Graniteshares December 2023 FS Signed (1)

DIRECTORS' REPORT FOR THE PERIOD FROM 1 JULY 2023 TO 31 DECEMBER 2023

The directors present the Directors’ Report and the audited financial statements of Graniteshares Financial Public

Limited (the "Company") for the financial period ended 31 December 2023.

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”), Euronext Paris 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 period ended 31 December 2023, there were 109 ETPs in issuance (2022: 106 ETPs). The purchases

over the financial period amounted to €419,503,164 (2022: €317,268,102) with sales of €263,021,724 (2022:

€202,073,273).

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.

There were no acquisitions of own shares by the Company during the financial period (2022:nil).

The Company does not have any branches.

The principal financial risks and uncertainties facing the Company during the financial period 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.

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 period and the Company’s financial position at the end of the financial period are set out on

page 15 and 16, respectively. Profit on ordinary activities before taxation amounted to €1,000 (2022: €1,000). The

corporation tax charge for the financial period is €250 (2022: €250).

No dividends were recommended to be paid for the financial period ended 31 December 2023 (2022: €nil).

GRANITESHARES FINANCIAL PUBLIC LIMITED

DIRECTORS' REPORT FOR THE PERIOD FROM 1 JULY 2023 TO 31 DECEMBER 2023 (CONTINUED)


	Financial year ended	Financial year ended
	31 December 2023	30 June 2023
	€	€
Key performance indicators
(a) Net losses on financial assets at FVTPL	(20,223,507)	(35,822,145)
(b) Net gains on financial liabilities at FVTPL	20,223,507	35,822,145
(c) Financial assets at FVTPL	183,242,651	165,698,150
(d) Financial liabilities at FVTPL	(183,242,651)	(165,698,150)

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).

In the second half of 2023, main financial benchmarks were up for the period, the S&P 500 gaining 7.05% while the

technology-oriented NASDAQ 100 finished up 9.41%. After reaching a low point in October 2023, the market gained

momentum on the expectations that the US federal Reserve might reduce its interest rates in 2024.

The indices providing long exposure and used as benchmarks to price the ETP Securities reflected the overall trend with

the technology names performing well at the end of the period, while value-oriented names, in particular European

stocks, were less sensitive to the hypothetical change in interest rates policy.

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.

In making this assessment the directors have considered the impact of Ukraine-Russia war on the Company’s business.

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 TRS’s, 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 Directors and the company secretary are listed oon page 1. Raja Gul and Aileen Mannion are the current active

directors. During the financial year Romira Hoxha resigned as a 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 31 December 2023 did not hold any shares, debentures or loan stock of the

Company on that date or during the financial period (2022: same).

POWERS OF DIRECTORS

The Board is 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.

GRANITESHARES FINANCIAL PUBLIC LIMITED

DIRECTORS' REPORT FOR THE PERIOD FROM 1 JULY 2023 TO 31 DECEMBER 2023 (CONTINUED)

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.

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 three directors.

GRANITESHARES FINANCIAL PUBLIC LIMITED

DIRECTORS' REPORT FOR THE PERIOD FROM 1 JULY 2023 TO 31 DECEMBER 2023 (CONTINUED)

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 TMF Administration Services Limited, Ground

Floor, Two Dockland Central, Guild Street, North Dock, Dublin, 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 SUBSEQUENT EVENTS

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

POLITICAL DONATIONS

The Company did not make any political donations during the financial period (2022: nil).

RESEARCH AND DEVELOPMENT

The Company did not engage in any research and development activity during the financial period (2022: 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.

RELEVANT AUDIT INFORMATION

The directors believe that they have taken all the steps necessary to make themselves aware of any relevant audit

information and have established that the Company’s statutory auditor is aware of that information. In so far as they are

aware, there is no relevant audit information of which the Company’s statutory auditor is unaware.

This report was approved by the Board on 27 March 2024 and signed on its behalf by:

GRANITESHARES FINANCIAL PUBLIC LIMITED

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 International Financial Reporting Standards (IFRS)

as adopted by the European Union 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 as adopted by the European Union;

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

concern; and

•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.

•ensure the management report includes 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.

This report was approved by the Board on 27 March 2024 and signed on its behalf by:

GRANITESHARES FINANCIAL PUBLIC LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE PERIOD FROM 1 JULY 2023 TO 31 DECEMBER 2023


		Financial period ended 31 December 2023	Financial period ended 31 December 2022
	Note	€	€
Net gain on financial assets at fair value through profit and loss	3	20,223,507	9,256,07
Net (loss)/gain on financial liabilities at fair value through profit or loss	4	(20,223,507)	(9,256,074)
Net operating Income		-	-
Other income	5	1,142,937	1,055,392
Administrative expenses	6	(1,141,937)	(1,054,392)
Profit for the financial period before taxation		1,000	1,000
Taxation	7	(250)	(250)
Profit for the financial period after taxation		750	750
Other comprehensive income		-	-
Total comprehensive income for the financial period		750	750

All amounts relate to continuing operations.

The accompanying notes on pages 11 to 33 form an integral part of these financial statements.

GRANITESHARES FINANCIAL PUBLIC LIMITED

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2023


		As at 31 December 2023	As at 30 June 2023
	Note	€	€
Assets Financial assets at fair value through profit or loss	8	183,242,65 1	165,698,15 0
Cash and cash equivalents	10	1,659,46	1,354,11
Other receivables	9	620,148	135,290
		185,522,262	167,187,559
Liabilities Financial liabilities at fair value through profit or loss	11	183,242,65 1	165,698,15 0
Other payables	12	2,250,861	1,461,409
		185,493,51 2	167,159,55 9
Equity
Share capital	13	25,00	25,00
Retained earnings		3,75	3,00
Total equity		28,75 0	28,00 0
Total equity and liabilities		185,522,262	167,187,559

The accompanying notes on pages 11 to 33 form an integral part of these financial statements.

The audited financial statements were approved and authorised for issue by the Board on 27 March 2024 and signed on

its behalf by:

GRANITESHARES FINANCIAL PUBLIC LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE FINANCIAL PERIOD FROM 1 JULY 2023 TO 31 DECEMBER 2023


For the financial year ended 31 December 2022	Share Capital	Retained earnings	Total
	€	€	€
As at 1 July 2022	25,000	3,000	28,000
Total comprehensive income for the financial year		75	75
As at 31 December 2022	25,00 0	3,75 0	28,75 0


For the financial year ended 30 June 2022	Share Capital	Retained earnings	Total
	€	€	€
As at 1 July 2021	25,000	2,250	27,250
Total comprehensive income for the financial year		75	75
As at 30 June 2022	25,00 0	3,00 0	28,000

The accompanying notes on pages 11 to 33 form an integral part of these audited financial statements.

GRANITESHARES FINANCIAL PUBLIC LIMITED

STATEMENT OF CASH FLOWS

FOR THE FINANCIAL PERIOD FROM 1 JULY 2023 TO 31 DECEMBER 2023


		Financial period ended 31 December 2023	Financial year ended 30 June 2023
	Note	€	€
Cash flows from operating activities Profit on ordinary activities before taxation		1,000	1,000
Adjustments:
Net losses on financial assets at fair value through profit or loss	3	65,301,726	35,822,145
Net gains on financial liabilities at fair value through profit or loss	4	(65,301,726)	(35,822,145)
Movement in other receivables		(484,858)	114,165
Movement in other payables		789,452	202,475
		305,594	317,640
Taxation paid		(250)	(250)
Net cash flows generated from operating activities		305,344	317,390
Cash flows from investing activities
TRS purchases	11	(17,544,501)	(240,977,908)
TRS sales	11	(171,973,220)	231,042,886
Net cash used in investing activities		(189,517,721)	(9,935,022)
Cash flows from financing activities
Issuance of ETP Securities	11	17,544,501	240,977,908
Repayment of ETP Securities	11	171,973,220	(231,042,886)
Net cash flows generated from financing activities		189,517,721	9,935,022
Net increase in cash and cash equivalents		305,344	317,390
Cash and cash equivalents at the beginning of financial period		1,354,119	1,036,729
Cash and cash equivalents at the end of financial period	10	1,659,463	1,354,119

The accompanying notes on pages 11 to 33 form an integral part of these financial statements.

GRANITESHARES FINANCIAL PUBLIC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 1 JULY 2023 TO 31 DECEMBER 2023

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 3rd Floor, Kilmore House, Park Lane, Spencer Dock, Dublin 1, D01 YE64, 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 Accounting policies

2.1 Statement of compliance

The audited financial statements have been prepared in accordance with International Financial Reporting Standards

(IFRS) as adopted by the European Union and those parts of Companies Act 2014 applicable to companies reporting

under IFRS. The accounting policies adopted by the Company have been applied consistently. The audited financial

statements have been prepared on a going concern basis.

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, amendments, and interpretations are not yet effective and have not been adopted early by the Company.

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:

GRANITESHARES FINANCIAL PUBLIC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 1 JULY 2023 TO 31 DECEMBER 2023 (CONTINUED)

2 Accounting policies (continued)

2.3 New and amended standards and interpretations (continued)


Standard IFRS 17 and Amendments to IFRS 17	Title of Standard or Interpretation IFRS 17 Insurance Contracts and Amendments to IFRS 17	Effective date 1 January 2023
Amendments to IAS 1	Classification of Liabilities as Current or Non-current	1 January 2023
Amendments to IAS 12	Deferred Tax related to Assets and Liabilities arising from a Single Transaction	1 January 2023
Amendments to IAS 8	Definition of Accounting Estimates	1 January 2023

The directors do not expect that the adoption of the Standards listed above will have a material impact on the financial

statements of the Company in future periods.

The following standards are effective for financial periods beginning on or after 1 January 2024.


Standard	Title of Standard or Interpretation Classification of Liabilities as Current or Non-current and	Effective date
Amendments to IAS 1	Non-current Liabilities with Covenants	1 January 2024
Amendments to IFRS 16	Lease Liability in a Sale and Leaseback	1 January 2024
Amendments to IAS 7 and IFRS 7	Disclosures: Supplier Finance Arrangements	1 January 2024
Amendments to IAS 21	Lack of exchangeability	1 January 2025
Amendments to IFRS 10 and IAS 28	Sale or Contribution of Assets between an Investor and its Associate or Joint Venture	Note 2

Note 2: In December 2015, the IASB postponed the effetive date of this amendment indefinitely pending the outcome of

its research project on the equity method of accounting.

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

business model (see note 2(f)), determining the functional currency (see note 2(e)) and financial instruments at fair

value. See note 14 for further discussion on how the fair values of the assets and liabilities are determined.

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.

GRANITESHARES FINANCIAL PUBLIC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 1 JULY 2023 TO 31 DECEMBER 2023 (CONTINUED)

2 Accounting policies (continued)

2.6 Financial instruments

Classification

The Company has adopted the following classifications for financial instruments:

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.

The classification is determined by both:

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

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

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.

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.

GRANITESHARES FINANCIAL PUBLIC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 1 JULY 2023 TO 31 DECEMBER 2023 (CONTINUED)

2 Accounting policies (continued)

2.6 Financial instruments (continued)

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.

Expected credit losses

Under IFRS 9, the classification of financial assets is generally based on the business model in which a financial asset is

managed and it’s contractual cashflow characteristics. The impairment model applies to financial assets measured at

amortised cost and debt investments at FVOCI, but not to investments in equity instruments.

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.

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:

GRANITESHARES FINANCIAL PUBLIC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 1 JULY 2023 TO 31 DECEMBER 2023 (CONTINUED)

2 Accounting policies (continued)

2.6 Financial instruments (continued)

• 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 and receivable 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 period 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.

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.

GRANITESHARES FINANCIAL PUBLIC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 1 JULY 2023 TO 31 DECEMBER 2023 (CONTINUED)

2 Accounting policies (continued)

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 period.

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.


3 Net gain on financial assets at fair value through profit or loss	Financial period	Financial year
	ended 31 December 2023	ended 30 June 2023
	€	€
Unrealised gain on financial assets at fair value through profit or loss	19,861,835	50,127,132
Realised (losses) on financial assets at fair value through profit or loss	361,672	(14,304,987)
	20,223,507	35,822,145

Net losses 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”), Euronext Paris and Deutsche Boerse (the

"Frankfurt Stock Exchange").


4 Net (loss) on financial liabilities at far value through profit or loss	Financial period	Financial year
	ended 31 December 2023	ended 30 June 2023
	€	€
Unrealised (loss) on financial liabilities at fair value through profit or loss	(19,861,835)	(50,127,132)
Realised (loss)/gain on financial liabilities at fair value through profit or loss	(361,672)	14,304,987
	(20,223,507)	(35,822,145)

GRANITESHARES FINANCIAL PUBLIC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 1 JULY 2023 TO 31 DECEMBER 2023 (CONTINUED)


5 Other Income	Financial period	Financial year
	ended 31 December 2023	ended 30 June 2023
	€	€
Issuer profit	1,000	1,000
Other income	375,066	901,897
Management fee income	766,871	1,545,357
	1,142,937	2,448,254
6 Administrative expenses
	Financial period ended 31 December 2023	Financial year ended 30 June 2023
	€	€
Audit and tax compliance fees	(76,419)	(72,432)
Corporate service fees	-	(13,311)
Other costs	(298,647)	(816,154)
Management fees	(766,871)	(1,545,357)
	(1,141,937)	(2,447,254)
Auditors remuneration for the financial period is as follows:
	Financial period ended 31 December 2023	Financial year ended 30 June 2023
	€	€
Audit fees	(76,419)	(61,718)
Tax compliance	76,419	(8,374)
	-	(70,092)

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

Limited allocated approximately EUR 1,000 (2023: EUR 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 period ended 31 December 2023	Financial year 30 June 2023
	€	€
Corporation tax based on profit for the financial period	250	250

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

GRANITESHARES FINANCIAL PUBLIC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 1 JULY 2023 TO 31 DECEMBER 2023 (CONTINUED)

7 Taxation (continued)


	Financial period ended 31 December 2023	Financial year ended 30 June 2023
	€	€
Corporation tax charged	250.00	250
Corporation tax paid	(250.00)	(250.00)
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 period

(2023: nil).


8 Financial assets at fair value through profit or loss	As at	As at
	31 December 2023	30 June 2023
	€	€
Fair value of TRS	183,242,651	165,698,150
9 Other receivables
	As at 31 December 2023	As at 30 June 2023
	€	€
Issuer profit receivable	5,000	4,000
Share capital receivable	18,750	18,750
Other receivable	596,398	112,540
	620,148	135,290

Based on the review of the Directors, no impairment was recorded for the period (2023:Nil) as the expected losses are

considered to be immaterial.

GRANITESHARES FINANCIAL PUBLIC LIMITED


	Financial period ended 31 December 2023	Financial year ended 30 June 2023
	€	€
Profit on ordinary activities before taxation	1,000.00	1000
Profit on ordinary activities multiplied by the standard rate of Irish corporation tax for the financial period of 12.5%	(125.00)	(125.00)
Effect of higher tax rate (25%) applicable under Section 110 TCA, 1997	(125.00)	(125.00)
Current tax credit for the financial period	(250.00)	(250.00)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 1 JULY 2023 TO 31 DECEMBER 2023 (CONTINUED)


10 Cash and cash equivalents	As at	As at
	31 December 2023	30 June 2023
	€	€
Cash and cash equivalents	1,659,463	1,354,119

Based on the review of the Directors, no impairment is recorded (2023: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.


11 Financial liabilities at fair value through profit or loss	As at	As at
	31 December 2023	30 June 2023
	€	€
1 July 2022	165,698,150	119,940,983
Cash flows:
Proceeds	171,973,220	240,977,908
Repayment	(206,003,816)	(231,042,886)
Non-cash:
Fair value movement	51,575,097	35,822,145
Fair value of ETP Securities	(183,242,651)	(165,698,150)

As at 31 December 2023 and 30 June 2022 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”), Euronext Paris and Deutsche Boerse (the "Frankfurt

Stock Exchange").

The table below shows ETPs cross listed in London Stock Exchange, Borsa Italiana, Euronext Paris, and Deutsche

Boerse


Security Name		BB G Ticke r main	As at 31 Decembe r 202 3	As at 30 June 2023
Security Name	ISIN	listing	€	€	Launch date
GraniteShares 3x Long FAANG Daily ETP	XS2305050804	3FNG	1,012,797	808,948	4 March 2021
GraniteShares 3x Long FATANG Daily ETP	XS2305051877	3FTG	685,889	599,061	4 March 2021
GraniteShares 3x Short FATANG Daily ETP	XS2305051950	3SFT	280,835	51,891	4 March 2021
GraniteShares FAANG ETP	XS2305050556	FANG	822,473	738,320	4 March 2021
GraniteShares FATANG ETP	XS2305050713	FTNG	627,016	578,156	4 March 2021
GraniteShares GAFAM ETP	XS2305050630	GFAM	642,093	576,394	4 March 2021
GraniteShares 1x Short FATANG Daily	XS2305052172	SFTG	284,566	312,050	4 March 2021
			4,355,669	3,664,820

GRANITESHARES FINANCIAL PUBLIC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 1 JULY 2023 TO 31 DECEMBER 2023 (CONTINUED)

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

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


Security Name		BB G Ticke r main	As at 31 December 2023	As at 30 June 2023
Security Name	ISIN	listing	€	€	Launch date
GraniteShares 3x Long GAFAM Daily ETP	XS2305051281	3GFM	490,318	1,250,094	4 March 2021
GraniteShares 3x Long AMD Daily ETP Securities	XS2305051281	3LAM	1,684,062	1,088,583	27 August 2021
GraniteShares 3x Long Apple Daily ETP	XS2193969883	3LAP	2,353,710	1,940,533	29 June 2020
GraniteShares 3x Long Moderna Daily ETP Securities	XS2613356620	3LMO	685,399	326,058	1 September 2021
GraniteShares 3x Long Netflix Daily ETP	XS2617255687	3LNF	1,971,063	1,925,922	1 July 2020
GraniteShares 3x Long NIO Daily ETP	XS2600249812	3LNI	3,407,684	2,239,257	8 March 2021
GraniteShares 3x Long NVIDIA Daily	XS2193971947	3LNV	13,365,910	12,973,904	29 June 2020
GraniteShares 3x Long Palantir Daily	XS2620728860	3LPA	1,050,136	1,502,440	30 August 2021
GraniteShares 3x Short AMD Daily ETP Securities	XS2377112201	3SAM	241,245	106,765	27 August 2021
GraniteShares 3x Short FAANG Daily	XS2305051018	3SFG	286,606	50,318	4 March 2021
GraniteShares 3x Short GAFAM Daily	XS2305051448	3SGF	256,580	106,735	4 March 2021
GraniteShares 3x Short Moderna Daily	XS2377112540	3SMO	136,955	220,371	27 August 2021
GraniteShares 3x Short Microsoft Daily	XS2193970386	3SMS	217,561	314,041	29 June 2020
GraniteShares 3x Short NIO Daily ETP	XS2626290311	3SNI	639,137	526,203	8 March 2021
GraniteShares 3x Short NVIDIA Daily	XS2613356893	3SNV	3,368,909	1,560,837	1 July 2020
GraniteShares 3x Short Palantir Daily	XS2377112037	3SPA	500,079	687,378	27 August 2021
GraniteShares 3x Short UBER Daily ETP	XS2626290238	3SUB	394,957	316,322	1 July 2020
GraniteShares 1x Short FAANG Daily ETP	XS2305051109	SFNG	288,211	323,789	4 March 2021
GraniteShares 1x Short GAFAM Daily	XS2305051521	SGFM	292,501	327,734	4 March 2021
			31,631,023	27,787,284

GRANITESHARES FINANCIAL PUBLIC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 1 JULY 2023 TO 31 DECEMBER 2023 (CONTINUED)

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

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


Security Name		BB G Ticke r main	As at 31 Decembe r 202 3	As at 30 June 2023
Security Name	ISIN	listin	€	€	Launch date
GraniteShares 2x Long Zoom Daily ETP	XS2376991654	2LZ	243,542	239,072	4 February 2022
GraniteShares 3x Long Alibaba Daily ETP	XS2435549857	3LA	1,412,023	912,543	4 February 2022
GraniteShares 3x Long Alphabet Daily ETP	XS2193968307	3LA L	2,182,848	1,675,469	29 June 2020
GraniteShares 3x Long Coinbase Daily ETP	XS2575914176	3LC O	4,283,675	2,267,026	4 February 2022
GraniteShares 3x Long Facebook Daily ETP	XS2193971350	3LF B	8,597,666	6,575,459	29 June 2020
GraniteShares 3x Long MicroStrategy Daily ETP	XS2617255760	3LM I	2,786,698	340,090	4 February 2022
GraniteShares 3x Long Microsoft Daily ETP	XS2193970204	3LM S	3,439,421	2,940,798	29 June 2020
GraniteShares 3x Long Spotify Daily ETP	XS2435549261	3LP	659,221	601,420	4 February 2022
GraniteShares 3x Long PayPal Daily ETP	XS2596087671	3LP	1,267,485	1,212,656	12 January 2022
GraniteShares 3x Long Square Daily ETP	XS2596085972	3LS	1,668,795	396,961	12 January 2022
GraniteShares 3x Long Tesla Daily ETP	XS2193972598	3LTS	34,123,066	60,538,920	29 June 2020
GraniteShares 3x Long UBER Daily ETP	XS2193972838	3LU	4,469,476	1,980,148	29 June 2020
GraniteShares 3x Long Amazon Daily ETP	XS2193969537	3LZ N	3,008,212	2,777,379	29 June 2020
GraniteShares 3x Short Alibaba Daily ETP	XS2435550194	3SA	806,821	916,217	3 February 2022
GraniteShares 2x Short Zoom Daily ETP	XS2435549188	2SZ	79,315	97,055	4 February 2022
GraniteShares 3x Short Alphabet Daily ETP	XS2193968729	3SA L	806,080	443,734	29 June 2020
GraniteShares 3x Short Apple Daily ETP	XS2193970030	3SA	1,203,342	1,221,183	29 June 2020
GraniteShares 3x Short Facebook Daily ETP	XS2193971517	3SF B	680,077	324,159	29 June 2020
GraniteShares 3x Short MicroStrategy Daily ETP	XS2633105197	3SM I	677,049	356,680	4 March 2021
GraniteShares 3x Short Netflix Daily ETP	XS2193970899	3SN	644,274	1,280,574	29 June 2020
GraniteShares 3x Short Spotify Daily ETP	XS2435549774	3SP	164,461	88,842	4 March 2021
GraniteShares 3x Short PayPal Daily ETP	XS2376992389	3SP	264,471	285,752	12 January 2022
GraniteShares 3x Short Square Daily ETP	XS2376991738	3SS	145,353	572,140	12 January 2022
GraniteShares 3x Short Tesla Daily ETP	XS2193972671	3ST	9,914,556	8,277,300	29 June 2020
GraniteShares 3x Short Amazon Daily ETP	XS2193969701	3SZ N	406,203	249,476	29 June 2020
			83,934,130	96,571,053

GRANITESHARES FINANCIAL PUBLIC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 1 JULY 2023 TO 31 DECEMBER 2023 (CONTINUED)

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

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


		BB G Ticke r main	As at 31 Decembe r 202 3		As at 30 June 2023
Security Name	ISIN	listin	€		€	Launch date
GraniteShares 3x Long Airbus Daily ETP Securities	XS2376933375	3LA R	622,111		589,440	27 August 2021
GraniteShares 3x Long Volkswagen Daily ETP Securities	XS2376990417	3LVW	324,247		486,179	27 August 2021
GraniteShares 3x Short Airbus Daily ETP Securities	XS2376937442	3SA R	155,277		129,113	27 August 2021
GraniteShares 3x Short Volkswagen Daily ETP Securities	XS2376991142	3SVW	870,267		707,579	27 August 2021
			1,971,902		1,912,311
The table below shows ETPs cross listed in London Stock Exchange.
BB G Ticke			As at 31 Decembe		As at 30 June 2023
Security Name ISIN listing			€		€	Launch date
GraniteShares 3x Long AstraZeneca Daily ETP	XS2066793287	3LA Z	472,613	672,564		4 November 2019
GraniteShares 3x Long BAE Systems Daily ETP	XS2066799995	3LB A	2,117,109	1,385,127		4 November 2019
GraniteShares 3x Long Barclays Daily ETP	XS2066849923	3LB C	1,732,855	1,147,075		4 November 2019
GraniteShares 3x Long BP Daily ETP	XS2066792396	3LB	1,440,243	1,495,768		4 November 2019
GraniteShares 3x Long Glencore Daily ETP	XS2066789251	3LG L	1,316,198	1,158,201		4 November 2019
GraniteShares 3x Long Diageo Daily ETP	XS2066793790	3LD	328,297	626,705		4 November 2019
GraniteShares 3x Long Lloyds Banking Group Daily ETP	XS2066792982	3LL L	1,195,431	992,408		4 November 2019
GraniteShares 3x Long Royal Dutch Shell Daily ETP	XS2066850343	3LR D	2,050,381	1,674,522		4 November 2019
GraniteShares 3x Long Rio Tinto Daily ETP	XS2066849501	3LR I	2,279,629	1,259,226		4 November 2019
GraniteShares 3x Long Rolls-Royce Daily ETP	XS2633107052	3LR R	34,837,976	11,837,367		6 November 2019
GraniteShares 3x Long Vodafone Daily ETP	XS2009195566	3LVO	411,933	522,603		13 September 2019
GraniteShares 3x Short AstraZeneca Daily ETP	XS2066793444	3SA Z	344,654	329,541		4 November 2019
GraniteShares 3x Short BAE Systems Daily ETP	XS2066849337	3SB A	286,894	286,533		4 November 2019
GraniteShares 3x Short Barclays Daily ETP	XS2620728605	3SB C	350,639	438,799		4 November 2019
GraniteShares 3x Short BP Daily ETP	XS2620728274	3SB	321,858	395,729		6 November 2019
GraniteShares 3x Short Diageo Daily ETP	XS2066793873	3SD	314,824	217,422		4 November 2019
GraniteShares 3x Short Glencore Daily ETP	XS2596087242	3SG L	941,093	552,220		6 November 2019
GraniteShares 3x Short Lloyds Banking Group Daily ETP	XS2066793014	3SL L	108,852	162,931		4 November 2019

GRANITESHARES FINANCIAL PUBLIC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 1 JULY 2023 TO 31 DECEMBER 2023 (CONTINUED)

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


		BB G Ticke r main	As at 31 Decembe r 202 3	As at 30 June 2023
Security Name	ISIN	listin	€	€	Launch
GraniteShares 3x Short Royal Dutch Shell Daily ETP	XS2066850699	3SR D	596,838	879,326	4 November 2019
GraniteShares 3x Short Rio Tinto Daily ETP	XS2596086350	3SR I	307,066	601,697	6 November 2019
GraniteShares 3x Short Rolls-Royce Daily ETP	XS2305052255	3SR R	158,251	1,057,312	4 November 2019
GraniteShares 3x Short Vodafone Daily ETP	XS2009195640	3SV O	642,732	666,349	29 August 2019
			52,556,366	28,359,425
The table below shows ETPs listed in Borsa	Italiana.	BB G Ticke r main	As at 31 Decembe r 202 3	As at 30 June 2023
Security Name	ISIN	listin	€	€	Launch
GraniteShares 3x Long UniCredit Daily ETP	XS2435550947	3LC R	1,120,526	859,772	4 February 2022
GraniteShares 3x Long Eni Daily ETP	XS2435551242	3LE	590,843	386,901	4 February 2022
GraniteShares 3x Long Enel Daily ETP	XS2435552216	3LN	370,042	295,222	4 February 2022
GraniteShares 3x Long Intesa Sanpaolo Daily ETP	XS2435551598	3LS P	784,072	592,578	4 February 2022
GraniteShares 3x Long MIB Daily ETF	XS2531766363	3MI	26,881	22,660	9 June 2023
GraniteShares 3x Short UniCredit Daily ETP	XS2435551168	3SC R	971,315	467,829	4 February 2022
GraniteShares 3x Short Eni Daily ETP	XS2435551325	3SE	101,191	183,513	4 February 2022
GraniteShares 3x Short MIB Daily ETF	XS2531766447	3SI	13,655	17,516	9 June 2023
GraniteShares 3x Short Enel Daily ETP	XS2435552729	3SN	100,581	150,953	4 February 2022
GraniteShares 3x Short Intesa Sanpaolo Daily ETP	XS2435551671	3SS P	49,811	85,412	4 February 2022
GraniteShares 5x Long MIB Daily ETF	XS2531767502	5MI	261,368	24,507	9 June 2023
GraniteShares 5x Short MIB Daily ETF	XS2531767767	5SI	258,428	15,952	9 June
			4,648,713	3,102,815

GRANITESHARES FINANCIAL PUBLIC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 1 JULY 2023 TO 31 DECEMBER 2023 (CONTINUED)

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

The table below shows ETPs cross listed in Euronext Paris.


		BB G Ticke r main	As at 31 Decembe r 202 3	As at 30 June 2023
Security Name	ISIN	listin	€	€	Launch
GraniteShares 3x Long AXA Daily ETP Securities	XS2376944224	3LAX	727,240	616,471	27 August 2021
GraniteShares 3x Long BNP Daily ETP Securities	XS2376951948	3LB N	256,160	225,785	27 August 2021
GraniteShares 3x Long Danone Daily ETP Securities	XS2376974304	3LDA	170,237	162,156	27 August 2021
GraniteShares 3x Long LVMH Daily ETP Securities	XS2376975020	3LLV	219,692	416,242	27 August
GraniteShares 3x Long L'Oreal Daily ETP Securities	XS2376974726	3LOR	238,262	223,863	27 August 2021
GraniteShares 3x Long Safran Daily ETP Securities	XS2376975533	3LSA	410,157	331,916	27 August 2021
GraniteShares 3x Long Schneider Electric Daily ETP Securities	XS2376976770	3LSE	473,653	412,408	27 August 2021
GraniteShares 3x Long Sanofi Daily ETP Securities	XS2376975962	3LSN	178,340	299,987	27 August 2021
GraniteShares 3x Long STMicroelectronics Daily ETP Securities	XS2376978982	3LST	173,440	215,786	27 August 2021
GraniteShares 3x Long TotalEnergies Daily ETP Securities	XS2376979790	3LTO	185,252	125,865	27 August 2021
GraniteShares 3x Short AXA Daily ETP Securities	XS2376951781	3SAX	87,725	118,207	27 August 2021
GraniteShares 3x Short BNP Daily ETP Securities	XS2376952243	3SBN	130,500	179,582	27 August 2021
GraniteShares 3x Short Danone Daily ETP Securities	XS2376974486	3SDA	76,888	88,799	27 August 2021
GraniteShares 3x Short LVMH Daily ETP Securities	XS2376975376	3SLV	311,081	232,007	27 August 2021
GraniteShares 3x Short L'Oreal Daily ETP Securities	XS2376974999	3SOR	70,623	86,797	27 August 2021
GraniteShares 3x Short Safran Daily ETP Securities	XS2376975616	3SSA	87,773	126,840	27 August 2021
GraniteShares 3x Short Schneider Electric Daily ETP Securities	XS2376976853	3SSE	40,500	58,739	27 August 2021
GraniteShares 3x Short Sanofi Daily ETP Securities	XS2376976341	3SSN	85,867	81,817	27 August 2021
GraniteShares 3x Short STMicroelectronics Daily ETP Securities	XS2376979287	3SST	197,176	253,522	27 August 2021
GraniteShares 3x Short TotalEnergies Daily ETP Securities	XS2376979873	3STO	24,282	43,653	27 August 2021
			4,144,848	4,300,442

GRANITESHARES FINANCIAL PUBLIC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 1 JULY 2023 TO 31 DECEMBER 2023 (CONTINUED)


12 Other payables	As at	As at
	31 December 2023	30 June 2023
	€	€
Corporate admin fee payable	(7,658	5,403
Audit and tax payables	115,738	80,096
Arranger fees payable	952,388	185,517
Other payables	12,888	12,888
Unearned income	1,177,505	1,177,505
	2,250,861	1,461,409

13 Share capital

Authorised


As at 31 December 2023	As at 30 June 2023
No €	No €


Ordinary Shares of €1 each	100,000,000	100,000,000		100,000,000	100,000,000

Alloted and called up


As at 31 December 2023	As at 31 June 2023
No €	No €


Ordinary Shares of €1 each	25,000	25,000		25,000	25,000

The Company’s capital as at the financial period 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.

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.

GRANITESHARES FINANCIAL PUBLIC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 1 JULY 2023 TO 31 DECEMBER 2023 (CONTINUED)

14 Financial Risk Management (continued)

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. The impact of the

COVID-19 pandemic and the impact of Russia-Ukraine war on the Company is covered by the existing risk management

framework.

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:

31/12/2023 30/06/2022

USD EUR/USD 1.105 EUR/USD 1.0866

GBP EUR/GBP 0.86905 EUR/GBP 0.85828


	TRS Nominal	ETP issued Nominal	Net exposure Nominal
As at 30 June 2023	EUR equivalent	EUR equivalent	EUR equivalent
USD	128,023,157	(128,023,157)	—
GBP	28,359,425	(28,359,425)	—
EUR	9,315,568	(9,315,568)	—
	165,698,150	(165,698,150)	—

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.

GRANITESHARES FINANCIAL PUBLIC LIMITED


	TRS Nominal	ETP issued Nominal	Net exposure Nominal
As at 31 December 2023	EUR equivalent	EUR equivalent	EUR equivalent
USD	119,920,822	(119,920,822)	—
GBP	80,915,791	(80,915,791)	—
EUR	20,081,031	(20,081,031)	—
	220,917,644	(220,917,644)	—

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 1 JULY 2023 TO 31 DECEMBER 2023 (CONTINUED)

14 Financial Risk Management (continued)

14.1 Market risk (continued) Price risk

(continued)

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	Level 2	Total
31 December 2023	€	€
Financial assets at FVTPL
Financial assets at fair value through profit or loss	183,242,651	183,242,651
	183,242,651	183,242,651
Financial liabilities at FVTPL
Financial liabilities at fair value through profit or loss	(183,242,651)	(183,242,651)
	(183,242,651)	(183,242,651)
30 June 2023	Level 2 €	Total €
Financial assets at FVTPL
Financial assets at fair value through profit or loss	165,698,150	165,698,150
	165,698,150	165,698,150
Financial liabilities at FVTPL
Financial liabilities at fair value through profit or loss	(165,698,150)	(165,698,150)
	(165,698,150)	(165,698,150)

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, (2023: same).

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 16,698,150 (2023:

EUR 11,994,098). 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.

GRANITESHARES FINANCIAL PUBLIC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 1 JULY 2023 TO 31 DECEMBER 2023 (CONTINUED)

14 Financial Risk Management (continued)

14.1 Market risk (continued)

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. 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	As at
	31 December	30 June
	2023	2023
	€	€
Financial assets at fair value through profit or loss	183,242,651	165,698,150
Other receivables	620,148	135,290
Cash and cash equivalents	1,659,463	1,354,119
	185,522,262	167,187,559

The Swap counterparty is Natixis S.A.. which has A (2023: A) credit rating from Standard & Poor’s.

The Company has 3 bank accounts with The Bank of New York with a balance of EUR 347,133 (2022: EUR 199,105),

balance of GBP 229,849 (2022:GBP 228,760) and balance USD 1,001,363 (2022:USD 921,937). The Bank of New York

has a AA- (2022: AA-) credit rating from Standard & Poor’s.

Other receivables were settled after the financial year end (2023: same).

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.

GRANITESHARES FINANCIAL PUBLIC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 1 JULY 2023 TO 31 DECEMBER 2023 (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 31 December 2023	Carryin g amou nt €	Less than on e yea r €	One to five year s €	More than five year s €
Financial assets at fair value through profit or loss	183,242,651	183,242,651	-	-
Other receivables	620,148	620,148	-	-
Cash and cash equivalents	1,659,463	1,659,463	-	-
	185,522,262	185,522,262	-	-
Financial liabilities at fair value through profit or loss	183,242,651	183,242,651	-	-
Corporation tax payable	-	-	-	-
Other payables	2,250,861	2,250,861	-	-
	185,493,512	185,493,512	-	-
As at 30 June 2023	Carryin g amou nt €	Less than on e yea r €	One to five year s €	More than five year s €
Financial assets at fair value through profit or loss	165,698,150	165,698,150	-	-
Other receivables	135,290	135,290	-	-
Cash and cash equivalents	1,354,119	1,354,119	-	-
	167,187,559	167,187,559	-	-
Financial liabilities at fair value through profit or loss	165,698,150	165,698,150	-	-
Corporation tax payable	-	-	-	-
Other payables	1,461,409	1,461,409	-	-
	167,159,559	167,159,559	-	-

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.

GRANITESHARES FINANCIAL PUBLIC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 1 JULY 2023 TO 31 DECEMBER 2023 (CONTINUED)

14 Financial Risk Management (continued)

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.

The following is the classification of ETPs per industry:


	As at 31 December 2023 Number of ETP issuances	As at 30 June 2023 Number of ETP issuances
Aerospace and Defence	4	4
Banking	4	4
Automobiles	6	6
Beverages	2	2
Coal	2	2
Communication Technology	2	2
Customer Discretionary	8	8
Customer Staples	2	2
Financials	9	9
Healthcare	4	4
Industrials	4	4
Information technology	2	2
Metal and Mining	2	2
Oil and Gas	10	10
Pharmaceuticals	2	2
Telecommunication services	2	2
Technology	40	40
Large Cap	4	4
	109	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.


	Gross amount of	Net amount of	Financi al
	recognise d	recognise d	instrument s
As at 31 December 2023	financial assets	financial assets	receive d	Net amount
	€	€	€	€
Financial assets at fair value through
profit or loss	183,242,65	183,242,65	-	-
Financial liabilities at fair value through profit or loss	183,242,651	183,242,651	-	-

GRANITESHARES FINANCIAL PUBLIC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 1 JULY 2023 TO 31 DECEMBER 2023 (CONTINUED)

14 Financial Risk Management (continued)

14.6 Offsetting Financial assets and Financial liabilities (continued)


	Gross amount of	Net amount of	Financial
	recognised	recognised	instruments
As at 30 June 2023	financial assets	financial assets	received	Net amoun t
	€	€	€	€
Financial assets at fair value through
profit or loss	165,698,150	165,698,150	-	-
Financial liabilities at fair value through profit or loss	165,698,150	165,698,150	-	-

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


	Long-term borrowings €	Short-term borrowings €	Lease Liabilities €	Total €
Beginning balance 1 July 2021	331,396,300	-	-	331,396,300
Cash flows:
- Repayment	(206,003,816)	-	-	(206,003,816)
- Proceeds	171,973,220	-	-	171,973,220
Non-cash:
- Fair value	51,575,097	-	-	51,575,097
- Reclassification	-	-	-	-
As at 31 December 2023	348,940,801	-	-	348,940,801
	Long-term borrowings	Short- term borrowing s	Lease Liabilities	Total
	€	€	€	€
Beginning balance 1 July 2022	119,940,983	-	-	119,940,983
Cash flows:
- Repayment	(231,042,886)	-	-	(231,042,886)
- Proceeds	240,977,908	-	-	240,977,908
Non-cash:
- Fair value	35,822,145	-	-	35,822,145
- Reclassification	-	-	-	-
As at 30 June 2023	165,698,150	-	-	165,698,150

15 Contingent assets, liabilities and commitments

There were no contingent liabilities or commitments as of 31 December 2023 (2022: 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.

GRANITESHARES FINANCIAL PUBLIC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 1 JULY 2023 TO 31 DECEMBER 2023 (CONTINUED)

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 period amounted to EUR 766,871 (2022: EUR 1,545,357).

The Board is considered the key management personnel of the Company for the financial period ended 31 December

2023. 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 period.

The Company engages the Corporate 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 period, the Company incurred a fee of EUR Nil (2022: EUR 13,311) relating to administration

services provided by the Corporate Administrator. 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

(2022: 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 period.

The Company has issued nil shares (2022: 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 subsequent events

On 1 January 2024, the company changed address to Ground Floor, Two Docklands Central, Guild Street, North Dock,

D01 K2C5, Ireland.

The current political and financial uncertainty surrounding Russia and Ukraine may increase market volatility and the

economic risk of trading in these countries and other impacted countries within the region. Management is closely

monitoring the evolving situation. Management has not yet observed or determined the financial impact of these events.

There were no other significant subsequent events which need to be adjusted or disclosed in the audited financial

statements.

GRANITESHARES FINANCIAL PUBLIC LIMITED


Company Information	1
Directors' Report	2 - 5
Directors' Responsibility Statement	6
Statement of Comprehensive Income	7
Statement of Financial Position	8
Statement of Changes in Equity	9
Statement of Cash Flows	10
Notes to the Financial Statements	11 - 33