Alert: Lowest-Cost BOX Spread ETF Launches Today (LBOX)

Alert: Lowest-Cost¹ BOX Spread ETF Launches Today (LBOX)

LBOX enters a box spread ETF category that has grown past $10 billion in assets, launching as the lowest-cost¹ fund in the space and giving investors a tax-aware way to hold short-term cash. (Source: ETF.com  as of March 20, 2026).

NEW YORK, August 25, 2026: GraniteShares, an independent ETF issuer, today launched the GraniteShares Short Term Box ETF (Ticker: LBOX), an actively managed ETF designed to help investors put short-term cash to work. LBOX seeks capital appreciation through an options strategy known as box spreads², offering a low-cost¹, tax-aware alternative to holding short-term U.S. Treasury bills. LBOX begins trading August 25, 2026, on CBOE BZX Exchange, Inc

Box spread ETFs are becoming one of the fastest-growing categories in cash management. The category has grown to roughly $10.7 billion in assets, nearly doubling over the past year as investors seek T-bill-like returns without the annual tax drag of ordinary income. (Source: ETF.com as of March 20, 2026). ^¹

LBOX enters this growing market as the lowest-cost¹ box spread ETF available today. Its 0.1349% net expense ratio with gross expense at 0.15% (after a contractual fee waiver through December 31, 2027) undercuts every other fund in the category.

LBOX at a glance:

•Launches as the lowest-cost¹ box spread ETF available, with a 0.1349% net expense ratio undercutting other box spread ETFs with gross expense at 0.15%.

•Built as a low-cost¹, tax-efficient alternative to short-term U.S. Treasury bills

•Actively managed with the goal of not distributing income, so returns are built to compound inside the fund instead of generating annual taxable distributions

•Uses a box spread strategy to generate returns tied to short-term interest rates, not market direction, giving investors a market-neutral way to earn T-bill-like income.

“We built LBOX with the aim of improving our own cash management headaches, and we hope it can help with yours too,” said Will Rhind, Founder and CEO of GraniteShares. “Managing cash and Treasury-bill collateral across our ETF lineup, we found the available tools for short-duration cash management came with a trade-off: potentially after-tax outcomes. LBOX was our answer to that trade-off. This category has grown past $10 billion in assets in just a few years, and we think investors deserve the lowest-cost¹ way to access it.” (Source: ETF.com as of March 20, 2026).

Key Features of LBOX

Fund Details

About GraniteShares

GraniteShares, headquartered in New York City, creates and manages ETFs across U.S., U.K., German, French, and Italian exchanges. Founded in 2016 by Will Rhind, the firm managed $14.5 billion in assets as of June 30, 2026, with products spanning leveraged single-stock ETFs, YieldBOOST™ income ETFs, autocallable ETFs, gold, commodities, and core equity strategies.

For more information, visit graniteshares.com.

Media Contact: (844) 476-8747 | info@graniteshares.com | graniteshares.com/etfs/lbox/

Definitions

¹According to ETF.com, based on U.S.-listed box spread ETFs, as of August 21, 2026

²Box Spread: a combination of four exchange-listed options positions, a synthetic long and an offsetting synthetic short at different strike prices, structured to produce a fixed payoff at expiration. ³Synthetic Long: a position created by buying a call and selling a put at the same strike and expiration. ⁴Synthetic Short: a position created by buying a put and selling a call at the same expiration and a higher strike. ⁵Effective Maturity: the average remaining time to expiration across the Fund’s box spread positions. ⁶FLEX Options: exchange-listed options with customizable terms, guaranteed for settlement by the Options Clearing Corporation.

IMPORTANT INFORMATION

This material must be preceded or accompanied by a prospectus. For a copy of the prospectus, please visit the website at GraniteShares. Carefully consider the Fund’s investment objectives, risk factors, charges and expenses before investing. Please read the prospectus before investing.

Investing involves risk; principal loss is possible. The GraniteShares Short Term Box ETF (“LBOX” or the “Fund”) is an actively managed exchange-traded fund that seeks capital appreciation through investments in box spreads involving exchange-listed options. The Fund’s use of box spreads, options and other derivatives involves risks different from, and possibly greater than, the risks associated with investing directly in securities.

Box Spreads are subject to market, interest rate and liquidity risks. Although a Box Spread is designed to create offsetting synthetic long and short positions with a fixed payoff at expiration, its value may fluctuate prior to expiration based on prevailing interest rates, market conditions and the time remaining until expiration. If individual option positions that make up a Box Spread are modified or closed separately before expiration, the Box Spread may lose its effectiveness and the Fund could become exposed to movements in the underlying reference asset. The Fund’s ability to use Box Spreads successfully also depends on the availability of market participants willing to transact at competitive prices, and transaction costs associated with the options trades may negatively impact Fund returns.

The Fund may invest in traditional exchange-traded options and FLEX Options. Option prices may be volatile and may be affected by changes in the value and volatility of the underlying reference asset, interest rates and other market conditions. There is no assurance that the Fund will be able to close option positions at desirable times or prices. FLEX Options may have limited secondary market liquidity, which could adversely affect the Fund’s ability to close positions or the value of its investments.

The Fund is also subject to derivatives risk, interest rate risk, market risk, liquidity risk, valuation risk, active management risk, clearing member default risk, tax risk, high portfolio turnover risk and structural ETF risks. The Fund may actively and frequently trade or roll Box Spread positions, which may result in higher transaction costs and negatively affect Fund performance. The Fund’s returns may vary, and there is no fixed return for any period.


The Fund may seek to manage its portfolio in a manner intended to minimize or avoid annual income distributions; however, there is no guarantee that the Fund will not make distributions. The tax treatment of transactions involving options and other derivatives may be uncertain, and the Fund’s investments may result in taxable distributions or other tax consequences. Investors should consult their own tax advisors regarding the tax consequences of an investment in Fund shares.
You could lose money by investing in the Fund. There can be no assurance that the Fund’s investment objective will be achieved. The Fund should not be relied upon as a complete investment program. The Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

Exchange-traded fund shares trade at market prices rather than at net asset value (“NAV”), and shares may trade at a price greater than NAV (premium) or less than NAV (discount). Shares may be bought and sold throughout the day on an exchange through a brokerage account. Buying and selling shares may result in brokerage commissions and other transaction costs.

This information is not an offer to sell or a solicitation of an offer to buy shares of any Fund to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. Please consult your tax advisor about the tax consequences of an investment in Fund shares, including the possible application of foreign, state and local tax laws.

The Fund is distributed by ALPS Distributors, Inc., which is not affiliated with GraniteShares or any of its affiliates. ©2026 GraniteShares Inc. All rights reserved. GraniteShares, GraniteShares Trusts 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.