GraniteShares HIPS US High Income ETF seeks to track the performance, before fees and expenses, of the TFMS HIPS 300 Index.
Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Returns less than one year are not annualized. NAV prices are used to calculate market price performance prior to the date when the Fund first traded on the New York Stock Exchange. Market performance is determined using the bid/ask midpoint at 4:00pm Eastern time, when the NAV is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. For the fund’s most recent month end performance, please call 1(844) 476-8747, or visit www.graniteshares.com.
The primary explanation is that timing discrepancies can arise between the NAV and the closing price of the Fund. Since shares of the Fund trade on the open market, prices are affected by the constant flow of information received by investors, corporations and financial institutions. Depending on how this changing information affects investor sentiment, shares of the Fund may deviate slightly from the value of the Fund's underlying assets. As a result, shareholders may pay more than NAV when they buy Fund shares and receive less than NAV when they sell those shares, because shares are purchased and sold at current market prices. However, due to the creation and redemption process that is unique to ETFs, market makers are able to minimize these deviations from NAV by taking advantage of arbitrage opportunities.
Close of Trading Times. Although both the NAV and the closing trade of the ETF are generally calculated at the closing time of 4:00 p.m. ET, some differences in this timing may cause discrepancies.
Time of Last Trade. Trading of GraniteShares ETFs generally takes place during normal trading hours (9:30 a.m. to 4:00 p.m. eastern time). However, it is important to note that the last trade, when closing price is determined, may not occur at exactly 4:00 p.m. eastern time. Therefore, any market move during the time difference may cause the NAV to deviate from the closing price.
Sector breakdowns are subject to change
Holdings are subject to change
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EFFECTIVE AT CLOSE OF BUSINESS OF 12/18/2017, THE MASTER INCOME ETF WAS REORGANIZED AND ASSETS OF THE MASTER INCOME ETF WERE MERGED INTO THE GRANITESHARES HIPS US HIGH INCOME ETF..
*GraniteShares has contractually agreed to waive or reduce its fees and to reimburse the Acquiring Fund for its expenses for at least two years from the date of the Reorganization,12/18/2017, so that the total annual operating expenses after fee waiver/expense reimbursement (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, expenses related to short sales, other expenditures which are capitalized in accordance with generally accepted accounting principles, other extraordinary expenses not incurred in the ordinary course of the Fund’s business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act) of the Acquiring Fund are limited to 0.70% (the “Expense Limit”). This contractual arrangement may only be changed or eliminated by or with the consent of the Acquiring Fund’s Board of Trustees. Absent the fee waiver and/or reimbursement, expenses would be higher and total returns would be less.
This material must be preceded or accompanied by a prospectus. Carefully consider the Fund's investment objectives risk factors, charges, and expenses before investing. Please read the prospectus before investing or sending money.
Investing involves risk; Principal loss is possible. Investments in debt securities typically decrease when interest rates rise. This risk is usually greater for longer-term debt securities. Investments in lower rated and non-rated securities present a greater risk of loss to principal and interest than higher-rated securities. Investments in foreign securities involve greater volatility and political, economic, and currency risks and differences in accounting methods. Investments in smaller companies involve additional risks, such as limited liquidity and greater volatility. Master Limited Partnerships ("MLPs") are subject to certain risks inherent in the structure of MLPs, including complex tax structure risks, limited ability for election or removal of management, limited voting rights, potential dependence on parent companies or sponsors for revenues to satisfy obligations, and potential conflicts of interest between partners, members and affiliates. Investments in asset-backed and mortgage-backed securities include additional risks including credit risk, prepayment risk, possible illiquidity, and default, as well as increased susceptibility to adverse economic developments. A Real Estate Investment Trusts ("REIT’s") share price may decline because of adverse developments affecting the real estate industry. REITs may have limited financial resources, may trade less frequently and in limited volume, and may be more volatile than other securities. The risks of investing in REITs include certain risks associated with the direct ownership of real estate and the real estate industry in general. Business Development Companies ("BDCs") may carry risks similar to a private equity or venture capital fund. BDCs usually trade at a discount to their NAV because they investing unlisted securities and have limited access to capital markets. Close-end Funds (CEFs") may be subject to leverage, liquidity risk, credit risk, and losses may be magnified due to the use of leverage. leverage may increase the risk of loss and cause fluctuations in the market value of the Fund's portfolio, to have disproportionately large effects or cause the NAV of the Fund generally to decline faster than it would otherwise. Unlike mutual funds, ETFs may trade at a premium or discount to their net asset value. Shares of any ETF are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Brokerage commissions will reduce returns. An investment in the Fund does not receive the same tax advantages as a direct investment in a Pass-Thru Security. Funds accrue deferred income taxes for future tax liabilities associated with the portion of Pass-Thru Security distributions considered to be a tax-deferred return of capital and for any net operating gains as well as capital appreciation of its investments. This deferred tax liability is reflected in the daily NAV and as a result, the Fund's after-tax performance could differ significantly from the underlying assets even if the pre-tax performance is closely tracked. The potential tax benefits from investing in Pass-Thru Securities depend on them being treated as partnerships for federal income tax purposes. Diversification does not assure a profit or protect against loss in a declining market.
The TFMS HIPS 300 Index is constructed to capture 300 high-income securities, typically with pass-through structures, across the following sectors: (i) CEFs, (ii) mortgage REITs, (iii) commercial equity REITs, (iv) residential/diversified REITs, (v) asset management and BDCs, and (vi) energy production and energy transportation & processing companies. Energy-related companies included in the Index are expected to primarily be structured as MLPs. CEFs included in the Index are limited to taxable, debt-based funds and may include CEFs that invest primarily in bank loans, high-yield securities (also known as “junk bonds”), foreign securities (including those in emerging markets), and mortgage- or asset-backed securities. You may not directly invest in an index.
Distribution Rate represents a single distribution from the fund and does not represent the total return to the fund. The distribution rate is calculated by annualizing the most recent distribution and dividing it by the most recent NAV.
30-Day SEC Yield is a standard yield calculation developed by the Securities and Exchange Commission that allows for fairer comparisons among bond funds. It is based on the most recent month-end. This figure reflects the interest earned during the period after deducting the Fund’s expenses for the period. Subsidized yields reflect fee waivers in effect. Without such waivers, yields would be reduced. Unsubsidized yields do not reflect fee waivers in effect.
This information is not an offer to sell or a solicitation of an offer to buy shares of any Funds to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. Please consult your tax advisor about the tax consequences of an investment in Fund shares, including the possible application of foreign, state, and local tax laws.
You could lose money by investing in the ETFs. There can be no assurance that the investment objective of the Funds will be achieved. None of the Funds should be relied upon as a complete investment program. The investment program of the funds are speculative, entails substantial risks and include asset classes and investment techniques not employed by more traditional mutual funds. Investments in the ETFs are not bank deposits and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
The Fund is distributed by Foreside Fund Services, LLC, which is not affiliated with GraniteShares or any of its affiliates.
©2017 GraniteShares Inc. All rights reserved. GraniteShares, GraniteShares ETFs, and the GraniteShares logo are registered and unregistered trademarks of GraniteShares Inc., in the United States and elsewhere. All other marks are the property of their respective owner
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