SecProbe.io

CORRESP
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filename1.htm

January
24, 2024

Christopher
Bellacicco

Division
of Investment Management

U.S.
Securities and Exchange Commission

100
F Street, N.E.

Washington,
D.C. 20549

  Re:
  GraniteShares; File Nos.
  333-214796, 811-23214

Dear
Mr. Bellacicco:

On
November 22, 2023, GraniteShares ETF Trust (the “Trust” or “Registrant”) filed a Registration Statement under
the Securities Act of 1933 and the Investment Company Act of 1940 (the “1940 Act”) on Form N-1A on behalf of GraniteShares
1.5x Long NVDA Daily ETF, GraniteShares 1.5x Long COIN Daily ETF, GraniteShares 1.75x Long BABA Daily ETF, GraniteShares 1.5x Long META
Daily ETF, GraniteShares 1.75x Long GOOGL Daily ETF, GraniteShares 1.5x Long AMZN Daily ETF, GraniteShares 1.75x Long AAPL Daily ETF,
GraniteShares 1.25x Long AMD Daily ETF, GraniteShares 1.25x Long PLTR Daily ETF, GraniteShares 1.5x Long UBER Daily ETF, GraniteShares
1.5x Long DIS Daily ETF, GraniteShares 1.25x Long F Daily ETF, GraniteShares 1.5x Long NVDA Daily ETF, GraniteShares 1.5x Long COIN Daily
ETF, GraniteShares 1.75x Long BABA Daily ETF, GraniteShares 1.5x Long META Daily ETF, GraniteShares 1.75x Long GOOGL Daily ETF, GraniteShares
1.5x Long AAL Daily ETF, GraniteShares 1.5x Short AAL Daily ETF, GraniteShares 1.75x Short AAPL Daily ETF, GraniteShares 1.25x Short
AMD Daily ETF, GraniteShares 1.5x Short COIN Daily ETF, GraniteShares 1.5x Long JPM Daily ETF, GraniteShares 1.5x Short JPM Daily ETF,
GraniteShares 1.5x Long LCID Daily ETF, GraniteShares 1.5x Short LCID Daily ETF, GraniteShares 1.5x Short META Daily ETF, GraniteShares
1.5x Short NVDA Daily ETF, GraniteShares 1.5x Long RIVN Daily ETF, GraniteShares 1.5x Short RIVN Daily ETF, GraniteShares 1.75x Long
TSLA Daily ETF, GraniteShares 1.5x Short TSLA Daily ETF, GraniteShares 1.5x Long XOM Daily ETF, GraniteShares 1.5x Short XOM Daily ETF,
GraniteShares 1.5x Long AAL Daily ETF, GraniteShares 1.5x Short AAL Daily ETF, GraniteShares 1.75x Short AAPL Daily ETF, GraniteShares
1.25x Short AMD Daily ETF, GraniteShares 1.5x Short COIN Daily ETF, GraniteShares 1.5x Long JPM Daily ETF, GraniteShares 1.5x Short JPM
Daily ETF, GraniteShares 1.5x Long LCID Daily ETF, GraniteShares 1.5x Short LCID Daily ETF, GraniteShares 1.5x Short META Daily ETF,
GraniteShares 1.5x Short NVDA Daily ETF, GraniteShares 1.5x Long RIVN Daily ETF, GraniteShares 1.5x Short RIVN Daily ETF, GraniteShares
1.75x Long TSLA Daily ETF, GraniteShares 1.5x Short TSLA Daily ETF, GraniteShares 1.5x Long XOM Daily ETF, and GraniteShares 1.5x Short
XOM Daily ETF (the “Funds”).

The
Trust is providing the below information in response to the comment given by you via telephone to Matthew Tobin on January 23, 2024.
The comment is summarized below, with a corresponding response, which the Registrant has authorized Thompson Hine LLP to make on its
behalf. Capitalized terms used but not otherwise defined herein have the meanings ascribed to them in the document to which the applicable
comment relates.

Page
2

Comment
1. The Staff notes that the hypothetical VAR calculations provided appear to be as of a single observation date of January 5, 2024.
Please supplementarily provide hypothetical VAR calculations for a longer back test.

Response:

Back
tested data covering a three-month period have been provided in appendix A

*     *     *     *     *

If
you have any questions or additional comments, please call the undersigned at 216-566-5706.

    Very
    truly yours,

    /s/
    Andrew Davalla

    Andrew
    Davalla

    cc:
    JoAnn
    M. Strasser

Page
3

Appendix
A – Back tested VAR data

Parameters:

 - 3-year
                                            historical data

 - 20-day
                                            trading horizon

 - 99%
                                            confidence level

Historical
relative VAR analysis for +2x and -2x AAL

Source:
Bloomberg

Page
4

Historical
relative VAR analysis for +2x and -2x AAPL.

Source:
Bloomberg

Page
5

Historical
relative VAR analysis for +2x and -2x AMZN

Source:
Bloomberg

Page
6

Historical
relative VAR analysis for +2x and -2x AMD.

Source:
Bloomberg

Page
7

Historical
relative VAR analysis for +2x and -2x BABA

Source:
Bloomberg

Page
8

Historical
relative VAR analysis for +2x and -2x COIN

Source:
Bloomberg

Page
9

Historical
relative VAR analysis for +2x and -2x DIS

Source:
Bloomberg

Page
10

Historical
relative VAR analysis for +2x and -2x F

Source:
Bloomberg

Page
11

Historical
relative VAR analysis for +2x and -2x GOOGL

Source:
Bloomberg

Page
12

Historical
relative VAR analysis for +2x and -2x JPM

Source:
Bloomberg

Page
13

Historical
relative VAR analysis for +2x and -2x LCID

Source:
Bloomberg

Page
14

Historical
relative VAR analysis for +2x and -2x META

Source:
Bloomberg

Page
15

Historical
relative VAR analysis for +2x and -2x NVDA.

Source:
Bloomberg

Page
16

Historical
relative VAR analysis for +2x and -2x PLTR

Source:
Bloomberg

Page
17

Historical
relative VAR analysis for +2x and -2x RIVN

Source:
Bloomberg

Page
18

Historical
relative VAR analysis for +2x and -2x TSLA

Source:
Bloomberg

Page
19

Historical
relative VAR analysis for +2x and -2x UBER

Source:
Bloomberg

Page
20

Historical
relative VAR analysis for +2x and -2x XOM

Source:
Bloomberg