GraniteShares ETF Trust
Schedule of Investments
GraniteShares XOUT U.S. Large Cap ETF
March 31, 2023 (Unaudited)
Investments | Shares | Value | ||||||
COMMON STOCKS - 99.93% | ||||||||
Aerospace & Defense - 0.86% | ||||||||
Axon Enterprise, Inc.(a) | 195 | $ | 43,846 | |||||
HEICO Corp. | 346 | 59,180 | ||||||
Raytheon Technologies Corp. | 4,308 | 421,882 | ||||||
TransDigm Group, Inc. | 156 | 114,980 | ||||||
Total Aerospace & Defense | 639,888 | |||||||
Automobiles - 2.43% | ||||||||
Tesla, Inc.(a) | 8,748 | 1,814,860 | ||||||
Beverages - 2.45% | ||||||||
Coca-Cola Co. | 12,768 | 791,999 | ||||||
Constellation Brands, Inc., Class A | 550 | 124,240 | ||||||
Monster Beverage Corp.(a) | 3,022 | 163,218 | ||||||
PepsiCo, Inc. | 4,066 | 741,232 | ||||||
Total Beverages | 1,820,689 | |||||||
Biotechnology - 3.62% | ||||||||
AbbVie, Inc. | 5,294 | 843,705 | ||||||
Alnylam Pharmaceuticals, Inc.(a) | 352 | 70,513 | ||||||
Amgen, Inc. | 1,619 | 391,392 | ||||||
Biogen, Inc.(a) | 444 | 123,445 | ||||||
BioMarin Pharmaceutical, Inc.(a) | 556 | 54,065 | ||||||
Gilead Sciences, Inc. | 3,827 | 317,526 | ||||||
Horizon Therapeutics PLC(a) | 675 | 73,670 | ||||||
Incyte Corp.(a) | 665 | 48,060 | ||||||
Moderna, Inc.(a) | 1,108 | 170,167 | ||||||
Regeneron Pharmaceuticals, Inc.(a) | 330 | 271,151 | ||||||
Seagen, Inc.(a) | 457 | 92,529 | ||||||
Vertex Pharmaceuticals, Inc.(a) | 764 | 240,713 | ||||||
Total Biotechnology | 2,696,936 | |||||||
Broadline Retail - 0.15% | ||||||||
eBay, Inc. | 1,574 | 69,838 | ||||||
Etsy, Inc.(a) | 369 | 41,081 | ||||||
Total Broadline Retail | 110,919 | |||||||
Building Products - 0.36% | ||||||||
Carlisle Cos., Inc. | 149 | 33,684 | ||||||
Carrier Global Corp. | 2,428 | 111,081 | ||||||
Trane Technologies PLC | 668 | 122,899 | ||||||
Total Building Products | 267,664 | |||||||
Capital Markets - 2.07% | ||||||||
Ameriprise Financial, Inc. | 313 | 95,935 | ||||||
Bank of New York Mellon Corp. | 2,389 | 108,556 | ||||||
Blackstone, Inc. | 3,480 | 305,683 | ||||||
Cboe Global Markets, Inc. | 310 | 41,614 | ||||||
LPL Financial Holdings, Inc. | 225 | 45,540 | ||||||
MarketAxess Holdings, Inc. | 107 | 41,868 | ||||||
Morgan Stanley | 4,922 | 432,152 | ||||||
MSCI, Inc. | 233 | 130,408 |
Investments | Shares | Value | ||||||
Capital Markets (continued) | ||||||||
S&P Global, Inc. | 961 | $ | 331,325 | |||||
Total Capital Markets | 1,533,081 | |||||||
Chemicals - 0.58% | ||||||||
Albemarle Corp. | 320 | 70,733 | ||||||
Corteva, Inc. | 2,164 | 130,511 | ||||||
FMC Corp. | 377 | 46,043 | ||||||
LyondellBasell Industries NV, Class A | 966 | 90,697 | ||||||
PPG Industries, Inc. | 672 | 89,766 | ||||||
Total Chemicals | 427,750 | |||||||
Commercial Services & Supplies - 0.53% | ||||||||
Cintas Corp. | 302 | 139,729 | ||||||
Rollins, Inc. | 1,453 | 54,531 | ||||||
Waste Management, Inc. | 1,215 | 198,252 | ||||||
Total Commercial Services & Supplies | 392,512 | |||||||
Communications Equipment - 1.23% | ||||||||
Arista Networks, Inc.(a) | 840 | 141,002 | ||||||
Cisco Systems, Inc. | 11,161 | 583,442 | ||||||
Motorola Solutions, Inc. | 499 | 142,779 | ||||||
Ubiquiti, Inc. | 175 | 47,546 | ||||||
Total Communications Equipment | 914,769 | |||||||
Consumer Finance - 0.54% | ||||||||
American Express Co. | 2,200 | 362,890 | ||||||
Synchrony Financial | 1,304 | 37,920 | ||||||
Total Consumer Finance | 400,810 | |||||||
Consumer Staples Distribution & Retail - 2.72% | ||||||||
Costco Wholesale Corp. | 1,291 | 641,459 | ||||||
Kroger Co. | 2,161 | 106,689 | ||||||
Sysco Corp. | 1,496 | 115,536 | ||||||
Walmart, Inc. | 7,894 | 1,163,971 | ||||||
Total Consumer Staples Distribution & Retail | 2,027,655 | |||||||
Distributors - 0.14% | ||||||||
Genuine Parts Co. | 401 | 67,091 | ||||||
Pool Corp. | 108 | 36,984 | ||||||
Total Distributors | 104,075 | |||||||
Electrical Equipment - 0.53% | ||||||||
AMETEK, Inc. | 676 | 98,243 | ||||||
Eaton Corp. PLC | 1,152 | 197,383 | ||||||
Rockwell Automation, Inc. | 325 | 95,371 | ||||||
Total Electrical Equipment | 390,997 | |||||||
Electronic Equipment, Instruments & Components - 0.50% | ||||||||
Amphenol Corp., Class A | 1,717 | 140,313 | ||||||
CDW Corp. | 384 | 74,838 | ||||||
Keysight Technologies, Inc.(a) | 505 | 81,547 | ||||||
Trimble, Inc.(a) | 730 | 38,267 | ||||||
Zebra Technologies Corp., Class A(a) | 143 | 45,474 | ||||||
Total Electronic Equipment, Instruments & Components | 380,439 | |||||||
Energy Equipment & Services - 0.28% | ||||||||
Schlumberger NV | 4,212 | 206,809 | ||||||
Entertainment - 1.30% | ||||||||
Activision Blizzard, Inc. | 2,249 | 192,492 | ||||||
Electronic Arts, Inc. | 809 | 97,444 | ||||||
Live Nation Entertainment, Inc.(a) | 662 | 46,340 | ||||||
Netflix, Inc.(a) | 1,281 | 442,560 | ||||||
ROBLOX Corp., Class A(a) | 1,399 | 62,927 |
Investments | Shares | Value | ||||||
Entertainment (continued) | ||||||||
Spotify Technology SA(a) | 560 | $ | 74,827 | |||||
Take-Two Interactive Software, Inc.(a) | 490 | 58,457 | ||||||
Total Entertainment | 975,047 | |||||||
Equity Real Estate Investment Trust (REIT) - 0.11% | ||||||||
SBA Communications Corp. | 322 | 84,065 | ||||||
Financial Services - 3.75% | ||||||||
Block, Inc., Class A(a) | 1,650 | 113,273 | ||||||
Mastercard, Inc., Class A | 2,790 | 1,013,914 | ||||||
PayPal Holdings, Inc.(a) | 3,460 | 262,752 | ||||||
Visa, Inc., Class A | 6,244 | 1,407,772 | ||||||
Total Financial Services | 2,797,711 | |||||||
Food Products - 0.76% | ||||||||
Archer-Daniels-Midland Co. | 1,633 | 130,085 | ||||||
Hershey Co. | 615 | 156,462 | ||||||
Mondelez International, Inc., Class A | 4,025 | 280,623 | ||||||
Total Food Products | 567,170 | |||||||
Ground Transportation - 0.66% | ||||||||
JB Hunt Transport Services, Inc. | 307 | 53,866 | ||||||
Norfolk Southern Corp. | 708 | 150,097 | ||||||
Old Dominion Freight Line, Inc. | 322 | 109,750 | ||||||
Uber Technologies, Inc.(a) | 5,529 | 175,269 | ||||||
Total Ground Transportation | 488,982 | |||||||
Health Care Equipment & Supplies - 3.19% | ||||||||
Abbott Laboratories | 5,207 | 527,261 | ||||||
Align Technology, Inc.(a) | 222 | 74,179 | ||||||
Becton Dickinson & Co. | 854 | 211,399 | ||||||
Boston Scientific Corp.(a) | 4,274 | 213,828 | ||||||
Cooper Cos., Inc. | 142 | 53,017 | ||||||
Dexcom, Inc.(a) | 1,134 | 131,748 | ||||||
Edwards Lifesciences Corp.(a) | 1,808 | 149,576 | ||||||
Hologic, Inc.(a) | 717 | 57,862 | ||||||
IDEXX Laboratories, Inc.(a) | 232 | 116,019 | ||||||
Insulet Corp.(a) | 201 | 64,111 | ||||||
Intuitive Surgical, Inc.(a) | 1,047 | 267,477 | ||||||
ResMed, Inc. | 430 | 94,166 | ||||||
Stryker Corp. | 1,119 | 319,441 | ||||||
Zimmer Biomet Holdings, Inc. | 629 | 81,267 | ||||||
Total Health Care Equipment & Supplies | 2,361,351 | |||||||
Health Care Providers & Services - 3.98% | ||||||||
AmerisourceBergen Corp. | 594 | 95,105 | ||||||
Centene Corp.(a) | 1,612 | 101,895 | ||||||
Cigna Group | 867 | 221,545 | ||||||
CVS Health Corp. | 3,845 | 285,722 | ||||||
Elevance Health, Inc. | 706 | 324,626 | ||||||
HCA Healthcare, Inc. | 818 | 215,690 | ||||||
Humana, Inc. | 366 | 177,678 | ||||||
McKesson Corp. | 407 | 144,912 | ||||||
Molina Healthcare, Inc.(a) | 177 | 47,346 | ||||||
Quest Diagnostics, Inc. | 323 | 45,698 | ||||||
UnitedHealth Group, Inc. | 2,775 | 1,311,437 | ||||||
Total Health Care Providers & Services | 2,971,654 | |||||||
Health Care Technology - 0.11% | ||||||||
Veeva Systems, Inc., Class A(a) | 445 | 81,787 |
Investments | Shares | Value | ||||||
Hotels, Restaurants & Leisure - 2.77% | ||||||||
Airbnb, Inc., Class A(a) | 1,455 | $ | 181,002 | |||||
Booking Holdings, Inc.(a) | 106 | 281,155 | ||||||
Chipotle Mexican Grill, Inc.(a) | 79 | 134,955 | ||||||
DoorDash, Inc., Class A(a) | 975 | 61,971 | ||||||
Expedia Group, Inc.(a) | 430 | 41,723 | ||||||
Hilton Worldwide Holdings, Inc. | 776 | 109,315 | ||||||
Marriott International, Inc., Class A | 901 | 149,602 | ||||||
McDonald’s Corp. | 2,127 | 594,730 | ||||||
MGM Resorts International | 1,100 | 48,862 | ||||||
Starbucks Corp. | 3,347 | 348,523 | ||||||
Yum! Brands, Inc. | 821 | 108,438 | ||||||
Total Hotels, Restaurants & Leisure | 2,060,276 | |||||||
Household Durables - 0.29% | ||||||||
DR Horton, Inc. | 1,031 | 100,718 | ||||||
Garmin, Ltd. | 554 | 55,910 | ||||||
NVR, Inc.(a) | 10 | 55,722 | ||||||
Total Household Durables | 212,350 | |||||||
Household Products - 1.56% | ||||||||
Church & Dwight Co., Inc. | 721 | 63,744 | ||||||
Clorox Co. | 360 | 56,966 | ||||||
Procter & Gamble Co. | 7,006 | 1,041,722 | ||||||
Total Household Products | 1,162,432 | |||||||
Insurance - 0.77% | ||||||||
Aon PLC, Class A | 628 | 198,002 | ||||||
Arthur J Gallagher & Co. | 646 | 123,586 | ||||||
Marsh & McLennan Cos., Inc. | 1,512 | 251,824 | ||||||
Total Insurance | 573,412 | |||||||
Interactive Media & Services - 7.41% | ||||||||
Alphabet, Inc., Class A(a) | 37,065 | 3,844,751 | ||||||
Meta Platforms, Inc., Class A(a) | 7,622 | 1,615,407 | ||||||
Pinterest, Inc., Class A(a) | 1,991 | 54,295 | ||||||
Total Interactive Media & Services | 5,514,453 | |||||||
IT Services - 1.09% | ||||||||
Akamai Technologies, Inc.(a) | 513 | 40,168 | ||||||
Cloudflare, Inc., Class A(a) | 843 | 51,979 | ||||||
EPAM Systems, Inc.(a) | 176 | 52,624 | ||||||
Gartner, Inc.(a) | 232 | 75,579 | ||||||
International Business Machines Corp. | 2,669 | 349,879 | ||||||
MongoDB, Inc.(a) | 194 | 45,225 | ||||||
Snowflake, Inc., Class A(a) | 890 | 137,318 | ||||||
VeriSign, Inc.(a) | 312 | 65,935 | ||||||
Total IT Services | 818,707 | |||||||
Life Sciences Tools & Services - 2.49% | ||||||||
Agilent Technologies, Inc. | 892 | 123,399 | ||||||
Avantor, Inc.(a) | 1,939 | 40,990 | ||||||
Danaher Corp. | 2,161 | 544,658 | ||||||
Illumina, Inc.(a) | 430 | 99,997 | ||||||
IQVIA Holdings, Inc.(a) | 543 | 107,997 | ||||||
Mettler-Toledo International, Inc.(a) | 63 | 96,403 | ||||||
PerkinElmer, Inc. | 377 | 50,239 | ||||||
Thermo Fisher Scientific, Inc. | 1,175 | 677,236 | ||||||
Waters Corp.(a) | 180 | 55,733 | ||||||
West Pharmaceutical Services, Inc. | 184 | 63,750 | ||||||
Total Life Sciences Tools & Services | 1,860,402 |
Investments | Shares | Value | ||||||
Machinery - 1.99% | ||||||||
Caterpillar, Inc. | 1,537 | $ | 351,727 | |||||
Cummins, Inc. | 403 | 96,269 | ||||||
Deere & Co. | 901 | 372,005 | ||||||
Fortive Corp. | 1,027 | 70,011 | ||||||
IDEX Corp. | 224 | 51,751 | ||||||
Illinois Tool Works, Inc. | 890 | 216,670 | ||||||
PACCAR, Inc. | 1,500 | 109,800 | ||||||
Parker-Hannifin Corp. | 370 | 124,361 | ||||||
Snap-on, Inc. | 156 | 38,515 | ||||||
Xylem, Inc. | 527 | 55,177 | ||||||
Total Machinery | 1,486,286 | |||||||
Media - 1.07% | ||||||||
Charter Communications, Inc., Class A(a) | 516 | 184,527 | ||||||
Comcast Corp., Class A | 11,999 | 454,882 | ||||||
Interpublic Group of Cos., Inc. | 1,141 | 42,491 | ||||||
Sirius XM Holdings, Inc. | 11,623 | 46,143 | ||||||
Trade Desk, Inc., Class A(a) | 1,081 | 65,844 | ||||||
Total Media | 793,887 | |||||||
Metals & Mining - 0.23% | ||||||||
Nucor Corp. | 724 | 111,836 | ||||||
Steel Dynamics, Inc. | 497 | 56,191 | ||||||
Total Metals & Mining | 168,027 | |||||||
Oil, Gas & Consumable Fuels - 3.05% | ||||||||
Diamondback Energy, Inc. | 567 | 76,641 | ||||||
EOG Resources, Inc. | 1,841 | 211,035 | ||||||
Exxon Mobil Corp. | 12,490 | 1,369,654 | ||||||
Hess Corp. | 922 | 122,017 | ||||||
Marathon Petroleum Corp. | 1,374 | 185,256 | ||||||
Phillips 66 | 1,396 | 141,526 | ||||||
Valero Energy Corp. | 1,189 | 165,984 | ||||||
Total Oil, Gas & Consumable Fuels | 2,272,113 | |||||||
Passenger Airlines - 0.06% | ||||||||
United Airlines Holdings, Inc.(a) | 958 | 42,392 | ||||||
Pharmaceuticals - 5.89% | ||||||||
Bristol-Myers Squibb Co. | 6,388 | 442,752 | ||||||
Eli Lilly & Co. | 2,951 | 1,013,432 | ||||||
Johnson & Johnson | 7,874 | 1,220,471 | ||||||
Merck & Co., Inc. | 7,597 | 808,245 | ||||||
Pfizer, Inc. | 16,903 | 689,642 | ||||||
Zoetis, Inc. | 1,245 | 207,218 | ||||||
Total Pharmaceuticals | 4,381,760 | |||||||
Professional Services - 0.69% | ||||||||
Automatic Data Processing, Inc. | 1,211 | 269,605 | ||||||
CoStar Group, Inc.(a) | 1,164 | 80,141 | ||||||
Paychex, Inc. | 1,057 | 121,122 | ||||||
SS&C Technologies Holdings, Inc. | 742 | 41,901 | ||||||
Total Professional Services | 512,769 | |||||||
Real Estate Management & Development - 0.09% | ||||||||
CBRE Group, Inc., Class A(a) | 919 | 66,912 | ||||||
Semiconductors & Semiconductor Equipment - 7.52% | ||||||||
Advanced Micro Devices, Inc.(a) | 4,727 | 463,293 | ||||||
Analog Devices, Inc. | 1,373 | 270,783 | ||||||
Applied Materials, Inc. | 2,440 | 299,705 | ||||||
Broadcom, Inc. | 1,209 | 775,622 |
Investments | Shares | Value | ||||||
Semiconductors & Semiconductor Equipment (continued) | ||||||||
Enphase Energy, Inc.(a) | 413 | $ | 86,846 | |||||
KLA Corp. | 409 | 163,261 | ||||||
Lam Research Corp. | 395 | 209,397 | ||||||
Marvell Technology, Inc. | 2,398 | 103,833 | ||||||
Microchip Technology, Inc. | 1,566 | 131,199 | ||||||
Monolithic Power Systems, Inc. | 132 | 66,071 | ||||||
NVIDIA Corp. | 6,888 | 1,913,280 | ||||||
ON Semiconductor Corp.(a) | 1,251 | 102,982 | ||||||
QUALCOMM, Inc. | 3,220 | 410,808 | ||||||
Skyworks Solutions, Inc. | 467 | 55,097 | ||||||
Teradyne, Inc. | 452 | 48,595 | ||||||
Texas Instruments, Inc. | 2,650 | 492,927 | ||||||
Total Semiconductors & Semiconductor Equipment | 5,593,699 | |||||||
Software - 14.44% | ||||||||
Adobe, Inc.(a) | 1,356 | 522,562 | ||||||
ANSYS, Inc.(a) | 250 | 83,200 | ||||||
Atlassian Corp., Class A(a) | 734 | 125,639 | ||||||
Autodesk, Inc.(a) | 633 | 131,765 | ||||||
Cadence Design Systems, Inc.(a) | 761 | 159,878 | ||||||
Crowdstrike Holdings, Inc., Class A(a) | 651 | 89,356 | ||||||
Datadog, Inc., Class A(a) | 912 | 66,266 | ||||||
Fair Isaac Corp.(a) | 72 | 50,594 | ||||||
Fortinet, Inc.(a) | 2,234 | 148,472 | ||||||
Gen Digital, Inc. | 1,882 | 32,295 | ||||||
HubSpot, Inc.(a) | 137 | 58,739 | ||||||
Intuit, Inc. | 831 | 370,485 | ||||||
Microsoft Corp. | 21,855 | 6,300,796 | ||||||
Oracle Corp. | 7,889 | 733,045 | ||||||
Palantir Technologies, Inc., Class A(a) | 4,662 | 39,394 | ||||||
Palo Alto Networks, Inc.(a) | 848 | 169,380 | ||||||
Paycom Software, Inc.(a) | 175 | 53,202 | ||||||
PTC, Inc.(a) | 348 | 44,624 | ||||||
Salesforce, Inc.(a) | 2,919 | 583,157 | ||||||
ServiceNow, Inc.(a) | 600 | 278,832 | ||||||
Splunk, Inc.(a) | 469 | 44,968 | ||||||
Synopsys, Inc.(a) | 448 | 173,040 | ||||||
Tyler Technologies, Inc.(a) | 115 | 40,784 | ||||||
Unity Software, Inc.(a) | 1,026 | 33,283 | ||||||
VMware, Inc., Class A(a) | 1,250 | 156,063 | ||||||
Workday, Inc., Class A(a) | 751 | 155,112 | ||||||
Zoom Video Communications, Inc., Class A(a) | 805 | 59,441 | ||||||
Zscaler, Inc.(a) | 420 | 49,069 | ||||||
Total Software | 10,753,441 | |||||||
Specialty Retail - 2.80% | ||||||||
AutoZone, Inc.(a) | 55 | 135,198 | ||||||
Best Buy Co., Inc. | 630 | 49,310 | ||||||
Home Depot, Inc. | 2,954 | 871,784 | ||||||
Lowe’s Cos., Inc. | 1,735 | 346,948 | ||||||
O’Reilly Automotive, Inc.(a) | 177 | 150,269 | ||||||
Ross Stores, Inc. | 1,008 | 106,979 | ||||||
TJX Cos., Inc. | 3,422 | 268,148 | ||||||
Tractor Supply Co. | 320 | 75,213 | ||||||
Ulta Beauty, Inc.(a) | 146 | 79,668 | ||||||
Total Specialty Retail | 2,083,517 |
Investments | Shares | Value | ||||||
Technology Hardware, Storage & Peripherals - 10.30% | ||||||||
Apple, Inc. | 45,257 | $ | 7,462,880 | |||||
Dell Technologies, Inc., Class C | 2,088 | 83,958 | ||||||
HP, Inc. | 2,851 | 83,677 | ||||||
NetApp, Inc. | 617 | 39,395 | ||||||
Total Technology Hardware, Storage & Peripherals | 7,669,910 | |||||||
Textiles, Apparel & Luxury Goods - 0.91% | ||||||||
Lululemon Athletica, Inc.(a) | 358 | 130,380 | ||||||
NIKE, Inc., Class B | 4,434 | 543,786 | ||||||
Total Textiles, Apparel & Luxury Goods | 674,166 | |||||||
Tobacco - 0.61% | ||||||||
Philip Morris International, Inc. | 4,650 | 452,212 | ||||||
Trading Companies & Distributors - 0.36% | ||||||||
Fastenal Co. | 1,650 | 89,001 | ||||||
United Rentals, Inc. | 198 | 78,360 | ||||||
WW Grainger, Inc. | 145 | 99,877 | ||||||
Total Trading Companies & Distributors | 267,238 | |||||||
Wireless Telecommunication Services - 0.69% | ||||||||
T-Mobile US, Inc.(a) | 3,566 | 516,499 | ||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $67,358,826) | 74,394,480 | |||||||
INVESTMENT COMPANY - 0.07% | ||||||||
iShares Core S&P 500 ETF | 120 | 49,330 | ||||||
TOTAL INVESTMENT COMPANY | ||||||||
(Cost $53,526) | 49,330 | |||||||
TOTAL INVESTMENTS - 100.00% | ||||||||
(Cost $67,412,352) | $ | 74,443,810 | ||||||
Liabilities In Excess Of Other Assets - –%(b) | (1,741 | ) | ||||||
NET ASSETS (100.00%) | $ | 74,442,069 |
(a) | Non-Income Producing Security. |
(b) | Less than 0.005%. |
Common Abbreviations |
ETF – Exchange Traded Fund |
GraniteShares XOUT U.S. Large Cap ETF
Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 74,394,480 | $ | – | $ | – | $ | 74,394,480 | ||||||||
Investment Company | 49,330 | – | – | 49,330 | ||||||||||||
Total | $ | 74,443,810 | $ | – | $ | – | $ | 74,443,810 |
GraniteShares ETF Trust
Notes to Quarterly Schedules of Investments
March 31, 2023 (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.