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Autocallable Income

IACL

GraniteShares US 100 Autocallable Income ETF

A systematic, laddered portfolio of autocallable positions on the Bloomberg US Tech VolMax 35 Index built to pursue monthly income with defined, rules-based coupon and principal thresholds, refreshed daily rather than issued once and held to maturity.

Stated coupon rate 5.00% + SOFR¹ Fixed spread, paid monthly per tranche²

Coupon barrier

65% 35% downside buffer

Maturity barrier

40% 60% downside buffer

Autocall barrier

100%

Coupon Barrier: The level the index must be at or above for the tranche to earn its coupon.

Autocall Barrier: The level the index must reach or exceed for a tranche to be automatically redeemed at par.

Maturity Barrier: The level used at maturity to determine whether investor principal is returned in full or subject to loss.

involves risk and investors can still lose the full amount

¹ SOFR (Secured Overnight Financing Rate) is the benchmark interest rate for overnight borrowing backed by U.S. Treasury securities.
² A tranche is a portion or segment of a larger financial offering, investment, or debt issuance.

NAV

—

As of

—

Distribution rate

—

as of —

30-day SEC yield

—

Distribution

Monthly

Expense ratio

0.55%

See below for full standardized performance

Inception

8/18/2026

Ticker

IACL

Tranche tenor

5 years

Reference index

Bloomberg US Tech VolMax 35

BMXTEQ35 - a volatility-managed index built on the Bloomberg US 100 Index. Correlation to Nasdaq 100: 0.995. The fund tracks BTA6540T.

Source: Bloomberg US 100 Autocallable 65-40 Series Total Return Index

Laddered approach

Exposure spread across many entry points, not one strike date.

Monthly income

Coupons evaluated at monthly observation dates per tranche.

Defined thresholds

65% coupon barrier (35% buffer), 40% maturity barrier (60% buffer), 100% autocall.

Seek outcomes

Rules-based payoffs, no discretionary overlay at any date.

Daily refresh

A new tranche struck each Index Business Day, capped at 2.5%.

Product overview

How IACL works, in plain English

IIACL pays monthly income as long as the underlying index does not fall below its specified coupon Barrier level at maturity. That's the whole idea. The income can be higher than traditional fixed income because you accept a defined, disclosed trade-off, not because anything is leveraged or hidden.

Every business day the Fund's index strikes one new five-year autocallable position, a "tranche" against the Bloomberg US Tech VolMax 35 Index, capped at 2.5% of the portfolio. Because a new one is struck daily, the Fund holds hundreds of tranches at once, each with its own entry level. You are never dependent on a single start date the way you would be with one structured note.

Each month, every tranche is checked against two separate levels. If the index is at or above 65% of that tranche's entry level, a 35% downside buffer, the tranche pays its coupon of 5.00% + SOFR. Autocalls, however, cannot happen straight away: each tranche has a one-year non-call period, so for its first 11 monthly observations it seeks to keep paying coupons but cannot be cashed out. From month 12 onward, if the index is back at or above 100% of the entry level, the tranche is cashed out at par and replaced with a new one. That's the autocall, which can result in the tranche being redeemed at par.

Principal is a different, much rarer question, asked only once: if a tranche survives five years without ever being called, it is measured against 40% of its entry level, a 60% downside buffer. Above that, principal comes back in full, no matter how many coupons were missed along the way. Below it, investors may lose principal on that tranche. Missing income and losing capital are 25 points apart by design.

At a glance

5.00% + SOFR stated coupon on each tranche, evaluated monthly

35% buffer before a coupon can pause (65% Coupon Barrier)

60% buffer before principal is at risk, tested once at maturity (40% Maturity Barrier)

100% autocall level — tranche redeems at par and is replaced

Daily new tranches struck, capped at 2.5% of notional each

Monthly targeted distributions, one 1099, no note administration

The 60% buffer does not guarantee against loss; losses may occur if the index falls more than 60% at maturity.

What you get

Potential High, equity-linked monthly income

Coupons are driven by the level of an equity index, not by credit spreads or duration, a different income engine from a bond sleeve.

What you give up

Upside above the entry level

A tranche is called at par once the index recovers to 100%; you receive income, not the index's rally. This is an income strategy, not a growth one.

What can go wrong

A deep, sustained drawdown

A fall through 65% pauses income. A fall through 40% that is still in place at a tranche's five-year maturity impairs principal, on a geared basis of roughly 2.5x beyond that barrier.

Methodology

Four steps, one transparent methodology

The Bloomberg US 100 Autocallable 65-40 Series Index is built in four defined layers, each governed by published, formulaic rules rather than discretionary decisions.

Step 1 B100Q

Equity index

Bloomberg US 100 Index

The top 100 US companies by market capitalization across Technology, Health Care, Consumer Staples, Consumer Discretionary and Communications, listed on Nasdaq. Correlation to Nasdaq 100: 0.995.

Source: Bloomberg US 100 Autocallable 65-40 Series Total Return Index

Step 2 BMXTEQ35

Reference index

Bloomberg US Tech VolMax 35 Index

A volatility-controlled index that dynamically adjusts exposure to the Bloomberg US 100 Index, targeting a more consistent risk profile over time.

Step 3 Constituents

Autocallable positions

Autocallable constituents

Rules-based autocallable payoff positions struck daily against the Reference Index, each with standardized coupon, autocall and maturity-barrier terms.

Step 4 BTA6540T

The index

Bloomberg US 100 Autocallable 65-40 Series Total Return Index

A laddered portfolio of these Constituents, maintained under a single, continuously calculated methodology.

Autocallable dashboard

Every position in the ladder, at a glance

Illustrative · index ladder

Each dot is one live autocallable position, plotted by months remaining to maturity and by where the Reference Index now sits relative to that position's strike. Colour tells you whether it is currently paying, in its non-call period, callable, or below its coupon barrier.

Coupon eligible Non-call period Callable zone Below coupon barrier

Weighted average coupon

—

Positions paying coupons

—

Cushion to nearest coupon barrier

—

Live positions

—

Weighted avg. mark-to-market

—

Near maturity, principal at risk

—

Weighted average coupon is the weighted average annualized stated coupon (5.00% + SOFR) across live positions as of 8/7/2026. Fund-level ladder analytics populate once the Fund is listed; the ladder shown here is a rules-consistent illustration of the Index's laddered portfolio and is not a Fund holding schedule. Positions paying coupons is the percentage of live positions at or above their Coupon Barrier; weighted avg. Mark-to-market is the average model price of live positions as a percentage of par, weighted by position size; near maturity with principal at risk is the percentage of positions currently below the maturity barrier with one year or less to maturity.

Illustrative data as of 8/7/2026, prior to Fund launch. The ladder shown is a rules-consistent illustration of the Index's portfolio and is not a Fund holding schedule.

Why autocallable income

From structured note to systematic index

Autocallable yield notes have become one of the most widely used structured income tools in the market, prized for generating coupon income tied to equity performance rather than credit or duration risk. Their appeal is straightforward: potentially higher income than traditional fixed income, in exchange for accepting that a severe, sustained market decline can interrupt coupons or, in the worst case, impair principal.

Historically, accessing this income stream meant negotiating a bespoke note with a bank counterparty: high minimums, a single strike date, limited liquidity, and manual reinvestment every time a note matured or was called. An index-based, laddered approach addresses each of these frictions directly by replacing a single bespoke note with a continuously refreshed, rules-based portfolio of comparable positions.

70% Of structured note market Autocallables dominate structured note issuance.

$100B Issued in 2025 Annual autocallable note issuance.

$225B Combined AUM (2025) Notes plus derivative income ETFs.

Source: Advisopedia and JPMorgan

Traditional autocallable note

Index-based laddered approach

Single issuance date; concentrated entry-point risk

Daily issuance; exposure spread across many entry points over time

Manual reinvestment required when called or matured

New tranches initiated automatically each Index Business Day

Opaque, dealer-negotiated pricing

Transparent, published methodology and daily index calculation

High minimums, limited liquidity

Daily liquidity, listed on a regulated exchange

Portfolio fit

Where IACL sits in a client portfolio

Equity alternative

Replace part of an equity allocation while pursuing equity-like total return potential and monthly income.

Yield enhancement

Income tied to equity performance rather than credit or duration risk.

Wide principal buffer

A 40% maturity barrier (60% downside buffer) paired with a 65% coupon barrier (35% downside buffer) creates a 25-point gap between where income can pause and where principal is at risk.

ETF wrapper

Single-ticker, exchange-traded access with 1099 reporting and no note-by-note administration.

Standardized terms across every tranche

Autocall barrier 100% of strike

Coupon barrier 65% of strike · 35% downside buffer

Maturity barrier 40% of strike · 60% downside buffer

Coupon rate 5.00% + SOFR, monthly

Non-call period First 11 observations

Tranche maturity 5 years (60 monthly dates)

Daily notional cap 2.5% per Index Business Day

Index base date / value July 2, 2007 / 1000

The index lifecycle

Every tranche follows the same five stages

01 Daily initiation Each Index Business Day, a new Constituent is struck at that day's closing Reference Index level, capped at 2.5% of portfolio notional.

02 Non-call period For the first 11 monthly observation dates, a Constituent cannot be called, but can still pay a coupon.

03 Monthly observation On each scheduled date, the Constituent is evaluated against its Coupon Barrier (65%) to determine whether a coupon accrues.

04 Autocall evaluation After the non-call period, the Constituent is removed (called at par) if the Reference Index is at or above the Autocall Barrier (100%).

05 Maturity settlement If never called, a Constituent still outstanding at 60 months is settled based on the Reference Index relative to the 40% Maturity Barrier.

The core of the structure

Two barriers, 25 points apart

Every tranche is evaluated against two separate, independently observed levels — not one. Each answers a different question, at a different point in the tranche's life. Move the Reference Index below to see what happens to a single tranche.

Reference index level vs. tranche strike 100% of strike

0% 40% maturity
60% buffer 65% coupon
35% buffer 100%
autocall 140%

This month's coupon

Paid

At or above the 65% Coupon Barrier — a 35% downside buffer — so this observation accrues its 5.00% + SOFR coupon.

Principal at maturity

Called at par· 100%

At or above the 100% Autocall Barrier after the non-call period, the tranche is removed from the ladder at par.

Illustrative payoff for a single tranche, as a function of the Reference Index level relative to that tranche's strike (100%). Coupons are observed monthly and independently of the maturity outcome; the maturity outcome is observed once, at the tranche's 60-month maturity, and only if it was never called. Below the 40% Maturity Barrier, a tranche participates in further decline on a geared basis (strike ÷ maturity barrier ≈ 2.5x). For illustration only — not a projection of Fund performance.

In plain English

A bad month can cost you that month's coupon. Only a severe decline that is still in place five years later can cost you principal. That 25-point gap is the deliberate design choice at the center of this structure.

A clearer signal, not a false alarm

A paused coupon reads as a temporary income pause, not as a proxy for principal risk.

Room to recover

A tranche can pause its coupon and still have 25 points of room before the maturity barrier comes into play.

An early read, not a sudden one

The middle zone between 65% and 40% makes reduced income a visible early signal of index weakness.

Fund details

Fund details, pricing and distributions

Fund details

Ticker IACL

CUSIP 38747T294

Exchange CBOE BZX Exchange, Inc

Investment adviser GraniteShares Advisors LLC

Index administrator Bloomberg Index Services Ltd

Inception date 8/18/2026

Total annual operating expenses 0.55% per annum

Net assets —as of Sept 16, 2026

Underlying index BTA6540T

Pricing

NAV as of September 9, 2026

$ 24.9560

Closing price as of September 9, 2026

$ 24.9560

Premium / discount

—

30-day median spread

0.32%

Distributions

Frequency Monthly (targeted)

Next ex-date Sep 9, 2026

Last paid —

19a-1 notices View all

Distributions are not guaranteed, may vary or be zero, and may include a return of capital, which can reduce NAV over time. Full schedule below.

Distribution calendar

19a-1 notices

Ex date Record date Pay date $/share Ordinary income Short term gains Long term gains

Dec 9, 2026 Dec 9, 2026 Dec 11, 2026 — — — —

Nov 12, 2026 Nov 12, 2026 Nov 16, 2026 — — — —

Oct 7, 2026 Oct 7, 2026 Oct 9, 2026 — — — —

Sep 9, 2026 Sep 9, 2026 Sep 11, 2026 — — — —

Distributions are not guaranteed.

Distributions made by the Fund may be comprised of coupon income from the autocallable positions, dividends, capital gains, interest payments and return of capital. Please see the 19a-1 notices for a more comprehensive breakdown, and to learn more about the potential tax efficiencies of return of capital distributions.

Fund performance

As of — 1 mo 3 mo YTD 1 yr Since inception

IACL NAV return — — — — —

IACL market price return — — — — —

BTA6540T Index — — — — —

Performance data will populate following the Fund's inception. Performance data quoted represents past performance and is no guarantee of future results.

Daily and quarterly premium/discount history ‐ the number of days the Fund's closing market price was above, at or below NAV.

FAQ

Questions advisors ask first

What is an autocallable?−

A market-linked instrument that pays regular coupons and returns principal at maturity — or earlier, if called — as long as a reference index doesn't fall below specific thresholds. Think of it as a bond whose income and principal depend on the market not falling too far. Coupons pay as long as the Reference Index is above the 65% Coupon Barrier on an observation date; principal is only at risk if the Reference Index is below the 40% Maturity Barrier at a tranche's maturity.

Why hold autocallables in an ETF?+

How does IACL generate monthly income?+

What happens if a barrier is breached?+

Why 65 and 40, rather than one shared barrier?+

What is the Bloomberg US Tech VolMax 35 Index?+

Documents

Everything on file

Regulatory GraniteShares US 100 Autocallable Income ETF Summary Prospectus Regulatory GraniteShares ETF Autocallable Single Stock ETFs Prospectus Regulatory GraniteShares ETF Autocallable Single Stock ETFs SAI Regulatory Fianncials June 30, 2026 Marketing Product List Marketing Factsheet Tax 2025 Graniteshares ETF ICI Primary Tax 2025 Graniteshares ETF ICI Secondary Tax IACL 19(a) Notice Sep 09, 2026

View All Documents

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