GraniteShares ETF Trust
Notes to Quarterly Schedules of Investments
September 30, 2024 (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. |
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| 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, 2024 (Unaudited) |
| Investments | | Shares | | | Value | |
| COMMON STOCKS - 73.95% | | | | | | | | |
| Capital Markets - 24.23% | | | | | | | | |
| Ares Capital Corp. | | | 115,141 | | | $ | 2,411,053 | |
| Blackstone Secured Lending Fund | | | 77,562 | | | | 2,271,791 | |
| Fidus Investment Corp. | | | 117,107 | | | | 2,295,297 | |
| FS KKR Capital Corp. | | | 114,796 | | | | 2,264,925 | |
| Goldman Sachs BDC, Inc. | | | 157,442 | | | | 2,166,402 | |
| Golub Capital BDC, Inc. | | | 151,651 | | | | 2,291,447 | |
| MidCap Financial Investment Corp. | | | 167,993 | | | | 2,249,426 | |
| New Mountain Finance Corp. | | | 179,628 | | | | 2,151,943 | |
| Oaktree Specialty Lending Corp. | | | 112,187 | | | | 1,829,770 | |
| SLR Investment Corp. | | | 152,943 | | | | 2,301,792 | |
| Total Capital Markets | | | | | | | 22,233,846 | |
| Energy Equipment & Services - 2.43% | | | | | | | | |
| USA Compression Partners LP(a) | | | 97,117 | | | | 2,225,922 | |
| Equity Real Estate Investment Trust (REIT) - 4.88% | | | | | | | | |
| Alexander’s, Inc. | | | 10,474 | | | | 2,538,480 | |
| Global Net Lease, Inc. | | | 230,058 | | | | 1,937,088 | |
| Total Equity Real Estate Investment Trust (REIT) | | | | | | | 4,475,568 | |
| Health Care REITs - 7.71% | | | | | | | | |
| LTC Properties, Inc. | | | 66,829 | | | | 2,451,956 | |
| Omega Healthcare Investors, Inc. | | | 56,747 | | | | 2,309,603 | |
| Sabra Health Care REIT, Inc. | | | 124,381 | | | | 2,314,730 | |
| Total Health Care REITs | | | | | | | 7,076,289 | |
| Hotel & Resort REITs - 2.31% | | | | | | | | |
| Park Hotels & Resorts, Inc. | | | 150,063 | | | | 2,115,888 | |
| Oil, Gas & Consumable Fuels - 22.12% | | | | | | | | |
| Black Stone Minerals LP(a) | | | 145,417 | | | | 2,195,797 | |
| Cheniere Energy Partners LP(a) | | | 44,901 | | | | 2,187,577 | |
| Dorchester Minerals LP(a) | | | 72,529 | | | | 2,186,749 | |
| Energy Transfer LP(a) | | | 143,080 | | | | 2,296,434 | |
| Enterprise Products Partners LP(a) | | | 78,459 | | | | 2,283,941 | |
| Kimbell Royalty Partners LP(a) | | | 141,900 | | | | 2,283,171 | |
| MPLX LP(a) | | | 51,204 | | | | 2,276,530 | |
| Plains All American Pipeline LP(a) | | | 132,214 | | | | 2,296,557 | |
| Western Midstream Partners LP(a) | | | 60,066 | | | | 2,298,125 | |
| Total Oil, Gas & Consumable Fuels | | | | | | | 20,304,881 | |
| Retail REITs - 5.14% | | | | | | | | |
| Getty Realty Corp. | | | 75,631 | | | | 2,405,822 | |
| NNN REIT, Inc. | | | 47,659 | | | | 2,310,985 | |
| Total Retail REITs | | | | | | | 4,716,807 | |
| Specialized REITs - 5.13% | | | | | | | | |
| EPR Properties | | | 47,176 | | | | 2,313,511 | |
| Gaming and Leisure Properties, Inc. | | | 46,635 | | | | 2,399,371 | |
| Total Specialized REITs | | | | | | | 4,712,882 | |
| TOTAL COMMON STOCKS | | | | | | | | |
| (Cost $63,415,304) | | | | | | | 67,862,083 | |
| (a) | Master Limited Partnership (“MLP”). |
| Investments | | Shares | | | Value | |
| INVESTMENT COMPANIES - 25.96% | | | | | | | | |
| BlackRock Debt Strategies Fund, Inc. | | | 212,494 | | | $ | 2,343,809 | |
| BlackRock Limited Duration Income Trust | | | 167,374 | | | | 2,423,576 | |
| Blackstone Long-Short Credit Income Fund | | | 201,019 | | | | 2,571,032 | |
| Eaton Vance Floating-Rate Income Trust | | | 183,069 | | | | 2,357,929 | |
| First Trust Senior Floating Rate Income Fund II | | | 233,460 | | | | 2,418,646 | |
| Neuberger Berman High Yield Strategies Fund, Inc. | | | 232,708 | | | | 2,017,578 | |
| Nuveen Credit Strategies Income Fund | | | 442,271 | | | | 2,560,749 | |
| Nuveen Floating Rate Income Fund | | | 283,337 | | | | 2,499,032 | |
| Nuveen Taxable Municipal Income Fund | | | 145,604 | | | | 2,418,482 | |
| Saba Capital Income & Opportunities Fund | | | 291,789 | | | | 2,214,679 | |
| TOTAL INVESTMENT COMPANIES | | | | | | | | |
| (Cost $22,633,374) | | | | | | | 23,825,512 | |
| | | Principal | | | | |
| Investments | | Amount | | | Value | |
| UNITED STATES TREASURY OBLIGATIONS - 32.66%(b) | | | | | | | | |
| United States Treasury Bill, 3.943% , 10/08/2024 | | $ | 30,000,000 | | | | 29,972,722 | |
| TOTAL UNITED STATES TREASURY OBLIGATIONS | | | | | | | | |
| (Cost $29,977,000) | | | | | | | 29,972,722 | |
| TOTAL INVESTMENTS - 132.57% | | | | | | | | |
| (Cost $116,025,678) | | | | | | $ | 121,660,317 | |
| Liabilities In Excess Of Other Assets - (32.57%) | | | | | | | (29,892,001 | ) |
| NET ASSETS (100.00%) | | | | | | $ | 91,768,316 | |
| (b) | Rate shown represents the bond equivalent yield to maturity at date of purchase. |
GraniteShares HIPS U.S. High Income ETF
| Investments in Securities at Value | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Common Stocks | | $ | 67,862,083 | | | $ | – | | | $ | – | | | $ | 67,862,083 | |
| Investment Companies | | | 23,825,512 | | | | – | | | | – | | | | 23,825,512 | |
| United States Treasury Obligations | | | – | | | | 29,972,722 | | | | – | | | | 29,972,722 | |
| Total | | $ | 91,687,595 | | | $ | 29,972,722 | | | $ | – | | | $ | 121,660,317 | |
