Strategy. The Fund employs a passive managementor indexinginvestment approach designed to track the performance of the Index. The rules-based Index measures the performance of up to 40 high income U.S.-listed securities that typically have pass-through structures that require them to distribute substantially all of their earnings to shareholders as cash distributions. This high income, pass-through strategy is known as HIPS. The Index The Index is constructed to capture up to 40 high income securities, typically with pass-through structures, across the following sectors: (i) closed-end funds (CEFs), (ii) real estate investment trusts (REITS), (iii) asset management and business development companies (BDCs), and (iv) energy production and energy transportation and processing companies. Energy-related companies included in the Index are structured as master limited … Show more… The Fund employs a passive managementor indexinginvestment approach designed to track the performance of the Index. The rules-based Index measures the performance of up to 40 high income U.S.-listed securities that typically have pass-through structures that require them to distribute substantially all of their earnings to shareholders as cash distributions. This high income, pass-through strategy is known as HIPS. The Index The Index is constructed to capture up to 40 high income securities, typically with pass-through structures, across the following sectors: (i) closed-end funds (CEFs), (ii) real estate investment trusts (REITS), (iii) asset management and business development companies (BDCs), and (iv) energy production and energy transportation and processing companies. Energy-related companies included in the Index are structured as master limited partnerships (MLPs). The Index applies a quantitative screen to the securities in such sectors for minimum market capitalizations and minimum liquidity thresholds. The Index then selects up to 10 securities with the highest yield and lowest volatility over a prescribed time period for each sector with all securities equally weighted. Each sector is weighted at 25% at each index reconstitution/rebalancing. The Index may include small, mid-, and large-capitalization companies meeting the screening criteria. The Index is reconstituted annually and rebalanced quarterly. The Funds Investment Strategy The Fund attempts to invest all, or substantially all, of its assets in the securities that make up the Index. The Fund will generally use a replication strategy to achieve its investment objective, meaning it generally will invest in all of the component securities of the Index, but may, when the adviser believes it is in the best interests of the Fund, use a representative sampling strategy, meaning it may invest in a sample of the securities in the Index whose risk, return and other characteristics are expected to closely resemble the risk, return and other characteristics of the Index as a whole. Under normal circumstances, at least 80% of the Funds total assets (exclusive of collateral held from securities lending) will be invested in the component securities of the Index and investments that have economic characteristics that are substantially identical to the economic characteristics of such component securities. GraniteShares Advisors LLC (GraniteShares or the Adviser), the Funds investment adviser, expects that, over time, the correlation between the Funds performance and that of the Index, before fees and expenses, will be 95% or better. Concentration Policy To the extent the Index concentrates (i.e., holds 25% or more of its total assets) in the securities of a particular industry or group of related industries, the Fund will concentrate its investments to approximately the same extent as the Index. Show less