GraniteShares HIPS US High Income ETF HIPS Strategy

The investment seeks to track the performance, before fees and expenses, of the EQM High Income Pass-Through Securities Index. The fund employs a "passive management"-or indexing-investment approach designed to track the performance of the index. The rules-based index measures the performance of up to 40 high income U.S.-listed securities that typically have "pass-through" structures that require them to distribute substantially all of their earnings to shareholders as cash distributions. This "high income, pass-through" strategy is known as HIPS.