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GraniteShares ETF Trust 2025-06-30 GraniteShares HIPS US High Income ETF GraniteShares HIPS US High Income ETF NYSE HIPS Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com How did the fund perform for the last 12 months? During the period of June 30, 2024, to June 30, 2025, the Fund had a 5.79% return. <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; font: 12pt Times New Roman, Times, Serif; width: 99%"> </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">Over the same period the Benchmark had a return of 6.70%.</td> </tr> </table> What were the fund’s costs for the last 12 months? (based on hypothetical $10,000 investment) <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">Cost of a $10,000 Investment</td> <td style="vertical-align: top"> </td> <td style="border: black 1pt solid; text-align: center">Cost paid as % of a $10,000 investment </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">$72.03</td> <td style="vertical-align: top"> </td> <td style="border: black 1pt solid; text-align: center; line-height: 115%">0.70%(a)</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">(a)</td> <td> Annualized</td> <td> </td> <td style="text-align: center"> </td> <td style="border-right: black 1pt solid"> </td></tr> </table> 72.03 0.0070 How did the fund perform since inception The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses. <img alt="" src="hips_002.jpg"/> <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"> Average Annual Total Returns (as of June 30, 2025)</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">1 Year</td> <td> </td> <td> </td> <td style="text-align: right">5 Years </td> <td> </td> <td> </td> <td colspan="3" style="text-align: right">10 Years</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">NAV</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 17%; text-align: right">5.79</td> <td style="width: 3%">%</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 17%; text-align: right">11.04</td> <td style="width: 3%">%</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 21%; text-align: right">4.74</td> <td style="width: 3%">%</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">Price</td> <td> </td> <td> </td> <td style="text-align: right">4.71</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">11.01</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">4.69</td> <td>%</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="border-left: black 1pt solid; padding-left: 0.1in"> Benchmark(1) </td> <td> </td> <td> </td> <td style="text-align: right">6.70</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">11.90</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">5.49</td> <td>%</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> 0.0579 0.1104 0.0474 0.0471 0.1101 0.0469 0.0670 0.1190 0.0549 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="5" style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="5" style="border-right: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> Fund Statistics (as of June 30, 2025)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in; width: 80%">Total Net Assets</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%">$</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 16%">106,749,907</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in">Number of Portfolio holdings</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">41</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in">Turnover</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">65.2</td> <td style="border-right: black 1pt solid; padding-right: 0.1in; font: 10pt Times New Roman, Times, Serif">%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td></tr> </table>

106749907

0.652

What does the Fund invest in? The Fund attempts to invest all, or substantially all, of its assets in the securities that make up the EQM High Income Pass-Through Securities Index. <table cellpadding="0" 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%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 12%"> </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%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 37%"> </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%"> </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">Top 10 Holdings (as of June 30, 2025)</td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"> </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">Sector Breakdown (as of June 30, 2025)</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">% of Market Value</td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"> </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">% of Market Value</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"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"> </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">United States Treasury Bills</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in">21.92%</td> <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">Financial</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">38.60%</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">Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in">2.34%</td> <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">Government</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">21.92% </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">MPLX LP</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in">2.20%</td> <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">Closed End Funds</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">20.62% </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">Ellington Financial, Inc. </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in">2.19%</td> <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">Energy</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">18.86% </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">Global Net Lease, Inc.</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in">2.14%</td> <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-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"> </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">Hess Midstream LP</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in">2.12%</td> <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-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"> </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">Allspring Multi-Sector Income Fund</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in">2.12%</td> <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-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"> </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">Annaly Capital Management, Inc.</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in">2.11%</td> <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-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"> </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">USA Compression Partners LP </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in">2.11%</td> <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-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"> </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">Delek Logistics Partners LP</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in">2.09%</td> <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-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"> </td></tr> </table> 0.2192 0.3860 0.0234 0.2192 0.0220 0.2062 0.1886 0.0214 0.0212 0.0212 0.0211 0.0211 0.0209 Material Fund Changes There were no material fund changes during the period. info@graniteshares.com Past performance does not guarantee future results. If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com Phone: (844) 476 8747 – email: info@graniteshares.com GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF NYSE COMB Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com How did the fund perform for the last 12 months? During the period of June 30, 2024, to June 30, 2025, the Fund had a 5.31% return. <table cellpadding="0" cellspacing="0" style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 99%"> </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 0.1in; padding-left: 0.1in">Over the same period the Bloomberg Commodity Index (the Benchmark) had a return of 5.77%.</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 0.1in; padding-left: 0.1in"> </td></tr> </table> What were the fund’s costs for the last 12 months? (based on hypothetical $10,000 investment) <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"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 3%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 47%; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 3%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 44%; text-align: center"> </td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 3%"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </td> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.1in; padding-bottom: 0.1in; text-align: center">Cost of a $10,000 Investment</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </td> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Cost paid as % of a $10,000 investment</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </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"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </td> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.1in; padding-bottom: 0.1in; text-align: center">$25.68</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </td> <td style="border: black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; text-align: center">0.25%(a)</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </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; text-align: right; vertical-align: bottom"> (a)</td> <td style="font: 10pt Times New Roman, Times, Serif"> Annualized</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td></tr> </table> 25.68 0.0025 How did the fund perform since inception The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses. <img alt="" src="comb_002.jpg"/> <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: bottom"> <td colspan="17" style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="17" style="font: 10pt Times New Roman, Times, Serif">Average Annual Total Returns (as of June 30, 2025)</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td colspan="3" style="font: 10pt Times New Roman, Times, Serif; text-align: right">Inception</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" style="font: 10pt Times New Roman, Times, Serif; text-align: right">1 Year</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3 Year </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">5 Year</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" style="font: 10pt Times New Roman, Times, Serif; text-align: right">(May 19, 2017)</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; width: 35%; padding-left: 0.1in">NAV</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right">5.31</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%">%</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right">-0.42</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%">%</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 12%">12.14</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right">4.41</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%">%</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in">Price</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">5.51</td> <td style="font: 10pt Times New Roman, Times, Serif">%</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-0.51</td> <td style="font: 10pt Times New Roman, Times, Serif">%</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">12.16</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">4.41</td> <td style="font: 10pt Times New Roman, Times, Serif">%</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in">Benchmark</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">5.77</td> <td style="font: 10pt Times New Roman, Times, Serif">%</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.13</td> <td style="font: 10pt Times New Roman, Times, Serif">%</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">12.67</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">4.83</td> <td style="font: 10pt Times New Roman, Times, Serif">%</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> </table> 2017-05-19 0.0531 -0.0042 0.1214 0.0441 0.0551 -0.0051 0.1216 0.0441 0.0577 0.0013 0.1267 0.0483 <table cellpadding="0" cellspacing="0" style="font: 12pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in; text-align: justify">Fund Statistics (as of June 30, 2025)</td></tr> <tr style="vertical-align: bottom"> <td style="border-left: Black 1pt solid"> </td><td> </td> <td colspan="2"> </td><td style="border-right: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 70%; text-align: left; padding-left: 0.1in">Total Net Assets</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 18%; text-align: right">77,595,692</td><td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.1in">Number of Portfolio Holdings</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">36</td><td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in">Turnover</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0</td><td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-bottom: 1pt; padding-left: 0.1in"> </td><td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left"> </td></tr> </table>

77595692

What does the Fund invest in? While the Fund generally seeks exposure to the commodity futures markets included in the Bloomberg Commodity Index. The Fund seeks to enhance its performance, in part through a cash management strategy consisting of investments in investment grade fixed income securities issued by various U.S. public sector or corporate entities <table cellpadding="0" 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%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 12%"> </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%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 37%"> </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%"> </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">Top 10 Holdings (as of June 30, 2025)</td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"> </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">Sector Breakdown (as of June 30, 2025)</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">% of Market Value</td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"> </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">% of Market Value</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"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"> </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">Government T-bills</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in">43.68%</td> <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">Futures contracts</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">52.49%</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">Gold 100 Oz futures</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in">8.95%</td> <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">Government</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">43.68%</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">Natural Gas futures</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in">4.46%</td> <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">Cash</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">3.83%</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">Brent Crude Oil futures</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in">3.48%</td> <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-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"> </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">Copper futures</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in">3.27%</td> <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-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"> </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">Soybean futures</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in">3.06%</td> <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-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"> </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">WTI Crude Oil futures</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in">3.02%</td> <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-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"> </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">Silver futures</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in">2.69%</td> <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-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"> </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">Aluminum LME futures</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in">2.64%</td> <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-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"> </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">Corn futures</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in">2.52%</td> <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-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"> </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"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"> </td></tr> </table> 0.4368 0.5249 0.0895 0.4368 0.0446 0.0383 0.0348 0.0327 0.0306 0.0302 0.0269 0.0264 0.0252 Material Fund Changes There were no material fund changes during the period. info@graniteshares.com Past performance does not guarantee future results. If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com Phone: (844) 476 8747 – email: info@graniteshares.com GraniteShares Nasdaq Select Disruptors ETF GraniteShares Nasdaq Select Disruptors ETF NYSE DRUP Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com How did the fund perform for the last 12 months? During the period of June 30, 2024, to June 30, 2025, the Fund had a 16.86% return. <table cellpadding="0" cellspacing="0" style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 99%"> </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 0.1in; padding-left: 0.1in">Over the same period the Benchmark had a return of 17.39%.</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 0.1in; padding-left: 0.1in"> </td></tr> </table> What were the fund’s costs for the last 12 months? (based on hypothetical $10,000 investment)<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"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 3%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 47%; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 3%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 44%; text-align: center"> </td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 3%"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </td> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.1in; padding-bottom: 0.1in; text-align: center">Cost of a $10,000 Investment</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </td> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Cost paid as % of a $10,000 investment </td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </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"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </td> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.1in; padding-bottom: 0.1in; text-align: center">$65.06</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </td> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.60%(a)</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </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; text-align: right; vertical-align: bottom"> (a)</td> <td style="font: 10pt Times New Roman, Times, Serif"> Annualized</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td></tr> </table> 65.06 0.0060 How did the fund perform since inception The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses. <img alt="" src="drup_002.jpg"/> <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: bottom"> <td colspan="17" style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="17" style="font: 10pt Times New Roman, Times, Serif">Average Annual Total Returns (as of June 30, 2025)</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td colspan="3" style="font: 10pt Times New Roman, Times, Serif; text-align: right">Inception</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1 Year</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" style="font: 10pt Times New Roman, Times, Serif; text-align: right">3 Years</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">5 Years </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" style="font: 10pt Times New Roman, Times, Serif; text-align: right">(Oct 04, 2019)</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; width: 35%; padding-left: 0.1in">NAV</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 12%">16.86</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%">%</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right">23.89</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%">%</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right">16.73</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%">%</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right">17.38</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%">%</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in">Price</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">16.68</td> <td style="font: 10pt Times New Roman, Times, Serif">%</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">23.85</td> <td style="font: 10pt Times New Roman, Times, Serif">%</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">16.71</td> <td style="font: 10pt Times New Roman, Times, Serif">%</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">17.34</td> <td style="font: 10pt Times New Roman, Times, Serif">%</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in">Benchmark</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">17.39</td> <td style="font: 10pt Times New Roman, Times, Serif">%</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">26.11</td> <td style="font: 10pt Times New Roman, Times, Serif">%</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">16.98</td> <td style="font: 10pt Times New Roman, Times, Serif">%</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">20.68</td> <td style="font: 10pt Times New Roman, Times, Serif">%</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> </table> 2019-10-04 0.1686 0.2389 0.1673 0.1738 0.1668 0.2385 0.1671 0.1734 0.1739 0.2611 0.1698 0.2068 <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: bottom"> <td colspan="5" style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="5" style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in">Fund Statistics (as of June 30, 2025)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; width: 82%; padding-left: 0.1in">Total Net Assets</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%">$</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: right">56,082,923</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in">Number of Portfolio Holdings</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">51</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in">Turnover</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">51</td> <td style="font: 10pt Times New Roman, Times, Serif">%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> </table>

56082923

0.51

What does the Fund invest in? The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its assets (exclusive of collateral held from securities lending) in the securities included in the Nasdaq US Large Cap Select Disruptors Index. <table cellpadding="0" 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%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in; width: 12%"> </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%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 37%"> </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%"> </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">Top 10 Holdings (as of June 30, 2025)</td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"> </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">Sector Breakdown (as of June 30, 2025)</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">% of Market Value</td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"> </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">% of Market Value</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; 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"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"> </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">Microsoft Corp.</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in">10.18%</td> <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">Technology</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">57.52%</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">Meta Platforms, Inc.</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in">6.98%</td> <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">Consumer - non-cyclical</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">21.89%</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">Broadcom, Inc.</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in">6.37%</td> <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">Communications</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">19.70%</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">Alphabet, Inc.</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in">5.54%</td> <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">Industrial</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">0.89%</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">Eli Lilly & Co.</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in">4.48%</td> <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-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"> </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">Palantir Technologies, Inc.</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in">3.14%</td> <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-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"> </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">Salesforce, Inc.</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in">2.91%</td> <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-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"> </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">ServiceNow, Inc.</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in">2.63%</td> <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-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"> </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">Merck & Co., Inc.</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in">2.57%</td> <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-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"> </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">Intuitive Surgical, Inc.</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in">2.49%</td> <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-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"> </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; 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"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"> </td></tr> </table> 0.1018 0.5752 0.0698 0.2189 0.0637 0.1970 0.0554 0.0089 0.0448 0.0314 0.0291 0.0263 0.0257 0.0249 Material Fund Changes There were no material fund changes during the period. info@graniteshares.com Past performance does not guarantee future results. If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com Phone: (844) 476 8747 – email: info@graniteshares.com GraniteShares 2x Long LCID Daily ETF GraniteShares 2x Long LCID Daily ETF NASDAQ LCDL Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com How did the fund perform since inception? Since inception on April 21, 2025, to June 30, 2025, the Fund had a -25.16% return. <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"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 99%"> </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 0.1in; padding-left: 0.1in">Over the same period the common stock of Lucid Group Inc, (NASDAQ: LCID) had a return of -1.08% and the S&P 500 Index (the Benchmark) a return of 20.62%. </td> </tr> </table> What were the fund’s costs since inception? (based on hypothetical $10,000 investment) <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"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 3%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 47%; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 3%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 44%; text-align: center"> </td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 3%"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </td> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.1in; padding-bottom: 0.1in; text-align: center">Cost of a $10,000 Investment</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </td> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Cost paid as % of a $10,000 investment </td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </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"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </td> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.1in; padding-bottom: 0.1in; text-align: center">$19.00</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </td> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">1.14%(a)</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </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; text-align: right; vertical-align: bottom">(a) </td> <td style="font: 10pt Times New Roman, Times, Serif"> Annualized</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td></tr> </table> 19.00 0.0114 How did the fund perform since inception The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses. <img alt="" src="lcid_002.jpg"/> <p id="xdx_892_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000243834Member_dU_z9d80tXE4T93" style="font: 10pt Times New Roman, Times, Serif; display: none; margin-top: 0pt; margin-bottom: 0pt"> <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: bottom"> <td colspan="4" style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="4" style="font: 10pt Times New Roman, Times, Serif"> Average Annual Total Returns (as of June 30, 2025)</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: right">Inception</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: right">(April 21, 2025)</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; width: 79%; padding-left: 0.1in">NAV</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 18%; text-align: right">-25.16</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%">%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in">Price</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-25.20</td> <td style="font: 10pt Times New Roman, Times, Serif">%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in">Benchmark</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">20.62</td> <td style="font: 10pt Times New Roman, Times, Serif">%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> </table> 2025-04-21 -0.2516 -0.2520 0.2062 <p id="xdx_896_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000243834Member_dU_zZarTw2y9Xc5" style="font: 10pt Times New Roman, Times, Serif; display: none; margin-top: 0pt; margin-bottom: 0pt"> <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: bottom"> <td colspan="5" style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="5" style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in"> Fund Statistics (as of June 30, 2025)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; width: 82%; padding-left: 0.1in">Total Net Assets</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%">$</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: right">3,742,170</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in">Number of Portfolio Holdings</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in">Turnover</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0</td> <td style="font: 10pt Times New Roman, Times, Serif">%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> </table>

3742170

41742032

20646650

692453

19879068

What does the Fund invest in? The Fund enters into financial instruments such as swaps and options on the common stock of Microsoft Corp. (NASDAQ: MSFT). The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements <table cellpadding="0" 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%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 12%"> </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%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 37%"> </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%"> </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">Top 10 Holdings (as of June 30, 2025)</td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"> </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">Sector Breakdown (as of June 30, 2025)</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">% of Market Value</td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"> </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">% of Market Value</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"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"> </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">MSFT Equity Swap</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in">58.21%</td> <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">Total Return Swap</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">58.21%</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">US Treasury Bills</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in">39.32%</td> <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">Government</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">39.32%</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">Cash</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in">2.47%</td> <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">Cash</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">2.47%</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"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"> </td></tr> </table> 0.5821 0.5821 0.3932 0.3932 0.0247 0.0247 Material Fund Changes There were no material fund changes during the period. info@graniteshares.com Past performance does not guarantee future results. <p id="xdx_89E_eoef--AddlInfoTextBlock_hoef--ClassAxis__custom--C000236087Member_dU_zP4zUzluOHnl" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com Phone: (844) 476 8747 – email: info@graniteshares.com GraniteShares 2x Long MSTR Daily ETF GraniteShares 2x Long MSTR Daily ETF NASDAQ MSTP Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com How did the fund perform since inception? Since inception on June 09, 2025, to June 30, 2025, the Fund had a 4.32% return. <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"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 99%"> </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top; padding-right: 0.1in; padding-left: 0.1in">Over the same period the common stock of MicroStrategy Inc (NASDAQ: MSTR) had a return of 3.09% and the S&P 500 Index (the Benchmark) a return of 3.39%.</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 0.1in; padding-left: 0.1in"> </td></tr> </table> What were the fund’s costs since inception? (based on hypothetical $10,000 investment)<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"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 3%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 47%; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 3%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 44%; text-align: center"> </td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 3%"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </td> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.1in; padding-bottom: 0.1in; text-align: center">Cost of a $10,000 Investment</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </td> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Cost paid as % of a $10,000 investment </td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </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"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </td> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.1in; padding-bottom: 0.1in; text-align: center">$8.28</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </td> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">1.42%(a)</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_F0F_zMmb5LIwkVnb" style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom">(a) </td> <td style="font: 10pt Times New Roman, Times, Serif"> Annualized</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td></tr> </table> 8.28 0.0142 How did the fund perform since inception The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses. <img alt="" src="mstp_002.jpg"/> <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: bottom"> <td colspan="5" style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="5" style="font: 10pt Times New Roman, Times, Serif">Average Annual Total Returns (as of June 30, 2025) </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" style="font: 10pt Times New Roman, Times, Serif; text-align: right">Inception</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" style="font: 10pt Times New Roman, Times, Serif; text-align: right">(June 09, 2025)</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; width: 78%; padding-left: 0.1in">NAV</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right">4.32</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%">%</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in">Price</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">4.24</td> <td style="font: 10pt Times New Roman, Times, Serif">%</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in">Benchmark</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3.39</td> <td style="font: 10pt Times New Roman, Times, Serif">%</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> </table> 2025-06-09 0.0432 0.0424 0.0339 <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: bottom"> <td colspan="5" style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="5" style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in">Fund Statistics (as of June 30, 2025) </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; width: 82%; padding-left: 0.1in">Total Net Assets</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%">$</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: right">782,417</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in">Number of Portfolio holdings</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in">Turnover</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0</td> <td style="font: 10pt Times New Roman, Times, Serif">%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> </table>

782417

What does the Fund invest in? The Fund enters into financial instruments such as swaps and options on the common stock of MicroStrategy Inc (NASDAQ: MSTR). The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements <table cellpadding="0" 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%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in; width: 12%"> </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%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 37%"> </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%"> </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">Top 10 Holdings (as of June 30, 2025)</td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"> </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">Sector Breakdown (as of June 30, 2025)</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">% of Market Value</td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"> </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">% of Market Value</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; 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"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"> </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">MSTR Equity Swap</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in">72.25%</td> <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">Total Return Swap</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">72.25%</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">Cash</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in">27.75%</td> <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">Cash</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">27.75%</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; 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"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"> </td></tr> </table> 0.7225 0.7225 0.2775 0.2775 Material Fund Changes There were no material fund changes during the period. info@graniteshares.com Past performance does not guarantee future results. If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com Phone: (844) 476 8747 – email: info@graniteshares.com GraniteShares 2x Long MU Daily ETF GraniteShares 2x Long MU Daily ETF NASDAQ MULL Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com How did the fund perform since inception? Since inception on November 11, 2024, to June 30, 2025, the Fund had a -14.14% return. <table cellpadding="0" cellspacing="0" style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 99%"> </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 0.1in; padding-left: 0.1in">Over the same period the common stock of Micron Technology Inc. (NASDAQ: MU) had a return of 13.24% and the S&P 500 Index (the Benchmark) a return of 4.31%. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: Black 1pt solid; border-left: Black 1pt solid; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 100%; padding-right: 0.1in; padding-left: 0.1in">What were the fund’s costs since inception? (based on hypothetical $10,000 investment)</td></tr> </table> <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"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 3%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 47%; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 3%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 44%; text-align: center"> </td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 3%"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </td> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.1in; padding-bottom: 0.1in; text-align: center">Cost of a $10,000 Investment</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </td> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Cost paid as % of a $10,000 investment </td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </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"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </td> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.1in; padding-bottom: 0.1in; text-align: center">$87.23</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </td> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">1.49%(a)</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </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; text-align: right; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_F05_zN1jRs4VAhL1" style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom">(a)</td> <td id="xdx_F15_zMtGix5BmVn4" style="font: 10pt Times New Roman, Times, Serif">Annualized</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td></tr> </table> 87.23 0.0149 How did the fund perform since inception The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses. <img alt="" src="mull_002.jpg"/> <p id="xdx_896_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000254487Member_dU_zNZslunl64Z9" style="font: 10pt Times New Roman, Times, Serif; display: none; margin-top: 0pt; margin-bottom: 0pt"> <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: bottom"> <td colspan="5" style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="5" style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in">Average Annual Total Returns (as of June 30, 2025)</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td colspan="3" style="font: 10pt Times New Roman, Times, Serif; text-align: right">Inception</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" style="font: 10pt Times New Roman, Times, Serif; text-align: right">(Nov 11, 2024)</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; width: 63%; padding-left: 0.1in">NAV</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 31%; text-align: right">-14.24</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 3%">%</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in">Price</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-14.36</td> <td style="font: 10pt Times New Roman, Times, Serif">%</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in">Benchmark</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">4.31</td> <td style="font: 10pt Times New Roman, Times, Serif">%</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> </table> 2024-11-11 -0.1424 -0.1436 0.0431 <p id="xdx_899_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000254487Member_dU_zjDdvMi4jV92" style="font: 10pt Times New Roman, Times, Serif; display: none; margin-top: 0pt; margin-bottom: 0pt"> <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: bottom"> <td colspan="5" style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="5" style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in">Fund Statistics (as of June 30, 2025) </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; width: 82%; padding-left: 0.1in">Total Net Assets</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%">$</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: right">8,789,188</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in">Number of Portfolio holdings</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in">Turnover</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0</td> <td style="font: 10pt Times New Roman, Times, Serif">%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> </table>

8789188

What does the Fund invest in? The Fund enters into financial instruments such as swaps and options on the common stock of Micron Technology Inc. (NASDAQ: MU). The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements <table cellpadding="0" 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%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 12%"> </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%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 37%"> </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%"> </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">Top 10 Holdings (as of June 30, 2025)</td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"> </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">Sector Breakdown (as of June 30, 2025)</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">% of Market Value</td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"> </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">% of Market Value</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"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"> </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">MU Equity Swap</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in">45.30%</td> <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">Total Return Swap</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">45.30%</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">US Treasury Bill</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in">48.87%</td> <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">Government</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">48.87%</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">Cash</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in">5.83%</td> <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">Cash</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">5.83%</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"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"> </td></tr> </table> 0.4530 0.4530 0.4887 0.4887 0.0583 0.0583 Material Fund Changes There were no material fund changes during the period. info@graniteshares.com Past performance does not guarantee future results. <p id="xdx_89F_eoef--AddlInfoTextBlock_hoef--ClassAxis__custom--C000254487Member_dU_zJwQRQfa46x4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com Phone: (844) 476 8747 – email: info@graniteshares.com GraniteShares 2x Long AAPL Daily ETF GraniteShares 2x Long AAPL Daily ETF NASDAQ AAPB Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com How did the fund perform for the last 12 months? During the period of June 30, 2024, to June 30, 2025, the Fund had a -20.52% return. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.05in; width: 99%; padding-left: 0.05in"> </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-right: 0.05in; padding-left: 0.05in; vertical-align: top">Over the same period the common stock of Apple Inc (AAPL) had a return of –2.13% and the S&P 500 Index (the Benchmark) a return of 15.16%.</td> </tr> </table> What were the fund’s costs for the last 12 months? (based on hypothetical $10,000 investment) <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"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.05in; padding-left: 0.05in; vertical-align: top; width: 3%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.05in; padding-left: 0.05in; vertical-align: top; width: 47%; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.05in; padding-left: 0.05in; vertical-align: top; width: 3%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.05in; padding-left: 0.05in; width: 44%; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.05in; padding-left: 0.05in; vertical-align: top; width: 3%"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.05in; padding-left: 0.05in; vertical-align: top"> </td> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.05in; vertical-align: top; padding-left: 0.05in; text-align: center">Cost of a $10,000 Investment</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.05in; padding-left: 0.05in; vertical-align: top"> </td> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.05in; padding-left: 0.05in; text-align: center">Cost paid as % of a $10,000 investment </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.05in; padding-left: 0.05in; vertical-align: top"> </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: 0.05in; padding-left: 0.05in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.05in; padding-left: 0.05in; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.05in; padding-left: 0.05in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.05in; padding-left: 0.05in; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.05in; padding-left: 0.05in"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.05in; padding-left: 0.05in; vertical-align: top"> </td> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.05in; vertical-align: top; padding-left: 0.05in; text-align: center">$103.17</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.05in; padding-left: 0.05in; vertical-align: top"> </td> <td style="border: black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 0.05in; padding-left: 0.05in; text-align: center">1.15%(a)</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.05in; padding-left: 0.05in; vertical-align: top"> </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: 0.05in; padding-left: 0.05in; text-align: right; vertical-align: bottom">(a)</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.05in; padding-left: 0.05in"> Annualized</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.05in; padding-bottom: 0.05in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.05in; text-align: center; padding-bottom: 0.05in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.05in; padding-bottom: 0.05in"> </td></tr> </table> 103.17 0.0115 How did the fund perform since inception The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses. <img alt="" src="aapb_002.jpg"/> <table cellpadding="0" 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: bottom"> <td colspan="8" 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: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in">Average Annual Total Returns(as of June 30, 2025)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in; text-align: right">1 Year</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in; text-align: right">Inception (Aug 08, 2022)</td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in; width: 61%">NAV</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in; text-align: right; width: 16%">-20.52</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in; width: 2%">%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in; width: 1%"></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in; width: 16%; text-align: right">-1.54</td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in; width: 1%">%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in">Price</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in; text-align: right">-20.47</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in">%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in; text-align: right">-1.57</td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in">%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in">Benchmark</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in; text-align: right; width: 16%">15.16</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in">%</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in; text-align: right">16.78</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in">%</td></tr> </table> 2022-08-08 -0.2052 -0.0154 -0.2047 -0.0157 0.1516 0.1678 <table cellpadding="0" 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: bottom"> <td colspan="5" 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: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="5" style="border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in">Fund Statistics (as of June 30, 2025)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td colspan="3" style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in; width: 82%">Total Net Assets</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in; width: 1%">$</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in; width: 15%; text-align: right">29,407,986</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in; width: 1%"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in">Number of Portfolio holdings</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in; text-align: right">2</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in">Turnover</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in; text-align: right">0</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in">%</td></tr> </table>

29407986

459582679

What does the Fund invest in? The Fund enters into financial instruments such as swaps and options on the common stock of Advanced Micro Devices Inc. (NASDAQ: AMD). The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements <table cellpadding="0" 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: 0.05in; padding-left: 0.05in; width: 37%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.05in; padding-left: 0.05in; width: 12%"> </td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.05in; padding-left: 0.05in; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.05in; padding-left: 0.05in; width: 37%"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.05in; padding-left: 0.05in; width: 12%"> </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: 0.05in; padding-left: 0.05in">Top 10 Holdings (as of June 30, 2025)</td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.05in; padding-left: 0.05in"> </td> <td colspan="2" style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.05in; padding-left: 0.05in">Sector Breakdown (as of June 30, 2025)</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: 0.05in; padding-left: 0.05in">% of Market Value</td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.05in; padding-left: 0.05in"> </td> <td colspan="2" style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.05in; padding-left: 0.05in">% of Market Value</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: 0.05in; padding-left: 0.05in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.05in; padding-left: 0.05in"> </td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.05in; padding-left: 0.05in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.05in; padding-left: 0.05in"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.05in; padding-left: 0.05in"> </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: 0.05in; padding-left: 0.05in">AMD Equity Swap</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in; padding-left: 0.05in">74.07%</td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.05in; padding-left: 0.05in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.05in; padding-left: 0.05in">Total Return Swap</td><td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in; padding-left: 0.05in">74.07%</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: 0.05in; padding-left: 0.05in">US Treasury Bills</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in; padding-left: 0.05in">12.63%</td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.05in; padding-left: 0.05in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.05in; padding-left: 0.05in">Government</td><td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in; padding-left: 0.05in">12.63%</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: 0.05in; padding-left: 0.05in">Cash</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in; padding-left: 0.05in">13.30%</td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.05in; padding-left: 0.05in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.05in; padding-left: 0.05in">Cash</td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in; padding-left: 0.05in">13.30%</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: 0.05in; padding-left: 0.05in"></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in; padding-left: 0.05in"></td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.05in; padding-left: 0.05in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.05in; padding-left: 0.05in"></td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in; padding-left: 0.05in"></td></tr> </table> 0.7407 0.7407 0.1263 0.1263 0.1330 0.1330 Material Fund Changes There were no material fund changes during the period. info@graniteshares.com Past performance does not guarantee future results. If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com Phone: (844) 476 8747 – email: info@graniteshares.com GraniteShares 2x Long AMZN Daily ETF GraniteShares 2x Long AMZN Daily ETF NASDAQ AMZZ Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com How did the fund perform for the last 12 months? During the period of June 30, 2024, to June 30, 2025, the Fund had a 5.20% return. <table cellpadding="0" cellspacing="0" style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.05in; width: 99%; padding-left: 0.05in"> </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 0.05in; padding-left: 0.05in">Over the same period the common stock of Amazon.com (AMZN) had a return of 13.53% and the S&P 500 Index (the Benchmark) a return of 15.16%.</td> </tr> </table> What were the fund’s costs for the last 12 months? (based on hypothetical $10,000 investment) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; padding-right: 0.05in; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 3%; padding-left: 0.05in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.05in; vertical-align: top; width: 47%; text-align: center; padding-left: 0.05in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.05in; vertical-align: top; width: 3%; padding-left: 0.05in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.05in; width: 44%; text-align: center; padding-left: 0.05in"> </td> <td style="border-right: black 1pt solid; padding-right: 0.05in; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 3%; padding-left: 0.05in"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; padding-right: 0.05in; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.05in"> </td> <td style="border: black 1pt solid; padding-right: 0.05in; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.05in; text-align: center">Cost of a $10,000 Investment</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.05in; vertical-align: top; padding-left: 0.05in"> </td> <td style="border: black 1pt solid; padding-right: 0.05in; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 0.05in">Cost paid as % of a $10,000 investment </td> <td style="border-right: black 1pt solid; padding-right: 0.05in; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.05in"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: black 1pt solid; padding-right: 0.05in; font: 10pt Times New Roman, Times, Serif; padding-left: 0.05in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.05in; text-align: center; padding-left: 0.05in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.05in; padding-left: 0.05in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.05in; text-align: center; padding-left: 0.05in"> </td> <td style="border-right: black 1pt solid; padding-right: 0.05in; font: 10pt Times New Roman, Times, Serif; padding-left: 0.05in"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; padding-right: 0.05in; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.05in"> </td> <td style="border: black 1pt solid; padding-right: 0.05in; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.05in; text-align: center">$118.15</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.05in; vertical-align: top; padding-left: 0.05in"> </td> <td style="border: black 1pt solid; padding-right: 0.05in; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 0.05in">1.15%(a)</td> <td style="border-right: black 1pt solid; padding-right: 0.05in; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.05in"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.05in; text-align: right; vertical-align: bottom; padding-left: 0.05in">(a)</td> <td style="border-bottom: Black 1pt solid; padding-right: 0.05in; font: 10pt Times New Roman, Times, Serif; padding-left: 0.05in"> Annualized</td> <td style="border-bottom: Black 1pt solid; padding-right: 0.05in; font: 10pt Times New Roman, Times, Serif; padding-left: 0.05in"> </td> <td style="border-bottom: Black 1pt solid; padding-right: 0.05in; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 0.05in"> </td> <td style="border-right: Black 1pt solid; padding-right: 0.05in; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; padding-left: 0.05in"> </td></tr> </table> 118.15 0.0115 How did the fund perform since inception The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses. <img alt="" src="amzz_001.jpg" style="height: 165px; width: 620px"/> <table cellpadding="0" 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: bottom"> <td colspan="8" style="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </td> <td style="border-top: Black 1pt solid; padding-bottom: 0.02in; border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-left: 0.02in"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="8" style="border-left: black 1pt solid; padding-bottom: 0.02in; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-left: 0.02in">Average Annual Total Returns (as of June 30, 2025)</td> <td style="border-right: Black 1pt solid; padding-bottom: 0.02in; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-left: 0.02in"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-left: black 1pt solid; padding-bottom: 0.02in; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </td> <td colspan="3" style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; text-align: right; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; text-align: right; padding-left: 0.02in"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; text-align: right; padding-left: 0.02in">Inception</td> <td style="border-right: Black 1pt solid; padding-bottom: 0.02in; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-left: 0.02in"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-left: black 1pt solid; padding-bottom: 0.02in; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; text-align: right; padding-left: 0.02in">1 Year </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; text-align: right; padding-left: 0.02in">(March 15, 2024)</td> <td style="border-right: Black 1pt solid; padding-bottom: 0.02in; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-left: 0.02in"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="border-left: black 1pt solid; padding-bottom: 0.02in; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; width: 60%; padding-left: 0.02in">NAV</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; width: 1%; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; width: 1%; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; width: 16%; text-align: right; padding-left: 0.02in">5.20</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; width: 2%; padding-left: 0.02in">%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; width: 1%; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; width: 1%; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; width: 16%; text-align: right; padding-left: 0.02in">17.89</td> <td style="border-right: Black 1pt solid; padding-bottom: 0.02in; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; width: 2%; padding-left: 0.02in">%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-left: black 1pt solid; padding-bottom: 0.02in; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-left: 0.02in">Price</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; text-align: right; padding-left: 0.02in">5.10</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in">%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; text-align: right; padding-left: 0.02in">17.89</td> <td style="border-right: Black 1pt solid; padding-bottom: 0.02in; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-left: 0.02in">%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="border-bottom: Black 1pt solid; padding-bottom: 0.02in; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-left: 0.02in">Benchmark</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 0.02in; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-left: 0.02in"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 0.02in; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-left: 0.02in"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 0.02in; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; text-align: right; padding-left: 0.02in">15.16</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 0.02in; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-left: 0.02in">%</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 0.02in; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-left: 0.02in"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 0.02in; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-left: 0.02in"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 0.02in; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; text-align: right; padding-left: 0.02in">17.63</td> <td style="border-right: Black 1pt solid; padding-bottom: 0.02in; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-left: 0.02in">%</td></tr> </table> 2024-03-15 0.0520 0.1789 0.0510 0.1789 0.1516 0.1763 <table cellpadding="0" 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: bottom"> <td colspan="5" 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: 0.02in; padding-left: 0.02in">Fund Statistics (as of June 30, 2025)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-left: 0.02in"> </td> <td colspan="3" style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-left: 0.02in"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; width: 82%; padding-left: 0.02in">Total Net Assets</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; width: 1%; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; width: 1%; padding-left: 0.02in">$</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; width: 15%; text-align: right; padding-left: 0.02in">49,488,830</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; width: 1%; padding-left: 0.02in"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-left: 0.02in">Number of Portfolio holdings</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; text-align: right; padding-left: 0.02in">2</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-left: 0.02in"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-left: 0.02in">Turnover</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-left: 0.02in"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-left: 0.02in"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; text-align: right; padding-left: 0.02in">0</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-left: 0.02in">%</td></tr> </table>

49488830

80863433

What does the Fund invest in? The Fund enters into financial instruments such as swaps and options on the ADR of Alibaba Group Holding Limited (NYSE: BABA). The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements. <table cellpadding="0" 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%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 12%"> </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%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 37%"> </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%"> </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">Top 10 Holdings (as of June 30, 2025)</td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"> </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">Sector Breakdown (as of June 30, 2025)</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">% of Market Value</td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"> </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">% of Market Value</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"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"> </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">BABA Equity Swap</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in">82.63%</td> <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">Total Return Swap</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">82.63%</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">Cash</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in">17.37%</td> <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">Cash</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">17.37%</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"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"> </td></tr> </table> 0.8263 0.8263 0.1737 0.1737 Material Fund Changes There were no material fund changes during the period. info@graniteshares.com Past performance does not guarantee future results. If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com Phone: (844) 476 8747 – email: info@graniteshares.com GraniteShares 2x Short COIN Daily ETF GraniteShares 2x Short COIN Daily ETF NASDAQ CONI Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com How did the fund perform since inception? Since inception on September 03, 2024, to June 30, 2025, the Fund had a –90.22% return. <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; font: 12pt Times New Roman, Times, Serif; width: 99%"> </td> </tr> <tr> <td style="border-left: black 1pt solid; text-align: justify; font: 12pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 0.1in; padding-left: 0.1in">Over the same period the common stock of Coinbase Global Inc. (NASDAQ: COIN) had a return of 107.23% and the S&P 500 Index (the Benchmark) a return of 13.47%</td> </tr> </table> What were the fund’s costs since inception? (based on hypothetical $10,000 investment) <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">Cost of a $10,000 Investment</td> <td style="vertical-align: top"> </td> <td style="border: black 1pt solid; text-align: center">Cost paid as % of a $10,000 investment </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">$66.02</td> <td style="vertical-align: top"> </td> <td style="border: black 1pt solid; text-align: center; line-height: 115%">1.47%(a)</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">(a)</td> <td> Annualized</td> <td> </td> <td style="text-align: center"> </td> <td style="border-right: black 1pt solid"> </td></tr> </table> 66.02 0.0147 How did the fund perform since inception The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses. <img alt="" src="coni_002.jpg"/> <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"> Average Total Returns (as of June 30, 2025)</td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="3" style="border-right: black 1pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif">Inception (Sep 03, 2024)</td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="3" style="border-right: black 1pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 82%; padding-left: 0.1in">NAV</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 15%; text-align: right">-90.20</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.1in">Price</td> <td> </td> <td> </td> <td style="text-align: right">-90.18</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.1in">Benchmark</td> <td> </td> <td> </td> <td style="text-align: right">13.47</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> 2024-09-03 -0.9020 -0.9018 0.1347 <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"> Fund Statistics (as of June 30, 2025)</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">Total Net Assets</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 15%; text-align: right">36,687,771</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">Number of Portfolio holdings</td> <td> </td> <td> </td> <td style="text-align: right">3</td> <td style="border-right: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 0.1in">Turnover</td> <td> </td> <td> </td> <td style="text-align: right">0</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>

36687771

What does the Fund invest in? The Fund enters into financial instruments such as swaps and options on the common stock of Coinbase Global Inc. (NASDAQ: COIN). The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements <table cellpadding="0" 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%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 12%"> </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%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 37%"> </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%"> </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">Top 10 Holdings (as of June 30, 2025)</td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"> </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">Sector Breakdown (as of June 30, 2025)</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">% of Market Value</td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"> </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">% of Market Value</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"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"> </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">COIN Equity Swap</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in">56.59%</td> <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">Total Return Swap</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">56.59%</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">US Treasury Bills</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in">10.00%</td> <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">Government</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">10.00%</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">Cash</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in">33.40%</td> <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">Cash</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">33.40%</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"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"> </td></tr> </table> 0.5659 0.5659 0.1000 0.1000 0.3340 0.3340 Material Fund Changes There were no material fund changes during the period. info@graniteshares.com Past performance does not guarantee future results. If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com Phone: (844) 476 8747 – email: info@graniteshares.com GraniteShares 2x Long COIN Daily ETF GraniteShares 2x Long COIN Daily ETF NASDAQ CONL Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com How did the fund perform for the last 12 months? During the period of June 30, 2024, to June 30, 2025, the Fund had a 1.58% return. <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"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 99%"> </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 0.1in; padding-left: 0.1in">Over the same period the common stock of Coinbase Global Inc. (NASDAQ: COIN) had a return of 57.71% and the S&P 500 Index (the Benchmark) a return of 15.16%</td> </tr> </table> What were the fund’s costs for the last 12 months? (based on hypothetical $10,000 investment) <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"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 3%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 47%; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 3%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 44%; text-align: center"> </td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 3%"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </td> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.1in; padding-bottom: 0.1in; text-align: center">Cost of a $10,000 Investment</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </td> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Cost paid as % of a $10,000 investment </td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </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"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </td> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.1in; padding-bottom: 0.1in; text-align: center">$105.57 </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </td> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">1.05%(a)</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </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; text-align: right; vertical-align: bottom">(a)</td> <td style="font: 10pt Times New Roman, Times, Serif"> Annualized</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td></tr> </table> <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"> How did the fund perform since inception The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance include all fund expenses. <img alt="" src="conl_002.jpg"/> </td></tr> </table> 105.57 0.0105 How did the fund perform since inception The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance include all fund expenses. <img alt="" src="conl_002.jpg"/> <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: bottom"> <td colspan="9" style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="9" style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif">Average Annual Total Returns (as of June 30, 2025)</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td colspan="3" style="font: 10pt Times New Roman, Times, Serif; text-align: right">Inception</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1 Year </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" style="font: 10pt Times New Roman, Times, Serif; text-align: right">(Aug 08, 2022)</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 42%; padding-left: 0.1in">NAV</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 21%; text-align: right">1.58</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 3%">%</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 26%; text-align: right">23.72</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 3%">%</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in">Price</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1.50</td> <td style="font: 10pt Times New Roman, Times, Serif">%</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">23.69</td> <td style="font: 10pt Times New Roman, Times, Serif">%</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in">Benchmark</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">15.16</td> <td style="font: 10pt Times New Roman, Times, Serif">%</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">16.78</td> <td style="font: 10pt Times New Roman, Times, Serif">%</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; padding-left: 0.1in"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td></tr> </table> 2022-08-08 0.0158 0.2372 0.0150 0.2369 0.1516 0.1678 <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: bottom"> <td colspan="5" style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="5" style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in">Fund Statistics (as of June 30, 2025)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; width: 82%; padding-left: 0.1in">Total Net Assets</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%">$</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: right">923,024,020</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in">Number of Portfolio holdings</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in">Turnover</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif">%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid"> </td></tr> </table>

923024020

35127228

What does the Fund invest in? The Fund enters into financial instruments such as swaps and options on the common stock of CrowdStrike Holdings Inc. (NASDAQ: CRWD). The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements <table cellpadding="0" 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"> </td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"> </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"> </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">Top 10 Holdings (as of June 30, 2025)</td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"> </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">Sector Breakdown (as of June 30, 2025)</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">% of Market Value</td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"> </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">% of Market Value</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%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 12%"> </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%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 37%"> </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%"> </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">CRWD Equity Swap</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in">54.25%</td> <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">Total Return Swap</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">54.25% </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">US Treasury Bills</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in">32.35%</td> <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">Government</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">13.40%</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">Cash</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in">13.40% </td> <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-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in"></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"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"> </td></tr> </table> 0.5425 0.5425 0.3235 0.1340 0.1340 Material Fund Changes There were no material fund changes during the period. info@graniteshares.com Past performance does not guarantee future results. If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com Phone: (844) 476 8747 – email: info@graniteshares.com GraniteShares 2x Long DELL Daily ETF GraniteShares 2x Long DELL Daily ETF NASDAQ DLLL Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com How did the fund perform since inception? Since inception on February 12, 2025, to June 30, 2025, the Fund had a -2.00% return. <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; font: 12pt Times New Roman, Times, Serif; width: 99%"> </td> </tr> <tr> <td style="border-left: black 1pt solid; text-align: justify; font: 12pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 0.1in; padding-left: 0.1in">Over the same period the common stock of Dell Technologies Inc. (NYSE: DELL) had a return of -9.27% and the S&P 500 Index (the Benchmark) a return of 3.09%.</td> </tr> </table> What were the fund’s costs since inception? (based on hypothetical $10,000 investment) <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">Cost of a $10,000 Investment</td> <td style="vertical-align: top"> </td> <td style="border: black 1pt solid; text-align: center">Cost paid as % of a $10,000 investment </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">$55.48</td> <td style="vertical-align: top"> </td> <td style="border: black 1pt solid; text-align: center; line-height: 115%">1.49%(a)</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">(a)</td> <td> Annualized</td> <td> </td> <td style="text-align: center"> </td> <td style="border-right: black 1pt solid"> </td></tr> </table> 55.48 0.0149 How did the fund perform since inception The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses. <img alt="" src="dlll_002.jpg"/> <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"> Average Total Returns (as of June 30, 2025)</td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="3" style="border-right: black 1pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif">Inception (Feb 12, 2025)</td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="3" style="border-right: black 1pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 82%; padding-left: 0.1in">NAV</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 15%; text-align: right">-2.00</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.1in">Price</td> <td> </td> <td> </td> <td style="text-align: right">-1.76</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.1in">Benchmark</td> <td> </td> <td> </td> <td style="text-align: right">3.09</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> 2025-02-12 -0.0200 -0.0176 0.0309 <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"> Fund Statistics (as of June 30, 2025)</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">Total Net Assets</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 15%; text-align: right">7,105,108</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">Number of Portfolio holdings</td> <td> </td> <td> </td> <td style="text-align: right">3</td> <td style="border-right: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 0.1in">Turnover</td> <td> </td> <td> </td> <td style="text-align: right">0</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>

7105108

What does the Fund invest in? The Fund enters into financial instruments such as swaps and options on the common stock of Dell Technologies Inc. (NYSE: DELL). The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements <table cellpadding="0" 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%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 12%"> </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%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 37%"> </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%"> </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">Top 10 Holdings (as of June 30, 2025)</td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"> </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">Sector Breakdown (as of June 30, 2025)</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">% of Market Value </td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"> </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">% of Market Value</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"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"> </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">U.S. Treasury Bills</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in">50.58%</td> <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">Government </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">50.58%</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">DELL Equity Swap</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in">45.02%</td> <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">Total Return Swap</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">45.02%</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">Cash</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in">4.40%</td> <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">Cash</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">4.40%</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"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"> </td></tr> </table> 0.5058 0.5058 0.4502 0.4502 0.0440 0.0440 Material Fund Changes There were no material fund changes during the period. info@graniteshares.com Past performance does not guarantee future results. If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com Phone: (844) 476 8747 – email: info@graniteshares.com GraniteShares 2x Long META Daily ETF GraniteShares 2x Long META Daily ETF NASDAQ FBL Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com How did the fund perform for the last 12 months? During the period of June 30, 2024, to June 30, 2025, the Fund had a 71.21% return. <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"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 99%"> </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 0.1in; padding-left: 0.1in"> Over the same period the common stock of Meta Platforms Inc (NASDAQ: META) had a return of 46.88% and the S&P 500 Index (the Benchmark) a return of 15.16% </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 0.1in; padding-left: 0.1in"> </td></tr> </table> What were the fund’s costs for the last 12 months? (based on hypothetical $10,000 investment) <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"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 3%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 47%; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 3%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 44%; text-align: center"> </td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 3%"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </td> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.1in; padding-bottom: 0.1in; text-align: center">Cost of a $10,000 Investment</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </td> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Cost paid as % of a $10,000 investment</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </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"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </td> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.1in; padding-bottom: 0.1in; text-align: center">$148.56</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </td> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">1.10%(a)</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </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; text-align: right; vertical-align: bottom"> (a)</td> <td style="font: 10pt Times New Roman, Times, Serif"> Annualized</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td></tr> </table> 148.56 0.0110 How did the fund perform since inception The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses. <img alt="" src="fbl_002.jpg"/> <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: bottom"> <td colspan="9" style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="9" style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif">Average Annual Total Returns (as of June 30, 2025)</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: right">1 Year</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">Inception (Dec 12, 2022)</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 60%; padding-left: 0.1in">NAV</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right">71.21</td> <td style="width: 1%">%</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right">180.05</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%">%</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in">Price</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">71.38</td> <td>%</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">180.09</td> <td style="font: 10pt Times New Roman, Times, Serif">%</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in">Benchmark</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">15.16</td> <td>%</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">20.69</td> <td style="font: 10pt Times New Roman, Times, Serif">%</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> </tr> </table> 2022-12-12 0.7121 1.8005 0.7138 1.8009 0.1516 0.2069 <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: bottom"> <td colspan="5" style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="5" style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in">Fund Statistics (as of June 30, 2025)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; width: 82%; padding-left: 0.1in">Total Net Assets</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%">$</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: right">166,896,572</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in">Number of Portfolio Holdings</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in">Turnover</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif">%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td></tr> </table>

166896572

22758303

13744284

What does the Fund invest in? The Fund enters into financial instruments such as swaps and options on the common stock of IonQ Inc. (NYSE: IONQ). The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements <table cellpadding="0" 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%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 12%"> </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%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 37%"> </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%"> </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">Top 10 Holdings (as of June 30, 2025)</td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"> </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">Sector Breakdown (as of June 30, 2025)</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">% of Market Value</td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"> </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">% of Market Value</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"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"> </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">IONQ Equity Swap</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in">60.20%</td> <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">Total Return Swap</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">60.20%</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">United States Treasury Bills</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in">17.48%</td> <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">Government </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">17.48%</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">Cash</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.1in; padding-left: 0.1in">22.32%</td> <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">Cash</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">22.32%</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"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"> </td></tr> </table> 0.6020 0.6020 0.1748 0.1748 0.2232 0.2232 Material Fund Changes There were no material fund changes during the period. info@graniteshares.com Past performance does not guarantee future results. If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com Phone: (844) 476 8747 – email: info@graniteshares.com GraniteShares 2x Short NVDA Daily ETF GraniteShares 2x Short NVDA Daily ETF NASDAQ NVD Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com How did the fund perform for the last 12 months? During the period of June 30, 2024, to June 30, 2025, the Fund had a –75.07% return. <table cellpadding="0" cellspacing="0" style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; width: 99%; padding-left: 0.02in"> </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; text-align: justify; vertical-align: top; padding-right: 0.02in; padding-left: 0.02in">Over the same period the common stock of NVIDIA Corp (NASDAQ: NVDA) had a return of 27.93% and the S&P 500 Index (the Benchmark) a return of 15.16%.</td> </tr> </table> What were the fund’s costs for the last 12 months? (based on hypothetical $10,000 investment) <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"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; vertical-align: top; width: 3%; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; vertical-align: top; width: 47%; text-align: center; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; vertical-align: top; width: 3%; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; width: 44%; text-align: center; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; vertical-align: top; width: 3%; padding-left: 0.02in"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; vertical-align: top; padding-left: 0.02in"> </td> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; vertical-align: top; padding-left: 0.02in; text-align: center">Cost of a $10,000 Investment</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; vertical-align: top; padding-left: 0.02in"> </td> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; text-align: center; padding-left: 0.02in">Cost paid as % of a $10,000 investment </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; vertical-align: top; padding-left: 0.02in"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; text-align: center; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; text-align: center; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; vertical-align: top; padding-left: 0.02in"> </td> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; vertical-align: top; padding-left: 0.02in; text-align: center">$84.21</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; vertical-align: top; padding-left: 0.02in"> </td> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; text-align: center; padding-left: 0.02in">1.35%(a)</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; vertical-align: top; padding-left: 0.02in"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; text-align: center; vertical-align: bottom; padding-left: 0.02in">(a)</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> Annualized</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; text-align: center; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </td></tr> </table> <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-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> How did the fund perform since inception The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses. <img alt="" src="nvd_002.jpg" style="width: 600px"/> </td></tr> </table> 84.21 0.0135 How did the fund perform since inception The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses. <img alt="" src="nvd_002.jpg" style="width: 600px"/> <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: bottom"> <td colspan="8" style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in">Average Annual Total Returns (as of June 30, 2025)</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </td> <td colspan="3" style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; text-align: right; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; text-align: right; padding-left: 0.02in"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; text-align: right; padding-left: 0.02in">Inception</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; text-align: right; padding-left: 0.02in">1 Year </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; text-align: right; padding-left: 0.02in">(Aug 21, 2023)</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; width: 36%; padding-left: 0.02in">NAV</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; width: 1%; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; width: 1%; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; width: 26%; text-align: right; padding-left: 0.02in">-75.07</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; width: 4%; padding-left: 0.02in">%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; width: 2%; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; width: 1%; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; width: 28%; text-align: right; padding-left: 0.02in">-86.08</td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; width: 1%; padding-left: 0.02in">%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in">Price</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; text-align: right; padding-left: 0.02in">-75.16</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in">%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; text-align: right; padding-left: 0.02in">-86.08</td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in">%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in">Benchmark</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; text-align: right; padding-left: 0.02in">15.16</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in">%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; text-align: right; padding-left: 0.02in">22.01</td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in">%</td></tr> </table> 2023-08-21 -0.7507 -0.8608 -0.7516 -0.8608 0.1516 0.2201 <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: bottom"> <td colspan="5" style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in">Fund Statistics (as of June 30, 2025)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </td> <td colspan="3" style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; width: 82%; padding-left: 0.02in">Total Net Assets</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; width: 1%; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; width: 1%; padding-left: 0.02in">$</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; width: 15%; text-align: right; padding-left: 0.02in">157,263,028</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; width: 1%; padding-left: 0.02in"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in">Number of Portfolio holdings</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; text-align: right; padding-left: 0.02in">3</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in">Turnover</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; text-align: right; padding-left: 0.02in">0</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in">%</td></tr> </table>

157263028

What does the Fund invest in? The Fund enters into financial instruments such as swaps and options on the common stock of NVIDIA Corp. (NASDAQ: NVDA). The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements <table cellpadding="0" 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-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in; width: 37%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in; width: 12%"> </td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in; width: 37%"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in; width: 12%"> </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-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in">Top 10 Holdings (as of June 30, 2025)</td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </td> <td colspan="2" style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in">Sector Breakdown (as of June 30, 2025)</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-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in">% of Market Value</td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </td> <td colspan="2" style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </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-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </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-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in">NVDA Equity Swap</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; text-align: right; padding-right: 0.02in; padding-left: 0.02in">75.84%</td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in">Total Return Swap</td><td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; text-align: right; padding-right: 0.02in; padding-left: 0.02in">75.84%</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-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in">Cash</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; text-align: right; padding-right: 0.02in; padding-left: 0.02in">21.49%</td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in">Cash</td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; text-align: right; padding-right: 0.02in; padding-left: 0.02in">21.49%</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-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in">US Treasury Bill</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; text-align: right; padding-right: 0.02in; padding-left: 0.02in">2.66%</td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in">Government</td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; text-align: right; padding-right: 0.02in; padding-left: 0.02in">2.66%</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-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </td> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </td></tr> </table> 0.7584 0.7584 0.2149 0.2149 0.0266 0.0266 Material Fund Changes There were no material fund changes during the period. info@graniteshares.com Past performance does not guarantee future results. If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com Phone: (844) 476 8747 – email: info@graniteshares.com GraniteShares 2x Long NVDA Daily ETF GraniteShares 2x Long NVDA Daily ETF NASDAQ NVDL Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com <div id="xdx_893_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000236090Member_dU_zFhvpDutkt1c" style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"> <table cellpadding="0" 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="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; width: 100%; padding-bottom: 0.02in; padding-left: 0.02in">How did the fund perform for the last 12 months? During the period of June 30, 2024, to June 30, 2025, the Fund had 1.29% return.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; width: 99%; padding-bottom: 0.02in; padding-left: 0.02in"> </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; vertical-align: top; text-align: justify; padding-bottom: 0.02in; padding-left: 0.02in">Over the same period the common stock of NVIDIA Corp. (NASDAQ: NVDA) had a return of 27.93% and the S&P 500 Index (the Benchmark) a return of 15.16%.</td> </tr> </table> </div> <table cellpadding="0" cellspacing="0" style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: Black 1pt solid; border-left: Black 1pt solid; 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-bottom: 0.02in; width: 100%; padding-right: 0.02in; padding-left: 0.02in">What were the fund’s costs for the last 12 months? (based on hypothetical $10,000 investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; vertical-align: top; width: 3%; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; vertical-align: top; width: 47%; text-align: center; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; vertical-align: top; width: 3%; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; width: 44%; text-align: center; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; vertical-align: top; width: 3%; padding-bottom: 0.02in; padding-left: 0.02in"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; vertical-align: top; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; vertical-align: top; padding-left: 0.02in; padding-bottom: 0.02in; text-align: center">Cost of a $10,000 Investment</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; vertical-align: top; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; vertical-align: middle; text-align: center; padding-bottom: 0.02in; padding-left: 0.02in">Cost paid as % of a $10,000 investment</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; vertical-align: top; padding-bottom: 0.02in; padding-left: 0.02in"> </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: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; text-align: center; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; text-align: center; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; vertical-align: top; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; vertical-align: top; padding-left: 0.02in; padding-bottom: 0.02in; text-align: center">$105.38</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; vertical-align: top; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; text-align: center; padding-bottom: 0.02in; padding-left: 0.02in">1.05%(a)</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; vertical-align: top; padding-bottom: 0.02in; padding-left: 0.02in"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; text-align: right; padding-bottom: 0.02in; padding-left: 0.02in">(a)</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; text-align: left; vertical-align: bottom; padding-left: 0.02in">Annualized </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; text-align: center; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td></tr> </table> <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-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> How did the fund perform since inception The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses. <img alt="" src="nvdl_002.jpg"/> </td></tr> </table> 105.38 0.0105 How did the fund perform since inception The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses. <img alt="" src="nvdl_002.jpg"/> <p id="xdx_89D_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000236090Member_dU_z7CdnhJcxDI3" style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="9" 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: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in">Average Annual Total Returns (as of June 30, 2025) </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; text-align: right; padding-bottom: 0.02in; padding-left: 0.02in"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; text-align: right; padding-bottom: 0.02in; padding-left: 0.02in">Inception</td><td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; text-align: right; padding-bottom: 0.02in; padding-left: 0.02in">1 Year</td><td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; text-align: right; padding-bottom: 0.02in; padding-left: 0.02in">(Dec 12, 2022)</td><td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; width: 64%; padding-bottom: 0.02in; padding-left: 0.02in">NAV</td><td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; width: 2%; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; width: 1%; text-align: left; padding-bottom: 0.02in; padding-left: 0.02in"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; width: 14%; text-align: right; padding-bottom: 0.02in; padding-left: 0.02in">1.29</td><td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; width: 1%; text-align: left; padding-bottom: 0.02in; padding-left: 0.02in">%</td><td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; width: 2%; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; width: 1%; text-align: left; padding-bottom: 0.02in; padding-left: 0.02in"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; width: 14%; text-align: right; padding-bottom: 0.02in; padding-left: 0.02in">216.56</td><td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; width: 1%; text-align: left; padding-bottom: 0.02in; padding-left: 0.02in">%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in">Price</td><td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; text-align: left; padding-bottom: 0.02in; padding-left: 0.02in"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; text-align: right; padding-bottom: 0.02in; padding-left: 0.02in">1.22</td><td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; text-align: left; padding-bottom: 0.02in; padding-left: 0.02in">%</td><td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; text-align: left; padding-bottom: 0.02in; padding-left: 0.02in"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; text-align: right; padding-bottom: 0.02in; padding-left: 0.02in">216.40</td><td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; text-align: left; padding-bottom: 0.02in; padding-left: 0.02in">%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in">Benchmark</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; text-align: left; padding-bottom: 0.02in; padding-left: 0.02in"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; text-align: right; padding-bottom: 0.02in; padding-left: 0.02in">15.16</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; text-align: left; padding-bottom: 0.02in; padding-left: 0.02in">%</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; text-align: left; padding-bottom: 0.02in; padding-left: 0.02in"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; text-align: right; padding-bottom: 0.02in; padding-left: 0.02in">25.66</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; text-align: left; padding-bottom: 0.02in; padding-left: 0.02in">%</td></tr> </table> 2022-12-12 0.0129 2.1656 0.0122 2.1640 0.1516 0.2566 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td colspan="5" 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: 0.02in; text-align: left; padding-bottom: 0.02in; padding-left: 0.02in">Fund Statistics (as of June 30, 2025) </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; width: 82%; text-align: left; padding-bottom: 0.02in; padding-left: 0.02in">Total Net Assets</td><td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; width: 2%; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; width: 1%; text-align: left; padding-bottom: 0.02in; padding-left: 0.02in">$</td><td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; width: 14%; text-align: right; padding-bottom: 0.02in; padding-left: 0.02in">4,123,031,947</td><td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; width: 1%; text-align: left; padding-bottom: 0.02in; padding-left: 0.02in"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; text-align: left; padding-bottom: 0.02in; padding-left: 0.02in">Number of Portfolio holdings</td><td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; text-align: left; padding-bottom: 0.02in; padding-left: 0.02in"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; text-align: right; padding-bottom: 0.02in; padding-left: 0.02in">3</td><td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; text-align: left; padding-bottom: 0.02in; padding-left: 0.02in"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in">Turnover</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; text-align: left; padding-bottom: 0.02in; padding-left: 0.02in"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; text-align: right; padding-bottom: 0.02in; padding-left: 0.02in">10,597.0</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; text-align: left; padding-bottom: 0.02in; padding-left: 0.02in">%</td></tr> </table>

4123031947

105.970

What does the Fund invest in? The Fund enters into financial instruments such as swaps and options on the common stock of NVIDIA Corp. (NASDAQ: NVDA). The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements <table cellpadding="0" 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-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </td> <td style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </td> <td style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </td> <td style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </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-bottom: 0.02in; width: 40%; padding-right: 0.02in; padding-left: 0.02in">Top 10 Holdings (as of June 30, 2025)</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; width: 1%; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; width: 8%; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; width: 2%; padding-right: 0.02in; padding-left: 0.02in"> </td> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; width: 1%; padding-right: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; width: 37%; padding-right: 0.02in; padding-left: 0.02in">Sector Breakdown (as of June 30, 2025) </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; width: 1%; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; width: 8%; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; width: 2%; padding-right: 0.02in; padding-left: 0.02in"> </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-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in">% of Market Value</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </td> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in">% of Market Value</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </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-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </td> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </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-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in">NVDA Equity Swap</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; text-align: right; padding-bottom: 0.02in; padding-left: 0.02in">49.81</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; text-align: justify; padding-bottom: 0.02in; padding-left: 0.02in">%</td> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in">Total Return Swap</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; text-align: right; padding-bottom: 0.02in; padding-left: 0.02in">49.81</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; text-align: justify; padding-bottom: 0.02in; padding-left: 0.02in">%</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-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in">United States Treasury Bills</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; text-align: right; padding-bottom: 0.02in; padding-left: 0.02in">48.63</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; text-align: justify; padding-bottom: 0.02in; padding-left: 0.02in">%</td> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in">Government</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; text-align: right; padding-bottom: 0.02in; padding-left: 0.02in">48.63</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; text-align: justify; padding-bottom: 0.02in; padding-left: 0.02in">%</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-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in">Cash</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; text-align: right; padding-bottom: 0.02in; padding-left: 0.02in">1.56</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; text-align: justify; padding-bottom: 0.02in; padding-left: 0.02in">%</td> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in">Cash</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; text-align: right; padding-bottom: 0.02in; padding-left: 0.02in">1.56</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; text-align: justify; padding-bottom: 0.02in; padding-left: 0.02in">%</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-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </td> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> </td></tr> </table> 0.4981 0.4981 0.4863 0.4863 0.0156 0.0156 Material Fund Changes There were no material fund changes during the period. info@graniteshares.com Past performance does not guarantee future results. If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com Phone: (844) 476 8747 – email: info@graniteshares.com GraniteShares 2x Long PLTR Daily ETF GraniteShares 2x Long PLTR Daily ETF NASDAQ PTIR Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com How did the fund perform since inception? Since inception on September 03, 2024, to June 30, 2025, the Fund had a 1,066.00% return. <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"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; width: 99%; padding-bottom: 0.02in; padding-left: 0.02in"> </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; vertical-align: top; padding-right: 0.02in; padding-left: 0.02in">Over the same period the common stock of Palantir Technologies Inc. (NASDAQ: PTLR) had a return of 346.80% and the S&P 500 Index (the Benchmark) a return of 13.47%.</td> </tr> </table> What were the fund’s costs since inception? (based on hypothetical $10,000 investment) <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"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; vertical-align: top; width: 3%; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; vertical-align: top; width: 47%; text-align: center; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; vertical-align: top; width: 3%; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; width: 44%; text-align: center; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; vertical-align: top; width: 3%; padding-bottom: 0.02in; padding-left: 0.02in"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; vertical-align: top; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="border: black 1pt solid; padding-right: 0.02in; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.02in; padding-bottom: 0.02in; text-align: center">Cost of a $10,000 Investment</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; vertical-align: top; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="border: black 1pt solid; padding-right: 0.02in; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 0.02in; padding-left: 0.02in">Cost paid as % of a $10,000 investment </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; vertical-align: top; padding-bottom: 0.02in; padding-left: 0.02in"> </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: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; text-align: center; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; text-align: center; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; vertical-align: top; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="border: black 1pt solid; padding-right: 0.02in; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.02in; padding-bottom: 0.02in; text-align: center">$541.66</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; vertical-align: top; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="border: black 1pt solid; padding-right: 0.02in; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 0.02in; padding-left: 0.02in">1.04%(a)</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; vertical-align: top; padding-bottom: 0.02in; padding-left: 0.02in"> </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: 0.02in; text-align: center; vertical-align: bottom; padding-bottom: 0.02in; padding-left: 0.02in">(a)</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> Annualized</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; text-align: center; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td></tr> </table> <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-bottom: 0.02in; padding-right: 0.02in; padding-left: 0.02in"> How did the fund perform since inception The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses. <img alt="" src="ptir_002.jpg" style="height: 159px; width: 620px"/> </td></tr> </table> 541.66 0.0104 How did the fund perform since inception The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses. <img alt="" src="ptir_002.jpg" style="height: 159px; width: 620px"/> <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: bottom"> <td colspan="5" style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in">Average Annual Total Returns (as of June 30, 2025) </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; text-align: right; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; text-align: right; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; text-align: right; padding-bottom: 0.02in; padding-left: 0.02in">Inception</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; text-align: right; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; text-align: right; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; text-align: right; padding-bottom: 0.02in; padding-left: 0.02in">(Sep 03, 2024)</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-left: black 1pt solid; padding-right: 0.02in; font: 10pt Times New Roman, Times, Serif; padding-left: 0.02in; padding-bottom: 0.02in; width: 82%">NAV</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; text-align: right; padding-bottom: 0.02in; padding-left: 0.02in; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; text-align: right; padding-bottom: 0.02in; padding-left: 0.02in; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; text-align: right; padding-bottom: 0.02in; padding-left: 0.02in; width: 15%">1,066.00</td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in; width: 1%">%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="border-left: black 1pt solid; padding-right: 0.02in; font: 10pt Times New Roman, Times, Serif; padding-left: 0.02in; padding-bottom: 0.02in">Price</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; text-align: right; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; text-align: right; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; text-align: right; padding-bottom: 0.02in; padding-left: 0.02in">1,067.04</td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in">%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-left: black 1pt solid; padding-right: 0.02in; font: 10pt Times New Roman, Times, Serif; padding-left: 0.02in; padding-bottom: 0.02in">Benchmark</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; text-align: right; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; text-align: right; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; text-align: right; padding-bottom: 0.02in; padding-left: 0.02in">13.47</td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in">%</td></tr> </table> 2024-09-03 10.6600 10.6704 0.1347 <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: bottom"> <td colspan="5" style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-left: 0.02in; padding-bottom: 0.02in">Fund Statistics (as of June 30, 2025)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td colspan="3" style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; width: 82%; padding-left: 0.02in; padding-bottom: 0.02in">Total Net Assets</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; width: 1%; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; width: 1%; padding-bottom: 0.02in; padding-left: 0.02in">$</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; width: 15%; text-align: right; padding-bottom: 0.02in; padding-left: 0.02in">486,822,671</td> <td style="border-right: black 1pt solid; padding-right: 0.02in; font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 0.02in; padding-left: 0.02in"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-left: 0.02in; padding-bottom: 0.02in">Number of Portfolio holdings</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; text-align: right; padding-bottom: 0.02in; padding-left: 0.02in">3</td> <td style="border-right: black 1pt solid; padding-right: 0.02in; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-left: 0.02in"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-left: 0.02in; padding-bottom: 0.02in">Turnover</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; text-align: right; padding-bottom: 0.02in; padding-left: 0.02in">17,002</td> <td style="border-right: black 1pt solid; padding-right: 0.02in; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; padding-left: 0.02in">%</td></tr> </table>

486822671

170.02

3179485

26296560

1424643

73144801

87201804

13670308

256250017

14060729

29320886

8498651

6142674

2857808

24547027

4956181

What does the Fund invest in? The Fund sells put options contracts, either directly or through swap contracts, on the leveraged bitcoin ETF and for which it will receive a premium. The put options contracts sold by the Fund may vary in regard to their strike prices and their maturity. The Fund may also invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements <table cellpadding="0" 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; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 37%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-right: 0.1in; padding-left: 0.1in; width: 12%"> </td> <td style="border-left: Black 1pt solid; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-right: 0.1in; padding-left: 0.1in; width: 37%"> </td> <td style="border-right: Black 1pt solid; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; width: 12%"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td colspan="2" style="border-left: Black 1pt solid; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in">Top 10 Holdings (as of June 30, 2025)</td> <td style="border-left: Black 1pt solid; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"> </td> <td colspan="2" style="border-right: Black 1pt solid; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in">Sector Breakdown (as of June 30, 2025)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td colspan="2" style="border-left: Black 1pt solid; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in">% of Market Value</td> <td style="border-left: Black 1pt solid; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"> </td> <td colspan="2" style="border-right: Black 1pt solid; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in">% of Market Value</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; text-align: justify; 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; text-align: justify; padding-right: 0.1in; padding-left: 0.1in"> </td> <td style="border-left: Black 1pt solid; text-align: justify; 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; text-align: justify; padding-right: 0.1in; padding-left: 0.1in"> </td> <td style="border-right: Black 1pt solid; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in">United States Treasury Bill</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-right: 0.1in; padding-left: 0.1in">68.73%</td> <td style="border-left: Black 1pt solid; text-align: justify; 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; text-align: justify; padding-right: 0.1in; padding-left: 0.1in">Government</td><td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-right: 0.1in; padding-left: 0.1in">68.73%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in">Cash</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-right: 0.1in; padding-left: 0.1in">30.04%</td> <td style="border-left: Black 1pt solid; text-align: justify; 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; text-align: justify; padding-right: 0.1in; padding-left: 0.1in">Cash</td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-right: 0.1in; padding-left: 0.1in">30.04%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in">Options</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-right: 0.1in; padding-left: 0.1in">1.23%</td> <td style="border-left: Black 1pt solid; text-align: justify; 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; text-align: justify; padding-right: 0.1in; padding-left: 0.1in">Options</td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-right: 0.1in; padding-left: 0.1in">1.23%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; text-align: justify; 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; text-align: justify; padding-right: 0.1in; padding-left: 0.1in"> </td> <td style="border-left: Black 1pt solid; text-align: justify; 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; text-align: justify; padding-right: 0.1in; padding-left: 0.1in"> </td> <td style="border-right: Black 1pt solid; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in"> </td></tr> </table> 0.6873 0.6873 0.3004 0.3004 0.0123 0.0123 Material Fund Changes There were no material fund changes during the period. info@graniteshares.com Past performance does not guarantee future results. If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com Phone: (844) 476 8747 – email: info@graniteshares.com GraniteShares YieldBOOST SPY ETF GraniteShares YieldBOOST SPY ETF NASDAQ YSPY Annual Shareholder Report www.graniteshares.com (844) 476 8747 info@graniteshares.com How did the fund perform since inception? Since inception on February 25, 2025 to June 30, 2025, the Fund had a -4.77% return. <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"> <td style="border-left: black 1pt solid; padding-right: 0.02in; font: 10pt Times New Roman, Times, Serif; width: 99%; padding-bottom: 0.02in; padding-left: 0.02in"> </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.02in; vertical-align: top; padding-right: 0.02in; padding-left: 0.02in">Over the same period the S&P 500 Index (the Benchmark) had a return of 4.69% </td> </tr> </table> What were the fund’s costs since inception? (based on hypothetical $10,000 investment) <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"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; vertical-align: top; width: 3%; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; vertical-align: top; width: 47%; text-align: center; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; vertical-align: top; width: 3%; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; width: 44%; text-align: center; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; vertical-align: top; width: 3%; padding-bottom: 0.02in; padding-left: 0.02in"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; vertical-align: top; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="border: black 1pt solid; padding-right: 0.02in; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.02in; padding-bottom: 0.02in; text-align: center">Cost of a $10,000 Investment</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; vertical-align: top; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="border: black 1pt solid; padding-right: 0.02in; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 0.02in; padding-left: 0.02in">Cost paid as % of a $10,000 investment </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; vertical-align: top; padding-bottom: 0.02in; padding-left: 0.02in"> </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: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; text-align: center; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; text-align: center; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; vertical-align: top; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="border: black 1pt solid; padding-right: 0.02in; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.02in; padding-bottom: 0.02in; text-align: center">$37.78</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; vertical-align: top; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="border: black 1pt solid; padding-right: 0.02in; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 0.02in; padding-left: 0.02in">1.13%(a)</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; vertical-align: top; padding-bottom: 0.02in; padding-left: 0.02in"> </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: 0.02in; text-align: right; vertical-align: bottom; padding-bottom: 0.02in; padding-left: 0.02in">(a)</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> Annualized</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; text-align: center; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td></tr> </table> 37.78 0.0113 How did the fund perform since inception The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses. <img alt="" src="yspy_002.jpg" style="height: 146px; width: 550px"/> <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: bottom"> <td colspan="4" style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in">Average Annual Total Returns (as of June 30, 2025)</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; text-align: right; padding-bottom: 0.02in; padding-left: 0.02in">Inception</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; text-align: right; padding-bottom: 0.02in; padding-left: 0.02in">(Feb 26, 2025)</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="border-left: black 1pt solid; padding-right: 0.02in; font: 10pt Times New Roman, Times, Serif; width: 80%; padding-left: 0.02in; padding-bottom: 0.02in">NAV</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; width: 2%; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; width: 1%; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; width: 16%; text-align: right; padding-bottom: 0.02in; padding-left: 0.02in">-4.77</td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; width: 1%; padding-bottom: 0.02in; padding-left: 0.02in">%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-left: black 1pt solid; padding-right: 0.02in; font: 10pt Times New Roman, Times, Serif; padding-left: 0.02in; padding-bottom: 0.02in">Price</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; text-align: right; padding-bottom: 0.02in; padding-left: 0.02in">-4.58</td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in">%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="border-left: black 1pt solid; padding-right: 0.02in; font: 10pt Times New Roman, Times, Serif; padding-left: 0.02in; padding-bottom: 0.02in">Benchmark</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; text-align: right; padding-bottom: 0.02in; padding-left: 0.02in">4.69</td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in">%</td></tr> </table> 2025-02-26 -0.0477 -0.0458 0.0469 <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: bottom"> <td colspan="4" style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-left: 0.02in; padding-bottom: 0.02in">Fund Statistics (as of June 30, 2025)</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; width: 80%; padding-left: 0.02in; padding-bottom: 0.02in">Total Net Assets</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; width: 2%; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; width: 1%; padding-bottom: 0.02in; padding-left: 0.02in">$</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; width: 16%; text-align: right; padding-bottom: 0.02in; padding-left: 0.02in">3,225,996</td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; width: 1%; padding-bottom: 0.02in; padding-left: 0.02in"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-left: 0.02in; padding-bottom: 0.02in">Number of Portfolio holdings</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; text-align: right; padding-bottom: 0.02in; padding-left: 0.02in">3</td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-left: 0.02in; padding-bottom: 0.02in">Turnover</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; text-align: right; padding-bottom: 0.02in; padding-left: 0.02in">0</td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.02in; padding-bottom: 0.02in; padding-left: 0.02in">%</td></tr> </table>

3225996