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.