GraniteShares XOUT U.S. Large Cap ETF

September 30, 2021 (Unaudited)

Investments	Shares		Value
COMMON STOCKS - 99.89%
Aerospace & Defense - 0.07%
HEICO Corp.		668	$	88,089
Air Freight & Logistics - 0.94%
Expeditors International of Washington, Inc.		836		99,593
FedEx Corp.		1,315		288,366
United Parcel Service, Inc., Class B		4,306		784,123
Total Air Freight & Logistics				1,172,082
Auto Components - 0.16%
Aptiv PLC(a)		1,367		203,642
Banks - 0.71%
Fifth Third Bancorp		3,496		148,370
First Republic Bank		850		163,948
SVB Financial Group(a)		279		180,480
Truist Financial Corp.		6,569		385,272
Total Banks				878,070
Beverages - 1.25%
Brown-Forman Corp., Class B		2,332		156,267
Constellation Brands, Inc., Class A		951		200,366
Monster Beverage Corp.(a)		2,512		223,141
PepsiCo, Inc.		6,508		978,869
Total Beverages				1,558,643
Biotechnology - 2.71%
AbbVie, Inc.		8,717		940,303
Alnylam Pharmaceuticals, Inc.(a)		601		113,475
Amgen, Inc.		2,835		602,862
Biogen, Inc.(a)		806		228,090
BioMarin Pharmaceutical, Inc.(a)		938		72,498
Exact Sciences Corp.(a)		900		85,905
Gilead Sciences, Inc.		6,192		432,511
Horizon Therapeutics PLC(a)		1,114		122,028
Incyte Corp.(a)		1,111		76,415
Regeneron Pharmaceuticals, Inc.(a)		517		312,878
Seagen, Inc.(a)		915		155,367
Vertex Pharmaceuticals, Inc.(a)		1,257		228,007
Total Biotechnology				3,370,339
Building Products - 0.06%
Masco Corp.		1,239		68,826
Capital Markets - 3.54%
Bank of New York Mellon Corp.		4,471		231,777
BlackRock, Inc.		782		655,832
Goldman Sachs Group, Inc.		1,763		666,467
Intercontinental Exchange, Inc.		2,790		320,348
MarketAxess Holdings, Inc.		188		79,090
Moody’s Corp.		922		327,411
Morgan Stanley		9,159		891,261
MSCI, Inc.		404		245,769
Nasdaq, Inc.		809		156,153
Raymond James Financial, Inc.		1,028		94,818

Investments	Shares		Value
Capital Markets (continued)
S&P Global, Inc.		1,190	$	505,619
T Rowe Price Group, Inc.		1,150		226,205
Total Capital Markets				4,400,750
Chemicals - 0.72%
Celanese Corp.		547		82,400
Dow, Inc.		3,714		213,778
Eastman Chemical Co.		678		68,302
PPG Industries, Inc.		1,170		167,322
Sherwin-Williams Co.		1,303		364,488
Total Chemicals				896,290
Commercial Services & Supplies - 0.46%
Cintas Corp.		547		208,221
Copart, Inc.(a)		1,166		161,748
Waste Connections, Inc.		1,599		201,362
Total Commercial Services & Supplies				571,331
Communications Equipment - 1.17%
Arista Networks, Inc.(a)		384		131,958
Cisco Systems, Inc.		20,703		1,126,864
Motorola Solutions, Inc.		838		194,684
Total Communications Equipment				1,453,506
Consumer Finance - 0.15%
Discover Financial Services		1,521		186,855
Distributors - 0.07%
Pool Corp.		204		88,620
Electrical Equipment - 0.16%
Generac Holdings, Inc.(a)		312		127,505
Plug Power, Inc.(a)		2,943		75,164
Total Electrical Equipment				202,669
Electronic Equipment, Instruments & Components - 0.77%
CDW Corp.		698		127,050
Cognex Corp.		893		71,636
Corning, Inc.		4,242		154,791
Keysight Technologies, Inc.(a)		914		150,161
TE Connectivity, Ltd.		1,646		225,864
Trimble, Inc.(a)		1,279		105,198
Zebra Technologies Corp., Class A(a)		274		141,225
Total Electronic Equipment, Instruments & Components				975,925
Entertainment - 0.64%
Activision Blizzard, Inc.		3,893		301,279
Electronic Arts, Inc.		1,385		197,016
Roku, Inc.(a)		684		214,331
Take-Two Interactive Software, Inc.(a)		586		90,285
Total Entertainment				802,911
Equity Real Estate Investment Trust (REIT) - 0.14%
SBA Communications Corp.		531		175,533
Food & Staples Retailing - 2.61%
Costco Wholesale Corp.		2,159		970,147
Kroger Co.		3,642		147,246
Walgreens Boots Alliance, Inc.		4,423		208,102
Walmart, Inc.		13,614		1,897,520
Total Food & Staples Retailing				3,223,015
Food Products - 0.05%
J M Smucker Co.		526		63,136

Investments	Shares		Value
Health Care Equipment & Supplies - 3.99%
ABIOMED, Inc.(a)		233	$	75,846
Align Technology, Inc.(a)		397		264,176
Baxter International, Inc.		2,457		197,617
Boston Scientific Corp.(a)		7,200		312,408
Cooper Cos., Inc.		248		102,501
Danaher Corp.		3,473		1,057,320
Dexcom, Inc.(a)		477		260,852
Edwards Lifesciences Corp.(a)		3,053		345,630
Hologic, Inc.(a)		1,275		94,108
IDEXX Laboratories, Inc.(a)		421		261,820
Insulet Corp.(a)		346		98,344
Intuitive Surgical, Inc.(a)		581		577,601
Masimo Corp.(a)		264		71,467
Medtronic PLC		6,768		848,369
Novocure, Ltd.(a)		534		62,035
ResMed, Inc.		715		188,438
West Pharmaceutical Services, Inc.		365		154,957
Total Health Care Equipment & Supplies				4,973,489
Health Care Providers & Services - 3.20%
AmerisourceBergen Corp.		1,043		124,586
Anthem, Inc.		1,186		442,141
Centene Corp.(a)		2,904		180,948
Cigna Corp.		1,683		336,869
CVS Health Corp.		6,472		549,214
Humana, Inc.		621		241,662
Laboratory Corp. of America Holdings(a)		491		138,187
Molina Healthcare, Inc.(a)		282		76,509
Quest Diagnostics, Inc.		650		94,452
UnitedHealth Group, Inc.		4,556		1,780,211
Total Health Care Providers & Services				3,964,779
Health Care Technology - 0.34%
Cerner Corp.		1,482		104,511
Teladoc Health, Inc.(a)		812		102,970
Veeva Systems, Inc., Class A(a)		768		221,315
Total Health Care Technology				428,796
Hotels, Restaurants & Leisure - 0.41%
Chipotle Mexican Grill, Inc.(a)		140		254,453
Domino’s Pizza, Inc.		189		90,145
Yum! Brands, Inc.		1,475		180,407
Total Hotels, Restaurants & Leisure				525,005
Household Durables - 0.43%
DR Horton, Inc.		1,803		151,399
Garmin, Ltd.		947		147,221
Lennar Corp., Class A		1,518		142,206
NVR, Inc.(a)		18		86,293
Total Household Durables				527,119
Household Products - 0.16%
Church & Dwight Co., Inc.		1,212		100,075
Clorox Co.		606		100,360
Total Household Products				200,435
Insurance - 0.75%
Aon PLC, Class A		1,126		321,777
Arthur J Gallagher & Co.		1,020		151,623
Brown & Brown, Inc.		1,373		76,133

Investments	Shares		Value
Insurance (continued)
Marsh & McLennan Cos., Inc.		2,532	$	383,421
Total Insurance				932,954
Interactive Media & Services - 11.86%
Alphabet, Inc., Class A(a)		3,314		8,860,044
Facebook, Inc., Class A(a)		14,153		4,803,387
Match Group, Inc.(a)		1,321		207,384
Pinterest, Inc., Class A(a)		3,339		170,122
Snap, Inc., Class A(a)		7,995		590,591
Zillow Group, Inc., Class A(a)		1,303		115,420
Total Interactive Media & Services				14,746,948
Internet & Direct Marketing Retail - 7.20%
Amazon.com, Inc.(a)		2,527		8,301,295
Chewy, Inc., Class A(a)		2,238		152,430
eBay, Inc.		3,387		235,972
Etsy, Inc.(a)		658		136,838
Wayfair, Inc., Class A(a)		531		135,676
Total Internet & Direct Marketing Retail				8,962,211
IT Services - 6.17%
Accenture PLC, Class A		3,082		985,993
Akamai Technologies, Inc.(a)		802		83,881
Automatic Data Processing, Inc.		2,049		409,636
Cognizant Technology Solutions Corp., Class A		2,585		191,833
EPAM Systems, Inc.(a)		275		156,882
FleetCor Technologies, Inc.(a)		405		105,814
Gartner, Inc.(a)		428		130,061
Global Payments, Inc.		1,403		221,085
GoDaddy, Inc., Class A(a)		856		59,663
MongoDB, Inc.(a)		330		155,598
Okta, Inc.(a)		778		184,651
Paychex, Inc.		1,766		198,587
PayPal Holdings, Inc.(a)		5,825		1,515,723
Square, Inc., Class A(a)		2,306		553,071
Twilio, Inc., Class A(a)		910		290,336
VeriSign, Inc.(a)		557		114,191
Visa, Inc.		10,379		2,311,922
Total IT Services				7,668,927
Leisure Products - 0.11%
Peloton Interactive, Inc., Class A(a)		1,515		131,881
Life Sciences Tools & Services - 1.96%
Agilent Technologies, Inc.		1,503		236,767
Bio-Techne Corp.		195		94,491
Charles River Laboratories International, Inc.(a)		249		102,755
Illumina, Inc.(a)		743		301,368
IQVIA Holdings, Inc.(a)		959		229,719
Mettler-Toledo International, Inc.(a)		114		157,019
PerkinElmer, Inc.		560		97,042
Thermo Fisher Scientific, Inc.		1,938		1,107,237
Waters Corp.(a)		303		108,262
Total Life Sciences Tools & Services				2,434,660
Machinery - 0.55%
Cummins, Inc.		730		163,929
Deere & Co.		1,562		523,380
Total Machinery				687,309

Investments	Shares		Value
Media - 1.70%
Charter Communications, Inc., Class A(a)		1,065	$	774,851
Comcast Corp., Class A		22,454		1,255,852
Discovery, Inc., Class A(a)		3,483		88,399
Total Media				2,119,102
Metals & Mining - 0.12%
Nucor Corp.		1,508		148,523
Multiline Retail - 0.63%
Dollar General Corp.		1,138		241,415
Target Corp.		2,415		552,480
Total Multiline Retail				793,895
Oil, Gas & Consumable Fuels - 0.17%
Cheniere Energy, Inc.		1,297		126,678
Diamondback Energy, Inc.		977		92,493
Total Oil, Gas & Consumable Fuels				219,171
Pharmaceuticals - 4.33%
Bristol-Myers Squibb Co.		10,984		649,923
Catalent, Inc.(a)		867		115,372
Eli Lilly & Co.		4,825		1,114,816
Johnson & Johnson		13,158		2,125,018
Merck & Co., Inc.		12,445		934,744
Zoetis, Inc.		2,310		448,463
Total Pharmaceuticals				5,388,336
Professional Services - 0.39%
CoStar Group, Inc.(a)		1,913		164,633
IHS Markit, Ltd.		1,957		228,225
TransUnion		927		104,111
Total Professional Services				496,969
Real Estate Management & Development - 0.13%
CBRE Group, Inc., Class A(a)		1,704		165,901
Road & Rail - 0.20%
JB Hunt Transport Services, Inc.		513		85,784
Old Dominion Freight Line, Inc.		567		162,151
Total Road & Rail				247,935
Semiconductors & Semiconductor Equipment - 8.44%
Advanced Micro Devices, Inc.(a)		6,182		636,128
Analog Devices, Inc.		2,687		450,019
Applied Materials, Inc.		4,587		590,485
Broadcom, Inc.		2,028		983,437
Enphase Energy, Inc.(a)		737		110,528
Entegris, Inc.		688		86,619
Intel Corp.		20,085		1,070,128
KLA Corp.		772		258,242
Lam Research Corp.		714		406,373
Marvell Technology, Inc.		4,111		247,934
Microchip Technology, Inc.		1,413		216,881
Micron Technology, Inc.		5,640		400,327
Monolithic Power Systems, Inc.		226		109,538
NVIDIA Corp.		13,072		2,707,995
ON Semiconductor Corp.(a)		2,203		100,831
Qorvo, Inc.(a)		552		92,289
QUALCOMM, Inc.		5,570		718,419
Skyworks Solutions, Inc.		811		133,637
Teradyne, Inc.		840		91,703
Texas Instruments, Inc.		4,612		886,473

Investments	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Xilinx, Inc.(a)		1,245	$	187,983
Total Semiconductors & Semiconductor Equipment				10,485,969
Software - 16.27%
Adobe, Inc.(a)		2,309		1,329,337
ANSYS, Inc.(a)		426		145,032
Autodesk, Inc.(a)		1,075		306,558
Bill.com Holdings, Inc.(a)		482		128,670
Cadence Design Systems, Inc.(a)		1,371		207,624
Citrix Systems, Inc.		613		65,818
Coupa Software, Inc.(a)		421		92,275
Crowdstrike Holdings, Inc., Class A(a)		1,172		288,054
Datadog, Inc., Class A(a)		1,558		220,223
DocuSign, Inc.(a)		995		256,143
Dynatrace, Inc.(a)		1,479		104,965
Fair Isaac Corp.(a)		141		56,108
Fortinet, Inc.(a)		810		236,552
HubSpot, Inc.(a)		248		167,670
Intuit, Inc.		1,344		725,101
Microsoft Corp.		36,561		10,307,277
NortonLifeLock, Inc.		3,036		76,811
Nuance Communications, Inc.(a)		1,397		76,891
Oracle Corp.		14,037		1,223,044
Palo Alto Networks, Inc.(a)		482		230,878
Paycom Software, Inc.(a)		301		149,221
PTC, Inc.(a)		586		70,197
RingCentral, Inc., Class A(a)		472		102,660
salesforce.com, Inc.(a)		4,650		1,261,173
ServiceNow, Inc.(a)		979		609,202
Splunk, Inc.(a)		832		120,399
SS&C Technologies Holdings, Inc.		1,243		86,264
Synopsys, Inc.(a)		753		225,456
Trade Desk, Inc., Class A(a)		2,302		161,831
Tyler Technologies, Inc.(a)		201		92,189
VMware, Inc., Class A(a)		2,152		320,002
Workday, Inc., Class A(a)		1,254		313,362
Zendesk, Inc.(a)		610		70,998
Zoom Video Communications, Inc., Class A(a)		1,543		403,495
Total Software				20,231,480
Specialty Retail - 3.27%
AutoZone, Inc.(a)		104		176,591
Bath & Body Works, Inc.		1,411		88,935
Best Buy Co., Inc.		1,220		128,966
Burlington Stores, Inc.(a)		327		92,727
CarMax, Inc.(a)		824		105,439
Carvana Co.(a)		825		248,771
Home Depot, Inc.		5,216		1,712,204
Lowe’s Cos., Inc.		3,482		706,359
O’Reilly Automotive, Inc.(a)		339		207,149
RH(a)		110		73,360
TJX Cos., Inc.		5,929		391,195
Tractor Supply Co.		561		113,664
Victoria’s Secret & Co.(a)		470		25,972
Total Specialty Retail				4,071,332

Investments	Shares		Value
Technology Hardware, Storage & Peripherals - 9.44%
Apple, Inc.		79,815	$	11,293,823
HP, Inc.		6,057		165,720
NetApp, Inc.		1,150		103,224
Seagate Technology Holdings PLC		1,157		95,476
Western Digital Corp.(a)		1,578		89,062
Total Technology Hardware, Storage & Peripherals				11,747,305
Textiles, Apparel & Luxury Goods - 1.11%
Lululemon Athletica, Inc.(a)		633		256,175
NIKE, Inc., Class B		7,737		1,123,644
Total Textiles, Apparel & Luxury Goods				1,379,819
Trading Companies & Distributors - 0.18%
United Rentals, Inc.(a)		361		126,686
WW Grainger, Inc.		256		100,623
Total Trading Companies & Distributors				227,309
TOTAL COMMON STOCKS
(Cost $103,183,770)				124,287,791
INVESTMENT COMPANY - 0.06%
iShares Core S&P 500 ETF		170		73,239
TOTAL INVESTMENT COMPANY
(Cost $71,728)				73,239
TOTAL INVESTMENTS - 99.95%
(Cost $103,255,498)			$	124,361,030
Other Assets In Excess Of Liabilities - 0.05%				65,765
NET ASSETS (100.00%)			$	124,426,795

^(a) Non-Income Producing Security.

The following table summarizes valuation of the Fund’s investments under the fair value hierarchy levels as of September 30, 2021:

GraniteShares XOUT U.S. Large Cap ETF Investments in Securities at Value	Level 1		Level 2		Level 3		Total
Common Stocks	$	124,287,791	$	–	$	–	$	124,287,791
Investment Company		73,239		–		–		73,239
Total	$	124,361,030	$	–	$	–	$	124,361,030

As of September 30, 2021, there were no Level 3 investments held in the Fund.

GraniteShares ETF Trust

Notes to Quarterly Schedules of Investments

September 30, 2021 (Unaudited)

1. FAIR VALUE MEASUREMENT

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

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

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

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

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