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COMB:C000236096Member 2024-03-15 2024-12-31 0001689873 COMB:C000236096Member COMB:PriceMember 2024-07-01 2024-12-31 0001689873 COMB:C000236096Member COMB:PriceMember 2024-03-15 2024-12-31 0001689873 COMB:C000236096Member COMB:BenchmarkMember 2024-07-01 2024-12-31 0001689873 COMB:C000236096Member COMB:BenchmarkMember 2024-03-15 2024-12-31 0001689873 COMB:C000236096Member us-gaap:EquitySwapMember 2024-12-31 0001689873 COMB:C000236096Member us-gaap:TotalReturnSwapMember 2024-12-31 0001689873 COMB:C000236096Member us-gaap:CashMember 2024-12-31 0001689873 COMB:C000236096Member us-gaap:CashMember 2024-12-31 iso4217:USD shares iso4217:USD shares pure COMB:Integer false N-1A 0001689873 N-CSRS GraniteShares ETF Trust 2024-12-31 GraniteShares 2x Long AAPL Daily ETF GraniteShares 2x Long AAPL Daily ETF NASDAQ AAPB Semi-Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>How did the fund perform for the last 6 months?</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">During the period of June 30, 2024, to December 31, 2024, the Fund had a 33.36% return.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0"></p> <table cellpadding="0" cellspacing="0" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 100%; border-collapse: collapse"> <tr> <td style="border-left: black 1pt solid; width: 99%; font: 12pt Times New Roman, Times, Serif"> </td> </tr> <tr> <td style="border-left: black 1pt solid; vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-size: 10pt">Over the same period the common stock of Apple Inc (AAPL) had a return of 19.17% and the S&amp;P 500 Index (the Benchmark) a return of 8.44%.</span></td> </tr> </table> <p id="xdx_89F_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000236101Member_dU_z05rApHgMIOf" style="display: none; margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; padding-right: 0.1in; padding-left: 0.1in"> </td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; width: 100%; padding-right: 0.1in; padding-left: 0.1in"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>What were the fund’s costs for the last 6 months?</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">(based on hypothetical $10,000 investment)</p></td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"></p> <table cellpadding="0" cellspacing="0" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="border-left: black 1pt solid; vertical-align: top; width: 3%"> </td> <td style="vertical-align: top; width: 47%; text-align: center"> </td> <td style="vertical-align: top; width: 3%"> </td> <td style="width: 44%; text-align: center"> </td> <td style="border-right: black 1pt solid; vertical-align: top; width: 3%"> </td></tr> <tr> <td style="border-left: black 1pt solid; vertical-align: top"> </td> <td style="border: black 1pt solid; vertical-align: top; padding-top: 0.1in; padding-bottom: 0.1in; text-align: center"><span style="font-size: 10pt">Cost of a $10,000<br/> Investment</span></td> <td style="vertical-align: top"> </td> <td style="border: black 1pt solid; text-align: center"><span style="font-size: 10pt">Cost paid as % of a<br/> $10,000 investment </span></td> <td style="border-right: black 1pt solid; vertical-align: top"> </td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid"> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center"> </td> <td style="border-right: black 1pt solid"> </td></tr> <tr> <td style="border-left: black 1pt solid; vertical-align: top"> </td> <td style="border: black 1pt solid; vertical-align: top; padding-top: 0.1in; padding-bottom: 0.1in; text-align: center"><span style="font-size: 10pt">$<span id="xdx_90F_eoef--ExpensesPaidAmt_pp2d_c20240701__20241231__oef--ClassAxis__custom--C000236101Member_zlNvzKTsoUT2">67.50</span></span></td> <td style="vertical-align: top"> </td> <td style="border: black 1pt solid; text-align: center; line-height: 115%"><span style="font-size: 10pt; line-height: 115%"><span id="xdx_90E_eoef--ExpenseRatioPct_pid_dp_uRatio_c20240701__20241231__oef--ClassAxis__custom--C000236101Member_fKGEp_zvgrFebsAVT3">1.15</span>%^(a)</span></td> <td style="border-right: black 1pt solid; vertical-align: top"> </td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; text-align: right; vertical-align: bottom"><span id="xdx_F09_zog40gD8ODm5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td> <td><p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><span id="xdx_F11_zwAebvajTbu3" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Annualized</span></p></td> <td> </td> <td style="text-align: center"> </td> <td style="border-right: black 1pt solid"> </td></tr> </table> 67.50 0.0115 <p id="xdx_89C_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000236101Member_dU_z9fXwrfhojC8" style="display: none; margin-top: 0; margin-bottom: 0"> </p> <p style="margin-top: 0; margin-bottom: 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <table cellpadding="0" cellspacing="0" style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>How did the fund perform since inception</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividend and capital gains. The NAV performance includes all fund expenses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><img alt="" src="aapb_002.jpg"/> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <p id="xdx_89C_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000236101Member_dU_z7RfXzgi0D1e" style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <table cellpadding="0" cellspacing="0" style="border: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="13" style="border-left: black 1pt solid"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td colspan="13" style="border-left: black 1pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in; text-align: justify"><b>Average Annual Total Returns</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in; text-align: justify">(as of December 31, 2024)</p></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td colspan="3" style="text-align: right"> </td> <td> </td> <td colspan="3" style="text-align: right"> </td> <td style="text-align: right"> </td> <td colspan="3" style="text-align: right"><span style="font-size: 10pt">Inception</span></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td colspan="3" style="text-align: right"><span style="font-size: 10pt">6-month</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt">1 Year </span></td> <td> </td> <td> </td> <td colspan="3" style="text-align: right"><span style="font-size: 10pt">(<span id="xdx_909_eoef--PerfInceptionDate_c20240701__20241231__oef--ClassAxis__custom--C000236101Member_zowwFDyO9QM9">Aug 08, 2022</span>)</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="border-left: black 1pt solid; width: 29%; padding-left: 0.1in"><span style="font-size: 10pt">NAV</span></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 17%; text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_90B_eoef--AvgAnnlRtrPct_dp_c20240701__20241231__oef--ClassAxis__custom--C000236101Member_zg56R441QVil">33.36</span></span></td> <td style="width: 3%"><span style="font-size: 10pt">%</span></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 17%; text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_90A_eoef--AvgAnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000236101Member_zGzmH7wYNUv3">47.19</span></span></td> <td style="width: 3%"><span style="font-size: 10pt">%</span></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 21%; text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_90D_eoef--AvgAnnlRtrPct_dp_c20220808__20241231__oef--ClassAxis__custom--C000236101Member_zxV74LQZs58l">21.77</span></span></td> <td style="width: 3%"><span style="font-size: 10pt">%</span></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-left: black 1pt solid; padding-left: 0.1in"><span style="font-size: 10pt">Price</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_903_eoef--AvgAnnlRtrPct_dp_c20240701__20241231__oef--ClassAxis__custom--C000236101Member__oef--SalesLoadAxis__custom--PriceMember_zvXEGEScbf1b">33.52</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_904_eoef--AvgAnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000236101Member__oef--SalesLoadAxis__custom--PriceMember_zQ4h35owU9Ec">47.25</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_902_eoef--AvgAnnlRtrPct_dp_c20220808__20241231__oef--ClassAxis__custom--C000236101Member__oef--SalesLoadAxis__custom--PriceMember_zVkPKn7djrnf">21.77</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="border-left: black 1pt solid; padding-left: 0.1in"><span style="font-size: 10pt">Benchmark</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_90E_eoef--AvgAnnlRtrPct_dp_c20240701__20241231__oef--ClassAxis__custom--C000236101Member__oef--SalesLoadAxis__custom--BenchmarkMember_zgNz6jaw0sM3">8.44</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_903_eoef--AvgAnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000236101Member__oef--SalesLoadAxis__custom--BenchmarkMember_zlWSlkgmBMU7">25.02</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_90E_eoef--AvgAnnlRtrPct_dp_c20220808__20241231__oef--ClassAxis__custom--C000236101Member__oef--SalesLoadAxis__custom--BenchmarkMember_zx4gxEdNzzGa">17.60</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0.1in"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td></tr> </table> 2022-08-08 0.3336 0.4719 0.2177 0.3352 0.4725 0.2177 0.0844 0.2502 0.1760 <p id="xdx_89D_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000236101Member_dU_zZVmGu3PB04f" style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="border: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="5" style="border-right: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-right: black 1pt solid; padding-left: 0.1in"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fund Statistics</b>  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(as of December 31, 2024)  </p></td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="3" style="border-right: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 82%; padding-left: 0.1in"><span style="font-size: 10pt">Total Net Assets</span></td> <td style="width: 1%"> </td> <td style="width: 1%"><span style="font-size: 10pt">$</span></td> <td style="width: 15%; text-align: right"><span style="font-size: 10pt"><span id="xdx_90E_eus-gaap--AssetsNet_iI_c20241231__oef--ClassAxis__custom--C000236101Member_znFgTI8tDuMa">24,321,072</span></span></td> <td style="border-right: black 1pt solid; width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 0.1in"><span style="font-size: 10pt">Number of Portfolio Holdings</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span id="xdx_906_eoef--HoldingsCount_iI_uInteger_c20241231__oef--ClassAxis__custom--C000236101Member_zBYqfdEISLyf">4</span></span></td> <td style="border-right: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 0.1in"><span style="font-size: 10pt">Turnover</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span id="xdx_90A_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20240701__20241231__oef--ClassAxis__custom--C000236101Member_z1lAVBU3wFDh">0</span></span></td> <td style="border-right: black 1pt solid"><span style="font-size: 10pt">%</span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-bottom: black 1pt solid; padding-left: 0.1in"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid"> </td></tr> </table> 24321072 4 0 <p id="xdx_892_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000236101Member_dU_zKXUr3MF1eug" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>What does the Fund invest in?</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund enters into financial instruments such as swaps and options on the common stock of Apple Inc (NASDAQ: AAPL).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <table cellpadding="0" 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"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 37%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 12%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 37%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 12%"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td colspan="2" style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Top 10 Holdings </b>(as of December 31, 2024)</span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sector Breakdown </b>(as of December 31, 2024)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif">United States Treasury Bills</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_90B_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000236101Member__oef--LargestHoldingAxis__us-gaap--USTreasuryAndGovernmentMember_z4YOADOHWHak">52.98</span>%</span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif">United States Treasury Bills</span></td><td style="border-right: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_902_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000236101Member__oef--IndustrySectorAxis__us-gaap--USTreasuryAndGovernmentMember_zH710t506LDd">52.98</span>%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif">AAPL Equity Swap</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_90D_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000236101Member__oef--LargestHoldingAxis__us-gaap--EquitySwapMember_zZ18hzcXr9e5">43.11</span>%</span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif">Total Return Swap</span></td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_90F_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000236101Member__oef--IndustrySectorAxis__us-gaap--TotalReturnSwapMember_zPl6mhaikZO4">43.11</span>%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash</span></td> <td style="border-right: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_903_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000236101Member__oef--IndustrySectorAxis__us-gaap--CashMember_z5rH7PbJrmqf">3.91</span>%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> 0.5298 0.5298 0.4311 0.4311 0.0391 <p id="xdx_890_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000236101Member_dU_zAmCckUADGQj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Material Fund Changes</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There were no material fund changes during the period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> (844) 476 8747 info@graniteshares.com Past performance does not guarantee future results. <p id="xdx_892_eoef--AddlInfoTextBlock_hoef--ClassAxis__custom--C000236101Member_dU_z4tZFGZfprBk" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit <span style="text-decoration: underline">www.graniteshares.com</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phone: (844) 476 8747 – email: info@graniteshares.com</span></p> GraniteShares 2x Long AMD Daily ETF GraniteShares 2x Long AMD Daily ETF NASDAQ AMDL Semi-Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com <p id="xdx_895_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000236096Member_dU_zEzgKGCxwFJ9" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>How did the fund perform for the last 6 months?</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">During the period of June 30, 2024, to December 31, 2024, the Fund had a -53.41% return.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0"></p> <table cellpadding="0" cellspacing="0" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 100%; border-collapse: collapse"> <tr> <td style="border-left: black 1pt solid; width: 100%; font: 12pt Times New Roman, Times, Serif"> </td> </tr> <tr> <td style="border-left: black 1pt solid; vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-size: 10pt">Over the same period the common stock of Advanced Micro Devices Inc. (AMD) had a return of -25.53% and the S&amp;P 500 Index (the Benchmark) a return of 8.44%.</span></td> </tr> <tr> <td style="border-left: black 1pt solid; font: 12pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 0.1in; padding-left: 0.1in"> </td></tr> </table> <p id="xdx_890_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000236096Member_dU_zV51DRy6GXRc" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>What were the fund’s costs for the last 6 months?</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">(based on hypothetical $10,000 investment)</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0"></p> <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="border-left: black 1pt solid; vertical-align: top; width: 3%"> </td> <td style="vertical-align: top; width: 47%; text-align: center"> </td> <td style="vertical-align: top; width: 3%"> </td> <td style="width: 44%; text-align: center"> </td> <td style="border-right: black 1pt solid; vertical-align: top; width: 3%"> </td></tr> <tr> <td style="border-left: black 1pt solid; vertical-align: top"> </td> <td style="border: black 1pt solid; vertical-align: top; padding-top: 0.1in; padding-bottom: 0.1in; text-align: center"><span style="font-size: 10pt">Cost of a $10,000<br/> Investment</span></td> <td style="vertical-align: top"> </td> <td style="border: black 1pt solid; text-align: center"><span style="font-size: 10pt">Cost paid as % of a<br/> $10,000 investment </span></td> <td style="border-right: black 1pt solid; vertical-align: top"> </td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid"> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center"> </td> <td style="border-right: black 1pt solid"> </td></tr> <tr> <td style="border-left: black 1pt solid; vertical-align: top"> </td> <td style="border: black 1pt solid; vertical-align: top; padding-top: 0.1in; padding-bottom: 0.1in; text-align: center"><span style="font-size: 10pt">$<span id="xdx_90C_eoef--ExpensesPaidAmt_pp2d_c20240701__20241231__oef--ClassAxis__custom--C000236096Member_zLsyfuwIEykb">40.23</span></span></td> <td style="vertical-align: top"> </td> <td style="border: black 1pt solid; text-align: center; line-height: 115%"><span id="xdx_904_eoef--ExpenseRatioPct_pid_dp_uRatio_c20240701__20241231__oef--ClassAxis__custom--C000236096Member_fKGEp_zp0VoCvEDSVh" style="font-size: 10pt; line-height: 115%">1.09</span><span style="font-size: 10pt; line-height: 115%">%^(a)</span></td> <td style="border-right: black 1pt solid; vertical-align: top"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: right; vertical-align: bottom"><span id="xdx_F0D_zqmPUDBynvJc" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td> <td><p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"> </p> <p id="xdx_F1A_zqmPUDBynvJc" style="border-bottom: Black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; margin: 0">Annualized</p></td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid"> </td></tr> </table> 40.23 0.0109 <p id="xdx_899_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000236096Member_dU_zq3zCA0SqHfc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; display: none"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <table cellpadding="0" cellspacing="0" style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>How did the fund perform since inception</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividend and capital gains. The NAV performance includes all fund expenses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><img alt="" src="amdl_002.jpg"/> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <p id="xdx_891_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000236096Member_dU_zjSeW4D5tTUi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> <span style="font-family: Times New Roman, Times, Serif"> </span></p> <table cellpadding="0" cellspacing="0" style="border: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="9" style="border-left: black 1pt solid"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td colspan="9" style="border-left: black 1pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in; text-align: justify"><b>Average Annual Total Returns</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in; text-align: justify">(as of December 31, 2024)</p></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td colspan="3"> </td> <td> </td> <td colspan="3"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td colspan="3" style="text-align: right"> </td> <td> </td> <td colspan="3" style="text-align: right"><span style="font-size: 10pt">Inception</span></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td colspan="3" style="text-align: right"><span style="font-size: 10pt">6-month</span></td> <td> </td> <td colspan="3" style="text-align: right"><span style="font-size: 10pt">(<span id="xdx_90D_eoef--PerfInceptionDate_c20240701__20241231__oef--ClassAxis__custom--C000236096Member_zesoHej9TZ27">March 15, 2024</span>)</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="border-left: black 1pt solid; width: 35%; padding-left: 0.1in"><span style="font-size: 10pt">NAV</span></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 25%; text-align: right"><span style="font-size: 10pt"><span id="xdx_904_eoef--AvgAnnlRtrPct_dp_c20240701__20241231__oef--ClassAxis__custom--C000236096Member_zpb04XP6MJyj">-53.41</span></span></td> <td style="width: 4%"><span style="font-size: 10pt">%</span></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 27%; text-align: right"><span style="font-size: 10pt"><span id="xdx_905_eoef--AvgAnnlRtrPct_dp_c20240315__20241231__oef--ClassAxis__custom--C000236096Member_z4JtNaJCpKjd">-69.36</span></span></td> <td style="width: 4%"><span style="font-size: 10pt">%</span></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-left: black 1pt solid; padding-left: 0.1in"><span style="font-size: 10pt">Price</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span id="xdx_908_eoef--AvgAnnlRtrPct_dp_c20240701__20241231__oef--ClassAxis__custom--C000236096Member__oef--SalesLoadAxis__custom--PriceMember_zd5luXeSQm03">-53.35</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span id="xdx_903_eoef--AvgAnnlRtrPct_dp_c20240315__20241231__oef--ClassAxis__custom--C000236096Member__oef--SalesLoadAxis__custom--PriceMember_zUjbOO9GFmH7">-69.36</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="border-left: black 1pt solid; padding-left: 0.1in"><span style="font-size: 10pt">Benchmark</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span id="xdx_90D_eoef--AvgAnnlRtrPct_dp_c20240701__20241231__oef--ClassAxis__custom--C000236096Member__oef--SalesLoadAxis__custom--BenchmarkMember_z1tQIdMYSOp4">8.44</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span id="xdx_908_eoef--AvgAnnlRtrPct_dp_c20240315__20241231__oef--ClassAxis__custom--C000236096Member__oef--SalesLoadAxis__custom--BenchmarkMember_zaNey1JpOPAf">16.16</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0.1in"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td></tr> </table> 2024-03-15 -0.5341 -0.6936 -0.5335 -0.6936 0.0844 0.1616 <p id="xdx_89B_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000236096Member_dU_zRxc2ndIeNX4" style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="border: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="5" style="border-right: black 1pt solid; padding-left: 0.1in"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fund Statistics</b>  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(as of December 31, 2024)  </p></td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="3" style="border-right: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 76%; padding-left: 0.1in"><span style="font-size: 10pt">Total Net Assets</span></td> <td style="width: 1%"> </td> <td style="width: 1%"><span style="font-size: 10pt">$</span></td> <td style="width: 21%; text-align: right"><span style="font-size: 10pt"><span id="xdx_900_eus-gaap--AssetsNet_iI_c20241231__oef--ClassAxis__custom--C000236096Member_zyGKlStqlofj">299,093,195</span></span></td> <td style="border-right: black 1pt solid; width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 0.1in"><span style="font-size: 10pt">Number of Portfolio Holdings</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span id="xdx_904_eoef--HoldingsCount_iI_uInteger_c20241231__oef--ClassAxis__custom--C000236096Member_zKcRfGDubvTc">9</span></span></td> <td style="border-right: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 0.1in"><span style="font-size: 10pt">Turnover</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span id="xdx_907_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20240701__20241231__oef--ClassAxis__custom--C000236096Member_znoUmmMieSqd">0</span></span></td> <td style="border-right: black 1pt solid"><span style="font-size: 10pt">%</span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-bottom: black 1pt solid; padding-left: 0.1in"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid"> </td></tr> </table> 299093195 9 0 <p id="xdx_893_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000236096Member_dU_zpiCLxnO5bUf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>What does the Fund invest in?</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund enters into financial instruments such as swaps and options on the common stock of Advanced Micro Devices Inc. (NASDAQ: AMD).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <table cellpadding="0" 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"> <td colspan="2" style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Top 10 Holdings </b>(as of December 31, 2024)</span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sector Breakdown </b>(as of December 31, 2024)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 37%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 12%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 37%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 12%"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif">AMD Equity Swap</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000236096Member__oef--LargestHoldingAxis__us-gaap--EquitySwapMember_zgeAL4wzNpS5">62.77</span>%</span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif">Total Return Swap</span></td><td style="border-right: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000236096Member__oef--IndustrySectorAxis__us-gaap--TotalReturnSwapMember_zeXj4LcBNpfa">62.77</span>%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif">Cash</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000236096Member__oef--LargestHoldingAxis__us-gaap--CashMember_z8P0PPEUT4C9">37.23</span>%</span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash</span></td> <td style="border-right: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_902_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000236096Member__oef--IndustrySectorAxis__us-gaap--CashMember_zZD1fvF5jsok">37.23</span>%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> 0.6277 0.6277 0.3723 0.3723 <p id="xdx_895_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000236096Member_dU_zRYV6REKsd0a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Material Fund Changes</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There were no material fund changes during the period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> (844) 476 8747 info@graniteshares.com Past performance does not guarantee future results. <p id="xdx_89F_eoef--AddlInfoTextBlock_hoef--ClassAxis__custom--C000236096Member_dU_znDa52gb3vw" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit <span style="text-decoration: underline">www.graniteshares.com</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phone: (844) 476 8747 – email: info@graniteshares.com</span></p> GraniteShares 1x Short AMD Daily ETF GraniteShares 1x Short AMD Daily ETF NASDAQ AMDS Semi-Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com <p id="xdx_898_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000243823Member_dU_zOPpTskEAkNf" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>How did the fund perform for the last 6 months?</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">During the period of June 30, 2024, to December 31, 2024, the Fund had a 24.69% return.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0"></p> <table cellpadding="0" cellspacing="0" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 100%; border-collapse: collapse"> <tr> <td style="border-left: black 1pt solid; width: 100%; font: 12pt Times New Roman, Times, Serif"> </td> </tr> <tr> <td style="border-left: black 1pt solid; vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-size: 10pt">Over the same period the common stock of Advanced Micro Devices Inc. (AMD) had a return of -25.53% and the S&amp;P 500 Index (the Benchmark) a return of 8.44%.</span></td> </tr> <tr> <td></td></tr> </table> <p id="xdx_89C_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000243823Member_dU_zEWutrFbQDPd" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>What were the fund’s costs for the last 6 months?</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">(based on hypothetical $10,000 investment)</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0"></p> <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="border-left: black 1pt solid; vertical-align: top; width: 3%"> </td> <td style="vertical-align: top; width: 47%; text-align: center"> </td> <td style="vertical-align: top; width: 3%"> </td> <td style="width: 44%; text-align: center"> </td> <td style="border-right: black 1pt solid; vertical-align: top; width: 3%"> </td></tr> <tr> <td style="border-left: black 1pt solid; vertical-align: top"> </td> <td style="border: black 1pt solid; vertical-align: top; padding-top: 0.1in; padding-bottom: 0.1in; text-align: center"><span style="font-size: 10pt">Cost of a $10,000<br/> Investment</span></td> <td style="vertical-align: top"> </td> <td style="border: black 1pt solid; text-align: center"><span style="font-size: 10pt">Cost paid as % of a<br/> $10,000 investment </span></td> <td style="border-right: black 1pt solid; vertical-align: top"> </td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid"> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center"> </td> <td style="border-right: black 1pt solid"> </td></tr> <tr> <td style="border-left: black 1pt solid; vertical-align: top"> </td> <td style="border: black 1pt solid; vertical-align: top; padding-top: 0.1in; padding-bottom: 0.1in; text-align: center"><span style="font-size: 10pt">$<span id="xdx_90A_eoef--ExpensesPaidAmt_pp2d_c20240701__20241231__oef--ClassAxis__custom--C000243823Member_zZVmGu3PB04f">64.97</span></span></td> <td style="vertical-align: top"> </td> <td style="border: black 1pt solid; text-align: center; line-height: 115%"><span style="font-size: 10pt; line-height: 115%"><span id="xdx_90B_eoef--ExpenseRatioPct_pid_dp_uRatio_c20240701__20241231__oef--ClassAxis__custom--C000243823Member_fKGEp_z5iJJwrM8Slf">1.15</span>%^(a)</span></td> <td style="border-right: black 1pt solid; vertical-align: top"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: right; vertical-align: bottom"><span id="xdx_F01_zL950wBw566c" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td> <td><p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_F10_z4HD48yoBmb5" style="border-bottom: Black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Annualized</span></p></td> <td style="border-bottom: Black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> 64.97 0.0115 <p id="xdx_890_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000243823Member_dU_zEoBlNANVmJ3" style="display: none; margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>How did the fund perform since inception</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividend and capital gains. The NAV performance includes all fund expenses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><img alt="" src="amds_002.jpg"/> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <p id="xdx_892_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000243823Member_dU_zXNGmTh7Uf5c" style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0pt"> </p> <table cellpadding="0" cellspacing="0" style="border: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="13" style="border-left: black 1pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in; text-align: justify"><b>Average Annual Total Returns</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in; text-align: justify">(as of December 31, 2024)</p></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td colspan="3"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="3"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td colspan="3" style="text-align: right"> </td> <td> </td> <td colspan="3" style="text-align: right"> </td> <td style="text-align: right"> </td> <td colspan="3" style="text-align: right"><span style="font-size: 10pt">Inception</span></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td colspan="3" style="text-align: right"><span style="font-size: 10pt">6-month</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt">1 Year </span></td> <td> </td> <td> </td> <td colspan="3" style="text-align: right"><span style="font-size: 10pt">(<span id="xdx_90E_eoef--PerfInceptionDate_dd_c20240701__20241231__oef--ClassAxis__custom--C000243823Member_zUvcjVJUJzog">Aug 21, 2023</span>)</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="border-left: black 1pt solid; width: 29%; padding-left: 0.1in"><span style="font-size: 10pt">NAV</span></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 17%; text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_90A_eoef--AvgAnnlRtrPct_dp_c20240701__20241231__oef--ClassAxis__custom--C000243823Member_z8WUFHCRE5Z4">24.69</span></span></td> <td style="width: 3%"><span style="font-size: 10pt">%</span></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 17%; text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_906_eoef--AvgAnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000243823Member_zrTv29HlRoJl">3.18</span></span></td> <td style="width: 3%"><span style="font-size: 10pt">%</span></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 21%; text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_90D_eoef--AvgAnnlRtrPct_dp_c20230821__20241231__oef--ClassAxis__custom--C000243823Member_zF6KrbgwaG23">-20.90</span></span></td> <td style="width: 3%"><span style="font-size: 10pt">%</span></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-left: black 1pt solid; padding-left: 0.1in"><span style="font-size: 10pt">Price</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_902_eoef--AvgAnnlRtrPct_dp_c20240701__20241231__oef--ClassAxis__custom--C000243823Member__oef--SalesLoadAxis__custom--PriceMember_zgNz6jaw0sM3">24.76</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_902_eoef--AvgAnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000243823Member__oef--SalesLoadAxis__custom--PriceMember_zhxuC8vV9v03">3.11</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_902_eoef--AvgAnnlRtrPct_dp_c20230821__20241231__oef--ClassAxis__custom--C000243823Member__oef--SalesLoadAxis__custom--PriceMember_zWgtdk8Coio8">-20.86</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="border-left: black 1pt solid; padding-left: 0.1in"><span style="font-size: 10pt">Benchmark</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_90A_eoef--AvgAnnlRtrPct_dp_c20240701__20241231__oef--ClassAxis__custom--C000243823Member__oef--SalesLoadAxis__custom--BenchmarkMember_zvXEGEScbf1b">8.44</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_903_eoef--AvgAnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000243823Member__oef--SalesLoadAxis__custom--BenchmarkMember_zYgH1SrSdr7f">25.02</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_90A_eoef--AvgAnnlRtrPct_dp_c20230821__20241231__oef--ClassAxis__custom--C000243823Member__oef--SalesLoadAxis__custom--BenchmarkMember_z3gyXyl8Bpma">25.55</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0.1in"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td></tr> </table> 2023-08-21 0.2469 0.0318 -0.2090 0.2476 0.0311 -0.2086 0.0844 0.2502 0.2555 <p id="xdx_89D_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000243823Member_dU_zoTAg5Jm7Bmi" style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="border: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="5" style="border-right: black 1pt solid; padding-left: 0.1in"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fund Statistics</b>  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(as of December 31, 2024)  </p></td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="3" style="border-right: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 82%; padding-left: 0.1in"><span style="font-size: 10pt">Total Net Assets</span></td> <td style="width: 1%"> </td> <td style="width: 1%"><span style="font-size: 10pt">$</span></td> <td style="width: 15%; text-align: right"><span style="font-size: 10pt"><span id="xdx_90E_eus-gaap--AssetsNet_iI_c20241231__oef--ClassAxis__custom--C000243823Member_z9UiaWtTm2B7">3,023,490</span></span></td> <td style="border-right: black 1pt solid; width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 0.1in"><span style="font-size: 10pt">Number of Portfolio Holdings</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span id="xdx_908_eoef--HoldingsCount_iI_uInteger_c20241231__oef--ClassAxis__custom--C000243823Member_zJgkdATcAKcl">4</span></span></td> <td style="border-right: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 0.1in"><span style="font-size: 10pt">Turnover</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span id="xdx_901_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20240701__20241231__oef--ClassAxis__custom--C000243823Member_z2JQGUItd3o9">0</span></span></td> <td style="border-right: black 1pt solid"><span style="font-size: 10pt">%</span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-bottom: black 1pt solid; padding-left: 0.1in"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p> 3023490 4 0 <p id="xdx_891_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000243823Member_dU_zINwmYPTX2Hk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>What does the Fund invest in?</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund enters into financial instruments such as swaps and options on the common stock of Advanced Micro Devices Inc. (NASDAQ: AMD).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <table cellpadding="0" 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"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 37%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 12%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 37%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 12%"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td colspan="2" style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Top 10 Holdings </b>(as of December 31, 2024)</span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sector Breakdown </b>(as of December 31, 2024)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">United States Treasury Bill</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_90F_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000243823Member__oef--LargestHoldingAxis__us-gaap--USTreasuryAndGovernmentMember_zjXRFM7Yimg">65.61</span>%</span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">United States Treasury Bill</span></td><td style="border-right: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_906_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000243823Member__oef--IndustrySectorAxis__us-gaap--USTreasuryAndGovernmentMember_zOmuhVvqpFNe">65.61</span>%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">AMD Equity Swap</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_908_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000243823Member__oef--LargestHoldingAxis__us-gaap--EquitySwapMember_zQnu2WiKsqaj">26.50</span>%</span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif">Total Return Swap</span></td> <td style="border-right: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_90C_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000243823Member__oef--IndustrySectorAxis__us-gaap--TotalReturnSwapMember_zBGYlRaQqoIe">26.50</span>%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif">Cash</span></td> <td style="border-right: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_905_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000243823Member__oef--IndustrySectorAxis__us-gaap--CashMember_zlhX630jR2ok">7.89</span>%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> 0.6561 0.6561 0.2650 0.2650 0.0789 <p id="xdx_892_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000243823Member_dU_zATPNGaJ7AW7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Material Fund Changes</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There were no material fund changes during the period.</span></p> (844) 476 8747 info@graniteshares.com Past performance does not guarantee future results. <p id="xdx_895_eoef--AddlInfoTextBlock_hoef--ClassAxis__custom--C000243823Member_dU_zIvygjPxQuN7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit <span style="text-decoration: underline">www.graniteshares.com</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phone: (844) 476 8747 – email: info@graniteshares.com</span></p> GraniteShares 2x Long AMZN Daily ETF GraniteShares 2x Long AMZN Daily ETF NASDAQ AMZZ Semi-Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com <p id="xdx_89F_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000236100Member_dU_zqCLD0xIEj6h" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>How did the fund perform for the last 6 months?</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">During the period of June 30, 2024, to December 31, 2024, the Fund had a 17.52% return.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"></p> <table cellpadding="0" cellspacing="0" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 100%; border-collapse: collapse"> <tr> <td style="border-left: black 1pt solid; vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 99%"><span style="font-size: 10pt">Over the same period the common stock of Amazon.com (AMZN) had a return of 13.53% and the S&amp;P 500 Index (the Benchmark) a return of 8.44%.</span></td> </tr> </table> <p id="xdx_890_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000236100Member_dU_zLYcsNLbvJbf" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>What were the fund’s costs for the last 6 months?</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">(based on hypothetical $10,000 investment)</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0"></p> <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="border-left: black 1pt solid; vertical-align: top; width: 3%"> </td> <td style="vertical-align: top; width: 47%; text-align: center"> </td> <td style="vertical-align: top; width: 3%"> </td> <td style="width: 44%; text-align: center"> </td> <td style="border-right: black 1pt solid; vertical-align: top; width: 3%"> </td></tr> <tr> <td style="border-left: black 1pt solid; vertical-align: top"> </td> <td style="border: black 1pt solid; vertical-align: top; padding-top: 0.1in; padding-bottom: 0.1in; text-align: center"><span style="font-size: 10pt">Cost of a $10,000<br/> Investment</span></td> <td style="vertical-align: top"> </td> <td style="border: black 1pt solid; text-align: center"><span style="font-size: 10pt">Cost paid as % of a<br/> $10,000 investment </span></td> <td style="border-right: black 1pt solid; vertical-align: top"> </td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid"> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center"> </td> <td style="border-right: black 1pt solid"> </td></tr> <tr> <td style="border-left: black 1pt solid; vertical-align: top"> </td> <td style="border: black 1pt solid; vertical-align: top; padding-top: 0.1in; padding-bottom: 0.1in; text-align: center"><span style="font-size: 10pt">$<span id="xdx_900_eoef--ExpensesPaidAmt_pp2d_c20240701__20241231__oef--ClassAxis__custom--C000236100Member_z3bO5VZyIuw2">63.06</span></span></td> <td style="vertical-align: top"> </td> <td style="border: black 1pt solid; text-align: center; line-height: 115%"><span style="font-size: 10pt; line-height: 115%"><span id="xdx_90A_eoef--ExpenseRatioPct_pid_dp_uRatio_c20240701__20241231__oef--ClassAxis__custom--C000236100Member_fKGEp_z65e5JPO46x4">1.15</span>%^(a)</span></td> <td style="border-right: black 1pt solid; vertical-align: top"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: right; vertical-align: bottom"><span id="xdx_F0F_zXrzQHKcqYPl" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td> <td><p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_F1B_zkPLMdvhxJdi" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Annualized</span></p></td><td style="border-bottom: Black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> 63.06 0.0115 <p id="xdx_89D_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000236100Member_dU_ziqneDPHc5F4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>How did the fund perform since inception</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividend and capital gains. The NAV performance includes all fund expenses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><img alt="" src="amzz_002.jpg"/> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p> <p id="xdx_894_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000236100Member_dU_zHpXhD8gqWH1" style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <table cellpadding="0" cellspacing="0" style="border: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="9" style="border-left: black 1pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in; text-align: justify"><b>Average Annual Total Returns</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in; text-align: justify">(as of December 31, 2024)</p></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td colspan="3"> </td> <td> </td> <td colspan="3"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td colspan="3"> </td> <td> </td> <td colspan="3" style="text-align: right"><span style="font-size: 10pt">Inception</span></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td colspan="3" style="text-align: right"><span style="font-size: 10pt">6-month</span></td> <td> </td> <td colspan="3" style="text-align: right"><span style="font-size: 10pt">(<span id="xdx_90B_eoef--PerfInceptionDate_dd_c20240701__20241231__oef--ClassAxis__custom--C000236100Member_znxSFaZxZpO8">March 15, 2024</span>)</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="border-left: black 1pt solid; width: 34%; padding-left: 0.1in"><span style="font-size: 10pt">NAV</span></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 25%; text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_90B_eoef--AvgAnnlRtrPct_dp_c20240701__20241231__oef--ClassAxis__custom--C000236100Member_zAaEwduOGYw7">17.52</span></span></td> <td style="width: 4%"><span style="font-size: 10pt">%</span></td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 27%; text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_90E_eoef--AvgAnnlRtrPct_dp_c20240315__20241231__oef--ClassAxis__custom--C000236100Member_zB9IWQ2LOsc6">38.16</span></span></td> <td style="width: 4%"><span style="font-size: 10pt">%</span></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-left: black 1pt solid; padding-left: 0.1in"><span style="font-size: 10pt">Price</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_904_eoef--AvgAnnlRtrPct_dp_c20240701__20241231__oef--ClassAxis__custom--C000236100Member__oef--SalesLoadAxis__custom--PriceMember_zMPjIhVZ29V2">17.36</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_905_eoef--AvgAnnlRtrPct_dp_c20240315__20241231__oef--ClassAxis__custom--C000236100Member__oef--SalesLoadAxis__custom--PriceMember_z0InHQXP6T4f">38.16</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="border-left: black 1pt solid; padding-left: 0.1in"><span style="font-size: 10pt">Benchmark</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_908_eoef--AvgAnnlRtrPct_dp_c20240701__20241231__oef--ClassAxis__custom--C000236100Member__oef--SalesLoadAxis__custom--BenchmarkMember_zyWl8VVGfkB1">8.44</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_90F_eoef--AvgAnnlRtrPct_dp_c20240315__20241231__oef--ClassAxis__custom--C000236100Member__oef--SalesLoadAxis__custom--BenchmarkMember_zXTAQ2SUKKS4">16.16</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0.1in"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> 2024-03-15 0.1752 0.3816 0.1736 0.3816 0.0844 0.1616 <p id="xdx_890_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000236100Member_dU_zoX8tnBxPJu1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; display: none"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p> <table cellpadding="0" cellspacing="0" style="border: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="5" style="border-right: black 1pt solid; padding-left: 0.1in"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fund Statistics</b>  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(as of December 31, 2024)  </p></td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="3" style="border-right: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 76%; padding-left: 0.1in"><span style="font-size: 10pt">Total Net Assets</span></td> <td style="width: 1%"> </td> <td style="width: 1%"><span style="font-size: 10pt">$</span></td> <td style="width: 21%; text-align: right"><span style="font-size: 10pt"><span id="xdx_90B_eus-gaap--AssetsNet_iI_c20241231__oef--ClassAxis__custom--C000236100Member_zmh4FZmfiXx2">30,047,087</span></span></td> <td style="border-right: black 1pt solid; width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 0.1in"><span style="font-size: 10pt">Number of Portfolio Holdings</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span id="xdx_900_eoef--HoldingsCount_iI_uInteger_c20241231__oef--ClassAxis__custom--C000236100Member_ztCr1L4VMVyh">4</span></span></td> <td style="border-right: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 0.1in"><span style="font-size: 10pt">Turnover</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span id="xdx_90C_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20240701__20241231__oef--ClassAxis__custom--C000236100Member_zXwBU73dcxXf">0</span></span></td> <td style="border-right: black 1pt solid"><span style="font-size: 10pt">%</span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-bottom: black 1pt solid; padding-left: 0.1in"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p> 30047087 4 0 <p id="xdx_89C_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000236100Member_dU_zpWC1czdNqn5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>What does the Fund invest in?</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund enters into financial instruments such as swaps and options on the common stock of Amazon.com (NASDAQ: AMZN).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <table cellpadding="0" 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"> <td colspan="2" style="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Top 10 Holdings </b>(as of December 31, 2024)</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sector Breakdown </b>(as of December 31, 2024)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 37%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in; width: 12%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 37%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-right: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 12%"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif">AMZN Equity Swap</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_904_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000236100Member__oef--LargestHoldingAxis__us-gaap--EquitySwapMember_zjp1K2O29Ls5">50.88</span>%</span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif">Total Return Swap</span></td><td style="border-right: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_90B_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000236100Member__oef--IndustrySectorAxis__us-gaap--TotalReturnSwapMember_zEblRdSlJYdb">50.88</span>%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif">United States Treasury Bill</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_904_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000236100Member__oef--LargestHoldingAxis__us-gaap--USTreasuryAndGovernmentMember_zreccomrDvzc">33.83</span>%</span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif">Government</span></td> <td style="border-right: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_909_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000236100Member__oef--IndustrySectorAxis__us-gaap--GovernmentMember_zHz5MUJeHsMc">33.83</span>%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash</span></td> <td style="border-right: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_90F_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000236100Member__oef--IndustrySectorAxis__us-gaap--CashMember_zY1Vz2P1FSml">15.29</span>%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-right: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> 0.5088 0.5088 0.3383 0.3383 0.1529 <p id="xdx_894_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000236100Member_dU_zcYvq0Gml2d2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Material Fund Changes</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There were no material fund changes during the period.</span></p> (844) 476 8747 info@graniteshares.com Past performance does not guarantee future results. <p id="xdx_897_eoef--AddlInfoTextBlock_hoef--ClassAxis__custom--C000236100Member_dU_zfy7bJhh3PQh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit <span style="text-decoration: underline">www.graniteshares.com</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phone: (844) 476 8747 – email: infor@granitesha.res.com</span></p> GraniteShares 2x Long BABA Daily ETF GraniteShares 2x Long BABA Daily ETF NASDAQ BABX Semi-Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com <p id="xdx_89A_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000236098Member_dU_zRz7qCRM4e1d" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>How did the fund perform for the last 6 months?</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">During the period of June 30, 2024, to December 30, 2024, the Fund had a 23.31% return.<b> </b></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"></p> <table cellpadding="0" cellspacing="0" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 100%; border-collapse: collapse"> <tr> <td style="border-left: black 1pt solid; padding-left: 0.1in; vertical-align: top; font: 12pt Times New Roman, Times, Serif; width: 99%"><span style="font-size: 10pt">Over the same period the ADR of Alibaba Group Holding Limited (BABA) had a return of 17.76% and the S&amp;P 500 Index (the Benchmark) a return of 8.44%</span></td> </tr> </table> <p id="xdx_897_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000236098Member_dU_zo1CxkEBGEig" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>What were the fund’s costs for the last 6 months?</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">(based on hypothetical $10,000 investment)</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0"></p> <table cellpadding="0" cellspacing="0" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="border-left: black 1pt solid; vertical-align: top; width: 3%"> </td> <td style="vertical-align: top; width: 47%; text-align: center"> </td> <td style="vertical-align: top; width: 3%"> </td> <td style="width: 44%; text-align: center"> </td> <td style="border-right: black 1pt solid; vertical-align: top; width: 3%"> </td></tr> <tr> <td style="border-left: black 1pt solid; vertical-align: top"> </td> <td style="border: black 1pt solid; vertical-align: top; padding-top: 0.1in; padding-bottom: 0.1in; text-align: center"><span style="font-size: 10pt">Cost of a $10,000<br/> Investment</span></td> <td style="vertical-align: top"> </td> <td style="border: black 1pt solid; text-align: center"><span style="font-size: 10pt">Cost paid as % of a<br/> $10,000 investment </span></td> <td style="border-right: black 1pt solid; vertical-align: top"> </td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid"> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center"> </td> <td style="border-right: black 1pt solid"> </td></tr> <tr> <td style="border-left: black 1pt solid; vertical-align: top"> </td> <td style="border: black 1pt solid; vertical-align: top; padding-top: 0.1in; padding-bottom: 0.1in; text-align: center"><span style="font-size: 10pt">$<span id="xdx_900_eoef--ExpensesPaidAmt_pp2d_c20240701__20241231__oef--ClassAxis__custom--C000236098Member_z5TI9pGTJUo">64.78</span></span></td> <td style="vertical-align: top"> </td> <td style="border: black 1pt solid; text-align: center"><span style="font-size: 10pt"><span id="xdx_90A_eoef--ExpenseRatioPct_pid_dp_uRatio_c20240701__20241231__oef--ClassAxis__custom--C000236098Member_fKGEp_z8wSMbdWhOhf">1.15</span>%^(a)</span></td> <td style="border-right: black 1pt solid; vertical-align: top"> </td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; text-align: right; vertical-align: bottom"><span id="xdx_F05_z8i0snitLUbc" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td> <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span id="xdx_F18_zSzftJ0muSe" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Annualized</span></p></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> 64.78 0.0115 <p id="xdx_89C_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000236098Member_dU_zgl8PzC80AO1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>How did the fund perform since inception</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividend and capital gains. The NAV performance includes all fund expenses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <img alt="" src="babx_002.jpg"/></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p> <p id="xdx_89D_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000236098Member_dU_zTdH0p4AOT84" style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0pt"> </p> <table cellpadding="0" cellspacing="0" style="border: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="13" style="border-left: black 1pt solid; padding-left: 0.1in"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Average Annual Total Returns</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(as of December 31, 2024)</p></td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td colspan="3"> </td> <td> </td> <td colspan="3"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="3" style="text-align: right"> </td> <td> </td> <td colspan="3" style="text-align: right"><span style="font-size: 10pt">Inception</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt">6-month</span></td> <td> </td> <td> </td> <td colspan="3" style="text-align: right"><span style="font-size: 10pt">1 Year</span></td> <td> </td> <td colspan="3" style="text-align: right"><span style="font-size: 10pt">(<span id="xdx_904_eoef--PerfInceptionDate_dd_c20240701__20241231__oef--ClassAxis__custom--C000236098Member_zb6kGjXiFc87">Dec 12, 2022</span>)</span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="border-left: black 1pt solid; padding-left: 0.1in; width: 36%"><span style="font-size: 10pt">NAV</span></td> <td style="width: 3%"> </td> <td style="width: 1%"> </td> <td style="width: 15%; text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_902_eoef--AvgAnnlRtrPct_dp_c20240701__20241231__oef--ClassAxis__custom--C000236098Member_zSrQjYArpQii">23.31</span></span></td> <td style="width: 3%"><span style="font-size: 10pt">%</span></td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 15%; text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_904_eoef--AvgAnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000236098Member_zn4kdGkIzlxa">1.13</span></span></td> <td style="width: 3%"><span style="font-size: 10pt">%</span></td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 15%; text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_900_eoef--AvgAnnlRtrPct_dp_c20221212__20241231__oef--ClassAxis__custom--C000236098Member_zOW6Plc9oirc">-19.33</span></span></td> <td style="width: 3%"><span style="font-size: 10pt">%</span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-left: black 1pt solid; padding-left: 0.1in"><span style="font-size: 10pt">Price</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_90E_eoef--AvgAnnlRtrPct_dp_c20240701__20241231__oef--ClassAxis__custom--C000236098Member__oef--SalesLoadAxis__custom--PriceMember_zwgzLbnUMew5">23.31</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_903_eoef--AvgAnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000236098Member__oef--SalesLoadAxis__custom--PriceMember_zcMvfYp0FWu2">1.07</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_900_eoef--AvgAnnlRtrPct_dp_c20221212__20241231__oef--ClassAxis__custom--C000236098Member__oef--SalesLoadAxis__custom--PriceMember_zncmHHYnv8ya">-19.33</span></span></td> <td><span style="font-size: 10pt">%</span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="border-left: black 1pt solid; padding-left: 0.1in"><span style="font-size: 10pt">Benchmark</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_905_eoef--AvgAnnlRtrPct_dp_c20240701__20241231__oef--ClassAxis__custom--C000236098Member__oef--SalesLoadAxis__custom--BenchmarkMember_zEJkjeRR4b8l">8.44</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_906_eoef--AvgAnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000236098Member__oef--SalesLoadAxis__custom--BenchmarkMember_zvDcuqB5J7Gj">25.02</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_90C_eoef--AvgAnnlRtrPct_dp_c20221212__20241231__oef--ClassAxis__custom--C000236098Member__oef--SalesLoadAxis__custom--BenchmarkMember_zGuYlNW3S1Li">22.65</span></span></td> <td><span style="font-size: 10pt">%</span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="border-bottom: black 1pt solid"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> 2022-12-12 0.2331 0.0113 -0.1933 0.2331 0.0107 -0.1933 0.0844 0.2502 0.2265 <p id="xdx_89D_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000236098Member_dU_zJdKYudOi1m4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; display: none"> </p> <table cellpadding="0" cellspacing="0" style="border: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="5" style="border-right: black 1pt solid; padding-left: 0.1in"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fund Statistics</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(as of December 31, 2024)</p></td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="3" style="border-right: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 0.1in; width: 71%"><span style="font-size: 10pt">Total Net Assets</span></td> <td style="width: 2%"> </td> <td style="width: 2%"><span style="font-size: 10pt">$</span></td> <td style="width: 23%; text-align: right"><span style="font-size: 10pt"><span id="xdx_909_eus-gaap--AssetsNet_iI_c20241231__oef--ClassAxis__custom--C000236098Member_zulx4X4MloUa">46,962,225</span></span></td> <td style="border-right: black 1pt solid; width: 2%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 0.1in"><span style="font-size: 10pt">Number of Portfolio Holdings</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span id="xdx_90B_eoef--HoldingsCount_iI_uInteger_c20241231__oef--ClassAxis__custom--C000236098Member_zpdar4QemDra">5</span></span></td> <td style="border-right: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 0.1in"><span style="font-size: 10pt">Turnover</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span id="xdx_90F_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20240701__20241231__oef--ClassAxis__custom--C000236098Member_z6tBCYdMeEz4">0</span></span></td> <td style="border-right: black 1pt solid"><span style="font-size: 10pt">%</span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p> 46962225 5 0 <p id="xdx_892_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000236098Member_dU_zuPqqWlUYDi8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>What does the Fund invest in?</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund enters into financial instruments such as swaps and options on the ADR of Alibaba Group Holding Limited (NYSE: BABA).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <table cellpadding="0" 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"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 37%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Top 10 Holdings </b>(as of December 31, 2024)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 12%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 37%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sector Breakdown </b>(as of December 31, 2024)</span></td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 12%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BABA Equity Swap</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_90D_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000236098Member__oef--LargestHoldingAxis__us-gaap--EquitySwapMember_zeqd0RxxeRqe">72.34</span>%</span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Return Swap</span></td><td style="border-right: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_901_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000236098Member__oef--IndustrySectorAxis__us-gaap--TotalReturnSwapMember_zts6pIbSCXfi">72.34</span>%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_905_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000236098Member__oef--LargestHoldingAxis__us-gaap--CashMember_zu4CzawFpZz6">27.66</span>%</span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif">Cash</span></td> <td style="border-right: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_901_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000236098Member__oef--IndustrySectorAxis__us-gaap--CashMember_zNPI1hdmuNfb">27.66</span>%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> 0.7234 0.7234 0.2766 0.2766 <p id="xdx_89B_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000236098Member_dU_zBjgmPpefN6j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Material Fund Changes</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There were no material fund changes during the period.</span></p> (844) 476 8747 info@graniteshares.com Past performance does not guarantee future results. <p id="xdx_89F_eoef--AddlInfoTextBlock_hoef--ClassAxis__custom--C000236098Member_dU_zTQG4d9MXCr9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit <span style="text-decoration: underline">www.graniteshares.com</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #467886"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phone: (844) 476 8747 – email: info@graniteshares.com</span></p> GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF NYSE COMB Semi-Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com <p id="xdx_895_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000177158Member_dU_zwa2HJ8Y8QWj" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>How did the fund perform for the last 6 months?</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the period of June 30, 2024, to December 31, 2024, the Fund had a 0.23% return.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0"></p> <table cellpadding="0" cellspacing="0" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 100%; border-collapse: collapse"> <tr> <td style="border-left: black 1pt solid; width: 99%; font: 12pt Times New Roman, Times, Serif"> </td> <td style="font: 12pt Times New Roman, Times, Serif; width: 1%"> </td></tr> <tr> <td rowspan="3" style="border-left: black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-left: 0.1in; vertical-align: top; text-align: justify"><span style="font-size: 10pt">Over the same period the Bloomberg Commodity Index (the Benchmark) had a return of 0.23%.</span></td> <td> </td></tr> </table> <p id="xdx_896_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000177158Member_dU_zhOva7zodjWj" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>What were the fund’s costs for the last 6 months?</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">(based on hypothetical $10,000 investment)</p>  <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"></p> <table cellpadding="0" cellspacing="0" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="border-left: black 1pt solid; vertical-align: top; width: 3%"> </td> <td style="border: black 1pt solid; vertical-align: top; padding-top: 0.1in; padding-bottom: 0.1in; text-align: center; width: 47%"><span style="font-size: 10pt">Cost of a $10,000<br/> Investment</span></td> <td style="vertical-align: top; width: 3%"> </td> <td style="border: black 1pt solid; text-align: center; width: 44%"><span style="font-size: 10pt">Cost paid as % of a<br/> $10,000 investment </span></td> <td style="border-right: black 1pt solid; vertical-align: top; width: 3%"> </td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid"> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center"> </td> <td style="border-right: black 1pt solid"> </td></tr> <tr> <td style="border-left: black 1pt solid; vertical-align: top"> </td> <td style="border: black 1pt solid; vertical-align: top; padding-top: 0.1in; padding-bottom: 0.1in; text-align: center"><span style="font-size: 10pt">$<span id="xdx_900_eoef--ExpensesPaidAmt_pp2d_c20240701__20241231__oef--ClassAxis__custom--C000177158Member_zg2G2vwgQtI7">12.61</span></span></td> <td style="vertical-align: top"> </td> <td style="border: black 1pt solid; text-align: center"><span style="font-size: 10pt"><span id="xdx_90D_eoef--ExpenseRatioPct_pid_dp_uRatio_c20240701__20241231__oef--ClassAxis__custom--C000177158Member_fKGEp_z4AFsvhZXT2k">0.25</span>%^(a)</span></td> <td style="border-right: black 1pt solid; vertical-align: top"> </td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; text-align: right; vertical-align: bottom"><span id="xdx_F00_zXJtRRdflAY9" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td> <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span id="xdx_F17_zQ6vCpxBTvPa" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Annualized</span></p></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> 12.61 0.0025 <p id="xdx_89B_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000177158Member_dU_zLrfZ23h06z2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>How did the fund perform since inception</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif">The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividend and capital gains. The NAV performance includes all fund expenses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><img alt="" src="comb_002.jpg"/> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p> <p id="xdx_890_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000177158Member_dU_zkhbsBEKETwh" style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <table cellpadding="0" cellspacing="0" style="border: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="13" style="border-left: black 1pt solid"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td colspan="13" style="border-left: black 1pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in; text-align: justify"><b>Average Annual Total Returns</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in; text-align: justify">(as of December 31, 2024)</p></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td> </td> <td> </td> <td colspan="3"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: right"><span style="font-size: 10pt">Inception</span></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"> 6-month</span></td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt">1 Year</span></td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt">3 Years</span></td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt">5 Years</span></td> <td> </td> <td colspan="3" style="text-align: right"><span style="font-size: 10pt">(<span id="xdx_90E_eoef--PerfInceptionDate_dd_c20240701__20241231__oef--ClassAxis__custom--C000177158Member_zC856V6Viyjc">May 19, 2017</span>)</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="border-left: black 1pt solid; width: 33%; padding-left: 0.1in"><span style="font-size: 10pt">NAV</span></td> <td style="width: 2%"> </td> <td style="width: 10%"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_902_eoef--AvgAnnlRtrPct_dp_c20240701__20241231__oef--ClassAxis__custom--C000177158Member_zMm2nhcGwGMc">0.23</span>%</span></td> <td style="width: 2%"> </td> <td style="width: 10%; text-align: center"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_90D_eoef--AvgAnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000177158Member_zz7XtB8DNP6">4.97</span>%</span></td> <td style="width: 2%"> </td> <td style="width: 10%; text-align: center"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_908_eoef--AvgAnnlRtrPct_dp_c20220101__20241231__oef--ClassAxis__custom--C000177158Member_zbZXuhhbRCzg">3.47</span>%</span></td> <td style="width: 2%"> </td> <td style="width: 10%; text-align: center"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_908_eoef--AvgAnnlRtrPct_dp_c20200101__20241231__oef--ClassAxis__custom--C000177158Member_zeFkFdvXWBga">6.30</span>%</span></td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 11%; text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_900_eoef--AvgAnnlRtrPct_dp_c20170519__20241231__oef--ClassAxis__custom--C000177158Member_zN8Z4a6QK8yd">4.00</span></span></td> <td style="width: 3%"><span style="font-size: 10pt">%</span></td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-left: black 1pt solid; padding-left: 0.1in"><span style="font-size: 10pt">Price</span></td> <td> </td> <td><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_90F_eoef--AvgAnnlRtrPct_dp_c20240701__20241231__oef--ClassAxis__custom--C000177158Member__oef--SalesLoadAxis__custom--PriceMember_zLWdbIkhalqd">0.33</span>%</span></td> <td> </td> <td style="text-align: center"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_90D_eoef--AvgAnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000177158Member__oef--SalesLoadAxis__custom--PriceMember_ze1mvpuJGqth">5.13</span>%</span></td> <td> </td> <td style="text-align: center"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_901_eoef--AvgAnnlRtrPct_dp_c20220101__20241231__oef--ClassAxis__custom--C000177158Member__oef--SalesLoadAxis__custom--PriceMember_zLT9vkZQa1Ne">3.43</span>%</span></td> <td> </td> <td style="text-align: center"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_906_eoef--AvgAnnlRtrPct_dp_c20200101__20241231__oef--ClassAxis__custom--C000177158Member__oef--SalesLoadAxis__custom--PriceMember_zIoNzmNuBVr1">6.29</span>%</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_90A_eoef--AvgAnnlRtrPct_dp_c20170519__20241231__oef--ClassAxis__custom--C000177158Member__oef--SalesLoadAxis__custom--PriceMember_zfmWGNkEdKO4">4.02</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="border-left: black 1pt solid; padding-left: 0.1in"><span style="font-size: 10pt">Benchmark</span></td> <td> </td> <td><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_90D_eoef--AvgAnnlRtrPct_dp_c20240701__20241231__oef--ClassAxis__custom--C000177158Member__oef--SalesLoadAxis__custom--BenchmarkMember_zQaqhUUcb1df">0.23</span>%</span></td> <td> </td> <td style="text-align: center"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_90A_eoef--AvgAnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000177158Member__oef--SalesLoadAxis__custom--BenchmarkMember_zmkuEgBBJRs8">5.38</span>%</span></td> <td> </td> <td style="text-align: center"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_907_eoef--AvgAnnlRtrPct_dp_c20220101__20241231__oef--ClassAxis__custom--C000177158Member__oef--SalesLoadAxis__custom--BenchmarkMember_zqdFMUOFqczg">4.05</span>%</span></td> <td> </td> <td style="text-align: center"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_906_eoef--AvgAnnlRtrPct_dp_c20200101__20241231__oef--ClassAxis__custom--C000177158Member__oef--SalesLoadAxis__custom--BenchmarkMember_zlvPPbEazju6">6.77</span>%</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_907_eoef--AvgAnnlRtrPct_dp_c20170519__20241231__oef--ClassAxis__custom--C000177158Member__oef--SalesLoadAxis__custom--BenchmarkMember_z0Gmeg0D7n08">4.41</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0.1in"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: center"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> 2017-05-19 0.0023 0.0497 0.0347 0.0630 0.0400 0.0033 0.0513 0.0343 0.0629 0.0402 0.0023 0.0538 0.0405 0.0677 0.0441 <p id="xdx_89C_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000177158Member_dU_zv66RGJwtFD" style="font: 10pt Times New Roman, Times, Serif; margin: 0; display: none"> </p> <table cellpadding="0" cellspacing="0" style="border: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="5" style="border-right: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-right: black 1pt solid; padding-left: 0.1in"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fund Statistics</b>  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(as of December 31, 2024)  </p></td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="3" style="border-right: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 0.1in; width: 84%"><span style="font-size: 10pt">Total Net Assets</span></td> <td style="width: 2%"> </td> <td style="width: 2%"><span style="font-size: 10pt">$</span></td> <td style="width: 10%; text-align: right"><span style="font-size: 10pt"><span id="xdx_90D_eus-gaap--AssetsNet_iI_c20241231__oef--ClassAxis__custom--C000177158Member_zXn7gbKVxDsd">82,714,372</span></span></td> <td style="border-right: black 1pt solid; width: 2%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 0.1in"><span style="font-size: 10pt">Number of Portfolio Holdings</span></td> <td> </td> <td><span style="font-size: 10pt"></span></td> <td style="text-align: right"><span style="font-size: 10pt"><span id="xdx_903_eoef--HoldingsCount_iI_uInteger_c20241231__oef--ClassAxis__custom--C000177158Member_zxpyQESZ6P18">32</span></span></td> <td style="border-right: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 0.1in"><span style="font-size: 10pt">Turnover</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span id="xdx_901_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20240701__20241231__oef--ClassAxis__custom--C000177158Member_zRUq53McdMNb">0</span>% </span></td> <td style="border-right: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-bottom: black 1pt solid; padding-left: 0.1in"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p> 82714372 32 0 <p id="xdx_894_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000177158Member_dU_zSnnLhKpOo54" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>What does the Fund invest in?</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif">While the Fund generally seeks exposure to the commodity futures markets included in the Bloomberg Commodity Index.</span></p> <p style="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif">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</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <table cellpadding="0" 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"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 37%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Top 10 Holdings</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 12%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 37%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sector Breakdown</b></span></td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 12%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Futures</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_908_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000177158Member__oef--LargestHoldingAxis__us-gaap--FutureMember_zLzfLmLJ8yhh">5.11</span>%</span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ENERGY</span></td><td style="border-right: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_90D_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000177158Member__oef--IndustrySectorAxis__custom--EnergyMember_zCtuiuazHL09">28.40</span>%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Government T-bills</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_909_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000177158Member__oef--LargestHoldingAxis__us-gaap--USTreasuryAndGovernmentMember_zlKSDt1hOkG1">35.24</span>%</span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif">PRECIOUS METALS</span></td> <td style="border-right: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_900_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000177158Member__oef--IndustrySectorAxis__custom--PreciousMetalsMember_zSbLE72iRFp8">22.80</span>%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif">Cash</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_905_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000177158Member__oef--LargestHoldingAxis__us-gaap--CashMember_z4LQqUL95215">4.63</span>%</span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif">GRAINS</span></td> <td style="border-right: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_908_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000177158Member__oef--IndustrySectorAxis__custom--GrainsMember_z9zYhTyYKNUc">19.50</span>%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif">BASE METALS</span></td> <td style="border-right: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_90A_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000177158Member__oef--IndustrySectorAxis__custom--BaseMetalsMember_z0qqvaW4OIp6">15.70</span>%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif">SOFTS</span></td> <td style="border-right: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_907_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000177158Member__oef--IndustrySectorAxis__custom--SoftsMember_zDX1rsBucg18">8.20</span>%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif">LIVESTOCK</span></td> <td style="border-right: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_908_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000177158Member__oef--IndustrySectorAxis__custom--LivestockMember_zzeMagxQkA18">5.50</span>%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> 0.0511 0.2840 0.3524 0.2280 0.0463 0.1950 0.1570 0.0820 0.0550 <p id="xdx_890_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000177158Member_dU_zST8wWYU2AI1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Material Fund Changes</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif">There were no material fund changes during the period.</span></p> (844) 476 8747 info@graniteshares.com Past performance does not guarantee futures results. <p id="xdx_89D_eoef--AddlInfoTextBlock_hoef--ClassAxis__custom--C000177158Member_dU_zRX2gwpHGwSe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit <span style="text-decoration: underline">www.graniteshares.com</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phone: (844) 476 8747 – email: info@graniteshares.com</span></p> GraniteShares 1x Short COIN Daily ETF GraniteShares 1x Short COIN Daily ETF NASDAQ CONI Semi-Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com <p id="xdx_891_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000243824Member_dU_zFg6HaAdCJpd" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>How did the fund perform since inception?</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Since inception on September 03, 2024, to December 31, 2024, the Fund had a -52.06% return.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0"></p> <table cellpadding="0" cellspacing="0" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 100%; border-collapse: collapse"> <tr> <td style="border-left: black 1pt solid; width: 100%; font: 12pt Times New Roman, Times, Serif"> </td> </tr> <tr> <td style="border-left: black 1pt solid; padding-left: 0.1in; vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><span style="font-size: 10pt">Over the same period the common stock of Coinbase Global Inc. (NASDAQ: COIN) had a return of 52.13% and the S&amp;P 500 Index (the Benchmark) a return of 6.85%</span></td> </tr> </table> <p id="xdx_895_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000243824Member_dU_znT7ZIWHZmRg" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>What were the fund’s costs since inception?</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">(based on hypothetical $10,000 investment)</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0"></p> <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="border-left: black 1pt solid; vertical-align: top; width: 3%"> </td> <td style="vertical-align: top; width: 47%; text-align: center"> </td> <td style="vertical-align: top; width: 3%"> </td> <td style="width: 44%; text-align: center"> </td> <td style="border-right: black 1pt solid; vertical-align: top; width: 3%"> </td></tr> <tr> <td style="border-left: black 1pt solid; vertical-align: top"> </td> <td style="border: black 1pt solid; vertical-align: top; padding-top: 0.1in; padding-bottom: 0.1in; text-align: center"><span style="font-size: 10pt">Cost of a $10,000 Investment</span></td> <td style="vertical-align: top"> </td> <td style="border: black 1pt solid; text-align: center"><span style="font-size: 10pt">Cost paid as % of a $10,000 investment</span></td> <td style="border-right: black 1pt solid; vertical-align: top"> </td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid"> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center"> </td> <td style="border-right: black 1pt solid"> </td></tr> <tr> <td style="border-left: black 1pt solid; vertical-align: top"> </td> <td style="border: black 1pt solid; vertical-align: top; padding-top: 0.1in; padding-bottom: 0.1in; text-align: center"><span style="font-size: 10pt">$<span id="xdx_900_eoef--ExpensesPaidAmt_pp2d_c20240701__20241231__oef--ClassAxis__custom--C000243824Member_zVezKmMB0i7e">35.50</span></span></td> <td style="vertical-align: top"> </td> <td style="border: black 1pt solid; text-align: center"><span style="font-size: 10pt"><span id="xdx_902_eoef--ExpenseRatioPct_pid_dp_uRatio_c20240701__20241231__oef--ClassAxis__custom--C000243824Member_fKGEp_zgdM134o0RAc">1.48</span>%^(a)</span></td> <td style="border-right: black 1pt solid; vertical-align: top"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: black 1pt solid; text-align: right; border-left: black 1pt solid; vertical-align: bottom"><span id="xdx_F07_zNwfm68Z5a51" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td> <td style="border-bottom: black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span id="xdx_F16_zstmwv01e8Af" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Annualized</span></p></td> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> 35.50 0.0148 <p id="xdx_89D_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000243824Member_dU_zbrk5cdSbQg5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>How did the fund perform since inception</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <p style="margin-top: 0; margin-bottom: 0"></p> <p style="margin-top: 0; margin-bottom: 0"> </p> <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividend and capital gains. The NAV performance includes all fund expenses.</span></p> <p style="margin-top: 0; margin-bottom: 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><img alt="" src="coni_002.jpg"/> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p> <p id="xdx_898_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000243824Member_dU_zceZ1gqYTs01" style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif"></span></p> <table cellpadding="0" cellspacing="0" style="border: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="5" style="border-left: black 1pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in; text-align: justify"><b>Average Annual Total Returns</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in; text-align: justify">(as of December 31, 2024)</p></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td colspan="3"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td colspan="3" style="text-align: right"><span style="font-size: 10pt">Inception</span></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td colspan="3" style="text-align: right"><span style="font-size: 10pt">(<span id="xdx_904_eoef--PerfInceptionDate_dd_c20240701__20241231__oef--ClassAxis__custom--C000243824Member_zNpLepO7ISKh">Sep 30, 2024</span>)</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="border-left: black 1pt solid; width: 42%; padding-left: 0.1in"><span style="font-size: 10pt">NAV</span></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 52%; text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_909_eoef--AvgAnnlRtrPct_dp_c20240930__20241231__oef--ClassAxis__custom--C000243824Member_zyB4A0szGroa">-52.06</span></span></td> <td style="width: 3%"><span style="font-size: 10pt">%</span></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-left: black 1pt solid; padding-left: 0.1in"><span style="font-size: 10pt">Price</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_901_eoef--AvgAnnlRtrPct_dp_c20240930__20241231__oef--ClassAxis__custom--C000243824Member__oef--SalesLoadAxis__custom--PriceMember_zmmwoOZZZi11">-52.02</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="border-left: black 1pt solid; padding-left: 0.1in"><span style="font-size: 10pt">Benchmark</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_90B_eoef--AvgAnnlRtrPct_dp_c20240930__20241231__oef--ClassAxis__custom--C000243824Member__oef--SalesLoadAxis__custom--BenchmarkMember_z79xpRklqdyj">6.85</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0.1in"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> 2024-09-30 -0.5206 -0.5202 0.0685 <p id="xdx_89F_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000243824Member_dU_zAFlcHjRm517" style="font: 10pt Times New Roman, Times, Serif; margin: 0; display: none"> </p> <table cellpadding="0" cellspacing="0" style="border: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="5" style="border-right: black 1pt solid; padding-left: 0.1in"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fund Statistics</b>  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(as of December 31, 2024)  </p></td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="3" style="border-right: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 72%; padding-left: 0.1in"><span style="font-size: 10pt">Total Net Assets</span></td> <td style="width: 2%"> </td> <td style="width: 2%"><span style="font-size: 10pt">$</span></td> <td style="width: 22%; text-align: right"><span style="font-size: 10pt"><span id="xdx_90D_eus-gaap--AssetsNet_iI_c20241231__oef--ClassAxis__custom--C000243824Member_zlXpaqk2YVge">4,607,007</span></span></td> <td style="border-right: black 1pt solid; width: 2%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 0.1in"><span style="font-size: 10pt">Number of Portfolio holding</span></td> <td> </td> <td><span style="font-size: 10pt">$</span></td> <td style="text-align: right"><span style="font-size: 10pt"><span id="xdx_90E_eoef--HoldingsCount_iI_uInteger_c20241231__oef--ClassAxis__custom--C000243824Member_zg6olronfq08">4</span></span></td> <td style="border-right: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 0.1in"><span style="font-size: 10pt">Turnover</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span id="xdx_905_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20240701__20241231__oef--ClassAxis__custom--C000243824Member_znUFaCBsEBYh">0</span>%</span></td> <td style="border-right: black 1pt solid"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif"></span></p> 4607007 4 0 <p id="xdx_898_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000243824Member_dU_zBfIrrHtCpBg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>What does the Fund invest in?</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif">The Fund enters into financial instruments such as swaps and options on the common stock of Coinbase Global Inc. (NASDAQ: COIN).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif">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</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <table cellpadding="0" 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"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 37%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Top 10 Holdings </b>(as of December 31, 2024)</span><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></p> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 12%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 37%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sector Breakdown </b>(as of December 31, 2024)</span></td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 12%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif">COIN Equity Swap</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_907_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000243824Member__oef--LargestHoldingAxis__us-gaap--EquitySwapMember_zPws435HXeo9">50.05</span>%</span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif">Total Return Swap</span></td><td style="border-right: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_908_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000243824Member__oef--IndustrySectorAxis__us-gaap--TotalReturnSwapMember_zBVTBEUK4V32">50.05</span>%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">United States Treasury Bills</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_903_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000243824Member__oef--LargestHoldingAxis__us-gaap--USTreasuryAndGovernmentMember_zQSdjnm30KVj">8.89</span>%</span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif">Government T-bill</span></td> <td style="border-right: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_90D_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000243824Member__oef--IndustrySectorAxis__us-gaap--USTreasuryAndGovernmentMember_zovxOuXkDmU">8.89</span>%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> Cash</span></td> <td style="border-right: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_90E_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000243824Member__oef--IndustrySectorAxis__us-gaap--CashMember_z1rLvAOwG0W9">41.06</span>%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> 0.5005 0.5005 0.0889 0.0889 0.4106 <p id="xdx_890_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000243824Member_dU_zebS52oO5za2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Material Fund Changes</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There were no material fund changes during the period.</span></p> (844) 476 8747 info@graniteshares.com Past performance does not guarantee future results. <p id="xdx_890_eoef--AddlInfoTextBlock_hoef--ClassAxis__custom--C000243824Member_dU_zm4gL0amXUfa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit <span style="text-decoration: underline">www.graniteshares.com</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phone: (844) 476 8747 – email: info@graniteshares.com</span></p> GraniteShares 2x Long COIN Daily ETF GraniteShares 2x Long COIN Daily ETF NASDAQ CONL Semi-Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com <p id="xdx_896_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000236102Member_dU_zagvpZJvM22" style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="border: Black 1pt solid; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; width: 100%; padding-right: 0.1in; padding-left: 0.1in"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>How did the fund perform for the last 6 months?</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">During the period of June 30, 2024, to December 31, 2024, the Fund had a -22.32% return.</p></td></tr> <tr> <td style="border-left: black 1pt solid; width: 99%; font: 12pt Times New Roman, Times, Serif"> </td> <td style="font: 12pt Times New Roman, Times, Serif; width: 1%"> </td></tr> <tr> <td rowspan="3" style="border-left: black 1pt solid; padding-left: 0.1in; vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><span style="font-size: 10pt">Over the same period the common stock of Coinbase Global Inc. (NASDAQ: COIN) had a return of 11.73% and the S&amp;P 500 Index (the Benchmark) a return of 8.44%</span></td> <td> </td></tr> <tr> <td> </td></tr> </table> <p id="xdx_89E_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000236102Member_dU_zGwGc2YBVMnh" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>What were the fund’s costs for the last 6 months?</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">(based on hypothetical $10,000 investment)</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0"></p> <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="border-left: black 1pt solid; vertical-align: top; width: 3%"> </td> <td style="vertical-align: top; width: 47%; text-align: center"> </td> <td style="vertical-align: top; width: 3%"> </td> <td style="width: 44%; text-align: center"> </td> <td style="border-right: black 1pt solid; vertical-align: top; width: 3%"> </td></tr> <tr> <td style="border-left: black 1pt solid; vertical-align: top"> </td> <td style="border: black 1pt solid; vertical-align: top; padding-top: 0.1in; padding-bottom: 0.1in; text-align: center"><span style="font-size: 10pt">Cost of a $10,000 Investment</span></td> <td style="vertical-align: top"> </td> <td style="border: black 1pt solid; text-align: center"><span style="font-size: 10pt">Cost paid as % of a $10,000 investment</span></td> <td style="border-right: black 1pt solid; vertical-align: top"> </td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid"> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center"> </td> <td style="border-right: black 1pt solid"> </td></tr> <tr> <td style="border-left: black 1pt solid; vertical-align: top"> </td> <td style="border: black 1pt solid; vertical-align: top; padding-top: 0.1in; padding-bottom: 0.1in; text-align: center"><span style="font-size: 10pt">$<span id="xdx_903_eoef--ExpensesPaidAmt_pp2d_c20240701__20241231__oef--ClassAxis__custom--C000236102Member_zRu86x8jWITc">47.17</span></span></td> <td style="vertical-align: top"> </td> <td style="border: black 1pt solid; text-align: center"><span style="font-size: 10pt"><span id="xdx_907_eoef--ExpenseRatioPct_dp_c20240701__20241231__oef--ClassAxis__custom--C000236102Member_fKGEp_z9N29Ojnyg5d">1.06</span>%^(a)</span></td> <td style="border-right: black 1pt solid; vertical-align: top"> </td></tr> <tr style="vertical-align: top"> <td id="xdx_F0B_zxNA6yCc0lC7" style="border-bottom: black 1pt solid; text-align: right; border-left: black 1pt solid; padding-top: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td> <td id="xdx_F1F_zbKbTqCGDfp1" style="border-bottom: black 1pt solid; padding-top: 0.1in; text-align: left; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Annualized</span><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p></td> <td style="border-bottom: black 1pt solid; padding-top: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; padding-top: 0.1in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> 47.17 0.0106 <p id="xdx_89E_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000236102Member_dU_zOidTsTXMRhk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>How did the fund perform since inception</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividend and capital gains. The NAV performance includes all fund expenses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><img alt="" src="conl_002.jpg"/> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p> <p id="xdx_89A_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000236102Member_dU_zjePBslhOT08" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; display: none"> </p> <table cellpadding="0" cellspacing="0" style="border: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="10" style="border-left: black 1pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in; text-align: justify"><b>Average Annual Total Returns</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in; text-align: justify">(as of December 31, 2024)</p></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td colspan="3"> </td> <td> </td> <td colspan="3"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td colspan="3" style="text-align: right"> </td> <td> </td> <td colspan="3" style="text-align: right"><span style="font-size: 10pt">Inception</span></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt">6-month</span></td> <td colspan="3" style="text-align: right"><span style="font-size: 10pt">1 Year</span></td> <td> </td> <td colspan="3" style="text-align: right"><span style="font-size: 10pt">(<span id="xdx_904_eoef--PerfInceptionDate_dd_c20240701__20241231__oef--ClassAxis__custom--C000236102Member_z4N4BvUfpfJa">Aug 08, 2022</span>)</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="border-left: black 1pt solid; width: 39%; padding-left: 0.1in"><span style="font-size: 10pt">NAV</span></td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_908_eoef--AvgAnnlRtrPct_dp_c20240701__20241231__oef--ClassAxis__custom--C000236102Member_zgpqmFoGFtal">-22.32</span>%</span></td> <td style="width: 1%"> </td> <td style="width: 17%; text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_90F_eoef--AvgAnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000236102Member_zskcHO9mlmD9">-4.13</span></span></td> <td style="width: 3%"><span style="font-size: 10pt">%</span></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 17%; text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_908_eoef--AvgAnnlRtrPct_dp_c20220808__20241231__oef--ClassAxis__custom--C000236102Member_zv1DaugDpAMa">37.29</span></span></td> <td style="width: 3%"><span style="font-size: 10pt">%</span></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-left: black 1pt solid; padding-left: 0.1in"><span style="font-size: 10pt">Price</span></td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_90F_eoef--AvgAnnlRtrPct_dp_c20240701__20241231__oef--ClassAxis__custom--C000236102Member__oef--SalesLoadAxis__custom--PriceMember_zhzx3ckOVbBe">-22.40</span>%</span></td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_90A_eoef--AvgAnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000236102Member__oef--SalesLoadAxis__custom--PriceMember_zzGQFaAPtai7">4.04</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_908_eoef--AvgAnnlRtrPct_dp_c20220808__20241231__oef--ClassAxis__custom--C000236102Member__oef--SalesLoadAxis__custom--PriceMember_zHREFdh6Kmpb">37.31</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="border-left: black 1pt solid; padding-left: 0.1in"><span style="font-size: 10pt">Benchmark</span></td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_905_eoef--AvgAnnlRtrPct_dp_c20240701__20241231__oef--ClassAxis__custom--C000236102Member__oef--SalesLoadAxis__custom--BenchmarkMember_zcU4xVaye0Db">8.44</span>%</span></td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_90C_eoef--AvgAnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000236102Member__oef--SalesLoadAxis__custom--BenchmarkMember_zvDwmMzPrfKd">25.02</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_904_eoef--AvgAnnlRtrPct_dp_c20220808__20241231__oef--ClassAxis__custom--C000236102Member__oef--SalesLoadAxis__custom--BenchmarkMember_zvDIAAD4Zsof">17.60</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0.1in"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td></tr> </table> 2022-08-08 -0.2232 -0.0413 0.3729 -0.2240 0.0404 0.3731 0.0844 0.2502 0.1760 <p id="xdx_89D_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000236102Member_dU_z071rNjudyQk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; display: none"> </p> <table cellpadding="0" cellspacing="0" style="border: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="5" style="border-right: black 1pt solid; padding-left: 0.1in"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"><b>Fund Statistics</b>  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(as of December 31, 2024)  </p></td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="3" style="border-right: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 73%; padding-left: 0.1in"><span style="font-size: 10pt">Total Net Assets</span></td> <td style="width: 2%"> </td> <td style="width: 2%"><span style="font-size: 10pt">$</span></td> <td style="width: 21%; text-align: right"><span style="font-size: 10pt"><span id="xdx_90D_eus-gaap--AssetsNet_iI_c20241231__oef--ClassAxis__custom--C000236102Member_zplmaASrZQbj">913,038,858</span></span></td> <td style="border-right: black 1pt solid; width: 2%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 0.1in"><span style="font-size: 10pt">Number of Portfolio holding</span></td> <td> </td> <td><span style="font-size: 10pt">$</span></td> <td style="text-align: right"><span style="font-size: 10pt"><span id="xdx_909_eoef--HoldingsCount_iI_uInteger_c20241231__oef--ClassAxis__custom--C000236102Member_zXwOz4XhIly3">753,392</span></span></td> <td style="border-right: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 0.1in"><span style="font-size: 10pt">Turnover</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span id="xdx_903_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_c20240701__20241231__oef--ClassAxis__custom--C000236102Member_z1lWquTiQMN8">0</span>%</span></td> <td style="border-right: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-bottom: black 1pt solid; padding-left: 0.1in"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid"> </td></tr> </table> 913038858 753392 0 <p id="xdx_89A_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000236102Member_dU_zCyJmEcVdjz8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>What does the Fund invest in?</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif">The Fund enters into financial instruments such as swaps and options on the common stock of Coinbase Global Inc. (NASDAQ: COIN).</span></p> <p style="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif">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</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 37%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Top 10 Holdings </b>(as of December 31, 2024)</span><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></p> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 12%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 37%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sector Breakdown </b>(as of December 31, 2024)</span></td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 12%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif">COIN Equity Swap</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_90D_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000236102Member__oef--LargestHoldingAxis__us-gaap--EquitySwapMember_zlaWyGtIGn44">72.23</span>%</span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif">Total Return Swap</span></td><td style="border-right: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_902_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000236102Member__oef--IndustrySectorAxis__us-gaap--TotalReturnSwapMember_zfcnp7Hb3Xji">72.23</span>%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">United States Treasury Bills</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_90E_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000236102Member__oef--LargestHoldingAxis__us-gaap--USTreasuryAndGovernmentMember_ziSji053HIJ8">10.53</span>%</span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif">Government T-bill</span></td> <td style="border-right: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_90F_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000236102Member__oef--IndustrySectorAxis__us-gaap--USTreasuryAndGovernmentMember_z7coDeExH5s5">10.53</span>%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_90E_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000236102Member__oef--LargestHoldingAxis__us-gaap--CashMember_z4h7yvwAnQs8">17.24</span>%</span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> Cash</span></td> <td style="border-right: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_900_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000236102Member__oef--IndustrySectorAxis__us-gaap--CashMember_zKRDlBxA7J0j">17.24</span>%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> 0.7223 0.7223 0.1053 0.1053 0.1724 0.1724 <p id="xdx_899_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000236102Member_dU_zJJXS8A3YfB1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Material Fund Changes</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There were no material fund changes during the period.</span></p> (844) 476 8747 info@graniteshares.com Past performance does not guarantee future results. <p id="xdx_895_eoef--AddlInfoTextBlock_hoef--ClassAxis__custom--C000236102Member_dU_zKM2M9hrVt22" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit <span style="text-decoration: underline">www.graniteshares.com</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phone: (844) 476 8747 – email: info@graniteshares.com</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> GraniteShares 2x Long CRWD Daily ETF GraniteShares 2x Long CRWD Daily ETF NASDAQ CRWL Semi-Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com <p id="xdx_893_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000254514Member_dU_zO7GTKdkIyTh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"></p> <table cellpadding="0" cellspacing="0" style="border: Black 1pt solid; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; width: 100%; padding-right: 0.1in; padding-left: 0.1in"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>How did the fund perform since inception?</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Since inception on November 11, 2024, to December 31, 2024, the Fund had a -5.25% return.</p></td></tr> <tr> <td style="border-left: black 1pt solid; width: 99%; font: 12pt Times New Roman, Times, Serif"> </td> </tr> <tr> <td style="border-left: black 1pt solid; padding-left: 0.1in; vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><span style="font-size: 10pt">Over the same period the common stock of CrowdStrike Holdings Inc. (NASDAQ: CRWD) had a return of -0.39% and the S&amp;P 500 Index (the Benchmark) a return of -1.78%.</span></td> </tr> <tr> <td style="border-bottom: black 1pt solid; vertical-align: top; border-left: black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"> </td> </tr> </table> <p id="xdx_89B_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000254514Member_dU_zafNpd5dl2tk" style="font: 10pt Times New Roman, Times, Serif; margin: 0">What were the fund’s costs since inception?</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">(based on hypothetical $10,000 investment)</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0"></p> <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="border-left: black 1pt solid; vertical-align: top; width: 3%"> </td> <td style="vertical-align: top; width: 47%; text-align: center"> </td> <td style="vertical-align: top; width: 3%"> </td> <td style="width: 44%; text-align: center"> </td> <td style="border-right: black 1pt solid; vertical-align: top; width: 3%"> </td></tr> <tr> <td style="border-left: black 1pt solid; vertical-align: top"> </td> <td style="border: black 1pt solid; vertical-align: top; padding-top: 0.1in; padding-bottom: 0.1in; text-align: center"><span style="font-size: 10pt">Cost of a $10,000 Investment</span></td> <td style="vertical-align: top"> </td> <td style="border: black 1pt solid; text-align: center"><span style="font-size: 10pt">Cost paid as % of a $10,000 investment</span></td> <td style="border-right: black 1pt solid; vertical-align: top"> </td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid"> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center"> </td> <td style="border-right: black 1pt solid"> </td></tr> <tr> <td style="border-left: black 1pt solid; vertical-align: top"> </td> <td style="border: black 1pt solid; vertical-align: top; padding-top: 0.1in; padding-bottom: 0.1in; text-align: center"><span style="font-size: 10pt">$<span id="xdx_909_eoef--ExpensesPaidAmt_pp2d_c20240701__20241231__oef--ClassAxis__custom--C000254514Member_znnuJuWvbxE5">19.40</span></span></td> <td style="vertical-align: top"> </td> <td style="border: black 1pt solid; text-align: center"><span style="font-size: 10pt"><span id="xdx_902_eoef--ExpenseRatioPct_dp_c20240701__20241231__oef--ClassAxis__custom--C000254514Member_fKGEp_zcv2hwQpzE6e">1.49</span>%^(a)</span></td> <td style="border-right: black 1pt solid; vertical-align: top"> </td></tr> <tr style="vertical-align: top"> <td id="xdx_F0A_zegnZfnLMci8" style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right; padding-top: 0.1in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td> <td id="xdx_F1F_zeGejWSpFWvh" style="border-bottom: black 1pt solid; padding-top: 0.1in; text-align: left; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Annualized</span><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p></td> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"> </span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"> </span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"> </span></td></tr> </table> 19.40 0.0149 <p id="xdx_899_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000254514Member_dU_zEEEoHwOld9h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>How did the fund perform since inception</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividend and capital gains. The NAV performance includes all fund expenses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><img alt="" src="crwl_002.jpg"/> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p> <p id="xdx_896_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000254514Member_dU_zbkMSxLJW2Dh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; display: none"> </p> <table cellpadding="0" cellspacing="0" style="border: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="5" style="border-left: black 1pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in; text-align: justify"><b>Average Annual Total Returns</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in; text-align: justify">(as of December 31, 2024)</p></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td colspan="3"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td colspan="3" style="text-align: right"><span style="font-size: 10pt">Inception</span></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td colspan="3" style="text-align: right"><span style="font-size: 10pt">(<span id="xdx_905_eoef--PerfInceptionDate_dd_c20240701__20241231__oef--ClassAxis__custom--C000254514Member_zmzHFBKheSm7">Aug 08, 2022</span>)</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="border-left: black 1pt solid; width: 42%; padding-left: 0.1in"><span style="font-size: 10pt">NAV</span></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 52%; text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_900_eoef--AvgAnnlRtrPct_dp_c20220808__20241231__oef--ClassAxis__custom--C000254514Member_zwNih5SjR0Y">-5.25</span></span></td> <td style="width: 3%"><span style="font-size: 10pt">%</span></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-left: black 1pt solid; padding-left: 0.1in"><span style="font-size: 10pt">Price</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_909_eoef--AvgAnnlRtrPct_dp_c20220808__20241231__oef--ClassAxis__custom--C000254514Member__oef--SalesLoadAxis__custom--PriceMember_zA6saJJZTbCj">-5.33</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="border-left: black 1pt solid; padding-left: 0.1in"><span style="font-size: 10pt">Benchmark</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_905_eoef--AvgAnnlRtrPct_dp_c20220808__20241231__oef--ClassAxis__custom--C000254514Member__oef--SalesLoadAxis__custom--BenchmarkMember_zKkiJJE4xIw5">-1.78</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0.1in"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td></tr> </table> 2022-08-08 -0.0525 -0.0533 -0.0178 <p id="xdx_899_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000254514Member_dU_zlqMhYZXECw1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; display: none"> </p> <table cellpadding="0" cellspacing="0" style="border: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="5" style="border-right: black 1pt solid; padding-left: 0.1in"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fund Statistics</b>  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(as of December 31, 2024)</p></td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="3" style="border-right: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 72%; padding-left: 0.1in"><span style="font-size: 10pt">Total Net Assets</span></td> <td style="width: 2%"> </td> <td style="width: 2%"><span style="font-size: 10pt">$</span></td> <td style="width: 22%; text-align: right"><span style="font-size: 10pt"><span id="xdx_90F_eus-gaap--AssetsNet_iI_c20241231__oef--ClassAxis__custom--C000254514Member_zCupncmEXsQf">5,205,172</span></span></td> <td style="border-right: black 1pt solid; width: 2%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 0.1in"><span style="font-size: 10pt">Number of Portfolio holding</span></td> <td> </td> <td><span style="font-size: 10pt">$</span></td> <td style="text-align: right"><span style="font-size: 10pt"><span id="xdx_90D_eoef--HoldingsCount_iI_uInteger_c20241231__oef--ClassAxis__custom--C000254514Member_zuQboGFo6Rll">3</span></span></td> <td style="border-right: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 0.1in"><span style="font-size: 10pt">Turnover</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span id="xdx_90D_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_c20240701__20241231__oef--ClassAxis__custom--C000254514Member_zJRlsGpFMJo4">0</span>%</span></td> <td style="border-right: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-bottom: black 1pt solid; padding-left: 0.1in"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid"> </td></tr> </table> 5205172 3 0 <p id="xdx_893_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000254514Member_dU_zebs3m9w0RO3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>What does the Fund invest in?</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif">The Fund enters into financial instruments such as swaps and options on the common stock of CrowdStrike Holdings Inc. (NASDAQ: CRWD).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif">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</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <table cellpadding="0" 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"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 37%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Top 10 Holdings </b>(as of December 31, 2024)</span><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></p> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 12%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 37%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sector Breakdown </b>(as of December 31, 2024)</span></td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 12%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif">COIN Equity Swap</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_90B_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000254514Member__oef--LargestHoldingAxis__us-gaap--EquitySwapMember_zsBRSKUFFH11">69.57</span>%</span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif">Total Return Swap</span></td><td style="border-right: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_904_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000254514Member__oef--IndustrySectorAxis__us-gaap--TotalReturnSwapMember_zfzvn39PuuK">69.57</span>%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif">Cash</span></td> <td style="border-right: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_90F_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000254514Member__oef--IndustrySectorAxis__us-gaap--CashMember_zOsJJirw8Gaf">30.43</span>%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> 0.6957 0.6957 0.3043 <p id="xdx_89B_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000254514Member_dU_zkUrGi71UKzh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Material Fund Changes</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There were no material fund changes during the period.</span></p> (844) 476 8747 info@graniteshares.com Past performance does not guarantee future results. <p id="xdx_895_eoef--AddlInfoTextBlock_hoef--ClassAxis__custom--C000254514Member_dU_zkKBL9Wxe3oa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit <span style="text-decoration: underline">www.graniteshares.com</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phone: (844) 476 8747 – email: info@graniteshares.com</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> GraniteShares Nasdaq Select Disruptors ETF GraniteShares Nasdaq Select Disruptors ETF NYSE DRUP Semi-Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com <p id="xdx_894_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000214774Member_dU_zIGzAIT2Achi" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>How did the fund perform for the last 6 months?</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">During the period of June 30, 2024, to December 31, 2024, the Fund had a 6.02% return.</p> <span style="font-size: 10pt">Over the same period the Benchmark had a return of 6.37%.</span> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"></p> <p id="xdx_896_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000214774Member_dU_zRAjMzxgzbq3" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>What were the fund’s costs for the last 6 months?</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">(based on hypothetical $10,000 investment)</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0"></p> <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="border-left: black 1pt solid; vertical-align: top; width: 3%"> </td> <td style="vertical-align: top; width: 47%; text-align: center"> </td> <td style="vertical-align: top; width: 3%"> </td> <td style="width: 44%; text-align: center"> </td> <td style="border-right: black 1pt solid; vertical-align: top; width: 3%"> </td></tr> <tr> <td style="border-left: black 1pt solid; vertical-align: top"> </td> <td style="border: black 1pt solid; vertical-align: top; padding-top: 0.1in; padding-bottom: 0.1in; text-align: center"><span style="font-size: 10pt">Cost of a $10,000 Investment</span></td> <td style="vertical-align: top"> </td> <td style="border: black 1pt solid; text-align: center"><span style="font-size: 10pt">Cost paid as % of a $10,000 investment</span></td> <td style="border-right: black 1pt solid; vertical-align: top"> </td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid"> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center"> </td> <td style="border-right: black 1pt solid"> </td></tr> <tr> <td style="border-left: black 1pt solid; vertical-align: top"> </td> <td style="border: black 1pt solid; vertical-align: top; padding-top: 0.1in; padding-bottom: 0.1in; text-align: center"><span style="font-size: 10pt">$<span id="xdx_90E_eoef--ExpensesPaidAmt_pp2d_c20240701__20241231__oef--ClassAxis__custom--C000214774Member_zERVEj2SOEc3">31.11</span></span></td> <td style="vertical-align: top"> </td> <td style="border: black 1pt solid; text-align: center"><span style="font-size: 10pt"><span id="xdx_906_eoef--ExpenseRatioPct_dp_c20240701__20241231__oef--ClassAxis__custom--C000214774Member_fKGEp_zlqPMIp3Exya">0.60</span>%^(a)</span></td> <td style="border-right: black 1pt solid; vertical-align: top"> </td></tr> <tr style="vertical-align: top"> <td id="xdx_F03_zcJZBgr2Vl59" style="border-bottom: black 1pt solid; text-align: right; border-left: black 1pt solid; padding-top: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td> <td id="xdx_F11_ztFLDD7ug9H7" style="border-bottom: black 1pt solid; padding-top: 0.1in; text-align: left; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Annualized</span><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p></td> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> 31.11 0.0060 <p id="xdx_89B_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000214774Member_dU_zDYx2Kss3td" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>How did the fund perform since inception</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividend and capital gains. The NAV performance includes all fund expenses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><img alt="" src="drup_002.jpg"/> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p> <p id="xdx_89A_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000214774Member_dU_zsiEzINXrbI5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; display: none"> </p> <table cellpadding="0" cellspacing="0" style="border: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="21" style="border-left: black 1pt solid; padding-left: 0.1in"><span style="font-size: 10pt"><b>Average Annual Total Returns <br/> </b>(as of December 31, 2024)</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; padding-left: 0.1in"> </td> <td> </td> <td colspan="3" style="text-align: right"> </td> <td> </td> <td colspan="3" style="text-align: right"> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="3" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; padding-left: 0.1in"> </td> <td> </td> <td colspan="3"> </td> <td> </td> <td colspan="3"> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="7" style="text-align: right"><span style="font-size: 10pt">Inception</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; padding-left: 0.1in"> </td> <td> </td> <td colspan="3" style="text-align: right"><span style="font-size: 10pt">6-month</span></td> <td> </td> <td colspan="3" style="text-align: right"><span style="font-size: 10pt">1 Years</span></td> <td> </td> <td colspan="2" style="text-align: right"><span style="font-size: 10pt">3 Years</span></td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"><span style="font-size: 10pt">5 Years</span></td> <td> </td> <td> </td> <td colspan="3" style="text-align: right"><span style="font-size: 10pt">(<span id="xdx_902_eoef--PerfInceptionDate_dd_c20240701__20241231__oef--ClassAxis__custom--C000214774Member_zRl5cYHas849">Oct 04, 2019</span>)</span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="border-left: black 1pt solid; width: 24%; padding-left: 0.1in"><span style="font-size: 10pt">NAV</span></td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 9%; text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_901_eoef--AvgAnnlRtrPct_dp_c20240701__20241231__oef--ClassAxis__custom--C000214774Member_zfIP6UkuPy3j">6.02</span></span></td> <td style="width: 3%"><span style="font-size: 10pt">%</span></td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 9%; text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_907_eoef--AvgAnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000214774Member_zIyHYhvdYnUj">23.05</span></span></td> <td style="width: 3%"><span style="font-size: 10pt">%</span></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 12%; text-align: right"><span style="font-size: 10pt">     <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_909_eoef--AvgAnnlRtrPct_dp_c20220101__20241231__oef--ClassAxis__custom--C000214774Member_z1ObIE9iFyp9">8.01</span></span></td> <td style="width: 3%"><span style="font-size: 10pt">%</span></td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 9%; text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_909_eoef--AvgAnnlRtrPct_dp_c20200101__20241231__oef--ClassAxis__custom--C000214774Member_z15jb3fUVuVl">15.38</span></span></td> <td style="width: 3%"><span style="font-size: 10pt">%</span></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 9%; text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_90A_eoef--AvgAnnlRtrPct_dp_c20191004__20241231__oef--ClassAxis__custom--C000214774Member_ztiAZPeK5Az9">16.99</span></span></td> <td style="width: 3%"><span style="font-size: 10pt">%</span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-left: black 1pt solid; padding-left: 0.1in"><span style="font-size: 10pt">Price</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_901_eoef--AvgAnnlRtrPct_dp_c20240701__20241231__oef--ClassAxis__custom--C000214774Member__oef--SalesLoadAxis__custom--PriceMember_zrduuGVFsVmf">6.08</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_90A_eoef--AvgAnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000214774Member__oef--SalesLoadAxis__custom--PriceMember_ztyXWuEkjyUh">23.15</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_90C_eoef--AvgAnnlRtrPct_dp_c20220101__20241231__oef--ClassAxis__custom--C000214774Member__oef--SalesLoadAxis__custom--PriceMember_zNtYthxCQqEh">7.98</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_90D_eoef--AvgAnnlRtrPct_dp_c20200101__20241231__oef--ClassAxis__custom--C000214774Member__oef--SalesLoadAxis__custom--PriceMember_zNbb3xNiipZ2">15.38</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_906_eoef--AvgAnnlRtrPct_dp_c20191004__20241231__oef--ClassAxis__custom--C000214774Member__oef--SalesLoadAxis__custom--PriceMember_ztO2cszJKjbl">17.00</span></span></td> <td><span style="font-size: 10pt">%</span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="border-left: black 1pt solid; padding-left: 0.1in"><span style="font-size: 10pt">Benchmark </span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_90E_eoef--AvgAnnlRtrPct_dp_c20240701__20241231__oef--ClassAxis__custom--C000214774Member__oef--SalesLoadAxis__custom--BenchmarkMember_ztPXqVOGbyW1">6.37</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_905_eoef--AvgAnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000214774Member__oef--SalesLoadAxis__custom--BenchmarkMember_z22Hyqbz2Df1">23.67</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_903_eoef--AvgAnnlRtrPct_dp_c20220101__20241231__oef--ClassAxis__custom--C000214774Member__oef--SalesLoadAxis__custom--BenchmarkMember_zNw79JoU5y6g">8.83</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_903_eoef--AvgAnnlRtrPct_dp_c20200101__20241231__oef--ClassAxis__custom--C000214774Member__oef--SalesLoadAxis__custom--BenchmarkMember_zOB37FWh42n4">16.11</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_90B_eoef--AvgAnnlRtrPct_dp_c20191004__20241231__oef--ClassAxis__custom--C000214774Member__oef--SalesLoadAxis__custom--BenchmarkMember_znknPjseTby2">17.86</span></span></td> <td><span style="font-size: 10pt">%</span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0.1in"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="border-bottom: black 1pt solid"> </td></tr> </table> 2019-10-04 0.0602 0.2305 0.0801 0.1538 0.1699 0.0608 0.2315 0.0798 0.1538 0.1700 0.0637 0.2367 0.0883 0.1611 0.1786 <p id="xdx_89C_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000214774Member_dU_zsmJiCwk0U61" style="font: 10pt Times New Roman, Times, Serif; margin: 0; display: none"> </p> <table cellpadding="0" cellspacing="0" style="border: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="5" style="border-right: black 1pt solid; padding-left: 0.1in"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Fund Statistics</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">(as of December 31, 2024)</p></td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="3" style="border-right: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.1in; width: 73%"><span style="font-size: 10pt">Total Net Assets</span></td> <td style="width: 4%"> </td> <td style="width: 2%"><span style="font-size: 10pt">$</span></td> <td style="width: 19%; text-align: right"><span style="font-size: 10pt"><span id="xdx_90C_eus-gaap--AssetsNet_iI_c20241231__oef--ClassAxis__custom--C000214774Member_zC9QYuUQqaw">59,360,485</span></span></td> <td style="border-right: black 1pt solid; width: 2%"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.1in"><span style="font-size: 10pt">Number of Portfolio Holdings</span></td> <td> </td> <td><span style="font-size: 10pt"></span></td> <td style="text-align: right"><span style="font-size: 10pt"><span id="xdx_90E_eoef--HoldingsCount_iI_uInteger_c20241231__oef--ClassAxis__custom--C000214774Member_zrM6wG8nQDPc">51</span></span></td> <td style="border-right: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.1in"><span style="font-size: 10pt">Turnover</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span id="xdx_905_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_c20240701__20241231__oef--ClassAxis__custom--C000214774Member_zZZOWIp1ml9c">28.3</span></span></td> <td style="border-right: black 1pt solid"><span style="font-size: 10pt">%</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid"> </td></tr> </table> 59360485 51 0.283 <p id="xdx_89A_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000214774Member_dU_zlDzhKm3wR5k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>What does the Fund invest in?</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-left: black 1pt solid; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; width: 37%; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Top 10 Holdings</b></span></td> <td style="text-align: right; width: 12%; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-left: black 1pt solid; width: 2%; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 37%; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sector Breakdown</b></span></td> <td style="border-right: black 1pt solid; text-align: right; width: 12%; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-left: black 1pt solid; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: top; background-color: White"> <td style="border-left: black 1pt solid; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Microsoft Corp. </span></td> <td style="text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_909_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000214774Member__oef--LargestHoldingAxis__custom--MicrosoftCorpMember_z68whAS58Fg9">9.89</span>%</span></td> <td style="border-left: black 1pt solid; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Technology </span></td> <td style="border-right: black 1pt solid; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_90D_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000214774Member__oef--IndustrySectorAxis__custom--TechnologyMember_zaT4H6do7i2e">54.78</span>%</span></td></tr> <tr style="vertical-align: top; background-color: White"> <td style="border-left: black 1pt solid; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif">Broadcom, Inc.</span></td> <td style="text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_90B_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000214774Member__oef--LargestHoldingAxis__custom--BroadcomIncMember_zkCAEgFUX7J1">7.06</span>%</span></td> <td style="border-left: black 1pt solid; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Communications</span></td> <td style="border-right: black 1pt solid; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_909_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000214774Member__oef--IndustrySectorAxis__custom--CommunicationsMember_zSG2ClMvsqPa">22.35</span>%</span></td></tr> <tr style="vertical-align: top; background-color: White"> <td style="border-left: black 1pt solid; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alphabet, Inc.</span></td> <td style="text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_904_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000214774Member__oef--LargestHoldingAxis__custom--AlphabetIncMember_zaDPG2wL1wO1">6.86</span>%</span></td> <td style="border-left: black 1pt solid; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consumer - non-cyclical</span></td> <td style="border-right: black 1pt solid; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_900_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000214774Member__oef--IndustrySectorAxis__custom--ConsumerNonCyclicalMember_zsfLiZfRyHr7">21.93</span>%</span></td></tr> <tr style="vertical-align: top; background-color: White"> <td style="border-left: black 1pt solid; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif">Meta Platforms, Inc.</span></td> <td style="text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_900_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000214774Member__oef--LargestHoldingAxis__custom--MetaPlatformsIncMember_zkdB9xZfGdD2">6.35</span>%</span></td> <td style="border-left: black 1pt solid; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Industrial</span></td> <td style="border-right: black 1pt solid; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_902_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000214774Member__oef--IndustrySectorAxis__custom--IndustrialMember_zRtbCUM1FIa4">0.94</span>%</span></td></tr> <tr style="vertical-align: top; background-color: White"> <td style="border-left: black 1pt solid; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif">Eli Lilly &amp; Co.</span></td> <td style="text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_905_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000214774Member__oef--LargestHoldingAxis__custom--EliLillyAndCoMember_zHukMh849SJ2">4.51</span>%</span></td> <td style="border-left: black 1pt solid; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-right: black 1pt solid; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: top; background-color: White"> <td style="border-left: black 1pt solid; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif">Salesforce, Inc.</span></td> <td style="text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_903_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000214774Member__oef--LargestHoldingAxis__custom--SalesforceIncMember_zXmdClqPMTJj">3.30</span>%</span></td> <td style="border-left: black 1pt solid; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-right: black 1pt solid; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: top; background-color: White"> <td style="border-left: black 1pt solid; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Johnson &amp; Johnson</span></td> <td style="text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_90C_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000214774Member__oef--LargestHoldingAxis__custom--JohnsonAndJohnsonMember_z2xsWrs2Y7d1">3.29</span>%</span></td> <td style="border-left: black 1pt solid; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-right: black 1pt solid; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: top; background-color: White"> <td style="border-left: black 1pt solid; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Merck &amp; Co., Inc.</span></td> <td style="text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_906_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000214774Member__oef--LargestHoldingAxis__custom--MerckAndCoIncMember_z90drPUkJN11">2.89</span>%</span></td> <td style="border-left: black 1pt solid; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-right: black 1pt solid; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: top; background-color: White"> <td style="border-left: black 1pt solid; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ServiceNow, Inc.</span></td> <td style="text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_908_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000214774Member__oef--LargestHoldingAxis__custom--ServiceNowIncMember_z2AfsVNUwRPi">2.75</span>%</span></td> <td style="border-left: black 1pt solid; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-right: black 1pt solid; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: top; background-color: White"> <td style="border-left: black 1pt solid; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif">Palantir Technologies, Inc.</span></td> <td style="text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_90D_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000214774Member__oef--LargestHoldingAxis__custom--PalantirTechnologiesIncMember_zS1JURD2xuK">2.55</span>%</span></td> <td style="border-left: black 1pt solid; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-right: black 1pt solid; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: top; background-color: White"> <td style="border-left: black 1pt solid; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-left: black 1pt solid; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-right: black 1pt solid; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> 0.0989 0.5478 0.0706 0.2235 0.0686 0.2193 0.0635 0.0094 0.0451 0.0330 0.0329 0.0289 0.0275 0.0255 <p id="xdx_89D_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000214774Member_dU_zEaTtKoDuwac" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Material Fund Changes</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There were no material fund changes during the year.</span></p> (844) 476 8747 info@graniteshares.com Past performance does not guarantee future results. <p id="xdx_89A_eoef--AddlInfoTextBlock_hoef--ClassAxis__custom--C000214774Member_dU_zcPMwz6XpCCc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit <span style="text-decoration: underline">www.graniteshares.com</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phone: (844) 476 8747 – email: info@graniteshares.com</span></p> GraniteShares 2x Long META Daily ETF GraniteShares 2x Long META Daily ETF NASDAQ FBL Semi-Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com <p id="xdx_89C_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000236086Member_dU_zogEhx6vUI27" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>How did the fund perform for the last 6 months?</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the period of June 30, 2024, to December 31, 2024, the Fund had a 23.45% return.</p> <span style="font-size: 10pt">Over the same period the common stock of Meta Platforms Inc (NASDAQ: META) had a return of 16.33% and the S&amp;P 500 Index (the Benchmark) a return of 8.44%</span><p style="font: 12pt Times New Roman, Times, Serif; margin: 0"></p> <p id="xdx_894_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000236086Member_dU_zovqKwgy2CR" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>What were the fund’s costs for the last 6 months?</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">(based on hypothetical $10,000 investment)</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0"></p> <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="border-left: black 1pt solid; vertical-align: top; width: 3%"> </td> <td style="vertical-align: top; width: 47%; text-align: center"> </td> <td style="vertical-align: top; width: 3%"> </td> <td style="width: 44%; text-align: center"> </td> <td style="border-right: black 1pt solid; vertical-align: top; width: 3%"> </td></tr> <tr> <td style="border-left: black 1pt solid; vertical-align: top"> </td> <td style="border: black 1pt solid; vertical-align: top; padding-top: 0.1in; padding-bottom: 0.1in; text-align: center"><span style="font-size: 10pt">Cost of a $10,000 Investment</span></td> <td style="vertical-align: top"> </td> <td style="border: black 1pt solid; text-align: center"><span style="font-size: 10pt">Cost paid as % of a $10,000 investment</span></td> <td style="border-right: black 1pt solid; vertical-align: top"> </td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid"> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center"> </td> <td style="border-right: black 1pt solid"> </td></tr> <tr> <td style="border-left: black 1pt solid; vertical-align: top"> </td> <td style="border: black 1pt solid; vertical-align: top; padding-top: 0.1in; padding-bottom: 0.1in; text-align: center"><span style="font-size: 10pt">$<span id="xdx_90C_eoef--ExpensesPaidAmt_pp2d_c20240701__20241231__oef--ClassAxis__custom--C000236086Member_zYFqNOLjUlte">64.84</span></span></td> <td style="vertical-align: top"> </td> <td style="border: black 1pt solid; text-align: center"><span id="xdx_905_eoef--ExpenseRatioPct_dp_c20240701__20241231__oef--ClassAxis__custom--C000236086Member_fKGEp_zVoxR21PKVwb" style="font-size: 10pt">1.15</span><span style="font-size: 10pt">%</span><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><sup id="xdx_F20_zqHq1v4kD211">(a)</sup></span></td> <td style="border-right: black 1pt solid; vertical-align: top"><p style="margin-top: 0; margin-bottom: 0"> </p> <p style="margin-top: 0; margin-bottom: 0"> </p></td></tr> <tr style="vertical-align: top"> <td style="border-left: Black 1pt solid; text-align: right; vertical-align: bottom"><span style="font-size: 1pt"> </span></td> <td style="text-align: justify"><span style="font-size: 1pt"> </span></td> <td><span style="font-size: 1pt"> </span></td> <td style="text-align: center"><span style="font-size: 1pt"> </span></td> <td style="border-right: Black 1pt solid"><span style="font-size: 1pt"> </span></td></tr> <tr style="vertical-align: top"> <td id="xdx_F06_zRAy9fFRPs1l" style="border-bottom: black 1pt solid; text-align: right; border-left: black 1pt solid; padding-top: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td> <td id="xdx_F1D_zQAHe8GHXlK1" style="border-bottom: black 1pt solid; padding-top: 0.1in; text-align: left; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Annualized</span><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p></td> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> 64.84 0.0115 <p id="xdx_89C_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000236086Member_dU_zHdHzJ97Wjp2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>How did the fund perform since inception</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividend and capital gains. The NAV performance includes all fund expenses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><img alt="" src="fbl_002.jpg"/></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p> <p id="xdx_89A_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000236086Member_dU_zUwYrPJ5WO17" style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0pt"> </p> <table cellpadding="0" cellspacing="0" style="border: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="13" style="border-left: black 1pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in; text-align: justify"><b>Average Annual Total Returns</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in; text-align: justify">(as of December 31, 2024)</p></td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td colspan="3"> </td> <td> </td> <td colspan="3"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td colspan="3" style="text-align: right"> </td> <td> </td> <td colspan="3" style="text-align: right"><span style="font-size: 10pt">Inception</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt">6-month</span></td> <td> </td> <td> </td> <td colspan="3" style="text-align: right"><span style="font-size: 10pt">1 Year</span></td> <td> </td> <td colspan="3" style="text-align: right"><span style="font-size: 10pt">(<span id="xdx_900_eoef--PerfInceptionDate_dd_c20240701__20241231__oef--ClassAxis__custom--C000236086Member_zlXqgIuQd7O8">Dec 12, 2022</span>)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-left: black 1pt solid; width: 37%; padding-left: 0.1in"><span style="font-size: 10pt">NAV</span></td> <td style="width: 3%"> </td> <td style="width: 1%"> </td> <td style="width: 14%; text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_90B_eoef--AvgAnnlRtrPct_dp_c20240701__20241231__oef--ClassAxis__custom--C000236086Member_zfIY2eT9aEif">23.45</span></span></td> <td style="width: 3%"><span style="font-size: 10pt">%</span></td> <td style="width: 3%"> </td> <td style="width: 1%"> </td> <td style="width: 11%; text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_90E_eoef--AvgAnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000236086Member_zmAdwk3IjcIb">112.54</span></span></td> <td style="width: 3%"><span style="font-size: 10pt">%</span></td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 18%; text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_905_eoef--AvgAnnlRtrPct_dp_c20221212__20241231__oef--ClassAxis__custom--C000236086Member_z6CmHp6ktwH1">206.23</span></span></td> <td style="width: 3%"><span style="font-size: 10pt">%</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-left: black 1pt solid; padding-left: 0.1in"><span style="font-size: 10pt">Price</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_900_eoef--AvgAnnlRtrPct_dp_c20240701__20241231__oef--ClassAxis__custom--C000236086Member__oef--SalesLoadAxis__custom--PriceMember_zwafvBgMeyUa">23.64</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_90F_eoef--AvgAnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000236086Member__oef--SalesLoadAxis__custom--PriceMember_zSOERN2iNW25">112.74</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_909_eoef--AvgAnnlRtrPct_dp_c20221212__20241231__oef--ClassAxis__custom--C000236086Member__oef--SalesLoadAxis__custom--PriceMember_zqXcFnPIHVW">206.41</span></span></td> <td><span style="font-size: 10pt">%</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-left: black 1pt solid; padding-left: 0.1in"><span style="font-size: 10pt">Benchmark</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_90F_eoef--AvgAnnlRtrPct_dp_c20240701__20241231__oef--ClassAxis__custom--C000236086Member__oef--SalesLoadAxis__custom--BenchmarkMember_z8ytdaAODio8">8.44</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_904_eoef--AvgAnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000236086Member__oef--SalesLoadAxis__custom--BenchmarkMember_zuQ3OaNL49q1">25.02</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_90A_eoef--AvgAnnlRtrPct_dp_c20221212__20241231__oef--ClassAxis__custom--C000236086Member__oef--SalesLoadAxis__custom--BenchmarkMember_zfSl4AQbygL8">22.65</span></span></td> <td><span style="font-size: 10pt">%</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0.1in"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="border-bottom: black 1pt solid"> </td></tr> </table> 2022-12-12 0.2345 1.1254 2.0623 0.2364 1.1274 2.0641 0.0844 0.2502 0.2265 <p id="xdx_895_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000236086Member_dU_z5YSFEUelNk6" style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; display: none"></p> <table cellpadding="0" cellspacing="0" style="border: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="5" style="border-right: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-right: black 1pt solid; padding-left: 0.1in"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fund Statistics</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(as of December 31, 2024)</p></td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="3" style="border-right: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; padding-left: 0.1in"><span style="font-size: 10pt">Total Net Assets</span></td> <td style="width: 4%"> </td> <td style="width: 2%"><span style="font-size: 10pt">$</span></td> <td style="width: 18%; text-align: right"><span style="font-size: 10pt"><span id="xdx_901_eus-gaap--AssetsNet_iI_c20241231__oef--ClassAxis__custom--C000236086Member_zEK0nUVjd07h">128,226,666</span></span></td> <td style="border-right: black 1pt solid; width: 2%"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.1in"><span style="font-size: 10pt">Number of Portfolio Holdings</span></td> <td> </td> <td><span style="font-size: 10pt"></span></td> <td style="text-align: right"><span style="font-size: 10pt"><span id="xdx_905_eoef--HoldingsCount_iI_uInteger_c20241231__oef--ClassAxis__custom--C000236086Member_zdjYVgC4hgBi">6</span></span></td> <td style="border-right: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.1in"><span style="font-size: 10pt">Turnover</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span id="xdx_90B_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_c20240701__20241231__oef--ClassAxis__custom--C000236086Member_zdMHtFDHvFw6">0</span></span></td> <td style="border-right: black 1pt solid"><span style="font-size: 10pt">%</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: black 1pt solid; padding-left: 0.1in"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid"> </td></tr> </table> 128226666 6 0 <p id="xdx_89B_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000236086Member_dU_zXbrhA2hhDkb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>What does the Fund invest in?</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt/115% Aptos; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The Fund enters into financial instruments such as swaps and options on the common stock of Meta Platforms Inc. (NASDAQ: META).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt/115% Aptos; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">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</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <table cellpadding="0" 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"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 40%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Top 10 Holdings (as of December 31, 2024)</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 9%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 40%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sector Breakdown (as of December 31, 2024)</b></span></td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 9%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif">META Equity Swap</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_901_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000236086Member__oef--LargestHoldingAxis__us-gaap--EquitySwapMember_zIS3NzjTOwq">55.64</span>%</span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif">Total Return Swap</span></td><td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_90A_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000236086Member__oef--IndustrySectorAxis__us-gaap--TotalReturnSwapMember_z36uILVaW3Wk">55.64</span>%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">United States Treasury Bills</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_902_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000236086Member__oef--LargestHoldingAxis__us-gaap--USTreasuryAndGovernmentMember_zoRSA5rpBwQc">32.53</span>%</span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif">Government T-Bill</span></td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_90D_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000236086Member__oef--IndustrySectorAxis__us-gaap--USTreasuryAndGovernmentMember_zFHBZ0plk1t6">32.53</span>%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash</span></td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_905_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000236086Member__oef--IndustrySectorAxis__us-gaap--CashMember_zvuzciVfMyN">11.83</span>%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> 0.5564 0.5564 0.3253 0.3253 0.1183 <p id="xdx_890_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000236086Member_dU_zui3lvJhF5Xc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Material Fund Changes</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There were no material fund changes during the year.</span></p> (844) 476 8747 info@graniteshares.com Past performance does not guarantee future results <p id="xdx_89E_eoef--AddlInfoTextBlock_hoef--ClassAxis__custom--C000236086Member_dU_zUSGiM0knbKc" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit <span style="text-decoration: underline">www.graniteshares.com</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phone: (844) 476 8747 – email: info@graniteshares.com</span></p> GraniteShares HIPS US High Income ETF GraniteShares HIPS US High Income ETF NYSE HIPS Semi-Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com <p id="xdx_895_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000195944Member_dU_z0NVcALwvRS9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> </p> <table cellpadding="0" cellspacing="0" style="border: Black 1pt solid; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; width: 100%; padding-right: 0.1in; padding-left: 0.1in"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>How did the fund perform for the last 6 months?</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the period of June 30, 2024, to December 31, 2024, the Fund had a 5.70% return.</p></td></tr> <tr> <td style="border-left: black 1pt solid; width: 100%; font: 12pt Times New Roman, Times, Serif"> </td> </tr> <tr> <td style="border-left: black 1pt solid; vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-size: 10pt">Over the same period the Benchmark had a return of 6.22%.</span></td> </tr> </table> <p id="xdx_896_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000195944Member_dU_zlKHLVDrW74c" style="font: 12pt Times New Roman, Times, Serif; display: none; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; width: 100%; padding-right: 0.1in; padding-left: 0.1in"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>What were the fund’s costs for the last 6 months?</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">(based on hypothetical $10,000 investment)</p></td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"></p> <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="border-left: black 1pt solid; vertical-align: top; width: 3%"> </td> <td style="vertical-align: top; width: 47%; text-align: center"> </td> <td style="vertical-align: top; width: 3%"> </td> <td style="width: 44%; text-align: center"> </td> <td style="border-right: black 1pt solid; vertical-align: top; width: 3%"> </td></tr> <tr> <td style="border-left: black 1pt solid; vertical-align: top"> </td> <td style="border: black 1pt solid; vertical-align: top; padding-top: 0.1in; padding-bottom: 0.1in; text-align: center"><span style="font-size: 10pt">Cost of a $10,000 Investment</span></td> <td style="vertical-align: top"> </td> <td style="border: black 1pt solid; text-align: center"><span style="font-size: 10pt">Cost paid as % of a $10,000 investment</span></td> <td style="border-right: black 1pt solid; vertical-align: top"> </td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid"> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center"> </td> <td style="border-right: black 1pt solid"> </td></tr> <tr> <td style="border-left: black 1pt solid; vertical-align: top"> </td> <td style="border: black 1pt solid; vertical-align: top; padding-top: 0.1in; padding-bottom: 0.1in; text-align: center"><span style="font-size: 10pt">$<span id="xdx_90B_eoef--ExpensesPaidAmt_pp2d_c20240701__20241231__oef--ClassAxis__custom--C000195944Member_zn64Ay3wg88h">36.23</span></span></td> <td style="vertical-align: top"> </td> <td style="border: black 1pt solid; text-align: center"><span style="font-size: 10pt"><span id="xdx_90C_eoef--ExpenseRatioPct_dp_c20240701__20241231__oef--ClassAxis__custom--C000195944Member_fKGEp_zFZhIxDPYj8d">0.70</span>%^(a)</span></td> <td style="border-right: black 1pt solid; vertical-align: top"> </td></tr> <tr style="vertical-align: top"> <td id="xdx_F05_zRCbGsb6Vms2" style="border-bottom: black 1pt solid; text-align: right; border-left: black 1pt solid; padding-top: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td> <td id="xdx_F15_zfgN4iziA1k8" style="border-bottom: black 1pt solid; padding-top: 0.1in; text-align: left; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Annualized</span><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p></td> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> 36.23 0.0070 <p id="xdx_89C_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000195944Member_dU_zOi0Xf2Gr6fi" style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <table cellpadding="0" cellspacing="0" style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>How did the fund perform since inception</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif">The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividend and capital gains. The NAV performance includes all fund expenses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span style="font-family: Times New Roman, Times, Serif"><img alt="" src="hips_002.jpg"/></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p><p style="margin-top: 0; margin-bottom: 0"></p> <p id="xdx_897_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000195944Member_dU_zgiZxVIso8Ti" style="display: none; margin-top: 0; margin-bottom: 0">  </p> <table cellpadding="0" cellspacing="0" style="border: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="21" style="border-left: black 1pt solid; padding-left: 0.1in"><span style="font-size: 10pt"><b>Average Annual Total Returns <br/> </b>(as of December 31, 2024)</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; padding-left: 0.1in"> </td> <td> </td> <td colspan="3" style="text-align: right"> </td> <td> </td> <td colspan="3" style="text-align: right"> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="3" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; padding-left: 0.1in"> </td> <td> </td> <td colspan="3"> </td> <td> </td> <td colspan="3"> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="7" style="text-align: right"><span style="font-size: 10pt">Inception</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; padding-left: 0.1in"> </td> <td> </td> <td colspan="3" style="text-align: right"><span style="font-size: 10pt">6-month</span></td> <td> </td> <td colspan="3" style="text-align: right"><span style="font-size: 10pt">1 Years</span></td> <td> </td> <td colspan="2" style="text-align: right"><span style="font-size: 10pt">3 Years</span></td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"><span style="font-size: 10pt">5 Years</span></td> <td> </td> <td> </td> <td colspan="3" style="text-align: right"><span style="font-size: 10pt">(<span id="xdx_90A_eoef--PerfInceptionDate_dd_c20240701__20241231__oef--ClassAxis__custom--C000195944Member_z0c2oYFsTq3g">Jan 05, 2015</span>)</span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="border-left: black 1pt solid; width: 24%; padding-left: 0.1in"><span style="font-size: 10pt">NAV</span></td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 9%; text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_903_eoef--AvgAnnlRtrPct_dp_c20240701__20241231__oef--ClassAxis__custom--C000195944Member_zgGuAjGgOzOh">5.70</span></span></td> <td style="width: 3%"><span style="font-size: 10pt">%</span></td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 9%; text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_902_eoef--AvgAnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000195944Member_zdyiVx7lbRhc">14.04</span></span></td> <td style="width: 3%"><span style="font-size: 10pt">%</span></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 12%; text-align: right"><span style="font-size: 10pt">     <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_909_eoef--AvgAnnlRtrPct_dp_c20220101__20241231__oef--ClassAxis__custom--C000195944Member_zKzwxeQjdF37">4.62</span></span></td> <td style="width: 3%"><span style="font-size: 10pt">%</span></td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 8%; text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_904_eoef--AvgAnnlRtrPct_dp_c20200101__20241231__oef--ClassAxis__custom--C000195944Member_zlPw3zOLcAsf">4.39</span></span></td> <td style="width: 3%"><span style="font-size: 10pt">%</span></td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 9%; text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_90E_eoef--AvgAnnlRtrPct_dp_c20150105__20241231__oef--ClassAxis__custom--C000195944Member_zn3OM3DsiL0f">4.25</span></span></td> <td style="width: 3%"><span style="font-size: 10pt">%</span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-left: black 1pt solid; padding-left: 0.1in"><span style="font-size: 10pt">Price</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_902_eoef--AvgAnnlRtrPct_dp_c20240701__20241231__oef--ClassAxis__custom--C000195944Member__oef--SalesLoadAxis__custom--PriceMember_zU3DKJP6ovZ4">5.70</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_906_eoef--AvgAnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000195944Member__oef--SalesLoadAxis__custom--PriceMember_z5OJAAIxZuPg">13.38</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_909_eoef--AvgAnnlRtrPct_dp_c20220101__20241231__oef--ClassAxis__custom--C000195944Member__oef--SalesLoadAxis__custom--PriceMember_zvGx5EirVBWj">4.55</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_907_eoef--AvgAnnlRtrPct_dp_c20200101__20241231__oef--ClassAxis__custom--C000195944Member__oef--SalesLoadAxis__custom--PriceMember_zRfxULtaIip2">4.40</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_901_eoef--AvgAnnlRtrPct_dp_c20150105__20241231__oef--ClassAxis__custom--C000195944Member__oef--SalesLoadAxis__custom--PriceMember_ztORkRs9QJic">4.34</span></span></td> <td><span style="font-size: 10pt">%</span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="border-left: black 1pt solid; padding-left: 0.1in"><span style="font-size: 10pt">Benchmark </span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_900_eoef--AvgAnnlRtrPct_dp_c20240701__20241231__oef--ClassAxis__custom--C000195944Member__oef--SalesLoadAxis__custom--BenchmarkMember_fKDEp_zLdtaFH8KGj4">6.22</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_904_eoef--AvgAnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000195944Member__oef--SalesLoadAxis__custom--BenchmarkMember_fKDEp_zomGLqvVzN29">15.00</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_908_eoef--AvgAnnlRtrPct_dp_c20220101__20241231__oef--ClassAxis__custom--C000195944Member__oef--SalesLoadAxis__custom--BenchmarkMember_fKDEp_zjiv7U73aTgl">5.35</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_900_eoef--AvgAnnlRtrPct_dp_c20200101__20241231__oef--ClassAxis__custom--C000195944Member__oef--SalesLoadAxis__custom--BenchmarkMember_fKDEp_zUGOsLsPzKHe">5.09</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_906_eoef--AvgAnnlRtrPct_dp_c20150105__20241231__oef--ClassAxis__custom--C000195944Member__oef--SalesLoadAxis__custom--BenchmarkMember_fKDEp_zTKAZ4vGHJE1">4.99</span></span></td> <td><span style="font-size: 10pt">%</span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0.1in"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="border-bottom: black 1pt solid"> </td></tr> </table> 2015-01-05 0.0570 0.1404 0.0462 0.0439 0.0425 0.0570 0.1338 0.0455 0.0440 0.0434 0.0622 0.1500 0.0535 0.0509 0.0499 <p id="xdx_89B_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000195944Member_dU_z4SHynWlc2Xc" style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="border: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="5" style="border-right: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-right: black 1pt solid; padding-left: 0.1in"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Fund Statistics</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">(as of December 31, 2024)</p></td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="3" style="border-right: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.1in; width: 73%"><span style="font-size: 10pt">Total Net Assets</span></td> <td style="width: 4%"> </td> <td style="width: 2%"><span style="font-size: 10pt">$</span></td> <td style="width: 19%; text-align: right"><span style="font-size: 10pt"><span id="xdx_907_eus-gaap--AssetsNet_iI_c20241231__oef--ClassAxis__custom--C000195944Member_zKg2v1nmedh8">98,905,636</span></span></td> <td style="border-right: black 1pt solid; width: 2%"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.1in"><span style="font-size: 10pt">Number of Portfolio Holdings</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span id="xdx_90B_eoef--HoldingsCount_iI_uInteger_c20241231__oef--ClassAxis__custom--C000195944Member_z7hddP3ARaTc">42</span></span></td> <td style="border-right: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.1in"><span style="font-size: 10pt">Turnover</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span id="xdx_90A_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_c20240701__20241231__oef--ClassAxis__custom--C000195944Member_zUJ3y3nkWGHe">70.3</span></span></td> <td style="border-right: black 1pt solid"><span style="font-size: 10pt">%</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid"> </td></tr> </table> 98905636 42 0.703 <p id="xdx_89D_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000195944Member_dU_zSUGZz5x7Ci7" style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="margin-top: 0; margin-bottom: 0"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <table cellpadding="0" 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"> <td style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>What does the Fund invest in?</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund attempts to invest all, or substantially all, of its assets in the securities that make up the EQM High Income Pass-Through Securities Index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <table cellpadding="0" 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"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 37%; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Top 10 Holdings </b>(as of December 31, 2024)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 12%; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 2%; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 37%; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sector Breakdown </b>(as of December 31, 2024)</span></td> <td style="border-right: black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif; width: 12%; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">United States Treasury Bills</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_908_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000195944Member__oef--LargestHoldingAxis__us-gaap--USTreasuryAndGovernmentMember_zaUVE1C1nqbc">28.79</span>%</span></td> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial </span></td> <td style="border-right: black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_90C_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000195944Member__oef--IndustrySectorAxis__custom--FinancialMember_z8isQn77u9sd">33.84</span>%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif">Outfront Media, Inc.</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif">  <span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_909_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000195944Member__oef--LargestHoldingAxis__custom--OutfrontMediaIncMember_zWezWxiTXwD6">1.80</span>%</span></span></td> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Government </span></td> <td style="border-right: black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_90E_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000195944Member__oef--IndustrySectorAxis__us-gaap--GovernmentMember_zejQIg4rLWsf">28.79</span>%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif">Goldman Sachs BDC, Inc.</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">  <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_906_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000195944Member__oef--LargestHoldingAxis__custom--GoldmanSachsBDCIncMember_z91JHhk3x8qa">1.80</span>%</span></td> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Closed End Funds </span></td> <td style="border-right: black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_90E_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000195944Member__oef--IndustrySectorAxis__custom--ClosedEndFundsMember_zFLqIGNyIIvi">19.59</span>%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif">Morgan Stanley Emerging</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"></td> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Energy </span></td> <td style="border-right: black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_900_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000195944Member__oef--IndustrySectorAxis__custom--EnergyMember_zOgkb33XfS45">17.78</span>%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif">Markets Domestic Debt Fund, Inc.</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_90D_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000195944Member__oef--LargestHoldingAxis__custom--MorganStanleyEmergingMarketsDomesticDebtFundIncMember_zc8VKIkI8aGc">1.80</span>%</span></td> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-right: black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif">Alliance Resource Partners LP</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_905_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000195944Member__oef--LargestHoldingAxis__custom--AllianceResourcePartnersLPMember_zGXWJdQJ49wa">1.80</span>%</span></td> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-right: black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif">Global Net Lease, Inc.</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_905_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000195944Member__oef--LargestHoldingAxis__custom--GlobalNetLeaseIncMember_zE49D4437kke">1.79</span>%</span></td> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-right: black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif">MFA Financial Inc</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_909_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000195944Member__oef--LargestHoldingAxis__custom--MFAFinancialIncMember_zrS1ZLUmPfF">1.79</span>%</span></td> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-right: black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif">Morgan Stanley Emerging</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-right: black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif">Markets Debt Fund, Inc.</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_90C_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000195944Member__oef--LargestHoldingAxis__custom--MorganStanleyEmergingMarketsDebtFundIncMember_zHiRMW7U28r8">1.79</span>%</span></td> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-right: black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif">Ready Capital Corp.</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_90D_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000195944Member__oef--LargestHoldingAxis__custom--ReadyCapitalCorpMember_zRcUn5CwVbb7">1.79</span>%</span></td> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-right: black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif">Franklin, Ltd. Duration</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-right: black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif">Income Trust</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_90D_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000195944Member__oef--LargestHoldingAxis__custom--FranklinLtdDurationIncomeTrustMember_zWR2vv70X2xl">1.79</span>%</span></td> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-right: black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> 0.2879 0.3384 0.0180 0.2879 0.0180 0.1959 0.1778 0.0180 0.0180 0.0179 0.0179 0.0179 0.0179 0.0179 <p id="xdx_89A_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000195944Member_dU_zrCDe2jkouFb" style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Material Fund Changes</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif">There were no material fund changes during the period.</span></p> Past performance does not guarantee future results. <p id="xdx_89E_eoef--AddlInfoTextBlock_hoef--ClassAxis__custom--C000195944Member_dU_zzk2E37JXYed" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit <span style="text-decoration: underline"> www.graniteshares.com </span> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phone: (844) 476 8747 – email: info@graniteshares.com</span></p> GraniteShares 2x Long MSFT Daily ETF GraniteShares 2x Long MSFT Daily ETF NASDAQ MSFL Semi-Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com <p id="xdx_891_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000236087Member_dU_zlcT4hFIzP4d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> </p> <table cellpadding="0" cellspacing="0" style="border: Black 1pt solid; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; width: 100%; padding-right: 0.1in; padding-left: 0.1in"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>How did the fund perform for the last 6 months?</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the period of June 30, 2024, to December 31, 2024, the Fund had a -16.14% return.</p></td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; padding-right: 0.1in; padding-left: 0.1in"> </td></tr> <tr> <td style="border-left: black 1pt solid; vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; text-align: justify; width: 100%"><span style="font-size: 10pt">Over the same period the common stock of Microsoft Corp. (NASDAQ: MSFT) had a return of - 5.34% and the S&amp;P 500 Index (the Benchmark) a return of 8.44%</span></td> </tr> </table> <p id="xdx_89C_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000236087Member_dU_z6CwdILGBUd9" style="margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>What were the fund’s costs for the last 6 months?</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">(based on hypothetical $10,000 investment)</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0"></p> <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="border-left: black 1pt solid; vertical-align: top; width: 3%"> </td> <td style="vertical-align: top; width: 47%; text-align: center"> </td> <td style="vertical-align: top; width: 3%"> </td> <td style="width: 44%; text-align: center"> </td> <td style="border-right: black 1pt solid; vertical-align: top; width: 3%"> </td></tr> <tr> <td style="border-left: black 1pt solid; vertical-align: top"> </td> <td style="border: black 1pt solid; vertical-align: top; padding-top: 0.1in; padding-bottom: 0.1in; text-align: center"><span style="font-size: 10pt">Cost of a $10,000 Investment</span></td> <td style="vertical-align: top"> </td> <td style="border: black 1pt solid; text-align: center"><span style="font-size: 10pt">Cost paid as % of a $10,000 investment</span></td> <td style="border-right: black 1pt solid; vertical-align: top"> </td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid"> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center"> </td> <td style="border-right: black 1pt solid"> </td></tr> <tr> <td style="border-left: black 1pt solid; vertical-align: top"> </td> <td style="border: black 1pt solid; vertical-align: top; padding-top: 0.1in; padding-bottom: 0.1in; text-align: center"><span style="font-size: 10pt">$<span id="xdx_904_eoef--ExpensesPaidAmt_pp2d_c20240701__20241231__oef--ClassAxis__custom--C000236087Member_z8yRrU6gu4v3">53.16</span></span></td> <td style="vertical-align: top"> </td> <td style="border: black 1pt solid; text-align: center"><span style="font-size: 10pt"><span id="xdx_90E_eoef--ExpenseRatioPct_dp_c20240701__20241231__oef--ClassAxis__custom--C000236087Member_fKGEp_zxrrdPLfrwXk">1.15</span>%^(a)</span></td> <td style="border-right: black 1pt solid; vertical-align: top"> </td></tr> <tr style="vertical-align: top"> <td id="xdx_F05_z2uPLL4FBffe" style="border-bottom: black 1pt solid; text-align: right; border-left: black 1pt solid; padding-top: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td> <td id="xdx_F15_zPJgyeb6nRl3" style="border-bottom: black 1pt solid; padding-top: 0.1in; text-align: left; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Annualized</span><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p></td> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> 53.16 0.0115 <p id="xdx_895_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000236087Member_dU_zn4cdgZrLA8e" style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <table cellpadding="0" cellspacing="0" style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>How did the fund perform since inception</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividend and capital gains. The NAV performance includes all fund expenses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img alt="" src="msfl_002.jpg"/></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <p id="xdx_895_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000236087Member_dU_zztb5AR5miK9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"></p> <table cellpadding="0" cellspacing="0" style="border: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="9" style="border-left: black 1pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in; text-align: justify"><b>Average Annual Total Returns</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in; text-align: justify">(as of December 31, 2024)</p></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="3"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="3" style="text-align: right"><span style="font-size: 10pt">Inception</span></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td colspan="2" style="text-align: right"><span style="font-size: 10pt">6-month</span></td> <td> </td> <td colspan="4" style="text-align: right"><span style="font-size: 10pt">(<span id="xdx_900_eoef--PerfInceptionDate_dd_c20240701__20241231__oef--ClassAxis__custom--C000236087Member_znYhWvglqhCi">Mar 15, 2024</span>)</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="border-left: black 1pt solid; width: 57%; padding-left: 0.1in"><span style="font-size: 10pt">NAV</span></td> <td style="width: 3%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_90F_eoef--AvgAnnlRtrPct_dp_c20240701__20241231__oef--ClassAxis__custom--C000236087Member_zrHbqwaDbPfj">-16.14</span></span></td> <td style="width: 3%"><span style="font-size: 10pt">%</span></td> <td style="width: 3%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_909_eoef--AvgAnnlRtrPct_dp_c20240315__20241231__oef--ClassAxis__custom--C000236087Member_zhI0uypuBwW3">-6.92</span></span></td> <td style="width: 3%"><span style="font-size: 10pt">%</span></td> <td style="width: 3%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-left: black 1pt solid; padding-left: 0.1in"><span style="font-size: 10pt">Price</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_908_eoef--AvgAnnlRtrPct_dp_c20240701__20241231__oef--ClassAxis__custom--C000236087Member__oef--SalesLoadAxis__custom--PriceMember_zg4aR6g4Daqi">-16.20</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_904_eoef--AvgAnnlRtrPct_dp_c20240315__20241231__oef--ClassAxis__custom--C000236087Member__oef--SalesLoadAxis__custom--PriceMember_z2hxpsdrRHve">-6.92</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="border-left: black 1pt solid; padding-left: 0.1in"><span style="font-size: 10pt">Benchmark</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_901_eoef--AvgAnnlRtrPct_dp_c20240701__20241231__oef--ClassAxis__custom--C000236087Member__oef--SalesLoadAxis__custom--BenchmarkMember_zicEoMYIZQna">8.44</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_902_eoef--AvgAnnlRtrPct_dp_c20240315__20241231__oef--ClassAxis__custom--C000236087Member__oef--SalesLoadAxis__custom--BenchmarkMember_zSJsnDsedBRj">16.16</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0.1in"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td></tr> </table> 2024-03-15 -0.1614 -0.0692 -0.1620 -0.0692 0.0844 0.1616 <p id="xdx_896_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000236087Member_dU_zyHv3DXP3P0k" style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="border: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="5" style="border-right: black 1pt solid; padding-left: 0.1in"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fund Statistics</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(as of December 31, 2024)</p></td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="3" style="border-right: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 64%; padding-left: 0.1in"><span style="font-size: 10pt">Total Net Assets</span></td> <td style="width: 4%"> </td> <td style="width: 2%"><span style="font-size: 10pt">$</span></td> <td style="width: 28%; text-align: right"><span style="font-size: 10pt"><span id="xdx_900_eus-gaap--AssetsNet_iI_c20241231__oef--ClassAxis__custom--C000236087Member_zzmurqjAM7Dd">17,916,383</span></span></td> <td style="border-right: black 1pt solid; width: 2%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 0.1in"><span style="font-size: 10pt">Number of Portfolio Holdings</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span id="xdx_904_eoef--HoldingsCount_iI_uInteger_c20241231__oef--ClassAxis__custom--C000236087Member_zHvbv19tXHA3">3</span></span></td> <td style="border-right: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 0.1in"><span style="font-size: 10pt">Turnover</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span id="xdx_907_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_c20240701__20241231__oef--ClassAxis__custom--C000236087Member_zg3F3kCaomSb">0</span></span></td> <td style="border-right: black 1pt solid"><span style="font-size: 10pt">%</span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-bottom: black 1pt solid; padding-left: 0.1in"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid"> </td></tr> </table> 17916383 3 0 <p id="xdx_89A_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000236087Member_dU_zhpc5kkafOFb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <table cellpadding="0" 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"> <td style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>What does the Fund invest in?</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt/115% Aptos; text-align: justify; margin: 0"><span style="font-family: Times New Roman, Times, Serif">The Fund enters into financial instruments such as swaps and options on the common stock of Microsoft Corp. (NASDAQ: MSFT).</span></p> <p style="font: 10pt/115% Aptos; margin: 0"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt/115% Aptos; text-align: justify; margin: 0"><span style="font-family: Times New Roman, Times, Serif">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</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <table cellpadding="0" 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"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 37%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 12%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 37%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 12%"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td colspan="2" style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Top 10 Holdings</b> (as of December 31, 2024)</span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sector Breakdown </b>(as of December 31, 2024)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif">MSFT Equity Swap</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_90D_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000236087Member__oef--LargestHoldingAxis__us-gaap--EquitySwapMember_z2JXuXNYyMQd">79.19</span>%</span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif">Total Return Swap</span></td><td style="border-right: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_90B_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000236087Member__oef--IndustrySectorAxis__us-gaap--TotalReturnSwapMember_z6u0j9RDy9ld">79.19</span>%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash</span></td> <td style="border-right: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_90F_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000236087Member__oef--IndustrySectorAxis__us-gaap--CashMember_zIEBVSZ6slJj">20.81</span>%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> 0.7919 0.7919 0.2081 <p id="xdx_894_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000236087Member_dU_zpTpt8HBnw1d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; display: none"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Material Fund Changes</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There were no material fund changes during the year.</span></p> (844) 476 8747 info@graniteshares.com Past performance does not guarantee future results <p id="xdx_89A_eoef--AddlInfoTextBlock_hoef--ClassAxis__custom--C000236087Member_dU_zMYNQcdogoEe" style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit <span style="text-decoration: underline">www.graniteshares.com</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phone: (844) 476 8747 – email: info@graniteshares.com</span></p> GraniteShares 2x Long MU Daily ETF GraniteShares 2x Long MU Daily ETF NASDAQ MULL Semi-Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com <p id="xdx_89D_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000254487Member_dU_ziI0YbZZcBze" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <table cellpadding="0" cellspacing="0" style="border: Black 1pt solid; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; width: 100%; padding-right: 0.1in; padding-left: 0.1in"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>How did the fund perform since inception?</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Since inception on November 11, 2024, to December 31, 2024, the Fund had a -45.21% return.</p></td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; padding-right: 0.1in; padding-left: 0.1in"> </td></tr> <tr> <td style="border-left: black 1pt solid; vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; text-align: justify"><span style="font-size: 10pt">Over the same period the common stock of Micron Technology Inc. (NASDAQ: MU) had a return of - 19.05% and the S&amp;P 500 Index (the Benchmark) a return of -1.78%.</span></td> </tr> <tr> <td style="border-left: black 1pt solid; vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; text-align: justify"> </td></tr> </table> <p id="xdx_891_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000254487Member_dU_z9sq12AQrDz2" style="margin-top: 0; margin-bottom: 0"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"></p> <table cellpadding="0" cellspacing="0" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 100%; padding-right: 0.1in; padding-left: 0.1in"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>What were the fund’s costs since inception?</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">(based on hypothetical $10,000 investment)</p></td></tr> <tr style="vertical-align: top"> <td style="padding-right: 0.1in; padding-left: 0.1in"> </td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"></p> <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="border-left: black 1pt solid; vertical-align: top; width: 3%"> </td> <td style="border: black 1pt solid; vertical-align: top; padding-top: 0.1in; padding-bottom: 0.1in; text-align: center; width: 47%"><span style="font-size: 10pt">Cost of a $10,000<br/> Investment</span></td> <td style="vertical-align: top; width: 3%"> </td> <td style="border: black 1pt solid; text-align: center; width: 44%"><span style="font-size: 10pt">Cost paid as % of a<br/> $10,000 investment </span></td> <td style="border-right: black 1pt solid; vertical-align: top; width: 3%"> </td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid"> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center"> </td> <td style="border-right: black 1pt solid"> </td></tr> <tr> <td style="border-left: black 1pt solid; vertical-align: top"> </td> <td style="border: black 1pt solid; vertical-align: top; padding-top: 0.1in; padding-bottom: 0.1in; text-align: center"><span style="font-size: 10pt">$<span id="xdx_903_eoef--ExpensesPaidAmt_pp2d_c20240701__20241231__oef--ClassAxis__custom--C000254487Member_zEFx5396Xysg">15.19</span></span></td> <td style="vertical-align: top"> </td> <td style="border: black 1pt solid; text-align: center"><span style="font-size: 10pt"><span id="xdx_909_eoef--ExpenseRatioPct_dp_c20240701__20241231__oef--ClassAxis__custom--C000254487Member_fKGEp_zWejjnCdAHkk">1.47</span>%^(a)</span></td> <td style="border-right: black 1pt solid; vertical-align: top"> </td></tr> <tr style="vertical-align: top"> <td id="xdx_F04_zDanUkYKGVle" style="border-bottom: black 1pt solid; text-align: right; border-left: black 1pt solid; padding-top: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td> <td id="xdx_F11_z6vKBeQwJy5c" style="border-bottom: black 1pt solid; padding-top: 0.1in; text-align: left; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Annualized</span><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p></td> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> 15.19 0.0147 <p id="xdx_893_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000254487Member_dU_zKxlDU3poUY8" style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>How did the fund perform since inception</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividend and capital gains. The NAV performance includes all fund expenses. <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img alt="" src="mull_003.jpg" style="width: 720px"/></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <p id="xdx_895_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000254487Member_dU_zqmhz4jQ1q79" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"></p> <table cellpadding="0" cellspacing="0" style="border: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="5" style="border-left: black 1pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in; text-align: justify"><b>Average Annual Total Returns</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in; text-align: justify">(as of December 31, 2024)</p></td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td colspan="3"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td colspan="3" style="text-align: right"><span style="font-size: 10pt">Inception</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td colspan="3" style="text-align: right"><span style="font-size: 10pt">(<span id="xdx_900_eoef--PerfInceptionDate_dd_c20240701__20241231__oef--ClassAxis__custom--C000254487Member_zPcM3zb0Czrk">Nov 11, 2024</span>)</span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="border-left: black 1pt solid; width: 69%; padding-left: 0.1in"><span style="font-size: 10pt">NAV</span></td> <td style="width: 3%"> </td> <td style="width: 1%"> </td> <td style="width: 24%; text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_905_eoef--AvgAnnlRtrPct_dp_c20241111__20241231__oef--ClassAxis__custom--C000254487Member_zg5CfiecEmP1">-45.21</span></span></td> <td style="width: 3%"><span style="font-size: 10pt">%</span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-left: black 1pt solid; padding-left: 0.1in"><span style="font-size: 10pt">Price</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_907_eoef--AvgAnnlRtrPct_dp_c20241111__20241231__oef--ClassAxis__custom--C000254487Member__oef--SalesLoadAxis__custom--PriceMember_zw9z77w3YHNg">-45.21</span></span></td> <td><span style="font-size: 10pt">%</span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="border-left: black 1pt solid; padding-left: 0.1in"><span style="font-size: 10pt">Benchmark</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_906_eoef--AvgAnnlRtrPct_dp_c20241111__20241231__oef--ClassAxis__custom--C000254487Member__oef--SalesLoadAxis__custom--BenchmarkMember_zPf3J2ReKe6">1.78</span></span></td> <td><span style="font-size: 10pt">%</span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0.1in"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="border-bottom: black 1pt solid"> </td></tr> </table> 2024-11-11 -0.4521 -0.4521 0.0178 <p id="xdx_897_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000254487Member_dU_zFnwCLUFCf9a" style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="border: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="5" style="border-right: black 1pt solid; padding-left: 0.1in"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fund Statistics</b>  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(as of December 31, 2024)</p></td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="3" style="border-right: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 67%; padding-left: 0.1in"><span style="font-size: 10pt">Total Net Assets</span></td> <td style="width: 4%"> </td> <td style="width: 2%"><span style="font-size: 10pt">$</span></td> <td style="width: 25%; text-align: right"><span style="font-size: 10pt"><span id="xdx_904_eus-gaap--AssetsNet_iI_c20241231__oef--ClassAxis__custom--C000254487Member_zijArTbgv6k6">2,598,439</span></span></td> <td style="border-right: black 1pt solid; width: 2%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 0.1in"><span style="font-size: 10pt">Number of Portfolio Holdings</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span id="xdx_901_eoef--HoldingsCount_iI_uInteger_c20241231__oef--ClassAxis__custom--C000254487Member_z8XaDszcK4jf">3</span></span></td> <td style="border-right: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 0.1in"><span style="font-size: 10pt">Turnover</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span id="xdx_90F_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20240701__20241231__oef--ClassAxis__custom--C000254487Member_zJM2hlu47Wil">0</span></span></td> <td style="border-right: black 1pt solid"><span style="font-size: 10pt">%</span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-bottom: black 1pt solid; padding-left: 0.1in"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid"> </td></tr> </table> 2598439 3 0 <p id="xdx_89D_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000254487Member_dU_zoRPHYEbK4Aa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <table cellpadding="0" 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"> <td style="border: Black 1pt solid; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>What does the Fund invest in?</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> </p> The Fund enters into financial instruments such as swaps and options on the common stock of Micron Technology Inc. (NASDAQ: MU). <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 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 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <table cellpadding="0" 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"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 37%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Top 10 Holdings </b>(as of December 31, 2024)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 12%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 37%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sector Breakdown </b>(as of December 31, 2024)</span></td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 12%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif">MU Equity Swap</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_909_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000254487Member__oef--LargestHoldingAxis__us-gaap--EquitySwapMember_zGABiFyNN2Hf">66.04</span>%</span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total return Swap</span></td><td style="border-right: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_90E_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000254487Member__oef--IndustrySectorAxis__us-gaap--TotalReturnSwapMember_zsmVorSPX679">66.04</span>%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif">Cash</span></td> <td style="border-right: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_907_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000254487Member__oef--IndustrySectorAxis__us-gaap--CashMember_zMNF8JqC5DSb">33.96</span>%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> 0.6604 0.6604 0.3396 <p id="xdx_890_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000254487Member_dU_z9O36FHwa3d7" style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Material Fund Changes</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">There were no material fund changes during the period.</span></p> info@graniteshares.com Past performance does not guarantee future results. <p id="xdx_890_eoef--AddlInfoTextBlock_hoef--ClassAxis__custom--C000254487Member_dU_zhOTO2EEmFt5" style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit <span style="text-decoration: underline">www.graniteshares.com</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phone: (844) 476 8747 – email: info@graniteshares.com</span></p> GraniteShares 2x Short NVDA Daily ETF GraniteShares 2x Short NVDA Daily ETF NASDAQ NVD Semi-Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com <p id="xdx_898_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000243813Member_dU_z03goFaVPeZ5" style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="border: Black 1pt solid; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; width: 100%; padding-right: 0.1in; padding-left: 0.1in"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>How did the fund perform for the last 6 months?</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">During the period of June 30, 2024, to December 31, 2024, the Fund had a -40.78% return.</p></td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; padding-right: 0.1in; padding-left: 0.1in"> </td></tr> <tr> <td style="border-left: black 1pt solid; vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 99%"><span style="font-size: 10pt">Over the same period the common stock of NVIDIA Corp (NASDAQ: NVDA) had a return of 8.72% and the S&amp;P 500 Index (the Benchmark) a return of 8.44%</span></td> </tr> </table> <p id="xdx_894_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000243813Member_dU_zLu7QeZGNmMl" style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 100%; padding-right: 0.1in; padding-left: 0.1in"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>What were the fund’s costs for the last 6 months?</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">(based on hypothetical $10,000 investment)</p></td></tr> <tr style="vertical-align: top"> <td style="padding-right: 0.1in; padding-left: 0.1in"> </td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"></p> <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="border-left: black 1pt solid; vertical-align: top; width: 3%"> </td> <td style="border: black 1pt solid; vertical-align: top; padding-top: 0.1in; padding-bottom: 0.1in; text-align: center; width: 47%"><span style="font-size: 10pt">Cost of a $10,000<br/> Investment</span></td> <td style="vertical-align: top; width: 3%"> </td> <td style="border: black 1pt solid; text-align: center; width: 44%"><span style="font-size: 10pt">Cost paid as % of a<br/> $10,000 investment </span></td> <td style="border-right: black 1pt solid; vertical-align: top; width: 3%"> </td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid"> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center"> </td> <td style="border-right: black 1pt solid"> </td></tr> <tr> <td style="border-left: black 1pt solid; vertical-align: top"> </td> <td style="border: black 1pt solid; vertical-align: top; padding-top: 0.1in; padding-bottom: 0.1in; text-align: center"><span style="font-size: 10pt">$<span id="xdx_904_eoef--ExpensesPaidAmt_pp2d_c20240701__20241231__oef--ClassAxis__custom--C000243813Member_zKl6SuD6siM">59.84</span></span></td> <td style="vertical-align: top"> </td> <td style="border: black 1pt solid; text-align: center"><span style="font-size: 10pt"><span id="xdx_909_eoef--ExpenseRatioPct_dp_c20240701__20241231__oef--ClassAxis__custom--C000243813Member_fKGEp_zFttHArS9U1">1.50</span>%^(a)</span></td> <td style="border-right: black 1pt solid; vertical-align: top"> </td></tr> <tr style="vertical-align: top"> <td id="xdx_F01_z1z9DsSc2Yud" style="border-bottom: black 1pt solid; text-align: right; border-left: black 1pt solid; padding-top: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td> <td id="xdx_F1B_zzXpDrid2xb2" style="border-bottom: black 1pt solid; padding-top: 0.1in; text-align: left; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Annualized</span><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p></td> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> 59.84 0.0150 <p id="xdx_896_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000243813Member_dU_zPnkkPqZlwqh" style="font: 12pt Times New Roman, Times, Serif; display: none; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <table cellpadding="0" cellspacing="0" style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>How did the fund perform since inception</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividend and capital gains. The NAV performance includes all fund expenses. <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><img alt="" src="nvd_002.jpg"/></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <p id="xdx_89E_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000243813Member_dU_z3B585s9FAFd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> </p> <table cellpadding="0" cellspacing="0" style="border: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="9" style="border-left: black 1pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in; text-align: justify"><b>Average Annual Total Returns</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in; text-align: justify">(as of December 31, 2024)</p></td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td colspan="3"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td colspan="3" style="text-align: right"><span style="font-size: 10pt">Inception</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt">6-month </span></td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt">1 Year</span></td> <td> </td> <td colspan="3" style="text-align: right"><span style="font-size: 10pt">(<span id="xdx_908_eoef--PerfInceptionDate_dd_c20240701__20241231__oef--ClassAxis__custom--C000243813Member_z1TWxbnhn5Wd">Aug 21, 2023</span>)</span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="border-left: black 1pt solid; width: 51%; padding-left: 0.1in"><span style="font-size: 10pt">NAV</span></td> <td style="width: 1%"> </td> <td style="width: 14%; text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_903_eoef--AvgAnnlRtrPct_dp_c20240701__20241231__oef--ClassAxis__custom--C000243813Member_zCSQOV1lnV77">-40.78</span>%</span></td> <td style="width: 1%"> </td> <td style="width: 14%; text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_902_eoef--AvgAnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000243813Member_zhr77kMQqzV8">-93.13</span>%</span></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 14%; text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_905_eoef--AvgAnnlRtrPct_dp_c20230821__20241231__oef--ClassAxis__custom--C000243813Member_zZyznVREHWV1">-87.24</span></span></td> <td style="width: 3%"><span style="font-size: 10pt">%</span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-left: black 1pt solid; padding-left: 0.1in"><span style="font-size: 10pt">Price</span></td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_90B_eoef--AvgAnnlRtrPct_dp_c20240701__20241231__oef--ClassAxis__custom--C000243813Member__oef--SalesLoadAxis__custom--PriceMember_zQ9BkM7GdlId">-40.99</span>%</span></td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_900_eoef--AvgAnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000243813Member__oef--SalesLoadAxis__custom--PriceMember_zQjFi8aGh3Xc">-93.12</span>%</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_903_eoef--AvgAnnlRtrPct_dp_c20230821__20241231__oef--ClassAxis__custom--C000243813Member__oef--SalesLoadAxis__custom--PriceMember_zEPzjpXiNdJf">-87.23</span></span></td> <td><span style="font-size: 10pt">%</span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="border-left: black 1pt solid; padding-left: 0.1in"><span style="font-size: 10pt">Benchmark</span></td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_901_eoef--AvgAnnlRtrPct_dp_c20240701__20241231__oef--ClassAxis__custom--C000243813Member__oef--SalesLoadAxis__custom--BenchmarkMember_zXte8F7dON8i">8.44</span>%</span></td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_909_eoef--AvgAnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000243813Member__oef--SalesLoadAxis__custom--BenchmarkMember_zH50dkHO1C05">25.02</span>%</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_904_eoef--AvgAnnlRtrPct_dp_c20230821__20241231__oef--ClassAxis__custom--C000243813Member__oef--SalesLoadAxis__custom--BenchmarkMember_zYVekWCXLRs4">25.55</span></span></td> <td><span style="font-size: 10pt">%</span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0.1in"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="border-bottom: black 1pt solid"> </td></tr> </table> 2023-08-21 -0.4078 -0.9313 -0.8724 -0.4099 -0.9312 -0.8723 0.0844 0.2502 0.2555 <p id="xdx_893_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000243813Member_dU_zNAmwfuq5Gb7" style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="border: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="5" style="border-right: black 1pt solid; padding-left: 0.1in"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fund Statistics</b>  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(as of December 31, 2024)</p></td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="3" style="border-right: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 76%; padding-left: 0.1in"><span style="font-size: 10pt">Total Net Assets</span></td> <td style="width: 2%"> </td> <td style="width: 2%"><span style="font-size: 10pt">$</span></td> <td style="width: 18%; text-align: right"><span style="font-size: 10pt"><span id="xdx_903_eus-gaap--AssetsNet_iI_c20241231__oef--ClassAxis__custom--C000243813Member_zZfwOupiyrfj">78,357,346</span></span></td> <td style="border-right: black 1pt solid; width: 2%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 0.1in"><span style="font-size: 10pt">Number of Portfolio Holdings</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span id="xdx_903_eoef--HoldingsCount_iI_uInteger_c20241231__oef--ClassAxis__custom--C000243813Member_ztlitWW5rKcg">5</span></span></td> <td style="border-right: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 0.1in"><span style="font-size: 10pt">Turnover</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span id="xdx_90F_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20240701__20241231__oef--ClassAxis__custom--C000243813Member_zMSR3WqyBSQ9">0</span></span></td> <td style="border-right: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-bottom: black 1pt solid; padding-left: 0.1in"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid"> </td></tr> </table> 78357346 5 0 <p id="xdx_89A_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000243813Member_dU_z8GzfoQFWQJg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <table cellpadding="0" 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"> <td style="border: Black 1pt solid; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>What does the Fund invest in?</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> </p> The Fund enters into financial instruments such as swaps and options on the common stock of NVIDIA Corp. (NASDAQ: NVDA). <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 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 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <table cellpadding="0" 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"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 37%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Top 10 Holdings </b>(as of December 31, 2024)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 12%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 37%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sector Breakdown </b>(as of December 31, 2024)</span></td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 12%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NVDA Equity Swap</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_90C_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000243813Member__oef--LargestHoldingAxis__us-gaap--EquitySwapMember_z9Ehc7nZkpBb">57.28</span>%</span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total return Swap</span></td><td style="border-right: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_902_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000243813Member__oef--IndustrySectorAxis__us-gaap--TotalReturnSwapMember_zCpVR9SbYaef">57.28</span>%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif">Cash</span></td> <td style="border-right: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_90C_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000243813Member__oef--IndustrySectorAxis__us-gaap--CashMember_z54bl2XOBj1j">42.72</span>%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> 0.5728 0.5728 0.4272 <p id="xdx_893_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000243813Member_dU_zmux7l7Wzn17" style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Material Fund Changes</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There were no material fund changes during the period.</span></p> info@graniteshares.com Past performance does not guarantee future results. <p id="xdx_895_eoef--AddlInfoTextBlock_hoef--ClassAxis__custom--C000243813Member_dU_zZPgAZCnGk1e" style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit <span style="text-decoration: underline">www.graniteshares.com</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phone: (844) 476 8747 – email: info@graniteshares.com</span></p> GraniteShares 2x Long NVDA Daily ETF GraniteShares 2x Long NVDA Daily ETF NASDAQ NVDL Semi-Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com <p id="xdx_890_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000236090Member_dU_zEYeQryYXBy1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> </p> <table cellpadding="0" cellspacing="0" style="border: Black 1pt solid; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; width: 100%; padding-right: 0.1in; padding-left: 0.1in"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>How did the fund perform for the last 6 months?</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">During the period of June 30, 2024, to December 31, 2024, the Fund had -4.56% return.</p></td></tr> <tr> <td style="border-left: black 1pt solid; width: 99%; font: 12pt Times New Roman, Times, Serif"> </td> </tr> <tr> <td style="border-left: black 1pt solid; vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; text-align: justify"><span style="font-size: 10pt">Over the same period the common stock of NVIDIA Corp. (NASDAQ: NVDA) had a return of 8.72% and the S&amp;P 500 Index (the Benchmark) a return of 8.44%</span></td> </tr> </table> <p id="xdx_89B_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000236090Member_dU_zpvfvxCOy2fl" style="display: none; margin-top: 0; margin-bottom: 0">  </p> <table cellpadding="0" cellspacing="0" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; width: 100%; padding-right: 0.1in; padding-left: 0.1in"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>What were the fund’s costs for the last 6 months?</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">(based on hypothetical $10,000 investment)</p></td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"></p> <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="border-left: black 1pt solid; vertical-align: top; width: 3%"> </td> <td style="vertical-align: top; width: 47%; text-align: center"> </td> <td style="vertical-align: top; width: 3%"> </td> <td style="width: 44%; text-align: center"> </td> <td style="border-right: black 1pt solid; vertical-align: top; width: 3%"> </td></tr> <tr> <td style="border-left: black 1pt solid; vertical-align: top"> </td> <td style="border: black 1pt solid; vertical-align: top; padding-top: 0.1in; padding-bottom: 0.1in; text-align: center"><span style="font-size: 10pt">Cost of a $10,000 Investment</span></td> <td style="vertical-align: top"> </td> <td style="border: black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">Cost paid as % of a $10,000 investment</span></td> <td style="border-right: black 1pt solid; vertical-align: top"> </td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid"> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center"> </td> <td style="border-right: black 1pt solid"> </td></tr> <tr> <td style="border-left: black 1pt solid; vertical-align: top"> </td> <td style="border: black 1pt solid; vertical-align: top; padding-top: 0.1in; padding-bottom: 0.1in; text-align: center"><span style="font-size: 10pt">$<span id="xdx_906_eoef--ExpensesPaidAmt_pp2d_c20240701__20241231__oef--ClassAxis__custom--C000236090Member_zpphIuNTgOI8">51.27</span></span></td> <td style="vertical-align: top"> </td> <td style="border: black 1pt solid; text-align: center"><span style="font-size: 10pt"><span id="xdx_909_eoef--ExpenseRatioPct_dp_c20240701__20241231__oef--ClassAxis__custom--C000236090Member_fKGEp_z0yCvSzThp19">1.04</span>%^(a)</span></td> <td style="border-right: black 1pt solid; vertical-align: top"> </td></tr> <tr style="vertical-align: top"> <td id="xdx_F06_z9LdXSZed8Lh" style="border-bottom: black 1pt solid; text-align: right; border-left: black 1pt solid; padding-top: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td> <td id="xdx_F1D_zqAeFFboM2da" style="border-bottom: black 1pt solid; padding-top: 0.1in; text-align: left; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Annualized</span><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p></td> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> 51.27 0.0104 <p id="xdx_89D_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000236090Member_dU_zurnRIDlzunj" style="font: 12pt Times New Roman, Times, Serif; display: none; margin: 0">  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <table cellpadding="0" cellspacing="0" style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>How did the fund perform since inception</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividend and capital gains. The NAV performance includes all fund expenses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><img alt="" src="nvdl_002.jpg"/></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <p id="xdx_89D_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000236090Member_dU_zp4YxGrR3U24" style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0pt"> </p> <table cellpadding="0" cellspacing="0" style="border: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="13" style="border-left: black 1pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in; text-align: justify"><b>Average Annual Total Returns</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in; text-align: justify">(as of December 31, 2024)</p></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td colspan="3"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="3"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td colspan="3" style="text-align: right"> </td> <td> </td> <td colspan="3" style="text-align: right"> </td> <td style="text-align: right"> </td> <td colspan="3" style="text-align: right"><span style="font-size: 10pt">Inception</span></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td colspan="3" style="text-align: right"><span style="font-size: 10pt"> 6-month</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt">1 Year </span></td> <td> </td> <td> </td> <td colspan="3" style="text-align: right"><span style="font-size: 10pt">(<span id="xdx_90F_eoef--PerfInceptionDate_dd_c20240701__20241231__oef--ClassAxis__custom--C000236090Member_z4kHmmztlXp6">Dec 12, 2022</span>)</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="border-left: black 1pt solid; width: 29%; padding-left: 0.1in"><span style="font-size: 10pt">NAV</span></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_908_eoef--AvgAnnlRtrPct_dp_c20240701__20241231__oef--ClassAxis__custom--C000236090Member_zXt1yzHzyWAk">-4.56</span></span></td> <td style="width: 4%"><span style="font-size: 10pt">%</span></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_90C_eoef--AvgAnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000236090Member_z3C38ZGomRSa">344.98</span></span></td> <td style="width: 4%"><span style="font-size: 10pt">%</span></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 20%; text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_906_eoef--AvgAnnlRtrPct_dp_c20221212__20241231__oef--ClassAxis__custom--C000236090Member_z3VOOqW8Vz33">306.23</span></span></td> <td style="width: 4%"><span style="font-size: 10pt">%</span></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-left: black 1pt solid; padding-left: 0.1in"><span style="font-size: 10pt">Price</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_90D_eoef--AvgAnnlRtrPct_dp_c20240701__20241231__oef--ClassAxis__custom--C000236090Member__oef--SalesLoadAxis__custom--PriceMember_zwM2w5JtwGQ7">-4.64</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_90E_eoef--AvgAnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000236090Member__oef--SalesLoadAxis__custom--PriceMember_zkZJg1miAvRb">344.37</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_906_eoef--AvgAnnlRtrPct_dp_c20221212__20241231__oef--ClassAxis__custom--C000236090Member__oef--SalesLoadAxis__custom--PriceMember_ztayCfsUvQme">306.96</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="border-left: black 1pt solid; padding-left: 0.1in"><span style="font-size: 10pt">Benchmark</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_909_eoef--AvgAnnlRtrPct_dp_c20240701__20241231__oef--ClassAxis__custom--C000236090Member__oef--SalesLoadAxis__custom--BenchmarkMember_zoTp2trANBjb">8.44</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_907_eoef--AvgAnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000236090Member__oef--SalesLoadAxis__custom--BenchmarkMember_zZTgRnqrPaoc">25.02</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_90B_eoef--AvgAnnlRtrPct_dp_c20221212__20241231__oef--ClassAxis__custom--C000236090Member__oef--SalesLoadAxis__custom--BenchmarkMember_zBewDlA3lhf9">22.65</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0.1in"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td></tr> </table> 2022-12-12 -0.0456 3.4498 3.0623 -0.0464 3.4437 3.0696 0.0844 0.2502 0.2265 <p id="xdx_89E_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000236090Member_dU_zjVwrBLTu2ab" style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="border: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="5" style="border-right: black 1pt solid; padding-left: 0.1in"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fund Statistics</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(as of December 31, 2024)</p></td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="3" style="border-right: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="3" style="border-right: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="3" style="border-right: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 82%; padding-left: 0.1in"><span style="font-size: 10pt">Total Net Assets</span></td> <td style="width: 1%"> </td> <td style="width: 1%"><span style="font-size: 10pt">$</span></td> <td style="width: 15%; text-align: right"><span style="font-size: 10pt"><span id="xdx_900_eus-gaap--AssetsNet_iI_c20241231__oef--ClassAxis__custom--C000236090Member_zr4aZR9P7m69">5,367,723,177</span></span></td> <td style="border-right: black 1pt solid; width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 0.1in"><span style="font-size: 10pt">Number of Portfolio Holdings</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span id="xdx_903_eoef--HoldingsCount_iI_uInteger_c20241231__oef--ClassAxis__custom--C000236090Member_zxrCaqpodph7">24</span></span></td> <td style="border-right: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 0.1in"><span style="font-size: 10pt">Turnover</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span id="xdx_908_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_c20240701__20241231__oef--ClassAxis__custom--C000236090Member_zTF5Qbb32Nt6">364.2</span></span></td> <td style="border-right: black 1pt solid"><span style="font-size: 10pt">%</span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-bottom: black 1pt solid; padding-left: 0.1in"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid"> </td></tr> </table> 5367723177 24 3.642 <p id="xdx_899_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000236090Member_dU_zkQKlZykKcki" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <table cellpadding="0" 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"> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>What does the Fund invest in?</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund enters into financial instruments such as swaps and options on the common stock of NVIDIA Corp. (NASDAQ: NVDA).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">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</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <table cellpadding="0" 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"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 37%; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Top 10 Holdings</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 12%; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 2%; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 37%; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sector Breakdown</b></span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 12%; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif">NVDA Equity Swap</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_909_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000236090Member__oef--LargestHoldingAxis__us-gaap--EquitySwapMember_zmuwGyprMTtf">65.76</span>%</span></td> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif">Total return Swap</span></td> <td style="border-right: black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_908_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000236090Member__oef--IndustrySectorAxis__us-gaap--TotalReturnSwapMember_zDeBH9IPvpk6">65.76</span>%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif">United States Treasury Bills</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_904_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000236090Member__oef--LargestHoldingAxis__us-gaap--USTreasuryAndGovernmentMember_zOi4EBauxkUc">27.76</span>%</span></td> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif">Government</span></td> <td style="border-right: black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_90F_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000236090Member__oef--IndustrySectorAxis__us-gaap--GovernmentMember_zCa0orgv4EMk">27.76</span>%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif">Cash</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_90B_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000236090Member__oef--LargestHoldingAxis__us-gaap--CashMember_zfS7jqym3Ut4">6.50</span>%</span></td> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif">Cash</span></td> <td style="border-right: black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_905_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000236090Member__oef--IndustrySectorAxis__us-gaap--CashMember_zXE22l6l2Nx9">6.50</span>%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> 0.6576 0.6576 0.2776 0.2776 0.0650 0.0650 <p id="xdx_893_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000236090Member_dU_ziO6Z29ZSSV9" style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Material Fund Changes</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There were no material fund changes during the year.</span></p> (844) 476 8747 info@graniteshares.com Past performance does not guarantee futures results. <p id="xdx_89A_eoef--AddlInfoTextBlock_hoef--ClassAxis__custom--C000236090Member_dU_ztBRMny3et24" style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit <span style="text-decoration: underline">www.graniteshares.com</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phone: (844) 476 8747 – email: info@graniteshares.com</span></p> GraniteShares 2x Long PLTR Daily ETF GraniteShares 2x Long PLTR Daily ETF NASDAQ PTIR Semi-Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com <p id="xdx_895_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000236091Member_dU_zoyEPPshOx34" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> </p> <table cellpadding="0" cellspacing="0" style="border: Black 1pt solid; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; width: 100%; padding-right: 0.1in; padding-left: 0.1in"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>How did the fund perform since inception?</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Since inception on September 03, 2024, to December 31, 2024, the Fund had a 424.38% return.</p></td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; padding-right: 0.1in; padding-left: 0.1in"> </td></tr> <tr> <td style="border-left: black 1pt solid; vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 99%"><span style="font-size: 10pt">Over the same period the common stock of Palantir Technologies Inc. (NASDAQ: PTLR) had a return of 147.24% and the S&amp;P 500 Index (the Benchmark) a return of 6.85%.</span></td> </tr> </table> <p style="margin-top: 0; margin-bottom: 0"></p> <p id="xdx_894_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000236091Member_dU_zLlOEeXL4Bqd" style="display: none; margin-top: 0; margin-bottom: 0"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"></p> <table cellpadding="0" cellspacing="0" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; width: 100%; padding-right: 0.1in; padding-left: 0.1in"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>What were the fund’s costs since inception?</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">(based on hypothetical $10,000 investment)</p></td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"></p> <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="border-left: black 1pt solid; vertical-align: top; width: 3%"> </td> <td style="vertical-align: top; width: 47%; text-align: center"> </td> <td style="vertical-align: top; width: 3%"> </td> <td style="width: 44%; text-align: center"> </td> <td style="border-right: black 1pt solid; vertical-align: top; width: 3%"> </td></tr> <tr> <td style="border-left: black 1pt solid; vertical-align: top"> </td> <td style="border: black 1pt solid; vertical-align: top; padding-top: 0.1in; padding-bottom: 0.1in; text-align: center"><span style="font-size: 10pt">Cost of a $10,000<br/> Investment</span></td> <td style="vertical-align: top"> </td> <td style="border: black 1pt solid; text-align: center"><span style="font-size: 10pt">Cost paid as % of a<br/> $10,000 investment </span></td> <td style="border-right: black 1pt solid; vertical-align: top"> </td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid"> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center"> </td> <td style="border-right: black 1pt solid"> </td></tr> <tr> <td style="border-left: black 1pt solid; vertical-align: top"> </td> <td style="border: black 1pt solid; vertical-align: top; padding-top: 0.1in; padding-bottom: 0.1in; text-align: center"><span style="font-size: 10pt">$<span id="xdx_90D_eoef--ExpensesPaidAmt_pp2d_c20240701__20241231__oef--ClassAxis__custom--C000236091Member_z15F6RhijO52">105.59</span></span></td> <td style="vertical-align: top"> </td> <td style="border: black 1pt solid; text-align: center"><span id="xdx_907_eoef--ExpenseRatioPct_dp_c20240701__20241231__oef--ClassAxis__custom--C000236091Member_fKGEp_zNsk6GL5IkB8" style="font-size: 10pt">1.04</span><span style="font-size: 10pt">%^(a)</span></td> <td style="border-right: black 1pt solid; vertical-align: top"><p style="margin-top: 0; margin-bottom: 0"> </p> <p style="margin-top: 0; margin-bottom: 0"> </p></td></tr> <tr style="vertical-align: top"> <td id="xdx_F06_zGeM0j3N2Npj" style="border-bottom: black 1pt solid; text-align: right; border-left: black 1pt solid; padding-top: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td> <td id="xdx_F1F_zwKPCqqQ8L8e" style="border-bottom: black 1pt solid; padding-top: 0.1in; text-align: left; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Annualized</span><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p></td> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> 105.59 0.0104 <p id="xdx_898_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000236091Member_dU_z9L0kosAM6xf" style="font: 12pt Times New Roman, Times, Serif; margin: 0; display: none"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <table cellpadding="0" cellspacing="0" style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b>How did the fund perform since inception</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividend and capital gains. The NAV performance includes all fund expenses. <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img alt="" src="ptir_002.jpg"/> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p></td></tr> </table> <p id="xdx_89D_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000236091Member_dU_zcAFMd1R7Bd2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; display: none"> </p> <table cellpadding="0" cellspacing="0" style="border: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="5" style="border-left: black 1pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in; text-align: justify"><b>Average Annual Total Returns</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in; text-align: justify">(as of December 31, 2024)</p></td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td colspan="3"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td colspan="3" style="text-align: right"><span style="font-size: 10pt">Inception</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td colspan="3" style="text-align: right"><span style="font-size: 10pt">(<span id="xdx_909_eoef--PerfInceptionDate_dd_c20240701__20241231__oef--ClassAxis__custom--C000236091Member_zOy0tBdfQOHb">Sep 03, 2024</span>)</span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="border-left: black 1pt solid; width: 69%; padding-left: 0.1in"><span style="font-size: 10pt">NAV</span></td> <td style="width: 3%"> </td> <td style="width: 1%"> </td> <td style="width: 24%; text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_90E_eoef--AvgAnnlRtrPct_dp_c20240903__20241231__oef--ClassAxis__custom--C000236091Member_z3kOr5dOaLoa">424.38</span></span></td> <td style="width: 3%"><span style="font-size: 10pt">%</span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-left: black 1pt solid; padding-left: 0.1in"><span style="font-size: 10pt">Price</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_906_eoef--AvgAnnlRtrPct_dp_c20240903__20241231__oef--ClassAxis__custom--C000236091Member__oef--SalesLoadAxis__custom--PriceMember_zu8KJAQmxbm2">424.52</span></span></td> <td><span style="font-size: 10pt">%</span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="border-left: black 1pt solid; padding-left: 0.1in"><span style="font-size: 10pt">Benchmark</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_908_eoef--AvgAnnlRtrPct_dp_c20240903__20241231__oef--ClassAxis__custom--C000236091Member__oef--SalesLoadAxis__custom--BenchmarkMember_zir5cykMrFBg">6.85</span></span></td> <td><span style="font-size: 10pt">%</span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0.1in"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="border-bottom: black 1pt solid"> </td></tr> </table> 2024-09-03 4.2438 4.2452 0.0685 <p id="xdx_897_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000236091Member_dU_zLIbHGVaEafi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; display: none"> </p> <table cellpadding="0" cellspacing="0" style="border: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="5" style="border-right: black 1pt solid; padding-left: 0.1in"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fund Statistics</b>  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(as of December 31, 2024)</p></td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="3" style="border-right: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="3" style="border-right: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="3" style="border-right: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 71%; padding-left: 0.1in"><span style="font-size: 10pt">Total Net Assets</span></td> <td style="width: 3%"> </td> <td style="width: 1%"><span style="font-size: 10pt">$</span></td> <td style="width: 24%; text-align: right"><span style="font-size: 10pt"><span id="xdx_90F_eus-gaap--AssetsNet_iI_c20241231__oef--ClassAxis__custom--C000236091Member_zy9NTggRWYL2">78,357,346</span></span></td> <td style="border-right: black 1pt solid; width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 0.1in"><span style="font-size: 10pt">Number of Portfolio Holdings</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span id="xdx_901_eoef--HoldingsCount_iI_uInteger_c20241231__oef--ClassAxis__custom--C000236091Member_zKDx3kns8z0d">9</span></span></td> <td style="border-right: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 0.1in"><span style="font-size: 10pt">Turnover</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span id="xdx_904_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_c20240701__20241231__oef--ClassAxis__custom--C000236091Member_z1Xhq8bPwLx5">0</span></span></td> <td style="border-right: black 1pt solid"><span style="font-size: 10pt">%</span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-bottom: black 1pt solid; padding-left: 0.1in"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid"> </td></tr> </table> 78357346 9 0 <p id="xdx_894_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000236091Member_dU_zrouvnuJfeEj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <table cellpadding="0" 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"> <td style="border: Black 1pt solid; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>What does the Fund invest in?</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> </p> The Fund enters into financial instruments such as swaps and options on the common stock of Palantir Technologies Inc. (NASDAQ: PTLR). <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 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 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-right: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 37%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Top 10 Holdings </b>(as of December 31, 2024)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in; width: 12%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 37%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sector Breakdown </b>(as of December 31, 2024)</span></td> <td style="border-right: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 12%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-right: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif">PLTR Equity Swap</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_909_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000236091Member__oef--LargestHoldingAxis__us-gaap--EquitySwapMember_z8BZEBZ5KuW1">64.21</span>%</span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total return Swap</span></td><td style="border-right: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_905_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000236091Member__oef--IndustrySectorAxis__us-gaap--TotalReturnSwapMember_zaoR7oYWp168">64.21</span>%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">United States Treasury Bills</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_909_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000236091Member__oef--LargestHoldingAxis__us-gaap--USTreasuryAndGovernmentMember_z2tQj0lcE0Zf">23.79</span>%</span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif">Government T-bill</span></td> <td style="border-right: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_906_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000236091Member__oef--IndustrySectorAxis__us-gaap--USTreasuryAndGovernmentMember_zvzdrPs4exO5">23.79</span>%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif">Cash</span></td> <td style="border-right: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_905_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000236091Member__oef--IndustrySectorAxis__us-gaap--CashMember_zb52DjmYPmD2">12.00</span>%</span></td></tr> </table> 0.6421 0.6421 0.2379 0.2379 0.1200 <p id="xdx_89B_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000236091Member_dU_zSwBOHaCxDRh" style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Material Fund Changes</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">There were no material fund changes during the period.</span></p> (844) 476 8747 info@graniteshares.com Past performance does not guarantee future results. <p id="xdx_89D_eoef--AddlInfoTextBlock_hoef--ClassAxis__custom--C000236091Member_dU_zhIwEniyr8Ui" style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit <span style="text-decoration: underline">www.graniteshares.com</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phone: (844) 476 8747 – email: info@graniteshares.com</span></p> GraniteShares 2x Long SMCI Daily ETF GraniteShares 2x Long SMCI Daily ETF NASDAQ SMCL Semi-Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com <p id="xdx_89E_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000254492Member_dU_zClaH9mEDMsl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> </p> <table cellpadding="0" cellspacing="0" style="border: Black 1pt solid; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; width: 100%; padding-right: 0.1in; padding-left: 0.1in"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>How did the fund perform since inception?</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Since inception on December 11, 2024, to December 31, 2024, the Fund had a -40.56% return.</p></td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; padding-right: 0.1in; padding-left: 0.1in"> </td></tr> <tr> <td style="border-left: black 1pt solid; vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 99%"><span style="font-size: 10pt">Over the same period the common stock of Super Micro Computer Inc. (NASDAQ: SMCI) had a return of -19.64% and the S&amp;P 500 Index (the Benchmark) a return of -3.26%.</span></td> </tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"></p> <p id="xdx_899_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000254492Member_dU_zKGUKqiGSQK7" style="display: none; margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; width: 100%; padding-right: 0.1in; padding-left: 0.1in"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>What were the fund’s costs since inception?</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">(based on hypothetical $10,000 investment)</p></td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"></p> <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="border-left: black 1pt solid; vertical-align: top; width: 3%"> </td> <td style="vertical-align: top; width: 47%; text-align: center"> </td> <td style="vertical-align: top; width: 3%"> </td> <td style="width: 44%; text-align: center"> </td> <td style="border-right: black 1pt solid; vertical-align: top; width: 3%"> </td></tr> <tr> <td style="border-left: black 1pt solid; vertical-align: top"> </td> <td style="border: black 1pt solid; vertical-align: top; padding-top: 0.1in; padding-bottom: 0.1in; text-align: center"><span style="font-size: 10pt">Cost of a $10,000<br/> Investment</span></td> <td style="vertical-align: top"> </td> <td style="border: black 1pt solid; text-align: center"><span style="font-size: 10pt">Cost paid as % of a<br/> $10,000 investment </span></td> <td style="border-right: black 1pt solid; vertical-align: top"> </td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid"> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center"> </td> <td style="border-right: black 1pt solid"> </td></tr> <tr> <td style="border-left: black 1pt solid; vertical-align: top"> </td> <td style="border: black 1pt solid; vertical-align: top; padding-top: 0.1in; padding-bottom: 0.1in; text-align: center"><span style="font-size: 10pt">$<span id="xdx_90B_eoef--ExpensesPaidAmt_pp2d_c20240701__20241231__oef--ClassAxis__custom--C000254492Member_z4p7F1iBq3F3">6.72</span></span></td> <td style="vertical-align: top"> </td> <td style="border: black 1pt solid; text-align: center"><span style="font-size: 10pt"><span id="xdx_90B_eoef--ExpenseRatioPct_dp_c20240701__20241231__oef--ClassAxis__custom--C000254492Member_fKGEp_z1GShmFMJA0h">1.48</span>%^(a)</span></td> <td style="border-right: black 1pt solid; vertical-align: top"> </td></tr> <tr style="vertical-align: top"> <td id="xdx_F05_zmQFxVaxiEc9" style="border-bottom: black 1pt solid; text-align: right; border-left: black 1pt solid; padding-top: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td> <td id="xdx_F19_zcGbRX3Yscp4" style="border-bottom: black 1pt solid; padding-top: 0.1in; text-align: left; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Annualized</span><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p></td> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> 6.72 0.0148 <p id="xdx_89E_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000254492Member_dU_zxLyD2DGiOM8" style="font: 12pt Times New Roman, Times, Serif; display: none; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <table cellpadding="0" cellspacing="0" style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>How did the fund perform since inception</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividend and capital gains. The NAV performance includes all fund expenses. <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span style="font-family: Times New Roman, Times, Serif"><img alt="" src="smcl_002.jpg"/></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <p id="xdx_89D_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000254492Member_dU_zXANO5ZceQne" style="font: 12pt Times New Roman, Times, Serif; margin: 0; display: none"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"></p> <table cellpadding="0" cellspacing="0" style="border: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="5" style="padding-left: 0.1in"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><b>Average Annual Total Returns</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">(as of December 31, 2024)</p></td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td colspan="3"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td colspan="3" style="text-align: right"><span style="font-size: 10pt">Inception</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td colspan="3" style="text-align: right"><span style="font-size: 10pt">(<span id="xdx_90A_eoef--PerfInceptionDate_dd_c20240701__20241231__oef--ClassAxis__custom--C000254492Member_zdO87eqRewS2">Dec 11, 2024</span>)</span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="border-left: black 1pt solid; width: 69%; padding-left: 0.1in"><span style="font-size: 10pt">NAV</span></td> <td style="width: 3%"> </td> <td style="width: 1%"> </td> <td style="width: 24%; text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_900_eoef--AvgAnnlRtrPct_dp_c20241211__20241231__oef--ClassAxis__custom--C000254492Member_ze553MhjcsQ4">-40.56</span></span></td> <td style="width: 3%"><span style="font-size: 10pt">%</span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-left: black 1pt solid; padding-left: 0.1in"><span style="font-size: 10pt">Price</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_900_eoef--AvgAnnlRtrPct_dp_c20241211__20241231__oef--ClassAxis__custom--C000254492Member__oef--SalesLoadAxis__custom--PriceMember_z5P16766xjhf">-40.68</span></span></td> <td><span style="font-size: 10pt">%</span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="border-left: black 1pt solid; padding-left: 0.1in"><span style="font-size: 10pt">Benchmark</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_901_eoef--AvgAnnlRtrPct_dp_c20241211__20241231__oef--ClassAxis__custom--C000254492Member__oef--SalesLoadAxis__custom--BenchmarkMember_zQqEj7oP7O5d">-3.26</span></span></td> <td><span style="font-size: 10pt">%</span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0.1in"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="border-bottom: black 1pt solid"> </td></tr> </table> 2024-12-11 -0.4056 -0.4068 -0.0326 <p id="xdx_896_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000254492Member_dU_zlyymOP15kLb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; display: none"> </p> <table cellpadding="0" cellspacing="0" style="border: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="5" style="border-right: black 1pt solid; padding-left: 0.1in"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fund Statistics</b>  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">(as of December 31, 2024)</p></td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="3" style="border-right: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 67%; padding-left: 0.1in"><span style="font-size: 10pt">Total Net Assets</span></td> <td style="width: 4%"> </td> <td style="width: 2%"><span style="font-size: 10pt">$</span></td> <td style="width: 25%; text-align: right"><span style="font-size: 10pt"><span id="xdx_902_eus-gaap--AssetsNet_iI_c20241231__oef--ClassAxis__custom--C000254492Member_zVNHeQ43Vbwi">78,357,346</span></span></td> <td style="border-right: black 1pt solid; width: 2%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 0.1in"><span style="font-size: 10pt">Number of Portfolio Holdings</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span id="xdx_903_eoef--HoldingsCount_iI_uInteger_c20241231__oef--ClassAxis__custom--C000254492Member_z0qlOqgepPf9">4</span></span></td> <td style="border-right: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 0.1in"><span style="font-size: 10pt">Turnover</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span id="xdx_908_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_c20240701__20241231__oef--ClassAxis__custom--C000254492Member_zlokoWHCqKlb">0</span></span></td> <td style="border-right: black 1pt solid"><span style="font-size: 10pt">%</span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-bottom: black 1pt solid; padding-left: 0.1in"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid"> </td></tr> </table> 78357346 4 0 <p id="xdx_89C_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000254492Member_dU_zdASjLmMeFsi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <table cellpadding="0" 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"> <td style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>What does the Fund invest in?</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The Fund enters into financial instruments such as swaps and options on the common stock of Super Micro Computer Inc. (NASDAQ: SMCI).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 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 + <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <table cellpadding="0" 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"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 37%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Top 10 Holdings</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 12%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 37%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sector Breakdown</b></span></td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 12%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif">SMCI Equity Swap</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_905_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000254492Member__oef--LargestHoldingAxis__us-gaap--EquitySwapMember_zcKJ4Sr5kHJl">53.08</span>%</span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif">Total Return Swap</span></td><td style="border-right: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_908_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000254492Member__oef--IndustrySectorAxis__us-gaap--TotalReturnSwapMember_zABYoc3vHYa">53.08</span>%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif">United States Treasury Bills</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_902_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000254492Member__oef--LargestHoldingAxis__us-gaap--USTreasuryAndGovernmentMember_zD3o2ZsyvbAa">29.91</span>%</span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif">Government T-bill</span></td> <td style="border-right: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_90C_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000254492Member__oef--IndustrySectorAxis__us-gaap--USTreasuryAndGovernmentMember_zt21Cvp3AO11">29.91</span>%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif">Cash</span></td> <td style="border-right: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_908_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000254492Member__oef--IndustrySectorAxis__us-gaap--CashMember_z67zfiLS9XC6">17.01</span>%</span></td></tr> </table> 0.5308 0.5308 0.2991 0.2991 0.1701 <p id="xdx_899_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000254492Member_dU_zlRKL1HpmJW9" style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Material Fund Changes</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif">There were no material fund changes during the period.</span></p> (844) 476 8747 info@graniteshares.com Past performance does not guarantee futures results. <p id="xdx_893_eoef--AddlInfoTextBlock_hoef--ClassAxis__custom--C000254492Member_dU_zBVx6s54exz" style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit <span style="text-decoration: underline">www.graniteshares.com</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phone: (844) 476 8747 – email: info@graniteshares.com</span></p> GraniteShares 2x Short TSLA Daily ETF GraniteShares 2x Short TSLA Daily ETF NASDAQ TSDD Semi-Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com <p id="xdx_896_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000243815Member_dU_zGcS7zNN5yyf" style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="border: Black 1pt solid; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 100%; padding-right: 0.1in; padding-left: 0.1in"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>How did the fund perform for the last 6 months</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Since the period of June 30, 2024, to December 31, 2024, the Fund had a -89.18% return.</p></td></tr> <tr style="vertical-align: top"> <td style="padding-right: 0.1in; padding-left: 0.1in"> </td></tr> <tr> <td style="font: 12pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 0.1in; padding-left: 0.1in; text-align: justify; width: 99%"><span style="font-size: 10pt">Over the same period the common stock of Tesla Inc. (NASDAQ: TSLA) had a return of 104.08% and the S&amp;P 500 Index (the Benchmark) a return of 8.44%.</span></td> </tr> </table> <p id="xdx_893_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000243815Member_dU_zwIkci9G15K6" style="font: 12pt Times New Roman, Times, Serif; margin: 0; display: none"> </p> <table cellpadding="0" cellspacing="0" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 100%; padding-right: 0.1in; padding-left: 0.1in"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>What were the fund’s costs for the last 6 months?</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">(based on hypothetical $10,000 investment)</p></td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"></p> <table cellpadding="0" cellspacing="0" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 3%"> </td> <td style="vertical-align: top; width: 47%; text-align: center"> </td> <td style="vertical-align: top; width: 3%"> </td> <td style="width: 44%; text-align: center"> </td> <td style="vertical-align: top; width: 3%"> </td></tr> <tr> <td style="vertical-align: top"> </td> <td style="border: black 1pt solid; vertical-align: top; padding-top: 0.1in; padding-bottom: 0.1in; text-align: center"><span style="font-size: 10pt">Cost of a $10,000<br/> Investment</span></td> <td style="vertical-align: top"> </td> <td style="border: black 1pt solid; text-align: center"><span style="font-size: 10pt">Cost paid as % of a<br/> $10,000 investment </span></td> <td style="vertical-align: top"> </td></tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center"> </td> <td> </td></tr> <tr> <td style="vertical-align: top"> </td> <td style="border: black 1pt solid; vertical-align: top; padding-top: 0.1in; padding-bottom: 0.1in; text-align: center"><span style="font-size: 10pt">$<span id="xdx_908_eoef--ExpensesPaidAmt_pp2d_c20240701__20241231__oef--ClassAxis__custom--C000243815Member_z9cePnuDlaCj">37.68</span></span></td> <td style="vertical-align: top"> </td> <td style="border: black 1pt solid; text-align: center"><span style="font-size: 10pt"><span id="xdx_90D_eoef--ExpenseRatioPct_dp_c20240701__20241231__oef--ClassAxis__custom--C000243815Member_fKGEp_zoNDRE5LyyL8">0.94</span>%^(a)</span></td> <td style="vertical-align: top"> </td></tr> <tr style="vertical-align: top"> <td id="xdx_F0A_zFhLB5A7o2Nh" style="border-bottom: black 1pt solid; text-align: right; border-left: black 1pt solid; padding-top: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td> <td id="xdx_F17_z0afStXKJzT9" style="border-bottom: black 1pt solid; padding-top: 0.1in; text-align: left; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Annualized</span><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p></td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> 37.68 0.0094 <p id="xdx_899_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000243815Member_dU_zhclft5cZ9Tf" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <table cellpadding="0" cellspacing="0" style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>How did the fund perform since inception</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividend and capital gains. The NAV performance includes all fund expenses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img alt="" src="tsdd_001.jpg" style="width: 1100px"/> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <p id="xdx_89A_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000243815Member_dU_zqa9tkEvjV2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; display: none"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="border: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="13"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in"><b>Average Annual Total Returns</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in">(as of December 31, 2024)</p></td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="3"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="3"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right; vertical-align: bottom"> </td> <td style="text-align: right; vertical-align: bottom"> </td> <td colspan="3" style="text-align: right; vertical-align: bottom"> </td> <td style="text-align: right; vertical-align: bottom"> </td> <td colspan="3" style="text-align: right; vertical-align: bottom"> </td> <td style="text-align: right; vertical-align: bottom"> </td> <td colspan="3" style="text-align: center; vertical-align: middle"><span style="font-size: 10pt">Inception</span></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right; vertical-align: bottom"> </td> <td style="text-align: right; vertical-align: bottom"> </td> <td colspan="3" style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt"> 6-month</span></td> <td style="text-align: right; vertical-align: bottom"> </td> <td style="text-align: right; vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">1 Year </span></td> <td style="text-align: right; vertical-align: bottom"> </td> <td style="text-align: right; vertical-align: bottom"> </td> <td colspan="3" style="text-align: center; vertical-align: middle"><span style="font-size: 10pt">(<span id="xdx_903_eoef--PerfInceptionDate_dd_c20240701__20241231__oef--ClassAxis__custom--C000243815Member_zx7pEmitF6F8">Aug 21, 2023</span>)</span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 29%; padding-left: 0.1in"><span style="font-size: 10pt">NAV</span></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 17%; text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_901_eoef--AvgAnnlRtrPct_dp_c20240701__20241231__oef--ClassAxis__custom--C000243815Member_zBWLjNscADwc">-89.18</span></span></td> <td style="width: 3%"><span style="font-size: 10pt">%</span></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 17%; text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_90E_eoef--AvgAnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000243815Member_zKTbBDVuwRYe">-89.22</span></span></td> <td style="width: 3%"><span style="font-size: 10pt">%</span></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 22%; text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_90B_eoef--AvgAnnlRtrPct_dp_c20230821__20241231__oef--ClassAxis__custom--C000243815Member_z0ELJ6i9i6Zb">-83.61</span></span></td> <td style="width: 3%"><span style="font-size: 10pt">%</span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 0.1in"><span style="font-size: 10pt">Price</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_90A_eoef--AvgAnnlRtrPct_dp_c20240701__20241231__oef--ClassAxis__custom--C000243815Member__oef--SalesLoadAxis__custom--PriceMember_zP6pf5XzDmd8">-89.18</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_909_eoef--AvgAnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000243815Member__oef--SalesLoadAxis__custom--PriceMember_zN9CxK4tpYr6">-89.22</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_90D_eoef--AvgAnnlRtrPct_dp_c20230821__20241231__oef--ClassAxis__custom--C000243815Member__oef--SalesLoadAxis__custom--PriceMember_zlZPtT5mLLE6">-83.61</span></span></td> <td><span style="font-size: 10pt">%</span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 0.1in"><span style="font-size: 10pt">Benchmark</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_90B_eoef--AvgAnnlRtrPct_dp_c20240701__20241231__oef--ClassAxis__custom--C000243815Member__oef--SalesLoadAxis__custom--BenchmarkMember_zvVDVvOjcnT8">8.44</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_909_eoef--AvgAnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000243815Member__oef--SalesLoadAxis__custom--BenchmarkMember_zqQSMPSpkOti">25.02</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_902_eoef--AvgAnnlRtrPct_dp_c20230821__20241231__oef--ClassAxis__custom--C000243815Member__oef--SalesLoadAxis__custom--BenchmarkMember_zoRXJAXs6ej1">25.55</span></span></td> <td><span style="font-size: 10pt">%</span></td></tr> </table> 2023-08-21 -0.8918 -0.8922 -0.8361 -0.8918 -0.8922 -0.8361 0.0844 0.2502 0.2555 <p id="xdx_89C_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000243815Member_dU_zjQf9eeMgmqh" style="font: 12pt Times New Roman, Times, Serif; margin: 0; display: none"> </p> <table cellpadding="0" cellspacing="0" style="border: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="5" style="padding-left: 0.1in"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Fund Statistics</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">(as of December 31, 2024)</p></td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="3"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="3"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="3"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 82%; padding-left: 0.1in"><span style="font-size: 10pt">Total Net Assets</span></td> <td style="width: 1%"> </td> <td style="width: 1%"><span style="font-size: 10pt">$</span></td> <td style="width: 15%; text-align: right"><span style="font-size: 10pt"><span id="xdx_90F_eus-gaap--AssetsNet_iI_c20241231__oef--ClassAxis__custom--C000243815Member_zETfEbAr6ddk">47,968,862</span></span></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 0.1in"><span style="font-size: 10pt">Number of Portfolio Holdings</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span id="xdx_90A_eoef--HoldingsCount_iI_uInteger_c20241231__oef--ClassAxis__custom--C000243815Member_z9hp5GeEgxRl">5</span></span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 0.1in"><span style="font-size: 10pt">Turnover</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span id="xdx_906_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_c20240701__20241231__oef--ClassAxis__custom--C000243815Member_zW1gVNCJJxCc">0</span></span></td> <td><span style="font-size: 10pt">%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; display: none"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; display: none"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; display: none"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 47968862 5 0 <p id="xdx_89B_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000243815Member_dU_z6eIf5ThmYB1" style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>What does the Fund invest in?</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund enters into financial instruments such as swaps and options on the common stock of Tesla Inc.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <table cellpadding="0" cellspacing="0" style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 37%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in; width: 7%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 6%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 37%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in; width: 11%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Top 10 Holdings </b>(as of December 31, 2024)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sector Breakdown</b> (as of December 31, 2024)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TSLA Equity Swap</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_903_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000243815Member__oef--LargestHoldingAxis__us-gaap--EquitySwapMember_zDCfzhAD7W91">57.57</span>%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Return Swaps</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_901_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000243815Member__oef--IndustrySectorAxis__us-gaap--TotalReturnSwapMember_zZ0jmK1XBRX5">57.57</span>%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_90B_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000243815Member__oef--LargestHoldingAxis__us-gaap--CashMember_zBVLDIsd5BOl">42.43</span>%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_907_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000243815Member__oef--IndustrySectorAxis__us-gaap--CashMember_zUZFeTpzy9Sh">42.43</span>%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> 0.5757 0.5757 0.4243 0.4243 <p id="xdx_89A_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000243815Member_dU_zGdwI17DdJH7" style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Material Fund Changes</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There were no material fund changes during the year.</span></p> (844) 476 8747 info@graniteshares.com Past performance does not guarantee future results. <p id="xdx_897_eoef--AddlInfoTextBlock_hoef--ClassAxis__custom--C000243815Member_dU_zEeQWfDLf2m3" style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit <span style="text-decoration: underline">www.graniteshares.com</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phone: (844) 476 8747 – email: info@graniteshares.com</span></p> GraniteShares 1.25x Long TSLA Daily ETF GraniteShares 1.25x Long TSLA Daily ETF NASDAQ TSL Semi-Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com <p id="xdx_898_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000236093Member_dU_z2kBLRTV9oUg" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>How did the fund perform for the last 6 months</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Since June 30, 2024, to December 31, 2024, the Fund had a 131.33% return.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"></p> <table cellpadding="0" cellspacing="0" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 100%; border-collapse: collapse"> <tr> <td style="font: 12pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 0.1in; padding-left: 0.1in; text-align: justify; width: 99%"><span style="font-size: 10pt">Over the same period the common stock of TSLA Inc. (NASDAQ: TSLA) had a return of 104.08% and the S&amp;P 500 Index (the Benchmark) a return of 8.44%.</span></td> </tr> </table> <p id="xdx_89C_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000236093Member_dU_ziXtsVN85ct9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>What were the fund’s costs for the last 6 months?</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">(based on hypothetical $10,000 investment)</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p> <table cellpadding="0" cellspacing="0" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="width: 3%"> </td> <td style="border: black 1pt solid; vertical-align: top; padding-top: 0.1in; padding-bottom: 0.1in; text-align: center; width: 45%"><span style="font-size: 10pt">Cost of a $10,000<br/> Investment</span></td> <td style="vertical-align: top; width: 2%"> </td> <td style="border: black 1pt solid; text-align: center; width: 45%"><span style="font-size: 10pt">Cost paid as % of a<br/> $10,000 investment </span></td> <td style="vertical-align: top; width: 3%"> </td></tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center"> </td> <td> </td></tr> <tr> <td> </td> <td style="border: black 1pt solid; vertical-align: top; padding-top: 0.1in; padding-bottom: 0.1in; text-align: center"><span style="font-size: 10pt">$<span id="xdx_906_eoef--ExpensesPaidAmt_pp2d_c20240701__20241231__oef--ClassAxis__custom--C000236093Member_zfOTGnJUaE1l">96.57</span></span></td> <td style="vertical-align: top"> </td> <td style="border: black 1pt solid; text-align: center"><span style="font-size: 10pt"><span id="xdx_908_eoef--ExpenseRatioPct_dp_c20240701__20241231__oef--ClassAxis__custom--C000236093Member_fKGEp_zK8U7jvgbKn2">1.16</span>%^(a)</span></td> <td style="vertical-align: top"> </td></tr> <tr style="vertical-align: top"> <td id="xdx_F09_zoPA4TDZkvf2" style="text-align: right; padding-top: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td> <td id="xdx_F11_zQHbIzAuPe67" style="padding-top: 0.1in; text-align: left; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Annualized</span><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p></td> <td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="padding-bottom: 1pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p> 96.57 0.0116 <p id="xdx_891_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000236093Member_dU_zLrPI9Vp86E2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>How did the fund perform since inception</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividend and capital gains. The NAV performance includes all fund expenses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img alt="" src="tsl_001.jpg" style="width: 1100px"/> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p> <p id="xdx_894_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000236093Member_dU_zdV8Kxz5fj18" style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; display: none"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p> <table cellpadding="0" cellspacing="0" style="border: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="13"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in"><b>Average Annual Total Returns</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in">(as of December 31, 2024)</p></td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="3"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="3"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="3"> </td> <td style="text-align: center"> </td> <td colspan="3" style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="3" style="text-align: center"><span style="font-size: 10pt">Inception</span></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="3" style="text-align: right"><span style="font-size: 10pt">6-month</span></td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: right"><span style="font-size: 10pt">1 Year</span></td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="3" style="text-align: center"><span style="font-size: 10pt">(<span id="xdx_908_eoef--PerfInceptionDate_dd_c20240701__20241231__oef--ClassAxis__custom--C000236093Member_zitAbwNGq7Z1">Aug 09, 2022</span>)</span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 29%; padding-left: 0.1in"><span style="font-size: 10pt">NAV</span></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 17%; text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_909_eoef--AvgAnnlRtrPct_dp_c20240701__20241231__oef--ClassAxis__custom--C000236093Member_zdhNzEVkxOPl">131.33</span></span></td> <td style="width: 3%"><span style="font-size: 10pt">%</span></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 17%; text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_90E_eoef--AvgAnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000236093Member_zORQx72kF4g5">64.31</span></span></td> <td style="width: 3%"><span style="font-size: 10pt">%</span></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 22%; text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_906_eoef--AvgAnnlRtrPct_dp_c20220809__20241231__oef--ClassAxis__custom--C000236093Member_zImouwfJkP0d">5.38</span></span></td> <td style="width: 3%"><span style="font-size: 10pt">%</span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 0.1in"><span style="font-size: 10pt">Price</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_90A_eoef--AvgAnnlRtrPct_dp_c20240701__20241231__oef--ClassAxis__custom--C000236093Member__oef--SalesLoadAxis__custom--PriceMember_zNr3HKaDrOn4">131.20</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_905_eoef--AvgAnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000236093Member__oef--SalesLoadAxis__custom--PriceMember_zoFcsD1PJ0Ib">64.36</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_90D_eoef--AvgAnnlRtrPct_dp_c20220809__20241231__oef--ClassAxis__custom--C000236093Member__oef--SalesLoadAxis__custom--PriceMember_zMcVSM3s0ZLl">5.36</span></span></td> <td><span style="font-size: 10pt">%</span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 0.1in"><span style="font-size: 10pt">Benchmark</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_90D_eoef--AvgAnnlRtrPct_dp_c20240701__20241231__oef--ClassAxis__custom--C000236093Member__oef--SalesLoadAxis__custom--BenchmarkMember_zWCV87xI56Aj">8.44</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_90D_eoef--AvgAnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000236093Member__oef--SalesLoadAxis__custom--BenchmarkMember_zXLXunmxRnIe">25.02</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_906_eoef--AvgAnnlRtrPct_dp_c20220809__20241231__oef--ClassAxis__custom--C000236093Member__oef--SalesLoadAxis__custom--BenchmarkMember_zWxPzQIkMF8f">17.60</span></span></td> <td><span style="font-size: 10pt">%</span></td></tr> </table> 2022-08-09 1.3133 0.6431 0.0538 1.3120 0.6436 0.0536 0.0844 0.2502 0.1760 <p id="xdx_89F_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000236093Member_dU_z0j9L1RhSJBd" style="font: 12pt Times New Roman, Times, Serif; margin: 0; display: none"> </p> <table cellpadding="0" cellspacing="0" style="border: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="5" style="padding-left: 0.1in"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Fund Statistics</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">(as of December 31, 2024)</p></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="3" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 82%; padding-left: 0.1in"><span style="font-size: 10pt">Total Net Assets</span></td> <td style="width: 1%"> </td> <td style="width: 1%"><span style="font-size: 10pt">$</span></td> <td style="width: 15%; text-align: right"><span style="font-size: 10pt"><span id="xdx_908_eus-gaap--AssetsNet_iI_c20241231__oef--ClassAxis__custom--C000236093Member_zeAv4kCSOvSc">22,614,211</span></span></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 0.1in"><span style="font-size: 10pt">Number of Portfolio Holdings</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span id="xdx_90D_eoef--HoldingsCount_iI_uInteger_c20241231__oef--ClassAxis__custom--C000236093Member_zgFRhGAAnZe6">4</span></span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 0.1in"><span style="font-size: 10pt">Turnover</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span id="xdx_90C_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_c20240701__20241231__oef--ClassAxis__custom--C000236093Member_zu92Axu7diD9">0</span></span></td> <td><span style="font-size: 10pt">%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; display: none"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; display: none"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p> 22614211 4 0 <p id="xdx_89F_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000236093Member_dU_zqUX54xibNx3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>What does the Fund invest in?</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund enters into financial instruments such as swaps and options on the common stock of Tesla Inc.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <table cellpadding="0" cellspacing="0" style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 37%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in; width: 7%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 6%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 37%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in; width: 11%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Top 10 Holdings</b> (as of December 31, 2024)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sector Breakdown</b> (as of December 31, 2024)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">United States Treasury Bills</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_90C_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000236093Member__oef--LargestHoldingAxis__us-gaap--USTreasuryAndGovernmentMember_zJmkFO0gyuw5">47.63</span>%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Government</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_903_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000236093Member__oef--IndustrySectorAxis__us-gaap--GovernmentMember_zOcjyJo30i23">47.63</span>%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TSLA Equity Swap</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_905_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000236093Member__oef--LargestHoldingAxis__us-gaap--EquitySwapMember_zWu98oqXKlk7">45.09</span>%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Return Swap</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_909_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000236093Member__oef--IndustrySectorAxis__us-gaap--TotalReturnSwapMember_z8IUOJcqqXse">45.09</span>%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_903_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000236093Member__oef--IndustrySectorAxis__us-gaap--CashMember_zfigufGEHi6l">7.28</span>%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> 0.4763 0.4763 0.4509 0.4509 0.0728 <p id="xdx_89A_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000236093Member_dU_z0L10hkvc6xe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Material Fund Changes</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There were no material fund changes during the period.</span></p> (844) 476 8747 info@graniteshares.com Past performance does not guarantee futures results. <p id="xdx_89C_eoef--AddlInfoTextBlock_hoef--ClassAxis__custom--C000236093Member_dU_zXEF5jmUBOeb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit <span style="text-decoration: underline">www.graniteshares.com</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phone: (844) 476 8747 – email: info@graniteshares.com</span></p> GraniteShares 2x Long TSLA Daily ETF GraniteShares 2x Long TSLA Daily ETF NASDAQ TSLR Semi-Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com <p id="xdx_896_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000243817Member_dU_zGtpYCmCB3Gg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <table cellpadding="0" cellspacing="0" style="border: Black 1pt solid; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 100%; padding-right: 0.1in; padding-left: 0.1in"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>How did the fund perform for the last 6 months</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">During the period of June 30, 2024, to December 31, 2024, the Fund had a 210.34% return.</p></td></tr> <tr style="vertical-align: top"> <td style="padding-right: 0.1in; padding-left: 0.1in"> </td></tr> <tr> <td style="font: 12pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 0.1in; padding-left: 0.1in; text-align: justify; width: 99%"><span style="font-size: 10pt">Over the same period the common stock of TSLA Inc. (NASDAQ: TSLA) had a return of 104.08% and the S&amp;P 500 Index (the Benchmark) a return of 8.44%</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p> <p id="xdx_89E_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000243817Member_dU_zQXnfzqrvdp6" style="font: 10pt Times New Roman, Times, Serif; margin: 0">  </p> <table cellpadding="0" cellspacing="0" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 100%; padding-right: 0.1in; padding-left: 0.1in"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>What were the fund’s costs for the last 6 months?</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">(based on hypothetical $10,000 investment)</p></td></tr> <tr style="vertical-align: top"> <td style="padding-right: 0.1in; padding-left: 0.1in"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p> <table cellpadding="0" cellspacing="0" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 100%; border-collapse: collapse"> <tr> <td style="width: 3%"> </td> <td style="border: black 1pt solid; vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-top: 0.1in; padding-bottom: 0.1in; text-align: center; width: 46%"><span style="font-size: 10pt">Cost of a $10,000<br/> Investment</span></td> <td style="font: 12pt Times New Roman, Times, Serif; vertical-align: top; width: 2%"> </td> <td style="border: black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: center; width: 46%"><span style="font-size: 10pt">Cost paid as % of a<br/> $10,000 investment </span></td> <td style="width: 3%"> </td></tr> <tr style="vertical-align: top"> <td> </td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 12pt Times New Roman, Times, Serif"> </td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td></tr> <tr> <td> </td> <td style="border: black 1pt solid; vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-top: 0.1in; padding-bottom: 0.1in; text-align: center"><span style="font-size: 10pt">$<span id="xdx_90E_eoef--ExpensesPaidAmt_pp2d_c20240701__20241231__oef--ClassAxis__custom--C000243817Member_z9g5SA5r5ibh">98.74</span></span></td> <td style="font: 12pt Times New Roman, Times, Serif; vertical-align: top"> </td> <td style="border: black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt"><span id="xdx_907_eoef--ExpenseRatioPct_dp_c20240701__20241231__oef--ClassAxis__custom--C000243817Member_fKGEp_zz2zjvHKuG2f">0.96</span>%^(a)</span></td> <td> </td></tr> <tr style="vertical-align: top"> <td id="xdx_F0A_zc9Ae8oLcla7" style="text-align: right; padding-top: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td> <td id="xdx_F14_zPSQaXpe7rHb" style="padding-top: 0.1in; text-align: left; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Annualized</span><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p></td> <td style="font: 12pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> 98.74 0.0096 <p id="xdx_894_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000243817Member_dU_zCd0Yiwf3Y61" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>How did the fund perform since inception</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividend and capital gains. The NAV performance includes all fund expenses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img alt="" src="tslr_001.jpg" style="width: 1100px"/> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p> <p id="xdx_89C_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000243817Member_dU_zIOBHkT9Efrk" style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="border: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="13"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in"><b>Average Annual Total Returns</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in">(as of December 31, 2024)</p></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="3"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td colspan="3"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="3" style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center"><span style="font-size: 10pt">Inception</span></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="3" style="text-align: right"><span style="font-size: 10pt"> 6-month</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt">1 Year</span></td> <td> </td> <td> </td> <td colspan="3" style="text-align: center"><span style="font-size: 10pt">(<span id="xdx_903_eoef--PerfInceptionDate_dd_c20240701__20241231__oef--ClassAxis__custom--C000243817Member_zZMWhvE5zjS7">Aug 09, 2022</span>)</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 29%; padding-left: 0.1in"><span style="font-size: 10pt">NAV</span></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 17%; text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_908_eoef--AvgAnnlRtrPct_dp_c20240701__20241231__oef--ClassAxis__custom--C000243817Member_zNJXUTVFh82j">210.34</span></span></td> <td style="width: 3%; text-align: right"><span style="font-size: 10pt">%</span></td> <td style="width: 1%; text-align: right"> </td> <td style="width: 1%; text-align: right"> </td> <td style="width: 17%; text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_90F_eoef--AvgAnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000243817Member_zdGg9rcXJ7X">67.82</span></span></td> <td style="width: 3%; text-align: right"><span style="font-size: 10pt">%</span></td> <td style="width: 1%; text-align: right"> </td> <td style="width: 1%; text-align: right"> </td> <td style="width: 21%; text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_90D_eoef--AvgAnnlRtrPct_dp_c20220809__20241231__oef--ClassAxis__custom--C000243817Member_zafQGnOQYydf">49.56</span></span></td> <td style="width: 3%; text-align: right"><span style="font-size: 10pt">%</span></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 0.1in"><span style="font-size: 10pt">Price</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_90F_eoef--AvgAnnlRtrPct_dp_c20240701__20241231__oef--ClassAxis__custom--C000243817Member__oef--SalesLoadAxis__custom--PriceMember_zxu22Q8QtnQ3">210.04</span></span></td> <td style="text-align: right"><span style="font-size: 10pt">%</span></td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_906_eoef--AvgAnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000243817Member__oef--SalesLoadAxis__custom--PriceMember_zn3k6lzlX3hd">67.65</span></span></td> <td style="text-align: right"><span style="font-size: 10pt">%</span></td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_90E_eoef--AvgAnnlRtrPct_dp_c20220809__20241231__oef--ClassAxis__custom--C000243817Member__oef--SalesLoadAxis__custom--PriceMember_zRDM4tWdqXvb">49.53</span></span></td> <td style="text-align: right"><span style="font-size: 10pt">%</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 0.1in"><span style="font-size: 10pt">Benchmark</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_908_eoef--AvgAnnlRtrPct_dp_c20240701__20241231__oef--ClassAxis__custom--C000243817Member__oef--SalesLoadAxis__custom--BenchmarkMember_z8yCuuyEc49e">8.44</span></span></td> <td style="text-align: right"><span style="font-size: 10pt">%</span></td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_90C_eoef--AvgAnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000243817Member__oef--SalesLoadAxis__custom--BenchmarkMember_zyZMhopKDKo4">25.02</span></span></td> <td style="text-align: right"><span style="font-size: 10pt">%</span></td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_902_eoef--AvgAnnlRtrPct_dp_c20220809__20241231__oef--ClassAxis__custom--C000243817Member__oef--SalesLoadAxis__custom--BenchmarkMember_zLvJqZFY2u3c">25.55</span></span></td> <td style="text-align: right"><span style="font-size: 10pt">%</span></td> <td> </td></tr> </table> 2022-08-09 2.1034 0.6782 0.4956 2.1004 0.6765 0.4953 0.0844 0.2502 0.2555 <p id="xdx_89A_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000243817Member_dU_zLFlA0LDM6C6" style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="border: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="5" style="padding-left: 0.1in"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Fund Statistics</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">(as of December 31, 2024)</p></td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="3"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 82%; padding-left: 0.1in"><span style="font-size: 10pt">Total Net Assets</span></td> <td style="width: 1%"> </td> <td style="width: 1%"><span style="font-size: 10pt">$</span></td> <td style="width: 15%; text-align: right"><span style="font-size: 10pt"><span id="xdx_900_eus-gaap--AssetsNet_iI_c20241231__oef--ClassAxis__custom--C000243817Member_zzY9U8AUGpVh">185,030,188</span></span></td> <td style="width: 1%; text-align: right"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 0.1in"><span style="font-size: 10pt">Number of Portfolio Holdings</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span id="xdx_900_eoef--HoldingsCount_iI_uInteger_c20241231__oef--ClassAxis__custom--C000243817Member_zBkm6sonXzJd">7</span></span></td> <td style="text-align: right"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 0.1in"><span style="font-size: 10pt">Turnover</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span id="xdx_904_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20240701__20241231__oef--ClassAxis__custom--C000243817Member_zes4dSQgCywc">0</span></span></td> <td style="text-align: right"><span style="font-size: 10pt">%</span></td></tr> </table> 185030188 7 0 <p id="xdx_899_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000243817Member_dU_zA3rELKjUPGk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>What does the Fund invest in?</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund enters into financial instruments such as swaps and options on the common stock of Tesla Inc (NASDAQ: TSLA).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <table cellpadding="0" cellspacing="0" style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 37%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in; width: 7%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 6%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 37%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in; width: 11%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Top 10 Holdings</b> (as of December 31, 2024)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sector Breakdown</b> (as of December 31, 2024)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">United States Treasury Bill</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_909_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000243817Member__oef--LargestHoldingAxis__us-gaap--USTreasuryAndGovernmentMember_zwDSZHzU0Eu7">53.17%</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Government</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_905_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000243817Member__oef--IndustrySectorAxis__us-gaap--GovernmentMember_zBupDiAhv2x9">53.17</span>%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TSLA Equity Swap</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_908_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000243817Member__oef--LargestHoldingAxis__us-gaap--EquitySwapMember_zOFPD8VT6Tc5">46.83%</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Return Swap</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_903_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000243817Member__oef--IndustrySectorAxis__us-gaap--TotalReturnSwapMember_ziM87ViLc4af">46.83</span>%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> 0.5317 0.5317 0.4683 0.4683 <p id="xdx_894_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000243817Member_dU_zQ82sEfbrWRi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Material Fund Changes</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There were no material fund changes during the period.</span></p> info@graniteshares.com Past performance does not guarantee future results. <p id="xdx_896_eoef--AddlInfoTextBlock_hoef--ClassAxis__custom--C000243817Member_dU_zK0SHxaiUnok" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit <span style="text-decoration: underline">www.graniteshares.com</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phone: (844) 476 8747 – email: info@graniteshares.com</span></p> GraniteShares 2x Long TSM Daily ETF GraniteShares 2x Long TSM Daily ETF NASDAQ TSMU Semi-Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com <p id="xdx_895_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000254493Member_dU_zhM4bIinQMM4" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="border: Black 1pt solid; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 100%; padding-right: 0.1in; padding-left: 0.1in"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>How did the fund perform since inception?</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Since inception on November 11, 2024, to December 31, 2024, the Fund had a 0.20% return.</p></td></tr> <tr style="vertical-align: top"> <td style="padding-right: 0.1in; padding-left: 0.1in"> </td></tr> <tr> <td style="font: 12pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 0.1in; padding-left: 0.1in; text-align: justify"><span style="font-size: 10pt">Over the same period the ADR of Taiwan Semiconductor Manufacturing Co Ltd (NYSE: TSM) had a return of 3.31% and the S&amp;P 500 Index (the Benchmark) a return of -1.78%</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p> <p id="xdx_891_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000254493Member_dU_zKQJW0ZPktT" style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 100%; padding-right: 0.1in; padding-left: 0.1in"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>What were the fund’s costs since inception?</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">(based on hypothetical $10,000 investment)</p></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p> <table cellpadding="0" cellspacing="0" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 100%; border-collapse: collapse"> <tr> <td style="width: 3%"> </td> <td style="font: 12pt Times New Roman, Times, Serif; vertical-align: top; width: 46%; text-align: center"> </td> <td style="font: 12pt Times New Roman, Times, Serif; vertical-align: top; width: 2%"> </td> <td style="font: 12pt Times New Roman, Times, Serif; width: 46%; text-align: center"> </td> <td style="width: 3%"> </td></tr> <tr> <td> </td> <td style="border: black 1pt solid; vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-top: 0.1in; padding-bottom: 0.1in; text-align: center"><span style="font-size: 10pt">Cost of a $10,000<br/> Investment</span></td> <td style="font: 12pt Times New Roman, Times, Serif; vertical-align: top"> </td> <td style="border: black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt">Cost paid as % of a<br/> $10,000 investment </span></td> <td> </td></tr> <tr style="vertical-align: top"> <td> </td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 12pt Times New Roman, Times, Serif"> </td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td></tr> <tr> <td> </td> <td style="border: black 1pt solid; vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-top: 0.1in; padding-bottom: 0.1in; text-align: center"><span style="font-size: 10pt">$<span id="xdx_900_eoef--ExpensesPaidAmt_pp2d_c20240701__20241231__oef--ClassAxis__custom--C000254493Member_z0fKmDO392m9">19.76</span></span></td> <td style="font: 12pt Times New Roman, Times, Serif; vertical-align: top"> </td> <td style="border: black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt"><span id="xdx_901_eoef--ExpenseRatioPct_dp_c20240701__20241231__oef--ClassAxis__custom--C000254493Member_fKGEp_zm6smMkDUtQi">1.48</span>%^(a)</span></td> <td> </td></tr> <tr style="vertical-align: top"> <td id="xdx_F0D_zz04oQYSscO9" style="text-align: right; padding-top: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td> <td id="xdx_F1B_zUgtdwXoWhoa" style="padding-top: 0.1in; text-align: left; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Annualized</span><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p></td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 12pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> 19.76 0.0148 <p id="xdx_891_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000254493Member_dU_zpnpd7EuIALd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>How did the fund perform since inception</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividend and capital gains. The NAV performance includes all fund expenses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img alt="" src="tsmu_001.jpg"/> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p> <p id="xdx_897_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000254493Member_dU_zLeGf7OBqJDb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="border: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="5"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in"><b>Average Annual Total Returns</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in">(as of December 31, 2024)</p></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="3"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="3" style="text-align: center"><span style="font-size: 10pt">Inception</span></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="3" style="text-align: center"><span style="font-size: 10pt">(<span id="xdx_90F_eoef--PerfInceptionDate_dd_c20240701__20241231__oef--ClassAxis__custom--C000254493Member_z3nJLu8Pv16i">Nov 11, 2024</span>)</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 67%; padding-left: 0.1in"><span style="font-size: 10pt">NAV</span></td> <td style="width: 3%"> </td> <td style="width: 1%"> </td> <td style="width: 23%; text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_90B_eoef--AvgAnnlRtrPct_dp_c20241111__20241231__oef--ClassAxis__custom--C000254493Member_zGkEP6VvEfn2">0.20</span></span></td> <td style="width: 3%"><span style="font-size: 10pt">%</span></td> <td style="width: 3%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 0.1in"><span style="font-size: 10pt">Price</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_906_eoef--AvgAnnlRtrPct_dp_c20241111__20241231__oef--ClassAxis__custom--C000254493Member__oef--SalesLoadAxis__custom--PriceMember_zpo9wph2v6mc">0.20</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 0.1in"><span style="font-size: 10pt">Benchmark</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_90A_eoef--AvgAnnlRtrPct_dp_c20241111__20241231__oef--ClassAxis__custom--C000254493Member__oef--SalesLoadAxis__custom--BenchmarkMember_zMdvDQbYoCW">-1.78</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td></tr> </table> 2024-11-11 0.0020 0.0020 -0.0178 <p id="xdx_894_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000254493Member_dU_zjXxxH9FGxjf" style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="border: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 0.1in"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Fund Statistics</b>  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">(as of December 31, 2024)</p> </td> <td> </td> <td colspan="3"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="3"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 67%; padding-left: 0.1in"><span style="font-size: 10pt">Total Net Assets</span></td> <td style="width: 4%"> </td> <td style="width: 2%"><span style="font-size: 10pt">$</span></td> <td style="width: 25%; text-align: right"><span style="font-size: 10pt"><span id="xdx_90E_eus-gaap--AssetsNet_iI_c20241231__oef--ClassAxis__custom--C000254493Member_zK79U8X3mW4j">2,251,392</span></span></td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 0.1in"><span style="font-size: 10pt">Number of Portfolio Holdings</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span id="xdx_907_eoef--HoldingsCount_iI_uInteger_c20241231__oef--ClassAxis__custom--C000254493Member_z7O0NiOQxRa3">3</span></span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 0.1in"><span style="font-size: 10pt">Turnover</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span id="xdx_90D_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20240701__20241231__oef--ClassAxis__custom--C000254493Member_zBQgmjZkc3l4">0</span></span></td> <td><span style="font-size: 10pt">%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p> 2251392 3 0 <p id="xdx_893_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000254493Member_dU_z69RoNUjVzN1" style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>What does the Fund invest in?</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund enters into financial instruments such as swaps and options on the ADR of Taiwan Semiconductor Manufacturing Co Ltd (NYSE: TSM).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <table cellpadding="0" cellspacing="0" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 37%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in; width: 7%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 6%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 37%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in; width: 11%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Top 10 Holdings</b> (as of December 31, 2024)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sector Breakdown</b> (as of December 31, 2024)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TSM Equity Swap</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_90C_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000254493Member__oef--LargestHoldingAxis__us-gaap--EquitySwapMember_zzFBS2jFdwm3">67.18</span>%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Return Swap</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_90D_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000254493Member__oef--IndustrySectorAxis__us-gaap--TotalReturnSwapMember_zYubcRxcMG19">67.18</span>%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_904_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000254493Member__oef--IndustrySectorAxis__us-gaap--CashMember_ziKEPYDJqa8k">32.82</span>%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> 0.6718 0.6718 0.3282 <p id="xdx_89A_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000254493Member_dU_zRxDavT98JX7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Material Fund Changes</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There were no material fund changes during the period.</span></p> info@graniteshares.com Past performance does not guarantee future results. <p id="xdx_89C_eoef--AddlInfoTextBlock_hoef--ClassAxis__custom--C000254493Member_dU_zGSJxLQciZia" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit <span style="text-decoration: underline">www.graniteshares.com</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phone: (844) 476 8747 – email: info@graniteshares.com</span></p> GraniteShares YieldBOOST TSLA ETF GraniteShares YieldBOOST TSLA ETF NASDAQ TSYY Semi-Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com <p id="xdx_891_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000252008Member_dU_z7RQ3l6dYnH2" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>How did the fund perform since inception?</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Since inception on December 18, 2024, to December 31, 2024, the Fund had a -0.19% return.</p> <span style="font-size: 10pt">Over the same period the common stock of TSLA Inc. (NASDAQ: TSLA) had a return of -8.25% and the S&amp;P 500 Index (the Benchmark) a return of 0.20%.</span><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p> <p id="xdx_891_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000252008Member_dU_z98SOashD2Th" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>What were the fund’s costs since inception?</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">(based on hypothetical $10,000 investment)</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p> <table cellpadding="0" cellspacing="0" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 100%; border-collapse: collapse"> <tr> <td style="width: 3%"> </td> <td style="border: black 1pt solid; vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-top: 0.1in; padding-bottom: 0.1in; text-align: center; width: 46%"><span style="font-size: 10pt">Cost of a $10,000<br/> Investment</span></td> <td style="font: 12pt Times New Roman, Times, Serif; vertical-align: top; width: 2%"> </td> <td style="border: black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: center; width: 46%"><span style="font-size: 10pt">Cost paid as % of a<br/> $10,000 investment </span></td> <td style="width: 3%"> </td></tr> <tr style="vertical-align: top"> <td> </td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 12pt Times New Roman, Times, Serif"> </td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td></tr> <tr> <td> </td> <td style="border: black 1pt solid; vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-top: 0.1in; padding-bottom: 0.1in; text-align: center"><span style="font-size: 10pt">$<span id="xdx_900_eoef--ExpensesPaidAmt_pp2d_c20240701__20241231__oef--ClassAxis__custom--C000252008Member_zHZPqY2bTKmj">4.08</span></span></td> <td style="font: 12pt Times New Roman, Times, Serif; vertical-align: top"> </td> <td style="border: black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt"><span id="xdx_909_eoef--ExpenseRatioPct_dp_c20240701__20241231__oef--ClassAxis__custom--C000252008Member_fKGEp_zKu6ByUYVsVh">1.15</span>%^(a)</span></td> <td> </td></tr> <tr style="vertical-align: top"> <td style="text-align: right; vertical-align: bottom"><span style="font-size: 3pt"> </span></td> <td style="font: 12pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 1pt; text-align: left"><span style="font-size: 3pt"> </span></td> <td style="font: 12pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-size: 3pt"> </span></td> <td style="font: 12pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"><span style="font-size: 3pt"> </span></td> <td><span style="font-size: 3pt"> </span></td></tr> <tr style="vertical-align: top"> <td id="xdx_F04_zDPSLKa63F52" style="text-align: right; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td> <td id="xdx_F11_zpNHyZ24tZPd" style="font: 12pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Annualized</span></td> <td style="font: 12pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 12pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> 4.08 0.0115 <p id="xdx_89E_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000252008Member_dU_zuedwRafKUck" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>How did the fund perform since inception</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividend and capital gains. The NAV performance includes all fund expenses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img alt="" src="tsyy_001.jpg"/> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p> <p id="xdx_899_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000252008Member_dU_zR8Pz9gpsKH6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; display: none"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <table cellpadding="0" cellspacing="0" style="border: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="5"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in"><b>Average Annual Total Returns</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in">(as of December 31, 2024)</p></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="3"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="3" style="text-align: center"><span style="font-size: 10pt">Inception</span></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="3" style="text-align: center"><span style="font-size: 10pt">(<span id="xdx_901_eoef--PerfInceptionDate_dd_c20240701__20241231__oef--ClassAxis__custom--C000252008Member_z7BD5OB802Wl">Dec 18, 2024</span>)</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 67%; padding-left: 0.1in"><span style="font-size: 10pt">NAV</span></td> <td style="width: 3%"> </td> <td style="width: 1%"> </td> <td style="width: 23%; text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_90D_eoef--AvgAnnlRtrPct_dp_c20241218__20241231__oef--ClassAxis__custom--C000252008Member_zcvWX3tLpe3d">-0.19</span></span></td> <td style="width: 3%"><span style="font-size: 10pt">%</span></td> <td style="width: 3%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 0.1in"><span style="font-size: 10pt">Price</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_90B_eoef--AvgAnnlRtrPct_dp_c20241218__20241231__oef--ClassAxis__custom--C000252008Member__oef--SalesLoadAxis__custom--PriceMember_zDPUDJC2kVii">-3.90</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 0.1in"><span style="font-size: 10pt">Benchmark</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_90B_eoef--AvgAnnlRtrPct_dp_c20241218__20241231__oef--ClassAxis__custom--C000252008Member__oef--SalesLoadAxis__custom--BenchmarkMember_zOllfcVRP8J7">0.20</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td></tr> </table> 2024-12-18 -0.0019 -0.0390 0.0020 <p id="xdx_89B_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000252008Member_dU_zpvRBPEax12b" style="font: 12pt Times New Roman, Times, Serif; display: none; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="border: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="5" style="padding-left: 0.1in"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Fund Statistics</b>  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">(as of December 31, 2024)</p></td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="3"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 67%; padding-left: 0.1in"><span style="font-size: 10pt">Total Net Assets</span></td> <td style="width: 4%"> </td> <td style="width: 2%"><span style="font-size: 10pt">$</span></td> <td style="width: 25%; text-align: right"><span style="font-size: 10pt"><span id="xdx_90D_eus-gaap--AssetsNet_iI_c20241231__oef--ClassAxis__custom--C000252008Member_zs43tHjsDKu1">719,213</span></span></td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 0.1in"><span style="font-size: 10pt">Number of Portfolio Holdings</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span id="xdx_901_eoef--HoldingsCount_iI_uInteger_c20241231__oef--ClassAxis__custom--C000252008Member_zb8ISCdNaiXa">1</span></span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 0.1in"><span style="font-size: 10pt">Turnover</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span id="xdx_909_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_c20240701__20241231__oef--ClassAxis__custom--C000252008Member_zLbhHecnChrg">0</span></span></td> <td><span style="font-size: 10pt">%</span></td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p> 719213 1 0 <p id="xdx_893_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000252008Member_dU_zVqe4FlSvgP" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>What does the Fund invest in?</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <table cellpadding="0" cellspacing="0" style="border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 41%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in; width: 7%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 39%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in; width: 11%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Top 10 Holdings</b> (as of December 31, 2024)</span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sector Breakdown</b> (as of December 31, 2024)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">United States Treasury Bill</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_90C_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000252008Member__oef--LargestHoldingAxis__us-gaap--USTreasuryAndGovernmentMember_zfIvsEl3IJIf">100.00</span>%</span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Government</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_90B_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000252008Member__oef--IndustrySectorAxis__us-gaap--GovernmentMember_z9fFKDSEJx33">100.00</span>%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> 1.0000 1.0000 <p id="xdx_897_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000252008Member_dU_zh7FX5h9zMeg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Material Fund Changes</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There were no material fund changes during the period.</span></p> (844) 476 8747 info@graniteshares.com Past performance does not guarantee future results. <p id="xdx_899_eoef--AddlInfoTextBlock_hoef--ClassAxis__custom--C000252008Member_dU_ziqCUQbw2vEg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit <span style="text-decoration: underline">www.graniteshares.com</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phone: (844) 476 8747 – email: info@graniteshares.com</span></p> GraniteShares 2x Long UBER Daily ETF GraniteShares 2x Long UBER Daily ETF NASDAQ UBRL Semi-Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com <p id="xdx_895_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000236097Member_dU_zfGyXsimyl71" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>How did the fund perform since inception?</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Since inception on September 03, 2024, to December 31, 2024, the Fund had a -35.81% return.</p> <span style="font-size: 10pt">Over the same period the common stock of Uber Technologies Inc. (NYSE: UBER) had a return of - 15.66% and the S&amp;P 500 Index (the Benchmark) a return of 6.85%.</span><p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_89B_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000236097Member_dU_zE6JFNb2DlA6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>What were the fund’s costs for the since inception?</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">(based on hypothetical $10,000 investment)</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"></p> <table cellpadding="0" cellspacing="0" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 100%; border-collapse: collapse"> <tr> <td style="width: 3%"> </td> <td style="border: black 1pt solid; vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-top: 0.1in; padding-bottom: 0.1in; text-align: center; width: 46%"><span style="font-size: 10pt">Cost of a $10,000<br/> Investment</span></td> <td style="font: 12pt Times New Roman, Times, Serif; vertical-align: top; width: 2%"> </td> <td style="border: black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: center; width: 46%"><span style="font-size: 10pt">Cost paid as % of a<br/> $10,000 investment </span></td> <td style="width: 3%"> </td></tr> <tr style="vertical-align: top"> <td> </td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 12pt Times New Roman, Times, Serif"> </td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td></tr> <tr> <td> </td> <td style="border: black 1pt solid; vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-top: 0.1in; padding-bottom: 0.1in; text-align: center"><span style="font-size: 10pt">$<span id="xdx_909_eoef--ExpensesPaidAmt_pp2d_c20240701__20241231__oef--ClassAxis__custom--C000236097Member_zEZgDrzxUpyl">29.75</span></span></td> <td style="font: 12pt Times New Roman, Times, Serif; vertical-align: top"> </td> <td style="border: black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: center"><span id="xdx_908_eoef--ExpenseRatioPct_dp_c20240701__20241231__oef--ClassAxis__custom--C000236097Member_fKGEp_zfxirWLmNWe5" style="font-size: 10pt">1.12%</span><span style="font-size: 10pt">^(a)</span></td> <td> </td></tr> <tr style="vertical-align: top"> <td style="text-align: right; vertical-align: bottom"><span style="font-size: 3pt"> </span></td> <td style="text-align: left; padding-bottom: 1pt; vertical-align: bottom"><span style="font-size: 3pt"> </span></td> <td style="font: 12pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-size: 3pt"> </span></td> <td style="font: 12pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"><span style="font-size: 3pt"> </span></td> <td><span style="font-size: 3pt"> </span></td></tr> <tr style="vertical-align: top"> <td style="text-align: right; vertical-align: bottom"><span id="xdx_F09_zTFZS7virOAk" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td> <td style="text-align: left; padding-bottom: 1pt; vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span id="xdx_F1A_z8I9xYXdWqQh" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Annualized</span></p></td> <td style="font: 12pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 12pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> 29.75 0.0112 <p id="xdx_894_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000236097Member_dU_z0F9Pohv4U5l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>How did the fund perform since inception</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividend and capital gains. The NAV performance includes all fund expenses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img alt="" src="ubrl_001.jpg"/> </span></p> <p id="xdx_895_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000236097Member_dU_zEd2qMcLR6B" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; display: none"> </p> <table cellpadding="0" cellspacing="0" style="border: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="5"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in"><b>Average Annual Total Returns</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in">(as of December 31, 2024)</p></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="3"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="3" style="text-align: center"><span style="font-size: 10pt">Inception</span></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="3" style="text-align: center"><span style="font-size: 10pt">(<span id="xdx_901_eoef--PerfInceptionDate_dd_c20240701__20241231__oef--ClassAxis__custom--C000236097Member_zy878e8O1eYc">Sep 03, 2024</span>)</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 67%; padding-left: 0.1in"><span style="font-size: 10pt">NAV</span></td> <td style="width: 3%"> </td> <td style="width: 1%"> </td> <td style="width: 23%; text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_906_eoef--AvgAnnlRtrPct_dp_c20240903__20241231__oef--ClassAxis__custom--C000236097Member_zetGtKLb2II6">-35.81</span></span></td> <td style="width: 3%"><span style="font-size: 10pt">%</span></td> <td style="width: 3%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 0.1in"><span style="font-size: 10pt">Price</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_905_eoef--AvgAnnlRtrPct_dp_c20240903__20241231__oef--ClassAxis__custom--C000236097Member__oef--SalesLoadAxis__custom--PriceMember_zcMsPvRncs0l">-35.80</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 0.1in"><span style="font-size: 10pt">Benchmark</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgQXZlcmFnZSBBbm51YWwgUmV0dXJuIChEZXRhaWxzKQA_" id="xdx_903_eoef--AvgAnnlRtrPct_dp_c20240903__20241231__oef--ClassAxis__custom--C000236097Member__oef--SalesLoadAxis__custom--BenchmarkMember_zE3PMwLdKBO5">6.85</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td></tr> </table> 2024-09-03 -0.3581 -0.3580 0.0685 <p id="xdx_897_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000236097Member_dU_zWE5yd6oPOBg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; display: none"> </p> <table cellpadding="0" cellspacing="0" style="border: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 0.1in"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Fund Statistics</b>  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">(as of December 31, 2024)</p> </td> <td> </td> <td colspan="3"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="3"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 67%; padding-left: 0.1in"><span style="font-size: 10pt">Total Net Assets</span></td> <td style="width: 4%"> </td> <td style="width: 2%"><span style="font-size: 10pt">$</span></td> <td style="width: 25%; text-align: right"><span style="font-size: 10pt"><span id="xdx_905_eus-gaap--AssetsNet_iI_c20241231__oef--ClassAxis__custom--C000236097Member_z2wb4yMm38P">18,770,634</span></span></td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 0.1in"><span style="font-size: 10pt">Number of Portfolio Holdings</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span id="xdx_904_eoef--HoldingsCount_iI_uInteger_c20241231__oef--ClassAxis__custom--C000236097Member_zpKBidPtktD4">3</span></span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 0.1in"><span style="font-size: 10pt">Turnover</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span id="xdx_90E_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_c20240701__20241231__oef--ClassAxis__custom--C000236097Member_zXCZvvWUzRZb">0</span></span></td> <td><span style="font-size: 10pt">%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p> 18770634 3 0 <p id="xdx_899_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000236097Member_dU_zQQkA1m2hpmb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>What does the Fund invest in?</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund enters into financial instruments such as swaps and options on the common stock of Uber Technologies Inc. (NYSE: UBER).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <table cellpadding="0" cellspacing="0" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 37%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 7%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 6%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 37%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 11%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Top 10 Holdings</b> (as of December 31, 2024)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sector Breakdown</b> (as of December 31, 2024)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">UBER Equity Swap</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_902_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000236097Member__oef--LargestHoldingAxis__us-gaap--EquitySwapMember_z9AqinuPYr2i">69.46</span>%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Return Swap</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_90A_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000236097Member__oef--IndustrySectorAxis__us-gaap--TotalReturnSwapMember_zYKPCUjGD1hi">69.46</span>%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNoYXJlaG9sZGVyIFJlcG9ydCwgSG9sZGluZ3MgKERldGFpbHMpAA__" id="xdx_900_eoef--PctOfNav_iI_dp_c20241231__oef--ClassAxis__custom--C000236097Member__oef--IndustrySectorAxis__us-gaap--CashMember_zVIZZFpdTHqd">30.54</span>%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> 0.6946 0.6946 0.3054 <p id="xdx_895_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000236097Member_dU_zqGKMmpN52Ah" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Material Fund Changes</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There were no material fund changes during the period.</span></p> (844) 476 8747 info@graniteshares.com Past performance does not guarantee future results. <p id="xdx_89E_eoef--AddlInfoTextBlock_hoef--ClassAxis__custom--C000236097Member_dU_zgQQZ9B6C9pa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit <span style="text-decoration: underline">www.graniteshares.com</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phone: (844) 476 8747 – email: info@graniteshares.com</span></p> Annualized Annualized Annualized Annualized Annualized Annualized Annualized Annualized Annualized Annualized Annualized Annualized Annualized Annualized Annualized Annualized Annualized Annualized Annualized Annualized Annualized Annualized Annualized Annualized