GraniteShares ETF Trust

Notes to Quarterly Schedules of Investments

March 31, 2025 (Unaudited)

1. FAIR VALUE MEASUREMENT

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

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

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

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

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

GraniteShares ETF Trust

Schedule of Investments

GraniteShares 2x Long COIN Daily ETF

March 31, 2025 (Unaudited)

	Principal
Investments	Amount		Value
UNITED STATES TREASURY OBLIGATIONS - 10.04%(a)
United States Treasury Bill, 4.276% , 05/06/2025	$	49,000,000	$	48,798,488
TOTAL UNITED STATES TREASURY OBLIGATIONS
(Cost $48,798,016)				48,798,488
TOTAL INVESTMENTS - 10.04%
(Cost $48,798,016)			$	48,798,488
Other Assets In Excess Of Liabilities - 89.96%				437,305,719
NET ASSETS (100.00%)			$	486,104,207

(a) Rate shown represents the bond equivalent yield to maturity at date of purchase.

TOTAL RETURN SWAP CONTRACTS

Counterparty

Reference Entity/Obligation(a)

Notional Amount

Floating Rate Index

Spread

Payment Frequency

Pay/Receive

Termination Date

Value

Net Unrealized Appreciation

BMO Capital

Coinbase Global, Inc.

$

85,356,492

SOFRRATE

600 bps

At Termination

Receive

10/07/2025

$

79,088,016

$

(6,268,476

)

Clear Street, LLC

Coinbase Global, Inc.

375,523,518

OBFR01

700 bps

Monthly

Receive

10/14/2025

396,253,006

20,729,488

Goldman Sachs

Coinbase Global, Inc.

77,411,249

SOFRRATE

600 bps

Monthly

Receive

12/08/2025

71,475,450

(5,935,799

)

Natixis SA

Coinbase Global, Inc.

147,134,757

FEDL01

650 bps

Monthly

Receive

04/07/2026

146,498,838

(635,919

)

Nomura Holdings, Inc.

Coinbase Global, Inc.

195,025,157

OBFR01

1150 bps

Monthly

Receive

04/30/2026

195,025,157

–

TD Cowen

Coinbase Global, Inc.

89,803,780

OBFR01

200 bps

Monthly

Receive

03/02/2026

81,464,790

(8,338,990

)

TOTAL

$

970,254,953

$

969,805,257

$

(449,696

)

(a) Includes cash which is being held as collateral for total return swap contracts.

Investment Abbreviations:

OBFR - Overnight Bank Funding Rate

FEDL - Federal Funds Effective Rate

SOFR - Secured Overnight Financing Rate

GraniteShares 2x Long COIN Daily ETF

Investments in Securities at Value	Level 1		Level 2		Level 3		Total
United States Treasury Obligations	$	–	$	48,798,488	$	–	$	48,798,488
Total	$	–	$	48,798,488	$	–	$	48,798,488

Other Financial Instruments	Level 1		Level 2			Level 3		Total
Assets
Total Return Swap Contracts	$	–	$	20,729,488		$	–	$	20,729,488
Liabilities
Total Return Swap Contracts	$	–	$	(21,179,184	)	$	–	$	(21,179,184	)
Total	$	–	$	(449,696	)	$	–	$	(449,696	)