GraniteShares 2x Long LCID Daily ETF (Nasdaq: LCDL) - Fund Delisting – Negative NAV

LCDL's investment objective is to "seek daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Lucid Group, Inc. (NYSE: LCID)."

On 14 July 2026, the share price of Lucid Group, Inc. declined intraday by more than 50% from the previous day's closing price.

In accordance with the Fund's governing documents and the terms of its swap agreements, the swap counterparty exercised its contractual right to close out the swap position following the intraday decline. As a result, the Fund's net asset value became negative.

Yes. The prospectus expressly discloses this risk. It states that a leveraged fund could lose an amount greater than its net assets in the event of an adverse move in the underlying stock in excess of 50%, and that the swap counterparty may be permitted to immediately close out the swap transaction. The prospectus further states:

"(…) This may prevent a Fund from achieving its investment objective, even if the Underlying Stock later reverses all or a portion of the move, and result in significant losses." (Prospectus, p. 238)

The authority to suspend or halt trading in the Fund's shares rests solely with the exchange. Upon notification by GraniteShares, the exchange performed its internal review and subsequently decided to halt trading in the Fund's shares.

GraniteShares does not participate in the secondary market trading of its ETFs and has no role in determining the price at which the Fund’s shares trade on the exchange at any given time. ETF trading prices are set exclusively by independent market participants — commonly referred to as liquidity providers or market makers — who are not affiliated with GraniteShares and act on their own assessment of market conditions. GraniteShares does not benefit from trading volume or from the price at which trading takes place.

No. Trading in LCDL shares has been halted by the exchange. Shares cannot be bought or sold on the secondary market while the halt is in effect. The halt will remain in place until the Fund is officially delisted.

The NAV per share on July 14, 2026, is -$0.016, meaning the NAV is negative. Accordingly, LCDL will be terminated. The Fund's trading status will remain halted until it is officially delisted and liquidated.

Because the Fund's net asset value is negative, there are no residual assets available for distribution to shareholders. GraniteShares will provide further communications as the delisting and wind-down process progresses. Investors with specific questions about their accounts should contact their broker or custodian.

GraniteShares is working with the relevant exchange and regulatory authorities to complete the delisting and wind-down process as promptly as possible. We will communicate updates as they become available.

Investors should consider the investment objectives, risks, charges and expenses of the GraniteShares funds (the “Funds”) carefully before investing. For a prospectus or summary prospectus with this and other information about the Funds, please call (844) 476 8747, or visit the website at www.graniteshares.com . Read the prospectus or summary prospectus carefully before investing.

Except as described above regarding the liquidation of the ETFs, shares of the Funds may be sold during trading hours on the exchange through any brokerage account, shares are not individually redeemable, and shares may only be redeemed directly from a Fund by Authorized Participants. There can be no assurance that an active trading market for shares of a Fund will develop or be maintained. Shares may trade above or below NAV. Brokerage commissions will apply.

The ETF Funds are distributed by ALPS Distributors, Inc. GraniteShares is not affiliated with ALPS.