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HIPS

GraniteShares HIPS US High Income ETF

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Fund Objective

The GraniteShares HIPS US High Income ETF seeks to track the performance, before fees and expenses, of the TFMS HIPS Index.

Key Features

Access Alternative Income: HIPS provides a simple and diversified exposure to 4 alternative income categories - MLPs, REITs, BDCs and Closed-end funds.

Monthly Distribution: HIPS pays a monthly distribution providing a regular and steady source of income.

Seeks Constant Distribution: HIPS has maintained a 10.75 cent distribution per share each month since inception (7/1/2015).

Tax Efficiency and no K-1: Over 50% of the HIPS distributions historically have been treated as return of capital. HIPS doesn’t generate a K-1.

Key Facts

  Fact Sheet
  Prospectus
Ticker
HIPS
Index
TFMS HIPS Index
Mangement Fees
0.70% per annum
Acquired Fund Fees and Other Expenses
0.60% per annum
Total Expense Ratio
1.30% per annum
Base Currency
USD
NAV as of Sep 21, 2020
$ 11.84
SEC 30-Day Yield 15
9.04 %
Distribution Rate 15
10.55 %
Distribution Fequency
MONTHLY
CUSIP
38747R306
IOPV
HIPSIV
Exchange
NYSE Arca
Inception Date
Jan 06, 2015
As of Sep 21, 2020
WHY HIPS
PERFORMANCE
PORTFOLIO
DISTRIBUTION
DOCUMENTS
Access Fund Research
High Income Potential
HIPS invests in some of the highest yielding securities across alternative income categories.
Complement Fixed Income Portfolio
Alternative income categories have been uncorrelated to conventional fixed income and can help reduce fixed income portfolio risks while boosting yields.
Diversified Exposure to Alternative Income
Blended, risk weighted exposure to MLPs, BDCs, REITs and CEFs seeking stable income distributions across various market environments.
Data as of June 30, 2020
  Premium/Discount Data and Charts
All data on total return basis 15 1 Month 3 Months YTD 1 Year 15 3 Year 15 Since
Inception 15
HIPS Market Price Return 15 15 2.27% 26.01% -27.26% -23.69% -6.34% -2.10%
HIPS NAV Return 15 15 2.50% 26.01% -26.66% -23.20% -6.11% -2.08%
Benchmark Return (TFMS HIPS Index) 15 15 2.59% 26.64% -26.62% -22.79% -5.43% -1.42%

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.

For the fund’s most recent month end performance, please call 1(844) 476-8747

Download Holding as of September 21, 2020

Fund Sector Breakdown

as of June 30, 2020
CLOSED END FUNDS 39.60%
ASSET MANAGEMENT AND BDC 28.80%
REITS 17.80%
MLPS 12.60%
CASH AND CASH EQUIVALENTS 1.20%

Sector breakdowns are subject to change

Top 10 Fund Exposures

as of June 30, 2020
WESTERN ASSET GLOBAL HIGH INCOME FUND INC. 2.92%
WESTERN ASSET HIGH INCOME FUND 2.92%
HIGH INCOME OPPORT FUND INC 2.90%
COHEN AND STEERS INC 2.89%
CLOUGH GLOBAL OPPORTUNITIES FUND 2.84%
BLACKROCK ENHANCED INTERNATIONAL DIVIDEND TRUST 2.78%
TRI-CONTINENTAL CORP 2.73%
ABERDEEN TOTAL DYNAMIC DIVIDEND FUND 2.71%
BLACKROCK ENHANCED GLOBAL DIVIDEND TRUST 2.69%
ADVENT CONVERTIBLE AND INCOME FUND 2.65%

Fund exposures are subject to change

Distribution Calendar15

Ex date Record date Pay date $/Share Ordinary Income Short Term Gains Long Term Gains Return of Capital
30 Dec 2020 31 Dec 2020 04 Jan 2021 - - - - -
18 Nov 2020 19 Nov 2020 20 Nov 2020 - - - - -
14 Oct 2020 15 Oct 2020 16 Oct 2020 - - - - -
16 Sep 2020 17 Sep 2020 18 Sep 2020 0.1075 0.00 0.00 0.00 0.1075
19 Aug 2020 20 Aug 2020 21 Aug 2020 0.1075 0.00 0.00 0.00 0.1075
15 Jul 2020 16 Jul 2020 17 Jul 2020 0.1075 0.0258 0.00 0.00 0.0817
17 Jun 2020 18 Jun 2020 19 Jun 2020 0.1075 0.00 0.00 0.00 0.1075
13 May 2020 14 May 2020 15 May 2020 0.1075 0.00 0.00 0.00 0.1075
15 Apr 2020 16 Apr 2020 17 Apr 2020 0.1075 0.00 0.00 0.00 0.1075
18 Mar 2020 19 Mar 2020 20 Mar 2020 0.1075 0.00 0.00 0.00 0.1075
19 Feb 2020 20 Feb 2020 21 Feb 2020 0.1075 0.00 0.00 0.00 0.1075
15 Jan 2020 16 Jan 2020 17 Jan 2020 0.1075 0.00 0.00 0.00 0.1075
Ex date Record date Pay date $/Share Ordinary Income Short Term Gains Long Term Gains Return of Capital
30 Dec 2019 31 Dec 2019 03 Jan 2020 0.1075 0.029994 0.00 0.00 0.077506
13 Nov 2019 14 Nov 2019 15 Nov 2019 0.1075 0.029994 0.00 0.00 0.077506
16 Oct 2019 17 Oct 2019 18 Oct 2019 0.1075 0.029994 0.00 0.00 0.077506
18 Sep 2019 19 Sep 2019 20 Sep 2019 0.1075 0.029994 0.00 0.00 0.077506
14 Aug 2019 15 Aug 2019 16 Aug 2019 0.1075 0.029994 0.00 0.00 0.077506
17 Jul 2019 18 Jul 2019 19 Jul 2019 0.1075 0.029994 0.00 0.00 0.077506
19 Jun 2019 20 Jun 2019 21 Jun 2019 0.1075 0.00914 0.00 0.00 0.09836
15 May 2019 16 May 2019 17 May 2019 0.1075 0.00914 0.00 0.00 0.09836
16 Apr 2019 17 Apr 2019 18 Apr 2019 0.1075 0.00914 0.00 0.00 0.09836
13 Mar 2019 14 Mar 2019 15 Mar 2019 0.1075 0.00914 0.00 0.00 0.09836
13 Feb 2019 14 Feb 2019 15 Feb 2019 0.1075 0.00914 0.00 0.00 0.09836
16 Jan 2019 17 Jan 2019 18 Jan 2019 0.1075 0.00914 0.00 0.00 0.09836
Ex date Record date Pay date $/Share Ordinary Income Short Term Gains Long Term Gains Return of Capital
28 Dec 2018 31 Dec 2018 02 Jan 2019 0.1075 0.04434 0.00 0.00 0.063161
14 Nov 2018 15 Nov 2018 16 Nov 2018 0.1075 0.04434 0.00 0.00 0.063161
17 Oct 2018 18 Oct 2018 19 Oct 2018 0.1075 0.04434 0.00 0.00 0.063161
19 Sep 2018 20 Sep 2018 21 Sep 2018 0.1075 0.04434 0.00 0.00 0.063161
15 Aug 2018 16 Aug 2018 17 Aug 2018 0.1075 0.04434 0.00 0.00 0.063161
18 Jul 2018 19 Jul 2018 20 Jul 2018 0.1075 0.04434 0.00 0.00 0.063161
13 Jun 2018 14 Jun 2018 15 Jun 2018 0.1075 0.085223 0.00 0.00 0.022277
16 May 2018 17 May 2018 18 May 2018 0.1075 0.085223 0.00 0.00 0.022277
18 Apr 2018 19 Apr 2018 20 Apr 2018 0.1075 0.085223 0.00 0.00 0.022277
14 Mar 2018 15 Mar 2018 16 Mar 2018 0.1075 0.085223 0.00 0.00 0.022277
14 Feb 2018 15 Feb 2018 16 Feb 2018 0.1075 0.085223 0.00 0.00 0.022277
17 Jan 2018 18 Jan 2018 19 Jan 2018 0.1075 0.085223 0.00 0.00 0.022277
Ex date Record date Pay date $/Share Ordinary Income Short Term Gains Long Term Gains Return of Capital
28 Dec 2017 29 Dec 2017 02 Jan 2018 0.1075 0.1075 0.00 0.00 0.00
14 Nov 2017 15 Nov 2017 16 Nov 2017 0.1075 0.03513 0.00 0.00 0.07237
17 Oct 2017 18 Oct 2017 19 Oct 2017 0.1075 0.03513 0.00 0.00 0.07237
19 Sep 2017 20 Sep 2017 21 Sep 2017 0.1075 0.03513 0.00 0.00 0.07237
15 Aug 2017 16 Aug 2017 17 Aug 2017 0.1075 0.03513 0.00 0.00 0.07237
18 Jul 2017 19 Jul 2017 20 Jul 2017 0.1075 0.03513 0.00 0.00 0.07237
13 Jun 2017 14 Jun 2017 15 Jun 2017 0.1075 0.03513 0.00 0.00 0.07237
16 May 2017 17 May 2017 18 May 2017 0.1075 0.03513 0.00 0.00 0.07237
18 Apr 2017 20 Apr 2017 19 Apr 2017 0.1075 0.03513 0.00 0.00 0.07237
14 Mar 2017 15 Mar 2017 16 Mar 2017 0.1075 0.03513 0.00 0.00 0.07237
14 Feb 2017 15 Feb 2017 16 Feb 2017 0.1075 0.03513 0.00 0.00 0.07237
17 Jan 2017 19 Jan 2017 20 Jan 2017 0.1075 0.03513 0.00 0.00 0.07237

Fund Yield as of June 30,2020

SEC 30-Day Yield 15 9.04%
Distribution Rate15 10.55%
12 Month Distribution15 10.55%
HIPS - Summary Prospectus
HIPS - Prospectus
HIPS - SAI
HIPS – Semi-Annual Report – December 2019
HIPS – Annual Report – June 2020
COMB – Prospectus Supplement April 2020
Factsheet
Holdings File
Product Guide
HIPS – 19A – January 2020
HIPS – 19A – February 2020
HIPS - ICI Secondary Form - 2019
HIPS - ICI Primary Form - 2019
HIPS – 19A – March 2020
HIPS - 19A - June 2020
HIPS - 19A - April 2020
HIPS - 19A - July 2020
HIPS - 19A - May 2020
HIPS - 19A - August 2020

Access Fund Research
High Income Potential
HIPS invests in some of the highest yielding securities across alternative income categories.
Complement Fixed Income Portfolio
Alternative income categories have been uncorrelated to conventional fixed income and can help reduce fixed income portfolio risks while boosting yields.
Diversified Exposure to Alternative Income
Blended, risk weighted exposure to MLPs, BDCs, REITs and CEFs seeking stable income distributions across various market environments.

Data as of June 30, 2020
  Premium/Discount Data and Charts
All data on total return basis 15 1 Month 3 Months YTD 1 Year 15 3 Year 15 Since
Inception 15
HIPS Market Price Return 15 15 2.27% 26.01% -27.26% -23.69% -6.34% -2.10%
HIPS NAV Return 15 15 2.50% 26.01% -26.66% -23.20% -6.11% -2.08%
Benchmark Return (TFMS HIPS Index) 15 15 2.59% 26.64% -26.62% -22.79% -5.43% -1.42%

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.

For the fund’s most recent month end performance, please call 1(844) 476-8747

Download Holding as of Sep 21, 2020

Fund Sector Breakdown

as of Jun 30, 2020
CLOSED END FUNDS 39.60%
ASSET MANAGEMENT AND BDC 28.80%
REITS 17.80%
MLPS 12.60%
CASH AND CASH EQUIVALENTS 1.20%

Sector breakdowns are subject to change

Top 10 Fund Exposures

as of June 30, 2020
WESTERN ASSET GLOBAL HIGH INCOME FUND INC. 2.92%
WESTERN ASSET HIGH INCOME FUND 2.92%
HIGH INCOME OPPORT FUND INC 2.90%
COHEN AND STEERS INC 2.89%
CLOUGH GLOBAL OPPORTUNITIES FUND 2.84%
BLACKROCK ENHANCED INTERNATIONAL DIVIDEND TRUST 2.78%
TRI-CONTINENTAL CORP 2.73%
ABERDEEN TOTAL DYNAMIC DIVIDEND FUND 2.71%
BLACKROCK ENHANCED GLOBAL DIVIDEND TRUST 2.69%
ADVENT CONVERTIBLE AND INCOME FUND 2.65%

Fund exposures are subject to change

Distribution Calendar15

Ex date Record date Pay date $/Share Ordinary Income Short Term Gains Long Term Gains Return of Capital
30 Dec 2020 31 Dec 2020 04 Jan 2021 - - - - -
18 Nov 2020 19 Nov 2020 20 Nov 2020 - - - - -
14 Oct 2020 15 Oct 2020 16 Oct 2020 - - - - -
16 Sep 2020 17 Sep 2020 18 Sep 2020 0.1075 0.00 0.00 0.00 0.1075
19 Aug 2020 20 Aug 2020 21 Aug 2020 0.1075 0.00 0.00 0.00 0.1075
15 Jul 2020 16 Jul 2020 17 Jul 2020 0.1075 0.0258 0.00 0.00 0.0817
17 Jun 2020 18 Jun 2020 19 Jun 2020 0.1075 0.00 0.00 0.00 0.1075
13 May 2020 14 May 2020 15 May 2020 0.1075 0.00 0.00 0.00 0.1075
15 Apr 2020 16 Apr 2020 17 Apr 2020 0.1075 0.00 0.00 0.00 0.1075
18 Mar 2020 19 Mar 2020 20 Mar 2020 0.1075 0.00 0.00 0.00 0.1075
19 Feb 2020 20 Feb 2020 21 Feb 2020 0.1075 0.00 0.00 0.00 0.1075
15 Jan 2020 16 Jan 2020 17 Jan 2020 0.1075 0.00 0.00 0.00 0.1075
Ex date Record date Pay date $/Share Ordinary Income Short Term Gains Long Term Gains Return of Capital
30 Dec 2019 31 Dec 2019 03 Jan 2020 0.1075 0.029994 0.00 0.00 0.077506
13 Nov 2019 14 Nov 2019 15 Nov 2019 0.1075 0.029994 0.00 0.00 0.077506
16 Oct 2019 17 Oct 2019 18 Oct 2019 0.1075 0.029994 0.00 0.00 0.077506
18 Sep 2019 19 Sep 2019 20 Sep 2019 0.1075 0.029994 0.00 0.00 0.077506
14 Aug 2019 15 Aug 2019 16 Aug 2019 0.1075 0.029994 0.00 0.00 0.077506
17 Jul 2019 18 Jul 2019 19 Jul 2019 0.1075 0.029994 0.00 0.00 0.077506
19 Jun 2019 20 Jun 2019 21 Jun 2019 0.1075 0.00914 0.00 0.00 0.09836
15 May 2019 16 May 2019 17 May 2019 0.1075 0.00914 0.00 0.00 0.09836
16 Apr 2019 17 Apr 2019 18 Apr 2019 0.1075 0.00914 0.00 0.00 0.09836
13 Mar 2019 14 Mar 2019 15 Mar 2019 0.1075 0.00914 0.00 0.00 0.09836
13 Feb 2019 14 Feb 2019 15 Feb 2019 0.1075 0.00914 0.00 0.00 0.09836
16 Jan 2019 17 Jan 2019 18 Jan 2019 0.1075 0.00914 0.00 0.00 0.09836
Ex date Record date Pay date $/Share Ordinary Income Short Term Gains Long Term Gains Return of Capital
28 Dec 2018 31 Dec 2018 02 Jan 2019 0.1075 0.04434 0.00 0.00 0.063161
14 Nov 2018 15 Nov 2018 16 Nov 2018 0.1075 0.04434 0.00 0.00 0.063161
17 Oct 2018 18 Oct 2018 19 Oct 2018 0.1075 0.04434 0.00 0.00 0.063161
19 Sep 2018 20 Sep 2018 21 Sep 2018 0.1075 0.04434 0.00 0.00 0.063161
15 Aug 2018 16 Aug 2018 17 Aug 2018 0.1075 0.04434 0.00 0.00 0.063161
18 Jul 2018 19 Jul 2018 20 Jul 2018 0.1075 0.04434 0.00 0.00 0.063161
13 Jun 2018 14 Jun 2018 15 Jun 2018 0.1075 0.085223 0.00 0.00 0.022277
16 May 2018 17 May 2018 18 May 2018 0.1075 0.085223 0.00 0.00 0.022277
18 Apr 2018 19 Apr 2018 20 Apr 2018 0.1075 0.085223 0.00 0.00 0.022277
14 Mar 2018 15 Mar 2018 16 Mar 2018 0.1075 0.085223 0.00 0.00 0.022277
14 Feb 2018 15 Feb 2018 16 Feb 2018 0.1075 0.085223 0.00 0.00 0.022277
17 Jan 2018 18 Jan 2018 19 Jan 2018 0.1075 0.085223 0.00 0.00 0.022277
Ex date Record date Pay date $/Share Ordinary Income Short Term Gains Long Term Gains Return of Capital
28 Dec 2017 29 Dec 2017 02 Jan 2018 0.1075 0.1075 0.00 0.00 0.00
14 Nov 2017 15 Nov 2017 16 Nov 2017 0.1075 0.03513 0.00 0.00 0.07237
17 Oct 2017 18 Oct 2017 19 Oct 2017 0.1075 0.03513 0.00 0.00 0.07237
19 Sep 2017 20 Sep 2017 21 Sep 2017 0.1075 0.03513 0.00 0.00 0.07237
15 Aug 2017 16 Aug 2017 17 Aug 2017 0.1075 0.03513 0.00 0.00 0.07237
18 Jul 2017 19 Jul 2017 20 Jul 2017 0.1075 0.03513 0.00 0.00 0.07237
13 Jun 2017 14 Jun 2017 15 Jun 2017 0.1075 0.03513 0.00 0.00 0.07237
16 May 2017 17 May 2017 18 May 2017 0.1075 0.03513 0.00 0.00 0.07237
18 Apr 2017 20 Apr 2017 19 Apr 2017 0.1075 0.03513 0.00 0.00 0.07237
14 Mar 2017 15 Mar 2017 16 Mar 2017 0.1075 0.03513 0.00 0.00 0.07237
14 Feb 2017 15 Feb 2017 16 Feb 2017 0.1075 0.03513 0.00 0.00 0.07237
17 Jan 2017 19 Jan 2017 20 Jan 2017 0.1075 0.03513 0.00 0.00 0.07237

Fund Yield as of June 30,2020

SEC 30-Day Yield 15 9.04%
Distribution Rate15 10.55%
12 Month Distribution15 10.55%

HIPS - Summary Prospectus
HIPS - Prospectus
HIPS - SAI
HIPS – Semi-Annual Report – December 2019
HIPS – Annual Report – June 2020
COMB – Prospectus Supplement April 2020
Factsheet
Holdings File
Product Guide
HIPS – 19A – January 2020
HIPS – 19A – February 2020
HIPS - ICI Secondary Form - 2019
HIPS - ICI Primary Form - 2019
HIPS – 19A – March 2020
HIPS - 19A - June 2020
HIPS - 19A - April 2020
HIPS - 19A - July 2020
HIPS - 19A - May 2020
HIPS - 19A - August 2020

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Granite Shares

This website and its content has been provided by GraniteShares.

Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Fund, please call (844) 476 8747 or click here. Read the prospectus or summary prospectus carefully before investing.

Index performance does not represent the ETF’s performance. It is not possible to invest directly in an index.

Indexes are unmanaged and index returns do not include investment fees and expenses.

The TFMS HIPS Index is constructed to capture 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.

FUND RISKS

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 Fund is 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.

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.

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 invest in unlisted securities and have limited access to capital markets.

Closed-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.

A liquid secondary market may not exist for the types of commodity-linked derivative instruments the Fund buys, which may make it difficult for the Fund to sell them at an acceptable price. The Fund is new with no operating history. As a result, there can be no assurance that the Fund will grow to or maintain an economically viable size, in which case it could ultimately liquidate.

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.

The Fund is not a diversified investment, it may be more volatile than other investments.

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.

THE FUND IS DISTRIBUTED BY FORESIDE FUND SERVICES, LLC. GRANITESHARES IS NOT AFFILIATE WITH FORESIDE FUND SERVICES, LLC.

© 2020 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 owners.