| DIRECTORS | Aileen Mannion Raja Gul |
| 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 |
The directors present the Annual Report and the audited financial statements of Graniteshares Financial Public Limited Company (the "Company") for the 6 months period ended 31 December 2025 (the "Financial Period").
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.
At the end of the Financial Period, there were 65 ETPs in issuance (financial year ended 30 June 2025: 65 ETPs). The purchases over the financial year amounted to €109,803,682 (financial year ended 30 June 2025: €425,059,067) with sales of €162,310,888 (financial year ended 30 June 2025: €441,319,278).
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):
Over the fiscal period ending 31 December 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. There were no acquisitions of own shares by the Company during the financial year (financial year ended 30 June 2025: 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.
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.
The results for the financial year and the Company's financial position at the end of the financial year are set out on page 8 and 9, respectively. Profit on ordinary activities before taxation amounted to €1,000 (financial year ended 30 June 2025: €1,000). The corporation tax charge for the financial period is €250 (financial year ended 30 June 2025: €250).
No dividends were recommended to be paid for the financial period ended 31 December 2025 (financial year ended 30 June 2025: €nil).
Key performance indicators
| Financial Period ended 31 December 2025 € | Financial period ended 30 June 2025 € | |
|---|---|---|
| (a) Net gain on financial assets at FVTPL | (8,316,958) | 172,422,495 |
| (b) Net loss on financial liabilities at FVTPL | 8,316,958 | (172,435,383) |
| (c) Financial assets at FVTPL | 340,349,599 | 401,240,829 |
| (d) Financial liabilities at FVTPL | (340,349,599) | (401,253,717) |
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 30 June 2025 to 31 December 2025 period. According to Bloomberg and during that period, the S&P 500 gained 11.0% while the technology-oriented NASDAQ-100 finished up 11.7% (both measured in US dollar). Market generally recovered well in the second half of 2025 due to potential trade deals and a dovish attitude by the US Federal Reserve.
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.
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 Jerrick Sy 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 (financial year ended 30 June 2025: same).
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.
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
(c) tax law.
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).
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 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 two directors.
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.
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.
The related party transactions in relation to the Company are disclosed in note 16.
The significant events during the year in relation to the Company are disclosed in note 17.
The significant subsequent events in relation to the Company are disclosed in note 18.
The Company did not make any political donations during the financial year (financial year ended 30 June 2025: nil).
The Company did not engage in any research and development activity during the financial year (financial year ended 30 June 2025: nil).
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.
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
This report was approved by the Board on 25 March 2026 and signed on its behalf by:
........................................
Raja Gul
Director
........................................
Aileen Mannion
Director
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:
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:
This report was approved by the Board on 25 March 2026 and signed on its behalf by:
........................................
Raja Gul
Director
........................................
Aileen Mannion
Director
| Note | 6 months ended 31 December 2025 (Unaudited) € | Financial year ended 30 June 2025 € | |
|---|---|---|---|
| Net gain on financial assets at fair value through profit and loss | 3 | (8,316,958) | 172,422,494 |
| Net loss on financial liabilities at fair value through profit or loss | 4 | 8,316,958 | (172,422,494) |
| Net operating Income | - | - | |
| Other income | 5 | 1,759,157 | 4,614,362 |
| Administrative expenses | 6 | (1,758,757) | (4,613,362) |
| Profit for the financial year before taxation | 1,000 | 1,000 | |
| Taxation | 7 | (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 13 to 32 form an integral part of these financial statements.
| Note | As at 31 December 2025 (Unaudited) € | As at 30 June 2025 € | |
|---|---|---|---|
| Assets | |||
| Financial assets at fair value through profit or loss | 8 | 340,349,599 | 401,240,829 |
| Cash and cash equivalents | 10 | 1,725,433 | 2,527,981 |
| Other receivables | 9 | 981,693 | 871,302 |
| 343,056,725 | 404,640,112 | ||
| Liabilities | |||
| Financial liabilities at fair value through profit or loss | 11 | 340,349,599 | 401,240,829 |
| Other payables | 12 | 2,676,876 | 3,369,783 |
| 343,026,475 | 404,610,612 | ||
| Equity | |||
| Share capital | 13 | 25,000 | 25,000 |
| Retained earnings | 5,250 | 4,500 | |
| Total equity | 30,500 | 29,500 | |
| Total equity and liabilities | 343,056,725 | 404,640,112 |
The accompanying notes on pages 13 to 32 form an integral part of these financial statements.
The audited financial statements were approved and authorised for issue by the Board on 25 March 2026 and signed on its behalf by:
........................................
Raja Gul
Director
........................................
Aileen Mannion
Director
| For the financial period ended 31 December 2025 (Unaudited) | Share capital € | Retained earnings € | Total € |
|---|---|---|---|
| As at 1 July 2025 | 25,000 | 4,500 | 29,500 |
| Total comprehensive income for the financial year | - | 750 | 750 |
| As at 31 December 2025 | 25,000 | 5,250 | 30,250 |
| 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 |
The accompanying notes on pages 13 to 32 form an integral part of these financial statements.
| 6 months period ended 31 December 2025 (Unaudited) € | Financial year ended 30 June 2025 € | ||
|---|---|---|---|
| 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 | (8,316,958) | (172,422,494) |
| Net losses on financial liabilities at fair value through profit or loss | 4 | 8,316,958 | 172,422,494 |
| Movement in other receivables | (110,391) | (558,620) | |
| Movement in other payables | (693,157) | 1,189,225 | |
| (802,548) | 631,605 | ||
| Taxation paid | - | (250) | |
| Net cash flows generated from operating activities | (802,548) | 631,355 | |
| Cash flows from investing activities | |||
| TRS purchases | (109,803,682) | (425,059,067) | |
| TRS sales | 162,310,888 | 441,319,278 | |
| Net cash generated from investing activities | (28,998,799) | 16,260,211 | |
| Cash flows from financing activities | |||
| ETP subscription | 11 | 109,803,682 | 425,059,067 |
| ETP redemption | 11 | (162,310,888) | (441,319,278) |
| Net cash flows used in financing activities | 28,998,799 | (16,260,211) | |
| Net increase in cash and cash equivalents | (802,548) | 631,355 | |
| Cash and cash equivalents at the beginning of financial year | 2,757,248 | 1,896,626 | |
| Cash and cash equivalents at the end of financial year | 10 | 1,725,433 | 2,757,981 |
The accompanying notes on pages 13 to 32 form an integral part of these financial statements.
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.
The company financial statements have been prepared in accordance with IFRS Accounting Standards as adopted by the European Union (IFRS).
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.
In preparing the financial statements, the Company has adopted all relevant accounting standards applicable for accounting periods beginning on or after 1 July 2025. A number of new standards are effective from 1 July 2025 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.
| 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.
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).
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.
Classification
The Company has adopted the following classifications for financial instruments:
Financial assets:
Financial liabilities:
| 6 months period ended 31 December 2025 (unaudited) € | Financial year ended 30 June 2025 € | |
|---|---|---|
| Unrealised gains/(loss) on financial assets at fair value through profit or loss | (62,036,296) | 45,150,019 |
| Realised gain/(loss) on financial assets at fair value through profit or loss | 53,719,338 | 97,043,938 |
| (8,316,958) | 142,193,957 |
| 6 months period ended 31 December 2025 (unaudited) € | Financial year ended 30 June 2025 € | |
|---|---|---|
| Unrealised losses on financial liabilities at fair value through profit or loss | 62,036,296 | (84,564,503) |
| Realised (loss)/gain on financial liabilities at fair value through profit or loss | (53,719,338) | (87,857,991) |
| 8,316,958 | (172,422,494) |
| 6 months period ended 31 December 2025 (unaudited) € | Financial year ended 30 June 2025 € | |
|---|---|---|
| Issuer profit | 1,000 | 1,000 |
| Other income | 171,489 | 1,694,683 |
| Management fee income | 1,587,268 | 2,918,679 |
| 1,759,757 | 4,614,362 |
| 6 months period ended 31 December 2025 (unaudited) € | Financial year ended 30 June 2025 € | |
|---|---|---|
| Audit and tax compliance fees | (35,598) | (68,810) |
| Corporate service fees | (6,600) | (16,057) |
| Other costs | (129,291) | (1,609,816) |
| Management fees | (1,587,268) | (2,918,679) |
| (1,758,757) | (4,613,362) |
Audit and tax compliance fees breakdown:
| 6 months period ended 31 December 2025 (unaudited) € | Financial year ended 30 June 2025 € | |
|---|---|---|
| Auditor's remuneration in respect of the financial year audit of financial statements | (48,710) | (65,000) |
| Tax compliance | (3,098) | (3,810) |
| (51,808) | (68,810) |
The Company has no employees and services required are contracted from third parties. TMF Administration Services Limited allocated approximately EUR 1,000 (financial year ended 30 June 2025: EUR 1,000) from the corporate service fee received as consideration for making available of individuals to act as directors of the Company.
| 6 months period ended 31 December 2025 (unaudited) € | Financial year ended 30 June 2025 € | |
|---|---|---|
| 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) |
| 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 (financial year ended 30 June 2025: nil).
| As at 31 December 2025 (unaudited) € | Financial year ended 30 June 2025 € | |
|---|---|---|
| Fair value of TRS | 340,349,599 | 401,240,829 |
| As at 31 December 2025 (unaudited) € | As at 30 June 2025 € | |
|---|---|---|
| Issuer profit receivable | 7,000 | 6,000 |
| Share capital receivable | 18,750 | 18,750 |
| Other receivables | 955,943 | 568,888 |
| 981,693 | 593,638 |
Based on the review of the directors, no impairment was recorded for the year (financial year ended 30 June 2025: Nil) as the expected losses are considered to be immaterial.
| As at 31 December 2025 (unaudited) € | As at 30 June 2025 € | |
|---|---|---|
| Cash and cash equivalents | 1,725,433 | 2,757,248 |
Based on the review of the Directors, no impairment is recorded (financial year ended 30 June 2025: Nil) as the cash and cash equivalent have a low credit risk based on the external credit ratings of the counterparty and any expected losses are considered to be immaterial.
| 6-month period ending 31 December 2025 (unaudited) € | 12-month period ending 30 June 2025 € | |
|---|---|---|
| 1 July 2025 | 401,240,829 | 245,078,546 |
| Cash flows: | ||
| Subscriptions | 109,803,683 | 425,059,068 |
| Redemptions | (162,310,888) | (441,319,278) |
| Non-cash: | ||
| Fair value movement | 8,384,024 | 172,422,493 |
| Fair value of ETP Securities | 340,349,599 | 401,240,829 |
| As at December 2025 (Unaudited) € | As at 30 June 2025 € | |
|---|---|---|
| Corporate admin fee payable | 6,850 | - |
| Audit and tax payables | 24,027 | 73,204 |
| Arranger fees payable | 250,228 | 361,909 |
| Other payables | - | 12,888 |
| Unearned income | 2,395,521 | 1,732,557 |
| 2,676,626 | 2,180,558 |
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.
| As at 31 Dec 2025 Unaudited No. | As at 31 Dec 2025 Unaudited € | As at 30 June 2025 No. | As at 30 June 2025 € | |
|---|---|---|---|---|
| Authorised | ||||
| Ordinary shares of €1 each | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 |
| Allotted and called up | ||||
| 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.
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.
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.
Foreign exchange risk
The ETP Securities issued by the Company are denominated in Euro, Pound Sterling and US Dollars. 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:
| 31/12/2025 | 30/06/2025 | |
|---|---|---|
| EUR/USD | 1.1454 | 1.1720 |
| EUR/GBP | 0.8515 | 0.8555 |
As at 31 December 2025 (unaudited) — Net exposure is nil across all currencies (USD, GBP, EUR) as TRS and ETP issued nominals match exactly.
Price risk
A 10% change in the value of the portfolio of TRSs held will result in a change in value of EUR 37,082,240 (financial year ended 30 June 2025: EUR 39,903,725). 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.
Interest rate risk
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 maximum exposure to credit risk at 31 December 2025: Financial assets at FVTPL €340,349,599; Other receivables €981,693; Cash and cash equivalents €1,725,433. Total: €343,050,125. The Swap counterparty is Natixis S.A., which has an A+ credit rating from Standard & Poor's.
ETP Securities can be issued and redeemed daily. All financial assets and liabilities have contractual maturities of less than one year.
The Board has established processes to manage operational risks, including appropriate segregation of responsibilities and specific control activities, delegating management to the Administrator.
65 ETPs across sectors including Technology (25), Financials (5), Aerospace & Defence (4), Autos (4), Banking (4), Oil and Gas (4), Customer Discretionary (3) and others. Any profit or loss arising from concentration risk passes to ETP holders; no residual risk remains with the Company.
There were no contingent liabilities or commitments as of 31 December 2025 (financial year ended 30 June 2025: nil).
GraniteShares Jersey Limited is a related party as they act as the Arranger for the Company. Total arranger fee for the year amounted to EUR 1,587,268 (financial year ended 30 June 2025: EUR 2,918,679).
The Company engages TMF Administration Services Limited for all management and administration functions. During the financial year, the Company incurred a fee of EUR 6,600 (financial year ended 30 June 2025: EUR 16,057) relating to administration services. Pursuant to Section 305A(1)(a) of the Companies Act 2014, TMF Administration Services Limited allocated EUR 1,000 (financial year ended 30 June 2025: EUR 1,000) of the corporate service fee as consideration for making available individuals to act as directors of the Company.
The individuals acting as directors do not, in their personal capacity, receive any fee for acting as directors of the Company.
There were no significant subsequent events since the financial year end until the date of signing of this report that would require an adjustment to or disclosure in the financial statements.
There are no significant subsequent events which need to be adjusted or disclosed in the audited financial statements.
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.
The unaudited interim financial statements were approved and authorised for issue by the Board on 25 March 2026.