Autocallable
Income ETFs

No. The ETFs provide equity-linked exposure primarily through autocallable options — not by holding the underlying stock directly. The fund may also hold cash and U.S. Treasuries as part of portfolio construction and collateral management.

Yes — as long as the stock stays above the coupon barrier on each observation date, coupons are earned even if the stock is down from its original starting level. The stock doesn't need to be up; it only needs to remain above the barrier.

As of March 18, 2026, ANV barriers range from approximately −28% to −49% below NVDA's current price, and TLA barriers range from −25% to −46% below TSLA's current price.

Yes, in theory. If all underlying autocallable positions fail to earn a coupon in a given period — meaning the stock falls below every coupon barrier across all five positions — the fund could distribute zero income. This would require a severe and sustained drawdown in the underlying stock.

No. GraniteShares Autocallable ETFs do not invest in structured notes. Returns are derived through options contracts, and the funds operate under the Investment Company Act of 1940. There is no single-bank counterparty issuer risk.

The coupon barrier is checked on each periodic observation date and determines whether a coupon payment is earned for that period — it only affects income, not principal. The maturity barrier is only checked at the end of the term and determines whether principal protection applies.

If the stock is below the maturity barrier at expiry, the position is exposed to the full downside from the initial level. These are two separate mechanisms with very different risk implications.

When a position is called, the fund automatically receives the proceeds back and reinvests them into a new autocallable. This maintains continuous exposure without any action from investors. If yields have declined, the new autocallable may offer a lower coupon rate.

Yes. If the underlying stock falls below the maturity barrier at the end of an autocallable's term, that portion of the portfolio is fully exposed to the stock's negative performance from its initial level. NAV may also erode over time from distributions. Please read the full Prospectus carefully before investing.