GRANITESHARES ETF TR

Ticker: TSL CUSIP: 38747R702 Class: ETF

Holders for Q4 2025 Position Changes for Q4 2025

Note: Option positions (PUT/CALL) are excluded.

New Positions (2)

Tower Research Capital LLC (TRC)

Value ($000) $2 Shares 97

SIMPLEX TRADING, LLC

Value ($000) $1 Shares 56

Institution	Shares	Value ($000)
Tower Research Capital LLC (TRC)	97	$2
SIMPLEX TRADING, LLC	56	$1

Decreased Positions (2)

Optiver Holding B.V.

Value ($000) $241 (-19.4%) Shares 12,882 (-19.1%)

HOLLENCREST CAPITAL MANAGEMENT

Value ($000) $31 (-3.8%) Shares 1,641 (-3.5%)

Institution	Prev Shares	Curr Shares	Change
Optiver Holding B.V.	15,919	12,882	-3,037 (-19.1%)
HOLLENCREST CAPITAL MANAGEMENT	1,700	1,641	-59 (-3.5%)

Exited Positions (4)

CITADEL ADVISORS LLC

Value ($000) $741 Shares 39,456

SUSQUEHANNA INTERNATIONAL GROUP, LLP

Value ($000) $495 Shares 26,371

Value ($000) $9 Shares 484

GROUP ONE TRADING, L.P.

Value ($000) $4 Shares 200

Institution	Prev Shares	Prev Value ($000)
CITADEL ADVISORS LLC	39,456	$741
SUSQUEHANNA INTERNATIONAL GROUP, LLP	26,371	$495
UBS Group AG	484	$9
GROUP ONE TRADING, L.P.	200	$4