GraniteShares ETF Trust
Notes to Quarterly Schedules of Investments
September 30, 2023 (Unaudited)
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 HIPS U.S. High Income ETF |
| September 30, 2023 (Unaudited) | |
| Investments | | Shares | | | Value | |
| COMMON STOCKS - 74.20% | | | | | | |
| | | | | | | |
| Capital Markets - 28.51% | | | | | | | | |
| Bain Capital Specialty Finance, Inc. | | | 110,182 | | | $ | 1,686,886 | |
| Barings BDC, Inc. | | | 178,541 | | | | 1,590,800 | |
| Capital Southwest Corp. | | | 85,178 | | | | 1,950,577 | |
| FS KKR Capital Corp. | | | 83,079 | | | | 1,635,826 | |
| Goldman Sachs BDC, Inc. | | | 101,808 | | | | 1,482,324 | |
| Golub Capital BDC, Inc. | | | 110,920 | | | | 1,627,196 | |
| New Mountain Finance Corp. | | | 119,515 | | | | 1,547,719 | |
| Oaktree Specialty Lending Corp. | | | 71,240 | | | | 1,433,349 | |
| Sixth Street Specialty Lending, Inc. | | | 83,174 | | | | 1,700,077 | |
| SLR Investment Corp. | | | 103,848 | | | | 1,598,221 | |
| Total Capital Markets | | | | | | | 16,252,975 | |
| Energy Equipment & Services - 3.04% | | | | | | | | |
| USA Compression Partners LP(a) | | | 72,576 | | | | 1,731,663 | |
| Equity Real Estate Investment Trust (REIT) - 4.01% | | | | | | | | |
| Alexander’s, Inc. | | | 6,550 | | | | 1,193,607 | |
| Global Net Lease, Inc. | | | 113,778 | | | | 1,093,407 | |
| Total Equity Real Estate Investment Trust (REIT) | | | | | | | 2,287,014 | |
| Health Care REITs - 8.77% | | | | | | | | |
| LTC Properties, Inc. | | | 39,620 | | | | 1,272,991 | |
| Medical Properties Trust, Inc. | | | 143,601 | | | | 782,625 | |
| Omega Healthcare Investors, Inc. | | | 51,427 | | | | 1,705,319 | |
| Physicians Realty Trust | | | 101,432 | | | | 1,236,456 | |
| Total Health Care REITs | | | | | | | 4,997,391 | |
| Office REITs - 5.75% | | | | | | | | |
| Brandywine Realty Trust | | | 251,133 | | | | 1,140,144 | |
| Easterly Government Properties, Inc. | | | 106,674 | | | | 1,219,284 | |
| Piedmont Office Realty Trust, Inc., Class A | | | 163,799 | | | | 920,550 | |
| Total Office REITs | | | | | | | 3,279,978 | |
| Oil, Gas & Consumable Fuels - 21.43% | | | | | | | | |
| Black Stone Minerals LP(a) | | | 83,979 | | | | 1,446,958 | |
| Crestwood Equity Partners LP(a) | | | 52,314 | | | | 1,530,185 | |
| Dorchester Minerals LP(a) | | | 48,030 | | | | 1,395,272 | |
| Energy Transfer LP(a) | | | 118,816 | | | | 1,666,989 | |
| Enterprise Products Partners LP(a) | | | 59,060 | | | | 1,616,472 | |
| Kimbell Royalty Partners LP | | | 86,862 | | | | 1,389,792 | |
| MPLX LP(a) | | | 43,313 | | | | 1,540,643 | |
| NuStar Energy LP(a) | | | 5,000 | | | | 87,200 | |
| Sunoco LP(a) | | | 31,667 | | | | 1,550,099 | |
| Total Oil, Gas & Consumable Fuels | | | | | | | 12,223,610 | |
| Specialized REITs - 2.69% | | | | | | | | |
| EPR Properties | | | 36,936 | | | | 1,534,321 | |
| | | | | | | | | |
| TOTAL COMMON STOCKS | | | | | | | | |
| (Cost $40,253,613) | | | | | | | 42,306,952 | |
| | | | | | | | | |
| INVESTMENT COMPANIES - 25.66% | | | | | | | | |
| Investments | | Shares | | | Value | |
| Specialized REITs (continued) | | | | | | | | |
| BlackRock Debt Strategies Fund, Inc. | | | 154,390 | | | $ | 1,585,585 | |
| BlackRock Enhanced Equity Dividend Trust | | | 170,556 | | | | 1,297,931 | |
| BlackRock Income Trust, Inc. | | | 116,070 | | | | 1,320,877 | |
| Blackstone Long-Short Credit Income Fund | | | 133,986 | | | | 1,560,937 | |
| Eaton Vance Floating-Rate Income Trust | | | 130,371 | | | | 1,604,866 | |
| Franklin, Ltd. Duration Income Trust | | | 235,345 | | | | 1,433,251 | |
| Invesco Senior Income Trust | | | 387,627 | | | | 1,519,498 | |
| MFS Intermediate Income Trust | | | 519,614 | | | | 1,392,566 | |
| Nuveen Credit Strategies Income Fund | | | 285,381 | | | | 1,444,028 | |
| Saba Capital Income & Opportunities Fund | | | 192,016 | | | | 1,474,683 | |
| | | | | | | | | |
| TOTAL INVESTMENT COMPANIES | | | | | | | | |
| (Cost $15,182,036) | | | | | | | 14,634,222 | |
| | | | | | | | | |
| TOTAL INVESTMENTS - 99.86% | | | | | | | | |
| (Cost $55,435,649) | | | | | | $ | 56,941,174 | |
| | | | | | | | | |
| Other Assets In Excess Of Liabilities - 0.14% | | | | | | | 79,750 | |
| | | | | | | | | |
| NET ASSETS (100.00%) | | | | | | $ | 57,020,924 | |
| | (a) | Master Limited Partnership (“MLP”). |
| GraniteShares HIPS U.S. High Income ETF | | | | | | | | | | | | |
| Investments in Securities at Value | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Common Stocks | | $ | 42,306,952 | | | $ | – | | | $ | – | | | $ | 42,306,952 | |
| Investment Companies | | | 14,634,222 | | | | – | | | | – | | | | 14,634,222 | |
| Total | | $ | 56,941,174 | | | $ | – | | | $ | – | | | $ | 56,941,174 | |
