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 AMD Daily ETF

March 31, 2025 (Unaudited)

Other Assets In Excess Of Liabilities - (100.00%)	$	245,353,564
NET ASSETS (100.00%)	$	245,353,564

TOTAL RETURN SWAP CONTRACTS

Counterparty

Reference Entity/Obligation(a)

Notional Amount

Floating Rate Index

Spread

Payment Frequency

Pay/Receive

Termination Date

Value

Net Unrealized Depreciation

Cantor Fitzgerald

Advanced Micro Devices, Inc.

$

133,174,502

OBFR01

250 bps

Monthly

Receive

12/05/2025

$

122,948,958

$

(10,225,544

)

Clear Street, LLC

Advanced Micro Devices, Inc.

84,529,250

OBFR01

100 bps

Monthly

Receive

04/07/2026

86,198,860

1,669,610

Nomura Holdings, Inc.

Advanced Micro Devices, Inc.

57,609,703

OBFR01

300 bps

Monthly

Receive

08/19/2025

52,643,976

(4,965,727

)

TD Cowen

Advanced Micro Devices, Inc.

117,418,419

OBFR01

200 bps

Monthly

Receive

03/02/2026

99,321,327

(18,097,092

)

Wells Fargo

Advanced Micro Devices, Inc.

141,697,365

FEDL01

165 bps

At Termination

Receive

03/02/2026

128,887,330

(12,810,035

)

TOTAL

$

534,429,239

$

490,000,451

$

(44,428,788

)

(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

GraniteShares 2x Long AMD Daily ETF

Other Financial Instruments	Level 1		Level 2			Level 3		Total
Assets
Total Return Swap Contracts	$	–	$	1,669,610		$	–	$	1,669,610
Liabilities
Total Return Swap Contracts	$	–	$	(46,098,398	)	$	–	$	(46,098,398	)
Total	$	–	$	(44,428,788	)	$	–	$	(44,428,788	)