Company registered number: 608059

GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY

ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2025

GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY

CONTENTS

Company Information 1

Directors' Report 2 - 5

Directors' Responsibility Statement 6

Independent Auditor's Report 7 - 14

Statement of Comprehensive Income 15

Statement of Financial Position 16

Statement of Changes in Equity 17

Statement of Cash Flows 18

Notes to the Financial Statements 19 - 41

GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY

COMPANY INFORMATION

DIRECTORS

Aileen Mannion

Raja Gul

Deirdre Brennan (appointed as alternate director on 25 October 2024

and resigned 25 October 2024)

COMPANY REGISTRATION NUMBER

608059

COMPANY SECRETARY AND

ADMINISTRATOR

TMF Administration Services Limited

Ground Floor

Two Dockland Central

Guild Street, North Dock

Dublin

D01 K2C5

Ireland

NOTE TRUSTEE, PRINCIPAL

PAYING AGENT, SWAP COLLATERAL

CUSTODIAN AND ACCOUNT BANK

The Bank of New York Mellon

160 Queen Victoria Street

London, EC4V 4LA

England

SWAP COUNTERPARTY AND

CALCULATION AGENT

Natixis S.A.

30 Avenue

Pierre Mendes-France

Paris

75013

France

ARRANGER

GraniteShares Jersey Limited

28 Esplanade

St. Helier

Jersey JE2 3QA

Channel Islands

INDEPENDENT AUDITORS

Grant Thornton

Chartered Accountants and Statutory Audit Firm

13 – 18 City Quay

Dublin 2, D02 ED70

Ireland

LEGAL ADVISERS

Irish Law Advisers/Irish Listing Agent

Matheson

70 Sir John Rogerson’s Quay

Grand Canal Dock

Dublin 2, D02 R296

Ireland

English Law Advisers

Linklaters LLP

One Silk Street

London, EC2Y 8HQ

United Kingdom

Jersey Law Advisers

Carey Olsen

47 Esplanade

St Helier

Jersey

JE1 0BD

Channel Islands

Page 1

GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY

DIRECTORS' REPORT FOR THE YEAR ENDED 30 JUNE 2025

The directors present the Annual Report and the audited financial statements of Graniteshares Financial Public Limited

Company (the "Company") for the financial year ended 30 June 2025.

PRINCIPAL ACTIVITIES

The Company is a public limited company, incorporated in Ireland on 17 July 2017, in accordance with the laws of

Ireland with a registration number 608059.

The Company has been formed for the purpose of issuing collateralised exchange traded products (“ETP Securities” or

(“ETPs”)) and entering into a fully funded Swap agreements. Commercial activity commenced in September 2019 with

the ETP Securities initially listed on the London Stock Exchange for trading on the secondary market.

The Company established a Collateralised ETP Securities Programme under which the Company issues, on an ongoing

basis, collateralised exchange traded products of different classes (each a “Class”) linked into indices providing exposure

to a range of asset classes including equities, commodities, fixed income and currencies. The ETP Securities may have

long or short, leveraged or unleveraged, exposure to the daily performance of the referenced index.

Each Class constitutes limited recourse obligations of the Company, secured on and payable solely from the assets

constituting the ETP Securities in respect of such Class. Each Class of ETP Securities may comprise one or more

tranches.

The ETP Securities have been listed for trading on the London Stock Exchange, Borsa Italiana S.p.A. (the “Italian Stock

Exchange”) and Deutsche Borse (the "Frankfurt Stock Exchange"). The Company uses the net proceeds of the issuance

of the ETP Securities to enter into Total Return Swap Transactions (“TRSs”) to hedge its payment obligations in respect

of each Class of the ETP with one or more Swap Providers once the Swap Provider has delivered eligible collateral. The

TRS for each Class of ETP Securities will produce cash flows to service all of the Company’s payment obligations in

respect of that Class.

As at financial year ended 30 June 2025, there were 65 ETPs in issuance (2024: 109 ETPs). The purchases over the

financial year amounted to €425,059,067 (2024: €201,188,492) with sales of €441,319,278 (2024: €264,002,053).

Cash flows are a result of subscriptions and redemptions of ETP securities and expenses incurred. A movement on

collateral does not generate a cash flow. The proceeds of the issuance of a tranche of ETP Securities of a Class will be

paid by the Company to one or more of the Swap Providers with whom the Company has entered by the Company in

relation that Class in proportion to the increase in the number of ETP Securities of that Class then outstanding.

The Company’s payment obligations in respect of the ETP Securities of a Class will be covered entirely from payments

received by the Company from the Swap Providers in respect of such TRS. Pursuant to the terms of each credit support

document, the Company will be obliged to pay amounts equal to each distribution made on collateral held by it to the

relevant Swap Provider upon receipt.

The ETP Securities do not bear interest at a prescribed rate. The return (if any) on the ETP Securities shall be calculated

in accordance with the redemption provisions. The Classes of ETP Securities are disclosed in note 11.

The issuing and purchasing activity of ETP Securities by the Company reflects the demand and supply from market

participants and investors. There are several factors that will impact by the supply and demand from market participants

and investors, among them are (not exhaustive list):

• the general market trends, in particular the existence of a trend which may occur across the market or sector specific,

• the market volatility, in particular volatility spikes,

• Portfolio reallocation across specific names or sectors to express tactical allocation,

• the existence of competitor products,

• the ability for market participants to be involve is supporting the liquidity in the ETP Securities.

Over the financial year ending 30 June 2025, the Company continued to witness significant involvement from investors

and market participants across its ETP Securities. The continuous interest in artificial intelligence and similar themes has

translated in strong financial performances these areas, which has resulted in continuous tactical reallocations by

investors in the ETP Securities. That has generated subscriptions €425,059,067 (2024: €201,188,492) and redemptions

€ 441,319,278 (2024: €264,002,053) activity by the Company.

There were no acquisitions of own shares by the Company during the financial year (2024:nil).

The Company does not have any branches.

The principal financial risks and uncertainties facing the Company during the financial year relate to the financial

instruments held by it and are set out in note 14 to the financial statements and the Company expects the nature of these

risks and uncertainties to remain the same for the foreseeable future.

Page 2

GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY

DIRECTORS' REPORT FOR THE YEAR ENDED 30 JUNE 2025 (CONTINUED)

FUTURE DEVELOPMENTS

The plan for the foreseeable future is to continue with the issuance of ETPs under the programme mentioned above

which may include listings on other stock exchanges.

RESULTS AND DIVIDENDS

The results for the financial year and the Company’s financial position at the end of the financial year are set out on page

15 and 16, respectively. Profit on ordinary activities before taxation amounted to €1,000 (2024: €1,000). The corporation

tax charge for the financial year is €250 (2024: €250).

No dividends were recommended to be paid for the financial year ended 30 June 2025 (2024: €nil).

Key performance indicators

Financial year

ended

30 June

2025

€

Financial year

ended

30 June

2024

€

(a) Net gain on financial assets at FVTPL 172,422,494 142,193,957

(b) Net loss on financial liabilities at FVTPL (172,422,494) (142,193,957)

(d) Financial liabilities at FVTPL (401,240,829) (245,078,546)

PRINCIPAL RISKS AND UNCERTAINTIES

The operations of the Company are subject to various risks. Information about the financial risk management objectives

and policies of the Company, along with exposure of the Company to market risk, currency risk, liquidity risk,

concentration risk and operational risk, are disclosed in note 14 to the financial statements.

The ETP Securities continued to perform in line with their relevant benchmarks each disclosed in the programme’s base

prospectus as well as each ETP Securities’ final terms (both set of documents available at

www.graniteshares.com/ETPS).

Financial markets performed well during the 01 July 2024 to 30 June 2025 fiscal year. According to Bloomberg and

during that period, the S&P 500 gained 15.1% while the technology-oriented NASDAQ-100 finished up 16.1% (both

measured in US dollar). Technology names continued to perform well. Financial and energy sectors had strong

performance as well on the eventuality of lighter regulatory environment following the 2024 US presidential election.

European markets also finished the period in positive territory, with the Eurostoxx 50 Index up by 11.8% (measured is

euro) over the period according to Bloomberg.

GOING CONCERN

The directors have assessed the ability of the Company to continue in operational existence for twelve months from the

date of approval of the financial statements (‘the period of assessment’) and have concluded that it is appropriate to

prepare the financial statements on a going concern basis.

The nature of the Company’s business dictates that the outstanding ETPs may be redeemed at any time by any

authorised participant who has entered into an authorised participant agreement with the Company. As the redemption of

ETPs will coincide with the sale of an equal amount of the TRSs, no liquidity risk is considered to arise. The Company

has entered into its primary service contracts with service providers on a non-recourse basis and these costs are being

met by GraniteShares Jersey Limited. Therefore, the directors are confident that the Company will have the ability to

continue to pay its operating costs and any redemptions that may arise within the period of assessment.

Based on the above, the directors have concluded that the Company has no material uncertainties which would cast a

significant doubt on the Company’s ability to continue as a going concern over the period of assessment.

DIRECTORS AND COMPANY SECRETARY

The Secretary of the company is TMF Administration Services Limited. The directors and the company secretary are

listed on page 1. Raja Gul and Aileen Mannion are the current active directors. During the financial year Deirdre Brennan

served as alternative director. The directors and the company secretary had no material interest in any contract of

significance in relation to the business of the Company. The directors and company secretary who held office on 30 June

2025 did not hold any shares, debentures or loan stock of the Company on that date or during the financial year (2024:

same).

Page 3

GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY

DIRECTORS' REPORT FOR THE YEAR ENDED 30 JUNE 2025 (CONTINUED)

POWERS OF DIRECTORS

The directors are responsible for managing the business affairs of the Company in accordance with the Company’s

Constitution. The directors may delegate certain functions to TMF Administration Services Limited (the “Administrator”)

and other parties, subject to the supervision and direction of the directors.

DIRECTORS’ COMPLIANCE STATEMENT

The directors, in accordance with Section 225(2)(a) of the Companies Act 2014 (the “Act”), acknowledge that they are

responsible for securing the Company’s compliance with its relevant obligations. Relevant obligations, in the context of

the Company, are the Company’s obligations under:

(a) the Act, where a breach of the obligations would be a category 1 or category 2 offence;

(b) the Act, where a breach of the obligation would be a serious Market Abuse or Prospectus offence; and

Pursuant to Section 225(2)(b) of the Act, the directors confirm that:

(i) a compliance policy statement has been drawn up as required by Section 225(3)(a) of the Act setting out the

Company’s policies (that, in the directors’ opinion, are appropriate to the Company) respecting compliance by the

Company with its relevant obligations;

(ii) appropriate arrangements and structures have been put in place that, in their opinion, secure material compliance

with the Company’s relevant obligations; and

(iii) a review has been conducted, in the financial year, of the arrangements and structures referred to in paragraph (ii).

CORPORATE GOVERNANCE STATEMENT

The directors have established processes regarding internal controls and risk management systems to ensure effective

oversight of the financial reporting process. These include appointing the Administrator to maintain the accounting

records of the Company. The Administrator is contractually obliged to maintain adequate accounting records and to that

end the Administrator performs reconciliations of its records to those of Graniteshares Jersey Limited (“the Arranger”).

The Administrator is also contractually obliged to prepare the annual report including financial statements for review and

approval by the directors. The directors evaluate and discuss significant accounting and reporting issues as the need

arises.

From time to time the directors also examine and evaluate the Administrator’s financial accounting and reporting routines

and monitor and evaluate the external auditors’ performance, qualifications and independence. The Administrator has

operating responsibility for internal control in relation to the financial reporting process and reports to the directors. The

directors are responsible for assessing the risk of irregularities whether caused by fraud or error in financial reporting and

ensuring the processes are in place for the timely identification of internal and external matters with a potential effect on

financial reporting. The directors have also put in place processes to identify changes in accounting rules and

recommendations and to ensure that these changes are accurately reflected in the Company’s financial statements.

The Administrator is contractually obliged to design and maintain control structures to manage the risks which the

directors judge to be significant for internal control over financial reporting. These control structures include appropriate

segregation of responsibilities and specific control activities aimed at detecting or preventing the risk of significant

deficiencies in financial reporting for every significant account in the financial statements and the related notes in the

Company’s financial statements. The directors delegate the asset valuation function to the Arranger who operates a

sophisticated system of controls to ensure appropriate valuation. All the values for the financial instruments held by the

Company have been provided by the Arranger and in our opinion, they are the most appropriate and reliable source of

such fair values in its capacity as Arranger. We are satisfied that the amounts as stated in the Company's financial

statements represent a reasonable approximation of those values.

The Company’s policies and the directors’ instructions with relevance for financial reporting are updated and

communicated via appropriate channels, such as e-mail, correspondence and meetings to ensure that all financial

reporting information requirements are met in a complete and accurate manner. The directors have an annual process to

ensure that appropriate measures are taken to consider and address any shortcomings identified and measures

recommended by the independent auditors. Given the contractual obligations of the Administrator, the directors have

concluded that there is currently no need for the Company to have a separate audit committee or internal audit function

in order for the directors to perform effective monitoring and oversight of the internal controls and risk management

systems of the Company in relation to the financial reporting process. Therefore, the Company has taken the exemption

available for Section 110 companies as set out under Section 1551 of the Companies Act 2014 S 11 (c) not to have a a

separate audit committee.

No director has a significant direct or indirect holding of securities in the Company. No person has any special rights of

control over the Company’s share capital. There are no restrictions on voting rights.

Page 4

GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY

DIRECTORS' REPORT FOR THE YEAR ENDED 30 JUNE 2025 (CONTINUED)

The directors are responsible for managing the business affairs of the Company in accordance with the Company

Constitution. The directors may delegate certain functions to the Administrator and other parties, subject to the

supervision and direction by the directors. The Board consists of two directors.

ACCOUNTING RECORDS

The directors are responsible for ensuring that adequate accounting records, as outlined in Section 281 to 285 of the

Companies Act 2014, are kept by the Company. The measures are taken by the directors to ensure compliance with the

Company’s obligation to keep adequate accounting records are the use of appropriate systems and procedures and

ensuring that a competent service provider is responsible for the preparation and maintenance of the accounting records.

The accounting records are kept at the Company’s registered office at Ground Floor, Two Dockland Central, Guild

Street, North Dock, Dublin, D01 KC25, Ireland.

SHAREHOLDER MEETINGS

The shareholder’s rights and the operations of the shareholders meetings are defined in the Company’s Constitution and

complies with the Companies Act 2014.

RELATED PARTY TRANSACTIONS

The related party transactions in relation to the Company are disclosed in note 16.

SIGNIFICANT EVENTS DURING THE YEAR

The significant events during the year in relation to the Company are disclosed in note 17.

SIGNIFICANT SUBSEQUENT EVENTS

The significant subsequent events in relation to the Company are disclosed in note 18.

POLITICAL DONATIONS

The Company did not make any political donations during the financial year (2024: nil).

RESEARCH AND DEVELOPMENT

The Company did not engage in any research and development activity during the financial year (2024: nil).

INDEPENDENT AUDITOR

Grant Thornton, Chartered Accountants and Statutory Audit Firm is the independent auditor for the Company and will

continue in office in accordance with section 383(2) of the Companies Act 2014.

They were appointed by the Board of Directors on 6 August 2020 to audit the financial statements for the year ended 30

June 2020. The period of total uninterrupted engagement including previous renewals and reappointments of the firm

where the Company is considered as public interest entity is 4 years.

RELEVANT AUDIT INFORMATION

Each of the persons who are directors at the time when this Directors’ report is approved has confirmed that:

• so far as that director is aware, there is no relevant audit information of which the Company’s auditors are unaware;

and

• that director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant

audit information and to establish that the Company’s auditors are aware of that information.

This report was approved by the Board on 29 October 2025 and signed on its behalf by:

.........................................

Raja Gul

Director

.........................................

Aileen Mannion

Director

Page 5

GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY

DIRECTORS' RESPONSIBILITY STATEMENT

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with

applicable Irish company law and regulations.

Irish company law, requires the directors to prepare financial statements for each financial year. Under that law, they

have elected to prepare the financial statements in accordance with IFRS Accounting Standards as adopted by the

European Union ("IFRS") and applicable Irish law.

Under Irish company law, the directors must not approve the financial statements unless they are satisfied that they give

a true and fair view of the assets, liabilities and financial position of the Company and of its profit or loss for that financial

year and otherwise comply with Companies Act 2014. In preparing these financial statements, the directors are required

to:

• select suitable accounting policies and then apply them consistently;

• make judgments and estimates that are reasonable and prudent;

• state whether they have been prepared in accordance with IFRS Accounting Standards as adopted by the European

Union ("IFRS");

• assess the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going

concern;

• use the going concern basis of accounting, unless they either intend to liquidate the Company or to cease operations,

or have no realistic alternative, but to do so; and

• ensure the annual report and financial statements include a fair review of the development and performance of the

business and the option of the Issuer, together with a description of the principal risks and uncertainties the Company

faces.

The directors are responsible for keeping adequate accounting records which disclose with reasonable accuracy at any

time the assets, liabilities, financial position and profit or loss of the Company and enable them to ensure that the

financial statements comply with the Companies Act 2014. They are responsible for such internal controls as they

determine is necessary to enable the preparation of financial statements that are free from material misstatement,

whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to

safeguard the assets of the Company and to prevent and detect fraud and other irregularities. The directors are also

responsible for preparing a Directors’ Report that complies with the requirements of the Companies Act 2014.

Directors Responsibilities under the Transparency Directive Regulations:

Each of the Directors, whose names and functions are listed on page 1, confirms that, to the best of their knowledge and

belief:

• the financial statements, prepared in accordance with IFRS as adopted by the European Union and as applied in

accordance with the Companies Act 2014, give a true and fair view of the assets, liabilities and financial position and

profit of the Company; and

• the Directors’ report on pages 2 to 5 includes a fair review of the development and performance of the business

together with a description of the principal risks and uncertainties that it faces.

This report was approved by the Board on 29 October 2025 and signed on its behalf by:

.........................................

Raja Gul

Director

.........................................

Aileen Mannion

Director

Page 6

Independent auditor’s report to the members of

GraniteShares Financial Plc

Report on the audit of the financial statements

Opinion

We have audited the financial statements of GraniteShares Financial Plc (the “Company”), which comprise

the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in

Equity, and the Statement of Cash Flows for the financial year ended 30 June 2025, and the related notes to

the financial statements, including the material accounting policy information.

The financial reporting framework that has been applied in the preparation of the financial statements is Irish

law, including the Commission Delegated Regulation 2019/815 regarding the single electronic reporting

format (ESEF), and IFRS Accounting Standards as adopted by EU (‘IFRS’) (“the relevant accounting

framework”).

In our opinion, GraniteShares Financial Plc’s financial statements:

• give a true and fair view of the assets, liabilities and financial position of the Company as at 30 June

2025 and of its profit or loss and cash flows for the financial year then ended;

• have been properly prepared in accordance with the relevant accounting framework, and

• have been properly prepared in accordance with the requirements of the Companies Act 2014.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (Ireland) (‘ISAs (Ireland))

and applicable law. Our responsibilities under those standards are further described in the ‘Auditor’s

responsibilities for the audit of the financial statements’ section of our report. We are independent of the

Company in accordance with the ethical requirements that are relevant to our audit of the financial statements

in Ireland, including the Ethical Standard for Auditors (Ireland) issued by the Irish Auditing and Accounting

Supervisory Authority (IAASA), and the ethical pronouncements established by Chartered Accountants

Ireland, applied as determined to be appropriate in the circumstances for the Company. We have fulfilled our

other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we

have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Directors’ use of going concern basis of

accounting in the preparation of the financial statements is appropriate. Our evaluation of the Directors’

assessment of the Company’s ability to continue as a going concern basis of accounting included:

• Obtaining and reviewing the directors’ formal assessment of going concern;

• Reviewing post year-end performance and business activities;

• Making enquiries with management and reviewing the board minutes in order to understand the

future plans and to identify potential contradictory information; and

• Assessing the adequacy of the disclosures with respect to the going concern assumption.

Page 7

Independent auditor’s report to the members of

GraniteShares Financial Plc

Conclusions relating to going concern (continued)

Based on the work we have performed, we have not identified any material uncertainties relating to events or

conditions that, individually or collectively, may cast significant doubt on the Company’s ability to continue

as a going concern for a period of at least twelve months from the date when the financial statements are

authorised for issue.

Our responsibilities and the responsibilities of the Directors with respect to going concern are described in

the relevant sections of this report.

Key audit matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit

of the financial statements of the current period and include the most significant assessed risks of material

misstatement (whether or not due to fraud) we identified, including those which had the greatest effect on:

the overall audit strategy, the allocation of resources in the audit, and the directing of efforts of the

engagement team. These matters were addressed in the context of our audit of the financial statements as a

whole, and in forming our opinion thereon, and therefore we do not provide a separate opinion on these

matters.

Overall audit strategy

We designed our audit by determining materiality and assessing the risks of material misstatement in the

financial statements. In particular, we looked at where the directors made subjective judgements, for example,

in respect of significant accounting estimates that involved making assumptions and considering future events

that are inherently uncertain / the selection of pricing sources to value the investment portfolio. We also

addressed the risk of management override of internal controls, including evaluating whether there was any

evidence of potential bias that could result in a risk of material misstatement due to fraud.

Based on our considerations as set out below, our areas of focus included:

• Existence of financial assets and Completeness of financial liabilities at fair value through profit or

loss;

• Valuation and Allocation of financial assets and liabilities at fair value through profit or loss

How we tailored the audit scope

The Company is a public limited company and qualifies for the regime contained in Section 110 of the Irish

Taxes Consolidation Act, 1997. The Company has listed exchange traded products (“ETP Securities” or

(“ETPs”)) on the London Stock Exchange, Italian Stock Exchange, and Frankfurt Stock Exchange. The

Directors control the affairs of the Company and they are responsible for the overall investment policy, which

they determined. The Company engages TMF Administration Services Limited (or the “Administrator”) to

manage certain duties and responsibilities including the maintenance of the accounting records. The financial

statements, which remain the responsibility of the Directors, are prepared on their behalf by the

Administrator.

We tailored the scope of our audit taking into account the types of investments within the Company, the

involvement of third party service providers, the accounting processes and controls, and the industry in which

the Company operates.

Page 8

Independent auditor’s report to the members of

GraniteShares Financial Plc

Key audit matters (continued)

How we tailored the audit scope (continued)

In establishing the overall approach to our audit we assessed the risk of material misstatement at a Company

level, taking into account the nature, likelihood and potential magnitude of any misstatement. As part of our

risk assessment, we considered the Company’s interaction with the Administrator, and we assessed the control

environment in place at the Administrator.

Materiality and audit approach

The scope of our audit is influenced by our application of materiality. We set certain quantitative thresholds

for materiality. These, together with qualitative considerations, such as our understanding of the Company

and its environment, the history of misstatements, the complexity of the Company and the reliability of the

control environment, helped us to determine the scope of our audit and the nature, timing and extent of our

audit procedures and to evaluate the effect of misstatements, both individually and on the financial statements

as a whole.

Based on our professional judgement, we determined materiality for the Company as follows: 1% of Total

Assets at 30 June 2025. We considered Total Assets to be the most appropriate benchmark on which to base

our materiality, based on the principal activities of the Company and the significance of the assets they hold.

We have set performance materiality for the Company at 75% of materiality, having considered our prior year

experience, business risks and fraud risks associated with the Company and it’s the control environment. This

is to reduce to an appropriately low level the probability that the aggregate of uncorrected and undetected

misstatements in the financial statements exceeds materiality for the financial statements as a whole.

We agreed with the Directors that we would report to them misstatements identified during our audit above

5% of materiality as well as misstatements below that amount that, in our view, warranted reporting for

qualitative reasons.

Significant matters identified

The risks of material misstatement that had the greatest effect on our audit, including the allocation of our

resources and effort, are set out below as significant matters together with an explanation of how we tailored

our audit to address these specific areas in order to provide an opinion on the financial statements as a whole.

This is not a complete list of all risks identified by our audit.

Existence of financial assets and Completeness of financial liabilities at fair value through profit or loss

(Notes 2, 8, 11, and 14)

Description of significant matter

Audit response to significant matter

We considered the risk that the financial

assets (Total Return Swap Transactions

(TRSs)) and financial liabilities

(Exchange Traded Products (ETPs)) at

fair value through profit or loss included

in the Statement of Financial Position did

not exist or not complete at the financial

year end, which could result in a material

misstatement.

The following audit work has been performed to address the

risks:

• we obtained an understanding of the processes and

controls relevant to the existence and completeness of

TRSs and ETPs;

• we obtained direct independent confirmation of the

existence of the TRSs with the relevant swap

counterparty, Natixis S.A., charged with safeguarding the

Company’s financial assets (TRSs), and agreed to

accounting records; and

Page 9

Independent auditor’s report to the members of

GraniteShares Financial Plc

Significant auditor’s attention was

deemed appropriate because this

represents a principal element of the

financial statements and significantly

impacts the Company’s performance and

financial position. As a result, we

considered this as key audit matter.

• we obtained direct independent confirmation of the

existence of the ETPs with the relevant note trustee, the

Bank of New York, charged with safeguarding the

Company’s financial liabilities (ETPs) and agreed to

accounting records.

• we reviewed the adequacy of disclosures in the financial

statements in accordance with IFRS.

Our planned audit procedures were completed without

material exception.

Valuation and Allocation of financial assets and financial liabilities at fair value through profit or loss

(Notes 2, 8, 11, and 14)

Description of significant matter

Audit response to significant matter

There is a risk that the financial assets

(TRSs) and financial liabilities (ETPs) at

fair value through profit or loss included

in the Statement of Financial Position as

at 30 June 2025 are not valued at fair

value in line with IFRS 9, Financial

Instruments.

Significant auditor’s attention was

deemed appropriate because this

represents a principal element of the

financial statements and significantly

impacts the Company’s financial

position. In addition, the valuation and

allocation is also a key contributor to the

financial performance of the Company.

As a result, we considered this as key

audit matter.

The following audit work has been performed to address the

risks:

• we obtained an understanding of the processes and

controls relevant to the valuation and allocation of TRSs

and ETPs;

• we tested a sample of TRSs purchases and sales by

tracing the sample to confirmation reports, and ETPs

subscriptions and redemptions by tracing to issuance

deeds and redemption notices and repricing to

independently sourced prices;

• we re-performed the assigned valuation of each

instrument using independently sourced prices i.e.

Bloomberg;

• we reviewed the correct classification of fair value

hierarchy based on IFRS 13, Fair Value Measurement; and

• we reviewed the adequacy of disclosures in the financial

statements in accordance with IFRS.

Our planned audit procedures were completed without material

exception.

Other information

The Directors are responsible for the other information. Other information comprises information included

in the annual report, other than the financial statements and the auditor’s report thereon, including the

Directors’ Report, which contains a Corporate Governance Statement. Our opinion on the financial

statements does not cover the other information and, except to the extent otherwise explicitly stated in our

report, we do not express any form of assurance conclusion thereon.

Page 10

Independent auditor’s report to the members of

GraniteShares Financial Plc

Other information (continued)

Our responsibility is to read the other information and, in doing so, consider whether the other information

is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit,

or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent

material misstatements, we are required to determine whether there is a material misstatement in the financial

statements or a material misstatement of the other information. If, based on the work we have performed,

we conclude that there is a material misstatement of this other information, we are required to report that

fact.

We have nothing to report in this regard.

Opinion of the matters prescribed by the Companies Act 2014

We have obtained all the information and explanations which to the best of our knowledge and belief, we

considered necessary for the purposes of our audit.

In our opinion the accounting records of the Company were sufficient to permit the financial statements to

be readily and properly audited.

The Statement of Financial Position and Statement of Comprehensive Income are in agreement with the

accounting records.

In our opinion, based on the work undertaken in the course of our audit:

• the information given in the Directors’ report for the financial year is consistent with the financial

statements;

• the Directors’ Report has been prepared in accordance with applicable legal requirements, excluding

the requirements on sustainability reporting in Part 28.

Based on our knowledge and understanding of the Company and its environment obtained in the course of

the audit, we have not identified any material misstatements in the Directors’ Report.

Matters on which we are required to report by exception

The Companies Act 2014 requires us to report to you if, in our opinion, the requirements of sections 305 to

312 of the Act, which relate to disclosure of directors’ remuneration and transactions with directors, have not

been complied with by the company. We have nothing to report in this regard.

Corporate governance statement

In our opinion, based on the work undertaken in the course of our audit of the financial statements, the

description of the main features of the internal control and risk management systems in relation to the

financial reporting process, specified for our consideration and included in the Corporate Governance

Statement, is consistent with the financial statements and has been prepared in accordance with section

1373(2)(c) of the Companies Act 2014.

Based on our knowledge and understanding of the Company and its environment obtained in the course of

our audit of the financial statements, we have not identified material misstatements in the description of the

main features of the internal control and risk management systems in relation to the financial reporting

process included in the Corporate Governance Statement.

Page 11

Independent auditor’s report to the members of

GraniteShares Financial Plc

Responsibilities of the directors and those charged with governance for the financial

statements

As explained more fully in the Directors’ responsibilities statement, the Directors are responsible for the

preparation of the financial statements in accordance with IFRS, and for such internal control as they

determine necessary to enable the preparation of financial statements that are free from material misstatement,

whether due to fraud or error.

In preparing the financial statements, the Directors are responsible for assessing the Company’s ability to

continue as a going concern, disclosing, as applicable, matters related to going concern and using the going

concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations,

or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Company’s financial reporting process,

and for the preparation of financial statements that give a true and fair view.

Auditor’s responsibilities for the audit of the financial statements

The objectives of an auditor are to obtain reasonable assurance about whether the financial statements as a

whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that

includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit

conducted in accordance with ISAs (Ireland) will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,

they could reasonably be expected to influence the economic decisions of users taken on the basis of these

financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Irish

Auditing and Accounting Supervisory Authority’s website at: http://www.iaasa.ie/getmedia/b2389013-1cf6-

458b-9b8f-a98202dc9c3a/Description_of_auditors_responsibilities_for_audit.pdf. This description forms

part of our auditor’s report.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design

procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of

irregularities, including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that

material misstatement in the financial statements may not be detected, even though the audit is properly

planned and performed in accordance with the ISAs (Ireland). The extent to which our procedures are capable

of detecting irregularities, including fraud, is detailed below.

The Company is subject to laws and regulations that directly affect the financial statements, including

companies and financial reporting legislation such as Companies Act 2014, London Stock Exchange, Borsa

Italiana (Italian Stock Exchange) and Deutsche Boerse (Frankfurt Stock Exchange) Listing Rules. We assessed

the extent of compliance with these laws and regulations as part of our procedures on the related financial

statement items, including assessing the financial statement disclosures and agreeing them to supporting

documentation when necessary.

Page 12

Independent auditor’s report to the members of

GraniteShares Financial Plc

Auditor’s responsibilities for the audit of the financial statements (continued)

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

(continued)

The Company is subject to other laws and regulations, for example, Irish tax legislation, where the

consequences of non-compliance could have a material impact on amounts or disclosures in the financial

statements, such as through the imposition of fines or litigation.

The primary responsibility for the prevention and detection of irregularities, including fraud, rests with those

charged with governance and management. There is an inherent risk that an audit may not detect all material

misstatements in the financial statements, despite properly planning and performing our audit in accordance

with auditing standards. In addition, as with any audit, there remains a higher risk of non-detection of

irregularities, as these may involve collusion, forgery, intentional misrepresentations and omissions, or the

override of internal controls. We are not responsible for preventing non-compliance and cannot be expected

to detect non-compliance with all laws and regulations.

In response to these principal risks, our audit procedures included but were not limited to:

• application of professional scepticism throughout the audit;

• consideration by the audit engagement partner of the experience and expertise of the engagement

team to ensure that the team had appropriate competence and capabilities to identify or recognise

non-compliance with the laws and regulations;

• gaining an understanding of the Company’s current activities, the scope of authorisation and the

effectiveness of its control environment to mitigate risks related to fraud;

• discussion amongst the engagement team in relation to the identified laws and regulations and

regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities

for fraudulent manipulation of financial statements throughout the audit;

• evaluating management’s incentives and opportunities for fraudulent manipulation of the financial

statements (including the risk of override of controls);

• enquiries of management and directors on the policies and procedures in place regarding compliance

with laws and regulations, including consideration of known or suspected instances of non-

compliance and whether they have knowledge of any actual, suspected, or alleged fraud;

• inspection of the Company regulatory and legal correspondence and review of minutes of board

meetings during the year to corroborate enquiries made;

• identifying and testing journal entries to address the risk of inappropriate journals and management

override of controls;

• designing audit procedures to incorporate unpredictability around the nature, timing, or extent of our

testing;

• challenging assumptions and judgements made by management in their significant accounting

estimates; and

• review of the financial statement disclosures in line with underlying supporting documentation and

inquiries of management.

Page 13

Independent auditor’s report to the members of

GraniteShares Financial Plc

The purpose of our audit work and to whom we owe our responsibilities

This report is made solely to the Company’s members, as a body, in accordance with section 391 of the

Companies Act 2014. Our audit work has been undertaken so that we might state to the Company’s members

those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest

extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and

the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Report on other legal and regulatory requirements

We were appointed by the Board of Directors on 6 August 2020 to audit the financial statements for the year

ended 30 June 2020. The period of total uninterrupted engagement including previous renewals and

reappointments of the firm where the Company is considered as public interest Company is 4 years.

We have not provided non-audit services prohibited by the IAASA’s Ethical Standard and have remained

independent of the Company in conducting the audit.

The audit opinion is consistent with the additional report to the Board of directors.

Julieanne Nolan, FCA

For and on behalf of

Grant Thornton

Page 14

Chartered Accountants & Statutory Auditors

13-18 City Quay

Dublin 2

29 October 2025

GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY

STATEMENT OF COMPREHENSIVE INCOME

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2025

Note

Financial year

ended

30 June

2025

€

Financial year

ended

30 June

2024

€

Net gain on financial assets at fair value through profit and loss

3 172,422,494 142,193,957

Net loss on financial liabilities at fair value through profit or loss

(172,422,494) (142,193,957)

Net operating Income

- -

Other income

5 4,614,362 3,093,507

Administrative expenses

(4,613,362) (3,092,507)

Profit for the financial year before taxation

1,000 1,000

Taxation

(250) (250)

Profit for the financial year after taxation

750 750

Other comprehensive income

- -

Total comprehensive income for the financial year

750 750

All amounts relate to continuing operations.

The accompanying notes on pages 19 to 41 form an integral part of these financial statements.

Page 15

GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY

STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2025

Note

As at

30 June

2025

€

As at

30 June

2024

€

Assets

Financial assets at fair value through profit or loss

8 401,240,829 245,078,546

Cash and cash equivalents

10 2,527,981 1,896,626

Other receivables

871,302 312,682

404,640,112 247,287,854

Liabilities

Financial liabilities at fair value through profit or loss

11 401,240,829 245,078,546

Other payables

3,369,783 2,180,558

404,610,612 247,259,104

Equity

Share capital

13 25,000 25,000

Retained earnings

4,500 3,750

Total equity 29,500 28,750

Total equity and liabilities

404,640,112 247,287,854

The accompanying notes on pages 19 to 41 form an integral part of these financial statements.

The audited financial statements were approved and authorised for issue by the Board on 29 October 2025 and signed

on its behalf by:

.........................................

Raja Gul

Director

.........................................

Aileen Mannion

Director

Page 16

GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY

STATEMENT OF CHANGES IN EQUITY

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2025

For the financial year ended 30 June 2025 Share capital

€

Retained

earnings

€

Total

€

As at 1 July 2024

25,000 3,750 28,750

Total comprehensive income for the financial year

- 750 750

As at 30 June 2025

25,000 4,500 29,500

Financial year ended 30 June 2024 Share capital

€

Retained

earnings

€

Total

€

At 1 July 2023

25,000 3,000 28,000

Total comprehensive income for the financial year

- 750 750

As at 30 June 2024

25,000 3,750 28,750

The accompanying notes on pages 19 to 41 form an integral part of these financial statements.

Page 17

GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY

STATEMENT OF CASH FLOWS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2025

Note

Financial year

ended

30 June

2025

€

Financial year

ended

30 June

2024

€

Cash flows from operating activities

Profit on ordinary activities before taxation

1,000 1,000

Adjustments:

Net gains on financial assets at fair value through profit or loss

3 (172,422,494) (142,193,957)

Net losses on financial liabilities at fair value through profit or loss

4 172,422,494 142,193,957

Movement in other receivables

(558,620) (177,392)

Movement in other payables

1,189,225 719,149

631,605 542,757

Taxation paid

(250) (250)

Net cash flows generated from operating activities 631,355 542,507

Cash flows from investing activities

TRS purchases

(425,059,067) (201,188,492)

TRS sales

441,319,278 264,002,053

Net cash generated from investing activities

16,260,211 62,813,561

Cash flows from financing activities

ETP subscription

11 425,059,067 201,188,492

ETP redemption

(441,319,278) (264,002,053)

Net cash flows used in financing activities

(16,260,211) (62,813,561)

Net increase in cash and cash equivalents

631,355 542,507

Cash and cash equivalents at the beginning of financial year

1,896,626 1,354,119

Cash and cash equivalents at the end of financial year

2,527,981 1,896,626

The accompanying notes on pages 19 to 41 form an integral part of these financial statements.

Page 18

GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2025

1 General Information

The Company was incorporated on 17 July 2017 in accordance with the laws applicable in Ireland under registration

number 608059. The Company is a public limited company and qualifies for the regime contained in Section 110 of the

Irish Taxes Consolidation Act, 1997 (the “TCA, 1997”). This provides that a qualifying company will be liable to

corporation tax at the rate of 25% under Case III of Schedule D of the TCA in respect of taxable profits. The Company’s

registered office is at Ground Floor, Two Dockland Central, Guild Street, North Dock, Dublin D01 K2C5, Ireland.

The Company has been formed for the purpose of issuing collateralised ETP Securities and entering into a fully funded

Swap agreement. Commercial activity commenced in September 2019 with the ETP Securities initially listed on the

London Stock Exchange for trading on the secondary market.

The Company established a Collateralised ETP Securities Programme under which the Company issues, on an ongoing

basis, collateralised exchange traded products of different classes (each a “Class”) linked into indices providing exposure

to a range of asset classes including equities, commodities, fixed income and currencies. The ETP Securities may have

long or short, leveraged or unleveraged, exposure to the daily performance of the referenced index.

The ETP Securities have been listed for trading on the London Stock Exchange, Borsa Italiana S.p.A. (the “Italian Stock

Exchange”), Euronext Paris and Deutsche Boerse (the "Frankfurt Stock Exchange"). The Company uses the net

proceeds of the issuance of the ETP Securities to enter into Total Return Swap Transactions (“TRS”) to hedge its

payment obligations in respect of each Class of the ETPs with one or more Swap Providers once the Swap Provider has

delivered eligible collateral. The TRS for each Class of ETP Securities will produce cash flows to service all of the

Company’s payment obligations in respect of that Class.

The Company’s principal activity is the listing and issue of ETPs. The securities are issued as demand requires. The

Company purchases a matching TRS from swap providers to hedge its liabilities and ensure the assets can service its

liabilities. The number and terms of ETPs outstanding will match the number and terms of ETP Swap Contracts so that

the obligations of the Company and the Swap Provider Match. The price of an ETP Swap Contract will equal the price of

an ETP. GraniteShares Jersey Limited (the “Arranger”) supplied and/or arranged for the supply of all administrative

services to the Company and paid all management and administration costs of the Company, in return for which the

Company pays the Arranger an arranger fee.

The Company considers the capital management and its current capital resources to be adequate to maintain the

ongoing listing and issue of the ETPs.

2 Material accounting policy information

2.1 Statement of compliance

The company financial statements have been prepared in accordance with IFRS Accounting Standards as adopted by

the European Union (IFRS).

2.2 Basis of preparation

The financial statements have been prepared on a going concern basis and under the historical cost convention except

for the Company’s financial assets and liabilities at fair value through profit and loss.

2.3 New and amended standards and interpretations

Standards effective for annual periods beginning on or after 1

January 2024

Effective date: for financial year beginning

on or after

Amendment to IFRS 16 – Lease Liability in a Sale and Leaseback 1 January 2024

Amendment to IAS 1 – Classification of Liabilities as Current or

Non-Current and Non-current liabilities with covenants 1 January 2024

Amendments to IAS 7 and IFRS 7 – Supplier Finance Arrangements 1 January 2024

Page 19

GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2025 (CONTINUED)

2 Material accounting policy information (continued)

2.3 New and amended standards and interpretations (continued)

In preparing the financial statements, the Company has adopted all relevant accounting standards applicable for

accounting periods beginning on or after 1 July 2024. A number of new standards are effective from 1 July 2024 but they

do not have a material effect on the Company’s financial statements.

The directors have reviewed those standards and interpretations that are issued but not yet effective up to the date of

issuance of the Company’s financial statements and assessed that none of those new standards and interpretations will

have a material impact to the Company’s financial statements.

The following standards and amendments to standards are required to be applied for future annual periods and some

are available for early adoption. The Company has taken the decision not to adopt these amendments early.

At the date of authorisation of these financial statements, the Company has not applied the following new and revised

IFRS Standards that have been issued but are not yet effective:

New requirements not yet effective and not yet applied

Effective date: for financial year beginning

on or after

Lack of Exchangeability - Amendments to IAS 21 1 January 2025*

Classification and Measurement of Financial Instruments - Amendments

to IFRS 9 and IFRS 7

1 January 2026*

Annual Improvements to IFRS Accounting Standards— Volume 11 1 January 2026*

Power Purchase Agreements – Amendments to IFRS 9 and IFRS 7 1 January 2026*

IFRS 18 – Presentation and Disclosure in Financial Statements 1 January 2027*

IFRS 19 - Subsidiaries without Public Accountability: Disclosures 1 January 2027*

*Where new requirements are endorsed the EU effective date is disclosed. For un-endorsed standards and

interpretations, the IASB’s effective date is noted. Where any of the upcoming requirements are applicable to the

Company, it will apply them from their EU effective date.

2.4 Use of estimates and judgements

The preparation of the audited financial statements requires the directors to make judgments, estimates and

assumptions that may affect the application of accounting policies and the reported amounts of assets, liabilities, income

and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions will be reviewed on an ongoing basis. Revisions to accounting estimates will be

recognised in the period in which the estimates are revised and in any future periods affected.

The principal application of judgement and sources of estimation of uncertainty arise with respect to determining the

functional currency (see note 2.5).

2.5 Functional and presentation currency

These audited financial statements are presented in Euro (“EUR” or “€”) which is the Company’s presentation currency.

The directors of the Company believe that Euro is the appropriate presentation currency as it reports to the Central Bank

of Ireland in Euro.

Functional currency is the currency of the primary economic environment in which the entity operates. The ETP

Securities issued by the Company and swap transactions entered into by the Company are denominated in Euro (“EUR”

or “€”), Pound Sterling (“GBP” or “£”) and US Dollars (US or “$). The directors of the Company believe that Euro most

faithfully represents the economic effects of the underlying transactions, events and conditions.

2.6 Financial instruments

Classification

The Company has adopted the following classifications for financial instruments:

Page 20

GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2025 (CONTINUED)

2 Material accounting policy information (continued)

2.6 Financial instruments (continued)

Financial assets:

• At fair value through profit or loss: TRS.

• Amortised cost: Cash and cash equivalents and other receivables.

Financial liabilities:

• At fair value through profit or loss: ETP Securities.

• Amortised cost: other payables.

Puttable options:

Security-holders can request for the ETP Securities to be repurchased by the Issuer on a daily basis against the Value

per ETP. Security-holders have no ability to influence the issuer’s activity.

On that basis, ETP Securities are non-equity instrument but can be considered as bonds with an embedded 1-day put

option.

The classification is determined by both:

• The Company’s business model for managing the financial asset and financial liability.

The Company purchases a matching total return swaps from swap providers to hedge its liabilities and ensure the

assets can service its liabilities. The number and terms of ETP Securities outstanding will match the number and

terms of swap contracts so that the obligations of the Company and the swap provider match.

• The contractual cash flow characteristics of the financial assets and financial liability.

The Company uses the net proceeds of the issuance of the ETP Securities to enter total return swaps to hedge its

payment obligations in respect of each Class of the ETP Securities with one or more swap providers. The total

return swaps for each Class of ETP Securities produce cash flows to service all the Company’s payment

obligations in respect of that Class.

Recognition

Purchases and sales of financial instruments are recognised using trade date accounting, the day that the Company

commits to purchase or sell the asset. From this date any gains and losses arising from changes in fair value of the

financial assets or financial liabilities are recorded through the Statement of Comprehensive Income.

Measurement

Financial instruments that are held within a different business model other than ‘hold to collect’ or ‘hold to collect and sell’

are categorised at fair value through profit or loss. Financial instruments are measured initially at fair value (transaction

price) plus, in case of a financial asset or financial liability not at fair value through profit or loss, transaction costs that

are directly attributable to the acquisition or issue of the financial asset or financial liability. Subsequent to initial

recognition, all instruments classified as at fair value through profit or loss, are measured at fair value with changes in

their fair value recognised in profit or loss in the Statement of Comprehensive Income.Transaction costs on financial

assets and financial liabilities at fair value through profit or loss are expensed immediately.

A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at

FVTPL:

• it is held within a business model whose objective is to hold assets to collect contractual cash flows; and

• It’s contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest

on the principal amount outstanding.

These assets are subsequently measured at amortised cost using the effective interest method. The amortised cost is

reduced by impairment losses. The financial assets at amortised cost consist of cash and cash equivalents and other

receivables.

Page 21

GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2025 (CONTINUED)

2 Material accounting policy information (continued)

2.6 Financial instruments (continued)

Fair value estimation

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction

between market participants at the measurement date.

The price per ETP Securities is calculated daily to reflect the daily change in the relevant index of the ETP Securities,

and will take into account all applicable fees and adjustments. On the issue date of the class, the price per ETP

Securities will be equal to its issue price. On any valuation date thereafter, the price per ETP is calculated according to a

formula which reflects the price per ETP on the immediately preceding valuation date.

The TRSs are valued at fair value utilising predefined formula and market prices consistent with the ETP valuation

process. In the absence of readily available market prices, the Swap Provider will provide the inputs for the valuation.

Where possible, the Company independently calculates the fair value and verifies the Swap Providers valuation with any

variation investigated. The valuation determined by the Swap counterparty may be based on assumptions of market

conditions at the time of valuation, similar arm’s length market transactions if available, reference to the current fair value

of similar instruments and a variety of different valuation techniques such as the discounted cash flow techniques, option

pricing models or any other valuation technique that provides a reliable estimate of prices obtained in actual market

transactions. All TRSs are carried as assets when fair value is positive and as liabilities when fair value is negative.

Transfer between levels of the fair value hierarchy

There were no transfers between levels of the fair value hierarchy in the financial year.

Offsetting financial instruments

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position where the

Company currently has a legally enforceable right to set-off the recognised amounts and there is an intention to settle on

a net basis or realise the asset and settle the liability simultaneously.

Derecognition

The Company derecognises a financial asset when the contractual rights to the cash flows from the financial asset

expire, or when it transfers the financial asset in a transaction in which substantially all the risks and rewards of

ownership of the financial asset are transferred or in which the Company neither transfers nor retains substantially all the

risks and rewards of ownership and does not retain control of the financial asset.

Any interest in transferred financial assets that qualify for derecognition that is created or retained by the Company is

recognised as a separate asset or liability in the Statement of Financial Position.

On derecognition of a financial asset, the difference between the carrying amount of the asset (or the carrying amount

allocated to the portion of the asset derecognised), and the consideration received (including any new asset obtained

less any new liability assumed) is recognised in the Statement of Comprehensive Income.

The Company derecognises a financial liability when its contractual obligations are discharged or cancelled or expired.

Net gain/(loss) on financial instruments at fair value through profit or loss

Realised gain/(loss) on financial assets are recorded as part of net gain/(loss) on financial assets (or liabilities) at fair

value through profit or loss within the Statement of Comprehensive Income.

Unrealised gain/(loss) relates to gains and losses arising from changes in fair value of financial instruments during the

financial year. Unrealised gain/(loss) on financial instruments are recognised within net gain/(loss) on financial assets (or

liabilities) at fair value through profit or loss within the Statement of Comprehensive Income.

Page 22

GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2025 (CONTINUED)

2 Material accounting policy information (continued)

2.6 Financial instruments (continued)

Expected credit losses

The impairment model applies to financial assets measured at amortised cost and debt investments at FVOCI, but not to

investments in equity instruments.

Loss allowances are measured on either of the following bases:

• 12-month ECLs: these are ECLs that result from possible default events within the 12 months after the reporting

date; and

• lifetime ECLs: these are ECLs that result from all possible default events over the expected life of a financial

instrument.

The Company measures loss allowances at an amount equal to lifetime ECLs, except for the following, which are

measured as 12-month ECLs:

• debt securities that are determined to have low credit risk at the reporting date; and

• other debt securities and bank balances for which credit risk (i.e. the risk of default occurring over the expected

life of the financial instrument) has not increased significantly since initial recognition.

When determining whether the credit risk of a financial asset has increased significantly since initial recognition and

when estimating ECLs, the Company considers reasonable and supportable information that is relevant and available

without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the

Company’s historical experience and informed credit assessment and including forward-looking information.

The maximum period considered when estimating ECLs is the maximum contractual period over which the Company is

exposed to credit risk.

See note 14.2 further discussion on credit risk.

2.7 Cash and cash equivalents

Cash and cash equivalents includes cash held with banks which is subject to insignificant risk in terms of changes of fair

value with original maturities of three months or less, and are used by the Company in the management of its short-term

commitments.

2.8 Other receivables and payables

Other receivables and payables with no stated interest rate, receivable and payable within one year are recorded at

transaction price.

2.9 Ordinary share capital presented as equity

Ordinary shares are not redeemable and do not participate in the net income of the Company are classified as equity as

per the Company’s Constitution.

2.10 Taxation

Income tax expense comprises current and deferred tax. Income tax expense is recognised in the Statement of

Comprehensive Income except to the extent that it relates to items recognised directly in equity, in which case it is

recognised in equity.

Current tax is the expected tax payable on the taxable income for the financial year using the tax rates applicable to the

Company’s activities enacted or substantively enacted at the reporting date, and adjustments to tax payable in respect of

previous financial years, if any.

Page 23

GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2025 (CONTINUED)

2 Material accounting policy information (continued)

2.10 Taxation (continued)

Deferred taxation is accounted for, without discounting, in respect of all temporary differences between the treatment of

certain items for taxation and accounting purposes which have arisen but have not been reversed by the financial year

end date except as otherwise required by IAS 12 ‘Deferred Tax’. Provision is made at the tax rates that are expected to

apply in the financial year in which the temporary differences reverse. Deferred tax assets are recognised only to the

extent that it is considered more likely than not that they will be recovered. A deferred tax asset is recognised only to the

extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax

assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax

benefit will be realised.

2.11 Other income

The Company is entitled to receive a management fee which is calculated and paid by the Swap Provider by reference to

a management fee rate under the specified terms of each relevant TRS by charging the applicable fee rate on the daily

market value of each security.

The Company receives income from the Arranger to cover any expenses that are incurred. This is classified as ‘other

income’ in the Statement of Comprehensive Income.

2.12 Administration expenses

The Company pays an arranger fee to the Arranger which is calculated based on the amount of fees received from the

Swap Provider. The arranger fees are accrued on a daily basis and are recorded in the Statement of Comprehensive

income.

Creation and Redemption fees are charged to the Company by the Paying Agent. The Company then charges these to

the Authorised Participants. They are charged on a per transaction basis.

Administration expenses include amounts accrued for expenses such as administration and management incurred

during the financial year.

2.13 Foreign currency transaction

Transactions in foreign currencies are translated to the functional currency of the Company at exchange rates at the

dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are

retranslated to the functional currency at the exchange rate at that date. Non-monetary assets and liabilities

denominated in foreign currencies that are measured at fair value are retranslated to the functional currency at the

exchange rate at the date that the fair value was determined. Foreign currency differences arising on retranslation are

recognised in the Statement of Comprehensive Income.

2.14 Unearned Income

This relates to the excess cash that the company received from the Arranger to cover for expenses.

The Company receives cash from the Arranger to cover for expenses. Whenever the cash is yet to be received it is

recorded as a receivable from the Arranger.

However, when more cash was received from the Arranger to cover for expenses it is recorded as a payable.

3 Net gain on financial assets at fair value through profit or loss

Financial year

ended

30 June

2025

€

Financial year

ended

30 June

2024

€

Unrealised gains on financial assets at fair value through profit or loss

84,564,503 45,150,019

Realised gains on financial assets at fair value through profit or loss

87,857,991 97,043,938

172,422,494 142,193,957

Page 24

GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2025 (CONTINUED)

3 Net gain on financial assets at fair value through profit or loss (continued)

Net gain on financial assets at fair value through profit or loss arises from changes in fair value on ETPs listed on the

London Stock Exchange, Borsa Italiana S.p.A. (the “Italian Stock Exchange”) and Deutsche Boerse (the "Frankfurt Stock

Exchange").

4 Net loss on financial liabilities at far value through profit or loss

Financial year

ended

30 June

2025

€

Financial year

ended

30 June

2024

€

Unrealised losses on financial liabilities at fair value through profit or loss

(84,564,503) (45,150,019)

Realised losses on financial liabilities at fair value through profit or loss

(87,857,991) (97,043,938)

(172,422,494) (142,193,957)

5 Other Income

Financial year

ended

30 June

2025

€

Financial year

ended

30 June

2024

€

Issuer profit

1,000 1,000

Other income

1,694,683 1,029,436

Management fee income

2,918,679 2,063,071

4,614,362 3,093,507

6 Administrative expenses

Financial year

ended

30 June

2025

€

Financial year

ended

30 June

2024

€

Audit and tax compliance fees

(68,810) (74,215)

Corporate service fees

(16,057) 10,166

Other costs

(1,609,816) (965,387)

Management fees

(2,918,679) (2,063,071)

(4,613,362) (3,092,507)

Page 25

GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2025 (CONTINUED)

6 Administrative expenses (continued)

Audit and tax compliance fees breakdown:

Financial year

ended

30 June

2025

€

Financial year

ended

30 June

2024

€

Auditor's remuneration in respect of the financial year audit of financial

statements

(65,000) (63,500)

Tax compliance

(3,810) (10,715)

(68,810) (74,215)

The Company has no employees and services required are contracted from third parties. TMF Administration Services

Limited allocated approximately €1,000 (2024: €1,000) from the corporate service fee received as consideration for the

making available of individuals to act as directors of the Company.

7 Taxation

Financial year

ended

30 June

2025

€

Financial year

ended

30 June

2024

€

Corporation tax based on profit for the financial year

250 250

Factors affecting Company tax charge for the financial year are explained below:

Financial year

ended

30 June

2025

€

Financial year

ended

30 June

2024

€

Profit on ordinary activities before taxation

1,000 1,000

Profit on ordinary activities multiplied by the standard rate of Irish corporation

tax for the financial period of 12.5%

(125) (125)

Effect of higher tax rate (25%) applicable under Section 110 TCA, 1997

(125) (125)

Current tax credit for the financial year

(250) (250)

Financial year

ended

30 June

2025

€

Financial year

ended

30 June

2024

€

Corporation tax charged

250 250

Corporation tax paid

(250) (250)

Ending corporation tax payable

- -

The Company is a qualifying company within the meaning of Section 110 of the TCA, 1997. As such, the profits are

chargeable to corporation tax under Case III of Schedule D of the TCA at a rate of 25%, but are computed in accordance

with the provisions applicable to Case I of Schedule D of the TCA. There was no deferred tax during the financial year

(2024: nil).

Page 26

GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2025 (CONTINUED)

8 Financial assets at fair value through profit or loss

As at

30 June

2025

€

As at

30 June

2024

€

Fair value of TRS

401,240,829 245,078,546

As at

30 June

2025

€

As at

30 June

2024

€

1 July 2024

245,078,546 165,698,150

Cash flows:

Purchases

425,059,067 201,188,492

Sales

(441,319,278) (264,002,053)

Non-cash:

Fair value movement

172,422,494 142,193,957

Financial assets at fair value through profit or loss

401,240,829 245,078,546

9 Other receivables

As at

30 June

2025

€

As at

30 June

2024

€

Issuer profit receivable

6,000 5,000

Share capital receivable

18,750 18,750

Other receivable

846,552 288,932

871,302 312,682

Based on the review of the directors, no impairment was recorded for the year (2024:Nil) as the expected losses are

considered to be immaterial.

10 Cash and cash equivalents

As at

30 June

2025

€

As at

30 June

2024

€

Cash and cash equivalents

2,527,981 1,896,626

Based on the review of the Directors, no impairment is recorded (2024:Nil) as the cash and cash equivalents have a low

credit risk based on the external credit ratings of the counterparty and any expected losses are considered to be

immaterial.

Page 27

GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2025 (CONTINUED)

11 Financial liabilities at fair value through profit or loss

As at

30 June

2025

€

As at

30 June

2024

€

1 July 2024

245,078,546 165,698,150

Cash flows:

Subscriptions

425,059,067 201,188,492

Redemptions

(441,319,278) (264,002,053)

Non-cash:

Fair value movement

172,422,494 142,193,957

Fair value of ETP Securities

401,240,829 245,078,546

As at 30 June 2025 and 30 June 2024 the following are the ETP Securities in issue which are listed on the London Stock

Exchange, Borsa Italiana S.p.A. (the “Italian Stock Exchange”) and Deutsche Boerse (the "Frankfurt Stock Exchange").

Also, as at 30 June 2024, there are ETP Securities listed on the Euronext Paris that were delisted during the current

financial year.

The table below shows ETPs cross listed in London Stock Exchange, Borsa Italiana and Deutsche Boerse and also as at

30 June 2024 for Euronext Paris.

Security Name ISIN

BBG

Ticker

main

listing

As at

30 June

2025

€

As at

30 June

2024

€ Launch date

GraniteShares 3x Long FAANG Daily

ETP XS2305050804 3FNG

2,727,871 2,002,469

4 March 2021

GraniteShares 3x Long FATANG Daily

ETP XS2305051877 3FTG

- 1,134,881

4 March 2021

GraniteShares 3x Short FATANG Daily

ETP XS2305051950 3SFT

- 149,908

4 March 2021

GraniteShares FAANG ETP XS2305050556 FANG

1,346,378 1,098,240

4 March 2021

GraniteShares FATANG ETP XS2305050713 FTNG

- 787,869

4 March 2021

GraniteShares GAFAM ETP XS2305050630 GFAM

- 832,193

4 March 2021

GraniteShares 1x Short FATANG Daily

ETP XS2305052172 SFTG

- 244,547

4 March 2021

GraniteShares 3x Long GAFAM Daily

ETP XS2693059839 3GFM

- 888,794

4 March 2021

GraniteShares 3x Short FAANG Daily

ETP XS2684011211 3SFG

- 126,150

4 March 2021

GraniteShares 3x Short GAFAM Daily

ETP XS2693061819 3SGF

- 123,856

4 March 2021

GraniteShares 1x Short FAANG Daily

ETP XS2679090162 SFNG

653,111 867,491

4 March 2021

GraniteShares 1x Short GAFAM Daily

ETP XS2684011997 SGFM

- 243,433

4 March 2021

4,727,360 8,499,831

Page 28

GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2025 (CONTINUED)

11 Financial liabilities at fair value through profit or loss (continued)

The table below shows ETPs listed in London Stock Exchange, Borsa Italiana, and only as at 30 June 2024 for Euronext

Paris.

Security Name ISIN

BBG

Ticker

main

listing

As at

30 June

2025

€

As at

30 June

2024

€ Launch date

GraniteShares 3x Long AMD Daily ETP

Securities XS2377112110 3LAM

10,984,838 1,937,940

27 August 2021

GraniteShares 3x Long Apple Daily ETP XS2193969883 3LAP

2,873,973 2,713,038

29 June 2020

GraniteShares 3x Long Moderna Daily

ETP Securities XS2613356620 3LMO

806,377 662,205

1 September

2021

GraniteShares 3x Long Netflix Daily ETP XS2617255687 3LNF

8,573,849 2,820,585

1 July 2020

GraniteShares 3x Long NIO Daily ETP XS2600249812 3LNI

2,152,525 1,846,929

8 March 2021

GraniteShares 3x Long NVIDIA Daily

ETP XS2193971947 3LNV

50,066,352 60,204,356

29 June 2020

GraniteShares 3x Long Palantir Daily

ETP Securities XS2620728860 3LPA

8,451,225 1,836,235

30 August 2021

GraniteShares 3x Short AMD Daily ETP

Securities XS2377112201 3SAM

241,805 778,653

27 August 2021

GraniteShares 3x Short Moderna Daily

ETP Securities XS2377112540 3SMO

1,734,006 809,678

27 August 2021

GraniteShares 3x Short Microsoft Daily

ETP XS2193970386 3SMS

375,407 518,260

29 June 2020

GraniteShares 3x Short NIO Daily ETP XS2626290311 3SNI

1,452,277 1,471,508

8 March 2021

GraniteShares 3x Long Alphabet Daily

ETP XS2675292309 3LAL

3,935,324 1,452,819

4 February 2022

GraniteShares 3x Short NVIDIA Daily

ETP XS2613356893 3SNV

1,363,224 5,256,898

1 July 2020

GraniteShares 3x Long Facebook Daily

ETP XS2656469561 3LFB

5,310,616 2,415,587

4 February 2022

GraniteShares 3x Short Palantir Daily

ETP Securities XS2377112037 3SPA

4,059,915 459,200

27 August 2021

GraniteShares 3x Short UBER Daily ETP XS2626290238 3SUB

- 387,127

1 July 2020

GraniteShares 3x Long Microsoft Daily

ETP XS2662640627 3LMS

10,112,791 9,709,524

4 February 2022

GraniteShares 3x Long Tesla Daily ETP XS2656472193 3LTS

31,464,600 628,308

12 January 2022

GraniteShares 3x Long UBER Daily ETP XS2662640973 3LUB

2,591,226 25,927,328

29 June 2020

GraniteShares 3x Long Amazon Daily

ETP XS2675292218 3LZN

4,178,542 1,514,739

29 June 2020

GraniteShares 3x Short Alphabet Daily

ETP XS2671672223 3SAL

1,308,586 317,372

29 June 2020

GraniteShares 3x Short Apple Daily ETP XS2662641195 3SAP

1,322,629 849,433

29 June 2020

GraniteShares 3x Short Facebook Daily

ETP XS2671672819 3SFB

517,827 611,592

29 June 2020

GraniteShares 3x Short Netflix Daily ETP XS2675292135 3SNF

1,362,857 506,578

29 June 2020

GraniteShares 3x Short Tesla Daily ETP XS2656471039 3STS

5,525,399 5,816,196

29 June 2020

GraniteShares 3x Short Amazon Daily

ETP XS2671672900 3SZN

654,532 556,011

29 June 2020

161,420,702 132,008,099

Page 29

GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2025 (CONTINUED)

11 Financial liabilities at fair value through profit or loss (continued)

The table below shows ETPs listed in London Stock Exchange and Borsa Italiana.

Security Name ISIN

BBG

Ticker

main

listing

As at

30 June

2025

€

As at

30 June

2024

€ Launch date

GraniteShares 2x Long Zoom Daily ETP XS2376991654 2LZM

- 155,954

4 February 2022

GraniteShares 3x Long Alibaba Daily

ETP XS2435549857 3LAA

2,391,409 444,374

4 February 2022

GraniteShares 3x Long Coinbase Daily

ETP XS2575914176 3LCO

15,964,048 2,109,269

4 February 2022

GraniteShares 3x Long MicroStrategy

Daily ETP XS2617255760 3LMI

56,916,175 4,333,770

4 February 2022

GraniteShares 3x Long Spotify Daily

ETP XS2435549261 3LPO

3,022,620 3,226,829

4 February 2022

GraniteShares 3x Long PayPal Daily

ETP XS2596087671 3LPP

1,617,088 1,442,921

12 January 2022

GraniteShares 3x Long Square Daily

ETP XS2596085972 3LSQ

3,030,604 1,234,285

12 January 2022

GraniteShares 3x Short Alibaba Daily

ETP XS2435550194 3SAA

647,921 3,191,823

3 February 2022

GraniteShares 2x Short Zoom Daily ETP XS2435549188 2SZM

- 701,252

4 February 2022

GraniteShares 3x Short MicroStrategy

Daily ETP XS2633105197 3SMI

2,521,025 1,339,631

4 February 2022

GraniteShares 3x Short Spotify Daily

ETP XS2435549774 3SPO

- 53,758

4 March 2021

GraniteShares 3x Short PayPal Daily

ETP XS2376992389 3SPP

- 241,290

12 January 2022

GraniteShares 3x Short Square Daily

ETP XS2376991738 3SSQ

336,823 822,310

12 January 2022

86,447,713 19,297,466

The table below shows ETPs cross listed in London Stock Exchange and Euronext Paris.

Security Name ISIN

BBG

Ticker

main

listing

As at

30 June

2025

€

As at

30 June

2024

€ Launch date

GraniteShares 3x Long Airbus Daily ETP

Securities XS2376933375 3LAR

- 430,298

27 August 2021

GraniteShares 3x Long Volkswagen

Daily ETP Securities XS2376990417 3LVW

- 275,245

27 August 2021

GraniteShares 3x Short Airbus Daily

ETP Securities XS2376937442 3SAR

- 169,785

27 August 2021

GraniteShares 3x Short Volkswagen

Daily ETP Securities XS2376991142 3SVW

- 717,338

27 August 2021

- 1,592,666

Page 30

GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2025 (CONTINUED)

11 Financial liabilities at fair value through profit or loss (continued)

The table below shows ETPs listed in London Stock Exchange.

Security Name ISIN

BBG

Ticker

main

listing

As at

30 June

2025

€

As at

30 June

2024

€ Launch date

GraniteShares 3x Long AstraZeneca

Daily ETP XS2066793287 3LAZ

282,239 691,747

4 November 2019

GraniteShares 3x Long BAE Systems

Daily ETP XS2066799995 3LBA

1,758,054 905,106

4 November 2019

GraniteShares 3x Long Barclays Daily

ETP XS2066849923 3LBC

3,156,361 2,996,157

4 November 2019

GraniteShares 3x Long BP Daily ETP XS2066792396 3LBP

863,020 1,468,905

4 November 2019

GraniteShares 3x Long Glencore Daily

ETP XS2066789251 3LGL

2,159,190 1,636,741

4 November 2019

GraniteShares 3x Long Diageo Daily

ETP XS2066793790 3LDO

489,554 203,090

4 November 2019

GraniteShares 3x Long Lloyds Banking

Group Daily ETP XS2066792982 3LLL

3,827,793 1,765,702

4 November 2019

GraniteShares 3x Long Royal Dutch

Shell Daily ETP XS2066850343 3LRD

532,681 884,308

4 November 2019

GraniteShares 3x Long Rio Tinto Daily

ETP XS2066849501 3LRI

757,428 1,595,402

4 November 2019

GraniteShares 3x Long Rolls-Royce

Daily ETP XS2633107052 3LRR

112,556,102 52,681,201

6 November 2019

GraniteShares 3x Long Vodafone Daily

ETP XS2009195566 3LVO

2,372,729 1,088,261

13 September

2019

GraniteShares 3x Short AstraZeneca

Daily ETP XS2066793444 3SAZ

266,582 199,148

4 November 2019

GraniteShares 3x Short BAE Systems

Daily ETP XS2066849337 3SBA

269,645 162,288

4 November 2019

GraniteShares 3x Short Barclays Daily

ETP XS2620728605 3SBC

198,759 554,315

4 November 2019

GraniteShares 3x Short BP Daily ETP XS2620728274 3SBP

352,052 280,202

6 November 2019

GraniteShares 3x Short Diageo Daily

ETP XS2066793873 3SDO

839,265 464,692

4 November 2019

GraniteShares 3x Short Glencore Daily

ETP XS2596087242 3SGL

1,989,088 930,442

6 November 2019

GraniteShares 3x Short Lloyds Banking

Group Daily ETP XS2066793014 3SLL

90,030 401,419

4 November 2019

GraniteShares 3x Short Royal Dutch

Shell Daily ETP XS2066850699 3SRD

433,781 427,350

4 November 2019

GraniteShares 3x Short Rio Tinto Daily

ETP XS2596086350 3SRI

454,233 366,572

6 November 2019

GraniteShares 3x Short Rolls-Royce

Daily ETP XS2305052255 3SRR

460,154 726,599

4 November 2019

GraniteShares 3x Short Vodafone Daily

ETP XS2009195640 3SVO

208,236 464,526

29 August 2019

134,316,976 70,894,173

Page 31

GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2025 (CONTINUED)

11 Financial liabilities at fair value through profit or loss (continued)

The table below shows ETPs listed in Borsa Italiana.

Security Name ISIN

BBG

Ticker

main

listing

As at

30 June

2025

€

As at

30 June

2024

€ Launch date

GraniteShares 3x Long UniCredit Daily

ETP XS2435550947 3LCR

7,040,659 2,267,115

4 February 2022

GraniteShares 3x Long Eni Daily ETP XS2435551242 3LEN

- 463,288

4 February 2022

GraniteShares 3x Long Enel Daily ETP XS2435552216 3LNL

- 318,581

4 February 2022

GraniteShares 3x Long Intesa Sanpaolo

Daily ETP XS2435551598 3LSP

4,038,192 1,695,586

4 February 2022

GraniteShares 3x Long MIB Daily ETF XS2531766363 3MIB

- 566,180

9 June 2023

GraniteShares 3x Short UniCredit Daily

ETP XS2435551168 3SCR

806,637 482,344

4 February 2022

GraniteShares 3x Short Eni Daily ETP XS2435551325 3SEN

- 106,452

4 February 2022

GraniteShares 3x Short MIB Daily ETF XS2531766447 3SIT

- 286,276

9 June 2023

GraniteShares 3x Short Enel Daily ETP XS2435552729 3SNL

- 96,057

4 February 2022

GraniteShares 3x Short Intesa Sanpaolo

Daily ETP XS2435551671 3SSP

239,014 211,294

4 February 2022

GraniteShares 5x Long MIB Daily ETF XS2531767502 5MIB

1,510,685 850,245

9 June 2023

GraniteShares 5x Short MIB Daily ETF XS2531767767 5SIT

692,891 648,730

9 June 2023

14,328,078 7,992,148

Page 32

GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2025 (CONTINUED)

11 Financial liabilities at fair value through profit or loss (continued)

The table below shows ETPs listed in Euronext Paris.

ISIN

BBG

Ticker

main

listing

As at

30 June

2025

€

As at

30 June

2024

€ Launch Date

GraniteShares 3x Long AXA Daily ETP

Securities XS2376944224 3LAX

- 825,149

27 August 2021

GraniteShares 3x Long BNP Daily ETP

Securities XS2376951948 3LBN

- 215,418

27 August 2021

GraniteShares 3x Long Danone Daily

ETP Securities XS2376974304 3LDA

- 156,284

27 August 2021

GraniteShares 3x Long LVMH Daily ETP

Securities XS2376975020 3LLV

- 430,166

27 August 2021

GraniteShares 3x Long L'Oreal Daily

ETP Securities XS2376974726 3LOR

- 162,856

27 August 2021

GraniteShares 3x Long Safran Daily ETP

Securities XS2376975533 3LSA

- 709,911

27 August 2021

GraniteShares 3x Long Schneider

Electric Daily ETP Securities XS2376976770 3LSE

- 802,943

27 August 2021

GraniteShares 3x Long Sanofi Daily ETP

Securities XS2376975962 3LSN

- 175,888

27 August 2021

GraniteShares 3x Long

STMicroelectronics Daily ETP Securities XS2376978982 3LST

- 77,463

27 August 2021

GraniteShares 3x Long TotalEnergies

Daily ETP Securities XS2376979790 3LTO

- 185,911

27 August 2021

GraniteShares 3x Short AXA Daily ETP

Securities XS2376951781 3SAX

- 78,690

27 August 2021

GraniteShares 3x Short BNP Daily ETP

Securities XS2376952243 3SBN

- 108,546

27 August 2021

GraniteShares 3x Short Danone Daily

ETP Securities XS2376974486 3SDA

- 75,084

27 August 2021

GraniteShares 3x Short LVMH Daily ETP

Securities XS2376975376 3SLV

- 269,500

27 August 2021

GraniteShares 3x Short L'Oreal Daily

ETP Securities XS2376974999 3SOR

- 82,097

27 August 2021

GraniteShares 3x Short Safran Daily

ETP Securities XS2376975616 3SSA

- 42,172

27 August 2021

GraniteShares 3x Short Schneider

Electric Daily ETP Securities XS2376976853 3SSE

- 18,543

27 August 2021

GraniteShares 3x Short Sanofi Daily

ETP Securities XS2376976341 3SSN

- 71,496

27 August 2021

GraniteShares 3x Short

STMicroelectronics Daily ETP Securities XS2376979287 3SST

- 286,232

27 August 2021

GraniteShares 3x Short TotalEnergies

Daily ETP Securities XS2376979873 3STO

- 19,814

27 August 2021

- 4,794,163

Page 33

GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2025 (CONTINUED)

12 Other payables

As at

30 June

2025

€

As at

30 June

2024

€

Corporate admin fee payable

13,450 -

Audit and tax payables

68,810 73,204

Arranger fees payable

336,398 361,909

Other payables

- 12,888

Unearned income

2,951,125 1,732,557

3,369,783 2,180,558

Unearned Income

The Company receives cash from the Arranger to cover for expenses. Whenever the cash is yet to be received it is

recorded as a receivable from the Arranger. However, when more cash was received from the Arranger to cover for

expenses it is recorded as a payable.

13 Share capital

Authorised

As at 30 June 2025 As at 30 June 2024

No. € No. €

Ordinary shares of €1 each

100,000,000 100,000,000 100,000,000 100,000,000

Allotted and called up

As at 30 June 2025 As at 30 June 2024

No. € No. €

Ordinary shares of €1 each

25,000 25,000 25,000 25,000

The Company’s capital as at the financial year end is best represented by the ordinary shares outstanding.

The Company issued 25,000 shares which are held by TMF Management (Ireland) Limited on trust for charitable

purposes. On 26 March 2019, the shareholder paid up 25% of the share capital.

The Company monitors capital on the basis of the carrying amount of equity, less cash as presented in the Statement of

Financial Position.

14 Financial Risk Management

The Company’s financial instruments include the financial assets at fair value through profit or loss, other receivables,

cash and cash equivalents, financial liabilities at fair value through profit or loss and other payables that arise directly

from its operations.

The Board has overall responsibility for the establishment and oversight of the Company’s risk management framework.

Page 34

GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2025 (CONTINUED)

14 Financial Risk Management (continued)

The Company has exposure to the following risks from its use of financial instruments:

- Market risk;

- Credit risk;

- Liquidity risk;

- Operational risk; and

- Concentration risk

This note presents information about the Company’s exposure to each of the above risks, the Company’s objectives,

policies and processes for measuring and managing risk and the Company’s management of capital.

14.1 Market risk

Market risk is the risk that changes in market prices, such as foreign exchange rates and securities prices, will affect the

Company’s income or the value of its holdings of financial instruments. The objective of market risk management is to

manage and control market risk exposures within acceptable parameters, while optimising the return on risk. Market risk

embodies the potential for both losses and gains and includes currency risk and market price risk.

Foreign exchange risk

Foreign exchange risk is the risk that the fair value or cash flows of a financial instrument will fluctuate because of

changes in foreign currency.

The ETP Securities issued by the Company are denominated in Euro, Pound Sterling and US Dollars. The proceeds of

these issuances are used to fund the purchase of the TRSs in Pound Sterling and US Dollars. These are retranslated to

EUR using the applicable exchange rates. As the base currency of the TRSs matches the base currency of the ETP

Securities there is deemed to be no currency risk to the Company.

The closing exchange rates used are as follows:

30 June 2025 30 June 2024

USD EUR/USD 1.1720 EUR/USD 1.0705

GBP EUR/GBP 0.8555 EUR/GBP 0.84638

As at 30 June 2025

TRS

Nominal

EUR equivalent

ETP issued

Nominal

EUR equivalent

Net exposure

Nominal

EUR equivalent

USD

252,595,775 (252,595,775) -

GBP

134,316,976 (134,316,976) -

EUR

14,328,078 (14,328,078) -

401,240,829 (401,240,829) -

As at 30 June 2024

TRS

Nominal

EUR equivalent

ETP issued

Nominal

EUR equivalent

Net exposure

Nominal

EUR equivalent

Financial assets

USD

159,805,396 (159,805,396) -

GBP

70,894,173 (70,894,173) -

EUR

14,378,977 (14,378,977) -

245,078,546 (245,078,546) -

Page 35

GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2025 (CONTINUED)

14 Financial Risk Management (continued)

14.1 Market risk (continued)

Price risk

Price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in

market prices (other than those arising from currency risk), whether those changes are caused by factors specific to the

individual financial instrument or its seller, or factors affecting similar financial instruments traded in the market. The

Arranger monitors the cash flows of the financial assets at fair value through profit or loss on a daily basis.

The Company uses the hierarchy below for determining and disclosing the fair value of financial instruments by valuation

technique:

The level in the fair value hierarchy in which each fair value measurement is categorised includes:

• Level 1: quoted prices (unadjusted) in an active market for identical assets or liabilities;

• Level 2: inputs other than quoted prices within Level 1 that are observable for the asset or liability, either directly

(i.e. prices) or indirectly (i.e. derived from prices); and

• Level 3: inputs for the asset or liabilities that are not based on observable market data (unobservable inputs).

Financial instruments measured at fair value through profit or loss

30 June 2025

Level 2

€

Total

€

Financial assets at FVTPL

Financial assets at fair value through profit or loss

401,240,829 401,240,829

Financial liabilities at FVTPL

Financial liabilities at fair value through profit or loss

(401,240,829) (401,240,829)

30 June 2024

Level 2

€

Total

€

Financial assets at FVTPL

Financial assets at fair value through profit or loss

245,078,546 245,078,546

Financial liabilities at FVTPL

Financial liabilities at fair value through profit or loss

(245,078,546) (245,078,546)

The ETP Securities and TRSs have the same value and are considered to be fair valued under level 2 as the prices are

compiled according to a formula which utilises a daily index for each ETP, based on market data as given by a third party

provider, net of expenses incurred.

The Company’s policy is to recognise transfers into and transfers out of fair value hierarchy levels as at the last day of

the accounting year. There were no transfers during the financial year between levels of the fair value hierarchy for

financial assets and liabilities which are recorded at fair value, (2024: same).

Page 36

GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2025 (CONTINUED)

14 Financial Risk Management (continued)

14.1 Market risk (continued)

Price risk (continued)

Sensitivity analysis:

Any changes in the values of the TRSs held by the Company would not have any effect on the equity or profit or loss of

the Company as any fair value fluctuations are ultimately borne by the holders of the ETP Securities issued by the

Company. A 10% change in the value of the portfolio of TRSs held will result in a change in value of EUR 40,124,083

(2024: EUR 24,507,855). This will be offset by an equal change in the value of ETP securities issued, resulting in a net

zero impact to the equity or profit of the Company. Therefore, the Company is fully economically hedged against

changes in prices of underlying securities.

Interest rate risk

Interest rate risk is the risk that the value of a financial instrument will fluctuate due to changes in market interest rates.

As the Company has invested in TRSs to match the ETP Securities, there is deemed to be no interest rate risk to the

Company.

The Company has a bank balance at The Bank of New York Mellon. Due to the level of cash held in the bank account,

the directors do not believe that any movement in interest rates would affect the operations of the Company.

14.2 Credit risk

Credit risk arises from the possibility of obligors failing to meet their obligations to the Company and represents the most

significant category of risk.

The maximum exposure to the credit risk of the ETP holders at the reporting date was:

As at

30 June

2025

€

As at

30 June 2024

€

Financial assets at fair value through profit or loss

401,240,829 245,078,546

Other receivables

871,302 312,682

Cash and cash equivalents

2,527,981 1,896,626

404,640,112 247,287,854

The Swap counterparty is Natixis S.A., which has AA- (2024: AA-) credit rating from Standard & Poor’s.

The Company has 6 active bank accounts with The Bank of New York in currencies EUR, GBP and USD with a total

Euro equivalent balance of EUR 2,527,981 (2024:EUR 1,896,626).

Other receivables are expected to be settled within one year.

14.3 Liquidity risk

Liquidity risk is the risk that the Company may be unable to fulfil its obligations, whether expected or unexpected. ETP

Securities cannot be issued without a matching investment in a TRS being put in place. ETP Securities can be issued

and redeemed daily, therefore this is the earliest maturity date for the purposes of the maturity analysis below.

The return on each issuance of ETP Securities will be linked to the daily performance of the corresponding TRS. The

redemption amount of the ETP Securities will be derived from the liquidation of the corresponding TRS.

Page 37

GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2025 (CONTINUED)

14 Financial Risk Management (continued)

14.3 Liquidity risk (continued)

The following are the earliest contractual maturities of financial assets and financial liabilities:

As at 30 June 2025

Carrying

amount

€

Less than one

year

€

One to five

years

€

More than five

years

€

Financial assets at fair value through

profit or loss

401,240,829 401,240,829 - -

Other receivables

871,302 871,302 - -

Cash and cash equivalents

2,527,981 2,527,981 - -

404,640,112 404,640,112 - -

Financial liabilities at fair value

through profit or loss

(401,240,829) (401,240,829) - -

Other payables

(3,369,783) (3,369,783) - -

(404,610,612) (404,610,612) - -

As at 30 June 2024

Carrying

amount

€

Less than one

year

€

One to five

years

€

More than five

years

€

Financial assets at fair value through

profit or loss

245,078,546 245,078,546 - -

Other receivables

312,682 312,682 - -

Cash and cash equivalents

1,896,626 1,896,626 - -

247,287,854 247,287,854 - -

Financial liabilities at fair value

through profit or loss

245,078,546 245,078,546 - -

Other payables

2,180,558 2,180,558 - -

247,259,104 247,259,104 - -

14.4 Operational risk exposure

Operational risk is the risk of direct or indirect loss arising from a wide variety of causes associated with the Company’s

processes, personnel and infrastructure, and from external factors other than credit, markets and liquidity issues such as

those arising from legal and regulatory requirements and generally accepted standards of corporate behaviour.

The Board has established processes to manage operational risks. Those processes include appropriate segregation of

responsibilities and specific control activities. The Board delegates management and administration function to the

Administrator.

14.5 Concentration risk

Concentration risk can arise from the type of assets held in the portfolio, the maturity of assets, the concentration of

sources of funding, concentration of counterparties or geographical locations.

Page 38

GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2025 (CONTINUED)

14 Financial Risk Management (continued)

14.5 Concentration risk (continued)

The following is the classification of ETPs per industry:

As at

30 June

2025

Number of ETP

issuances

As at

30 June

2024

Number of ETP

issuances

Automobiles

- 2

Basic Materials

4 4

Communication Technology

- 2

Customer Discretionary

- 5

Customer Staples

2 4

Financials

10 14

Healthcare

4 6

Industrials

4 8

Large Cap

2 4

Oil and Gas

4 10

Telecommunication services

2 2

Technology

33 48

65 109

Due to the nature of the ETPs issued, any profit or loss arising from the concentration risk will pass on to the holders of

the ETPs. There is no residual risk remaining to the Company.

14.6 Offsetting Financial assets and Financial liabilities

The Company does not offset financial assets and financial liabilities. These are presented separately in the Statement

of Financial Position.

Financial assets and liabilities are offset, and the net amount presented in the Statement of Financial Position when, and

only when, the Company has a legal right to set off the amounts and intends either to settle on a net basis or to realise

the asset and settle the liability simultaneously.

As at 30 June 2025

Gross amount of

recognised

financial assets

€

Net amount of

recognised

financial assets

€

Financial

instruments

received

€

Net amount

€

Financial assets at fair value through

profit or loss

401,240,829 401,240,829 - -

Financial liabilities at fair value

through profit or loss

401,240,829 401,240,829 - -

As at 30 June 2024

Gross amount of

recognised

financial assets

€

Net amount of

recognised

financial assets

€

Financial

instruments

received

€

Net amount

€

Financial assets at fair value through

profit or loss

245,078,546 245,078,546 - -

Financial liabilities at fair value

through profit or loss

245,078,546 245,078,546 - -

The following is a reconciliation of the liabilities arising from financing activities.

Page 39

GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2025 (CONTINUED)

14 Financial Risk Management (continued)

14.6 Offsetting Financial assets and Financial liabilities (continued)

Long-term

borrowings

€

Short-term

borrowings

€

Lease Liabilities

€

Total

€

Beginning balance 1 July 2024

245,078,546 - - 245,078,546

Cash flows:

- Redemptions

(441,319,278) - - (441,319,278)

- Subscriptions

425,059,067 - - 425,059,067

Non-cash:

- Fair value

172,422,494 - - 172,422,494

- Reclassification

- - - -

As at 30 June 2025

401,240,829 - - 401,240,829

Long-term

borrowings

€

Short-term

borrowings

€

Lease Liabilities

€

Total

€

Beginning balance 1 July 2023

165,698,150 - - 165,698,150

Cash flows:

- Redemptions

(264,002,053) - - (264,002,053)

- Subscriptions

201,188,492 - - 201,188,492

Non-cash:

- Fair value

142,193,957 - - 142,193,957

- Reclassification

- - - -

As at 30 June 2024

245,078,546 - - 245,078,546

15 Contingent assets, liabilities and commitments

There were no contingent liabilities or commitments as of 31 December 2024 (2024: nil). Contingent liabilities are

assessed continually to determine whether transfers of economic benefits have become probable. Where future transfers

of economic benefits change from previously disclosed contingent liabilities, provisions are recognised in the financial

year in which the changes in probability occur.

16 Related party transactions

GraniteShares Jersey Limited is a related party as they act as the Arranger for the Company. It supplies and/or arranges

for the supply of all administrative services to the Company. In return, the Company pays the Arranger an arranger fee.

Total arranger fee for the year amounted to EUR 2,918,679 (2024: EUR 2,063,071). Total arranger fee payable for the

year amounted to EUR 336,398 (2024: 361,909).

The Board is considered the key management personnel of the Company for the financial year ended 30 June 2025. The

Board is considered to have authority and responsibility for planning and directing activities of the Company being the

purchase and sale of the underlying portfolio. Raja Gul and Aileen Mannion, employees of TMF Management Ireland

Limited were directors of the Company during the financial year.

Page 40

GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2025 (CONTINUED)

16 Related party transactions (continued)

The Company engages the Administrator for all management and administration functions to manage the operational

risk of direct or indirect loss arising from a wide variety of causes associated with the Company’s processes, and from

external factors other than credit, market and liquidity risks such as those arising from legal and regulatory requirements

and generally accepted standards of corporate behaviour. The Corporate Administrator is entitled to receive

administrative fees for the services it provides per the terms and conditions of their agreement. TMF Administration

Services Limited provides corporate administration services to the Company at arm’s length commercial rates.

During the financial year, the Company incurred a fee of EUR 16,057 (2024: EUR (10,166)) relating to administration

services provided by the Corporate Administrator. Corporate administration fee payable for the year amounted to EUR

13,450 (2024: nil). The directors, as employees of the Corporate Administrator, had an interest in these fees in their

capacity as directors.

The terms of the corporate services agreement in place between the Company and the Corporate Administrator provides

for a single fee for the provision of corporate administration services (including the making available of individuals to act

as directors of the Company). As a result, the allocation of fees between the different services provided is a subjective

and approximate calculation.

Pursuant to Section 305A(1)(a) of the Companies Act 2014 TMF Administration Services Limited allocated EUR 1000

(2024: EUR 1,000) of the corporate service fee received as consideration for the making available of individuals to act as

directors of the Company.

The individuals acting as directors do not (and will not), in their personal capacity or any other capacity, receive any fee

for acting or having acted as directors of the Company.

There were no other contracts of any significance in relation to the business of the Company in which the director had

any interest, as defined in the Companies Act 2014, at any time during the financial year.

The Company has issued nil shares (2024: Nil) to TMF Management (Ireland) Limited on trust for GraniteShares

Financial plc.

Unless otherwise stated, none of the transactions incorporate special terms and conditions and no guarantees were

given or received. Outstanding balances are usually settled in cash.

17 Significant events during the year

On 25 October 2024, Deirdre Brennan was appointed as alternate director and resigned on 25 October 2024.

There are no other significant events until the date of signing of this report that would require an adjustment to or

disclosure in the financial statements.

18 Significant subsequent events

There are no significant subsequent events which need to be adjusted or disclosed in the audited financial statements.

19 Charges

The Issuer's obligations to the Noteholders (and certain other Issuer secured parties) are secured pursuant to the

Security Deed between, amongst others, the Issuer and BNY Mellon Corporate Trustee Services Limited in its capacity

as Note Trustee.

20 Approval of financial statements

The audited financial statements were approved and authorised for issue by the Board on 29 October 2025.

Page 41