%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$10.94</td></tr> </table> 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%. 0.0115 10.94 Top 10 Holdings As of June 30, 2026 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%; padding-right: 5.4pt; padding-left: 5.4pt">Holding</td> <td style="border-top: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Autocallable MARA TRS</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">67.60%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%; padding-right: 5.4pt; padding-left: 5.4pt">Sector</td> <td style="border-top: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Return Swap</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">67.60%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Broker Cash</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">32.40%</td></tr> </table> 0.6760 0.6760 0.3240 Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%; padding-right: 5.4pt; padding-left: 5.4pt">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$964,326</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5/26/2026</td></tr> </table>

964326

2026-05-26 Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. 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 GraniteShares Autocallable SMCI ETF GraniteShares Autocallable SMCI ETF NASDAQ SCA Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 50%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-top: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 50%; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Since Inception (5/26/2026)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">GraniteShares Autocallable SMCI ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-10.81%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-0.14%</td></tr> </table> 2026-05-26 -0.1081 -0.0014 How did the fund perform since inception. <img alt="" src="autocall_007.jpg" style="height: 340px; width: 701px"/> 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) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 66%; padding-right: 5.4pt; padding-left: 5.4pt">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1.15%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$10.32</td></tr> </table> 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%. 0.0115 10.32 Top 10 Holdings As of June 30, 2026 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%; padding-right: 5.4pt; padding-left: 5.4pt">Holding</td> <td style="border-top: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Autocallable SMCI TRS</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">54.79%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%; padding-right: 5.4pt; padding-left: 5.4pt">Sector</td> <td style="border-top: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Return Swap</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">54.79%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Broker Cash</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">45.21%</td></tr> </table> 0.5479 0.5479 0.4521 Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%; padding-right: 5.4pt; padding-left: 5.4pt">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$864,965</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: #CCCCCC 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5/26/2026</td></tr> </table>

864965

2026-05-26 Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. 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 GraniteShares Autocallable MSTR ETF GraniteShares Autocallable MSTR ETF NASDAQ MSR Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 65%"> </td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 35%; text-align: center">Since Inception (5/11/2026)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GraniteShares Autocallable MSTR ETF - NAV</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-48.06%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">GraniteShares Autocallable MSTR ETF - Market</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-47.77%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">S&P 500® Total Return Index</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">1.36%</td></tr> </table> 2026-05-11 -0.4806 -0.4777 0.0136 How did the fund perform since inception. <img alt="A graph with a line AI-generated content may be incorrect." src="image_005.jpg"/> 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) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Expense Ratio (Actual)</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: right">1.81%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Cost of a $10,000 Investment</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">$18.75</td></tr> </table> 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%. 0.0181 18.75 Top 10 Holdings As of June 30, 2026 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Holding</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">United States Treasury Bill</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">64.81%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Autocallable MSTR TRS</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">12.14%</td></tr> </table> Sector Breakdown <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #2152F5"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Sector</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">% of Total Investments</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Government</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">64.81%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Broker Cash</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">23.05%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Return Swap</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">12.14%</td></tr> </table> 0.6481 0.1214 0.6481 0.2305 0.1214 Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Net Assets</td> <td style="border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: right">$374,955</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Total Number of Holdings</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">—</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Portfolio Turnover Rate</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif">Inception Date</td> <td style="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">5/11/2026</td></tr> </table>

374955

2026-05-11 Material Fund Changes There were no material fund changes during the period info@graniteshares.com Past performance does not guarantee future results. 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