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AS\nFILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON OCTOBER\n28, 2026

1933\nACT FILE NO. 333-214796

1940\nACT FILE NO. 811-23214

UNITED\nSTATES

SECURITIES\nAND EXCHANGE COMMISSION

Washington,\nD.C. 20549

FORM\nN-1A

485BPOS

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

REGISTRATION\n STATEMENT UNDER THE SECURITIES ACT OF 1933	☒
Pre-Effective\n Amendment No.	☐
Post-Effective\n Amendment No. 684	☒

and/or

REGISTRATION\n STATEMENT UNDER	☒
THE\n INVESTMENT COMPANY ACT OF 1940
Amendment\n No. 687

GraniteShares\nETF Trust

(Exact\nName of Registrant as Specified in Charter)

REGISTRANT’S\nTELEPHONE NUMBER, INCLUDING AREA CODE: (844) 476-8747

William\nRhind

GraniteShares\nETF Trust

250\nBroadway, 24^th Floor

New\nYork, New York 10038

(Name\nand Address of Agent for Service)

Copies\nto:

Andrew\nJ. Davalla

Thompson\nHine LLP

41\nSouth High Street, Suite 1700

Columbus,\nOhio 43215

Approximate\nDate of Proposed Public Filing:

It\nis proposed that this filing will become effective (check appropriate box)

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

☒	immediately\n upon filing pursuant to paragraph (b)
☐	on\n (date) pursuant to paragraph (b)
☐	60\n days after filing pursuant to paragraph (a)(1)
☐	on\n (date) pursuant to paragraph (a)(1)
☐	75\n days after filing pursuant to paragraph (a)(2)
☐	on\n (date) pursuant to paragraph (a)(2) of Rule 485

If\nappropriate, check the following box:

\n \n \n \n

☐	This\n post-effective amendment designates a new effective date for a previously filed post-effective amendment

$\"\"$

GRANITESHARES\nFUNDS

Prospectus

October\n28, 2026

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

GRANITESHARES\n FUNDS		NYSE\n ARCA, INC. TICKER SYMBOL
GraniteShares\n Bloomberg Commodity Broad Strategy No K-1 ETF		COMB
GraniteShares\n HIPS US High Income ETF		HIPS
GraniteShares\n NASDAQ Select Disruptors ETF		DRUP

The\nSecurities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any\nrepresentation to the contrary is a criminal offense.

GraniteShares\nFunds are advised by GraniteShares Advisors LLC.

Table\nof Contents

	Page

GraniteShares\n Bloomberg Commodity Broad Strategy No K-1 ETF – Summary	1

GraniteShares\n HIPS US High Income ETF – Summary	13

GraniteShares\n Nasdaq Select Disruptors ETF Summary	22

Additional\n Information about the Funds’ Investment Objectives, Strategies and Risks	27

Fund\n Website and Disclosure of Portfolio Holdings	52

Fund\n Management	52

Buying\n and Selling Shares	53

Dividends,\n Distributions, and Taxes	54

Distribution\n of Fund Shares	57

Premium/Discount\n Information	57

Fund\n Service Providers	58

Financial\n Highlights	58

GraniteShares\nBloomberg Commodity Broad Strategy No K-1 ETF – Summary

Investment\nObjective

The\nGraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF (the “Fund”) seeks to provide long-term capital appreciation,\nprimarily through exposure to commodity futures markets.

Fund\nFees and Expenses

This\ntable describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees\nare expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions\nand other fees to financial intermediaries, which are not reflected in the table and example below.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Management Fee	0.25	%
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Management Fee	0.25	%
Distribution and/or Service (12b-1) Fees	None
Other Expenses	0.00	%
Total Annual Fund Operating Expenses⁽¹⁾	0.25	%

\n \n \n \n

(1)

The\n investment advisory agreement (the “Advisory Agreement”) between the Fund and GraniteShares Advisors LLC (“GraniteShares”\n or the “Adviser”) provides that, for the duration of the Advisory Agreement, GraniteShares will pay all operating expenses\n of the Fund, except for the Management Fee, payments made under the Fund’s 12b-1 plan (if or when such fees are imposed), brokerage\n commissions and other expenses connected to the execution of portfolio transactions, interest expense, taxes, acquired fund fees\n and expenses, litigation expenses and other extraordinary expenses.

Example

This\nExample is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.

The\nExample assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those\nperiods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain\nthe same. The figures shown would be the same whether or not you sold your Shares at the end of each period.

Although\nyour actual costs may be higher or lower, based on these assumptions your costs would be:

\n \n \n \n \n \n \n \n \n \n \n

1 Year		3 Years		5 Years		10 Years
$	26			$	80			$	141			$	318

Portfolio\nTurnover

The\nFund pays transaction costs, such as commissions, when it, directly or indirectly through a subsidiary, buys and sells securities (or\n“turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher\ntaxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example,\naffect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 0% of the average\nvalue of its portfolio, since the Fund invested only in instruments that are excluded from portfolio turnover rate calculations. However,\nif the Fund’s use of derivatives were reflected, the Fund’s portfolio turnover rate would be higher.

Principal\nInvestment Strategies

The\nFund is an actively managed exchange-traded fund (“ETF”) that seeks to provide long-term capital appreciation, primarily\nthrough exposure to commodity futures markets. The Fund’s investment strategy is based in part on the Bloomberg Commodity Index\n(the “COMB Benchmark”), which is designed to be a highly liquid and broad benchmark for commodities futures investments.\nThe COMB Benchmark provides broad-based exposure to commodities as an asset class, since no single commodity or commodity sector dominates\nthe COMB Benchmark. The weightings of the components of the COMB Benchmark are based on (1) liquidity data, which is the relative amount\nof trading activity of a particular commodity; (2) production data, which measures the importance of a commodity to the world economy;\nand (3) diversification rules that attempt to reduce disproportionate weightings of any single commodity. Rather than being driven by\nmicro-economic events affecting one commodity market or sector, the COMB Benchmark is comprised of futures contracts on a broad basket\nof underlying commodities, which potentially reduces volatility in comparison with narrower commodity baskets.

Currently,\nthe COMB Benchmark consists of 24 commodities futures contracts with respect to 22 commodities: aluminum, coffee, copper, corn, cotton,\ncrude oil (West Texas Intermediate (WTI) and Brent crude oil futures), gold, Ultra-Low Sulphur (ULS) Diesel, lead, lean hogs, live cattle,\nlow sulfur gas oil, natural gas, nickel, silver, soybean meal, soybean oil, soybeans, sugar, unleaded gas, wheat (Chicago Soft Red Winter\n(SRW) and Kansas City Hard Red Winter (HRW) wheat futures), and zinc. The COMB Benchmark reflects the return from these commodity futures\ncontracts.

While\nthe Fund generally will seek exposure to the commodity futures markets included in the COMB Benchmark, the Fund is not an index tracking\nETF and will seek to enhance its performance, in part through a cash management strategy consisting of investments in investment grade\nfixed income securities issued by various U.S. public-sector or corporate entities (collectively, “Fixed Income Securities”).\nThe Adviser will use Fixed Income Securities to generate a total return for investors and exercise its discretion in the use of such\ninstruments to seek to optimize the investment performance of the Fund. In addition, the Fund at times may actively select investments\nwith differing maturities from the underlying components of the COMB Benchmark, may not invest in all of the COMB Benchmark’s components\nor in the same proportion as the COMB Benchmark, may invest in commodity-linked derivative instruments and other commodity-linked instruments\noutside the COMB Benchmark, and may emphasize certain commodity sectors more than others.

The\nFund is called “No K-1” because it is designed to operate differently than commodity-based exchange traded funds that distribute\na “Schedule K-1” to shareholders. Schedule K-1 is a tax document that contains information regarding a fund’s income\nand expenses. Schedule K-1 is a complex form and shareholders may find that preparing tax returns requires additional time or the assistance\nof a professional tax adviser, at additional expense to the shareholder. In contrast, the Fund is designed to be taxed like a conventional\nmutual fund and therefore will deliver a Form 1099 to investors, from which income, gains, and losses can be reported on the investor’s\ntax return. To deliver Form 1099 consistent with applicable tax law, the Fund currently invests in an underlying subsidiary, as discussed\nbelow.

The\nFund currently gains exposure to the commodity futures markets by investing in commodity futures contracts (“Commodity Futures”).\nThe Fund does not expect to invest directly in Commodity Futures. The Fund gains exposure to these investments by investing a portion\nof its assets in the GraniteShares COMB Cayman Limited, a wholly-owned subsidiary of the Fund organized under the laws of the Cayman\nIslands (the “Subsidiary”). The Subsidiary is advised by the Adviser, and the Adviser complies with the provisions of the\nInvestment Company Act of 1940, as amended (the “1940 Act”), relating to advisory contracts. Unlike the Fund, the Subsidiary\nis not an investment company registered under the 1940 Act. The Fund’s investment in the Subsidiary is intended to provide the\nFund with exposure to commodity futures markets consistent with current U.S. federal income tax laws applicable to investment companies\nsuch as the Fund, which limit the ability of investment companies to invest directly in Commodity Futures. The Subsidiary has the same\ninvestment objective and will follow the same general investment policies and restrictions as the Fund. The Fund will invest up to 25%\nof its total assets in the Subsidiary. The Fund complies with the provisions of the 1940 Act governing capital structure and leverage\non an aggregate basis with the Subsidiary. Except as otherwise noted, references to the Fund’s investment strategies and risks\ninclude those of the Subsidiary.

The\nFund’s principal investments are described below.

Commodity-linked\nderivative instruments. Commodities are assets that have tangible properties, such as oil, metals, and agricultural products. A commodity-linked\ninstrument is a financial instrument whose value is linked to the price movement of an underlying commodity or commodity index. The value\nof commodity-linked instruments may be affected by overall market movements and other factors affecting the value of a particular industry\nor commodity, such as weather, disease, embargoes, or political and regulatory developments.

\n \n \n \n \n \n \n \n \n \n \n \n \n

	●	Commodity\n Futures: The Fund currently gains exposure to the commodity futures markets by investing in Commodity Futures through the Subsidiary.\n A Commodity Futures is a standardized contract traded on, or subject to the rules of, an exchange that calls for the future delivery\n of a specified quantity and type of underlying commodity at a specified time and place or, alternatively, may call for cash settlement.

	●	Swap\n Agreements: Commodity-linked swap agreements (“Commodity Swaps” or “Swaps”) are contractual agreements\n whereby the cash flows agreed upon between the parties to the agreement are dependent upon the price of the underlying commodity\n or commodity index over the life of the swap. The Fund may enter into certain Commodity Swaps in the “over the counter”\n (“OTC”) market, that is, by negotiating directly with a third party called a “counterparty.” Other Commodity\n Swaps are cleared through a central counterparty and executed through a futures commission merchant. The Fund will invest in cleared\n Commodity Swaps through the Subsidiary and OTC Swaps directly or through the Subsidiary. The Fund may invest in Commodity Swaps as\n its assets grow.

Other\ncommodity-linked instruments. The Fund may invest in other instruments whose value goes up or down based on price movements of underlying\nphysical commodities, such as commodity-linked notes, exchange-traded products providing exposure to commodities (including exchange-traded\nnotes (“ETNs”) and other ETFs) and other investment companies. An ETN is an unsecured debt security that trades on an established\nexchange. Its underlying value is based on the value of an index, commodity, interest rate or other objectively determined reference.\nA commodity-linked note is an instrument that has characteristics of both a debt security and a commodity-linked derivative instrument.\nIt typically makes interest payments like a debt security, and at maturity, the principal payment is linked to the price movement of\na commodity, commodity index, or Commodity Futures contract.

Fixed\nIncome Securities. The Fund will invest in Fixed Income Securities. The Fixed Income Securities in which the Fund may invest include\nU.S. government securities, U.S. government agency securities, corporate bonds, debentures and notes, mortgage-backed and other asset-backed\nsecurities, event-linked bonds, bank certificates of deposit, fixed time deposits, bankers’ acceptances, commercial paper and other\nshort-term fixed income securities with maturities of up to two years. The Fund’s Fixed Income Securities earn interest income\nfor the Fund and can be used as collateral (also referred to as “margin”) for the Fund’s investments in Commodity Futures.\nThe Fund does not target a specific duration or maturity for the Fixed Income Securities in which it invests. The average duration of\nthe portfolio of Fixed Income Securities will vary based on interest rates.

Concentration\nPolicy

The\nFund may not concentrate its investments (i.e., invest more than 25% of the value of its total assets) in securities of issuers in any\none industry or group of industries. This restriction will not apply to obligations issued or guaranteed by the U.S. government, its\nagencies or instrumentalities, or securities of other investment companies.

Principal\nRisks of Investing in the Fund

You\nCould Lose Money by Investing in the Fund.

Principal\nrisk factors for the Fund are discussed below. The Fund may be subject to other risks in addition to those identified as principal risks.\nLoss of money is a risk of investing in the Fund. The investment program of the Fund is speculative, entails substantial risks and includes\nasset classes and investment techniques not employed by more traditional mutual funds and ETFs. There can be no assurance that the investment\nobjective of the Fund will be achieved. It is important that investors closely review all of the risks listed below and understand them\nbefore making an investment in the Fund.

Investments\nin the Fund are not bank deposits and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government\nagency.

Agricultural\nSector Investment Risk

The\nperformance of the Fund in part is linked to the daily performance of the spot price of certain agricultural commodities, including soybeans,\ncorn, soybean meal, soybean oil, wheat, coffee, sugar, cocoa and cotton. Investments in the agriculture sector may be highly volatile\nand can change quickly and unpredictably due to a number of factors, including the supply of, and demand of, each agricultural commodity,\nlegislative or regulatory developments relating to food safety, political, legal, financial, accounting and tax matters and other events\nthat the Fund cannot control. In addition, increased competition caused by economic recession, labor difficulties and changing consumer\ntastes and spending can affect the demand for agricultural products, and consequently the value of investments in that sector. As a result,\nthe price of an agricultural commodity could decline, which would materially affect an investment in the Fund if it held or had exposure\nto that commodity.

Authorized Participant Concentration Risk

Only\nan authorized participant that has entered into an agreement with the Fund’s distributor (an “Authorized Participant”)\nmay engage in creation or redemption transactions directly with the Fund, and none of those Authorized Participants is obligated to engage\nin creation and/or redemption transactions. The Fund may have a limited number of Authorized Participants. To the extent that Authorized\nParticipants exit the business or are unable to proceed with creation or redemption orders with respect to the Fund and no other Authorized\nParticipant is able to step forward to create or redeem, Shares may be more likely to trade at a premium or discount to net asset value\n(“NAV”) and possibly face trading halts or delisting.

Cash\nTransaction Risk

Creation\nand redemption transactions are expected to generally settle through payments of cash and/or Fixed Income Securities, which will cause\nthe Fund to incur certain costs, such as brokerage costs, that it would not incur if it made in-kind redemptions. Other ETFs generally\nare able to make in-kind redemptions and avoid realized gains in connection with transactions designed to meet redemption requests. Because\nthe Fund may effect redemptions principally for cash, rather than in-kind distributions, it may be required to sell financial instruments\nin order to obtain the cash needed to distribute the redemption proceeds. Such cash transactions may have to be carried out over several\ndays if the securities or commodities markets are relatively illiquid and may involve considerable brokerage fees. These brokerage fees,\nwhich will be higher than if the Fund redeemed its Shares in-kind, will be passed on to redeemers of creation units in the form of redemption\ntransaction fees. In addition, these factors may result in wider spreads between the bid and the offered prices of the Fund’s Shares\nthan for more conventional ETFs (for example, those that track an index of corporate equity securities). In addition, an investment in\nthe Fund’s Shares may be less tax efficient than investments in shares of conventional ETFs, and there may be a substantial difference\nin the after-tax rate of return between the Fund and conventional ETFs.

Clearing\nBroker Risk

The\nfailure or bankruptcy of the Fund’s clearing broker could result in a substantial loss of Fund assets. Under current Commodity\nFutures Trading Commission (“CFTC”) regulations, a clearing broker maintains customers’ assets in a bulk-segregated\naccount. If a clearing broker fails to do so, or is unable to satisfy a substantial deficit in a customer account, its other customers\nmay be subject to risk of loss of their funds in the event of that clearing broker’s bankruptcy. In that event, the clearing broker’s\ncustomers, such as the Fund, are entitled to recover, even in respect of property specifically traceable to them, only a proportional\nshare of all property available for distribution to all of that clearing broker’s customers.

Commodity\nand Commodity-Linked Derivative Risk

Commodities.\nThe Fund’s exposure to investments in physical commodities presents unique risks. Investing in physical commodities, including\nthrough commodity-linked derivative instruments such as Commodity Futures, Commodity Swaps, as well as other commodity-linked instruments,\nis speculative and can be extremely volatile. Market prices of commodities may fluctuate rapidly based on numerous factors, including:\nchanges in supply and demand relationships (whether actual, perceived, anticipated, unanticipated or unrealized); weather; agriculture;\ntrade; domestic and foreign political and economic events and policies; diseases; pestilence; technological developments; currency exchange\nrate fluctuations; and monetary and other governmental policies, action and inaction.

Commodity-Linked\nDerivative Instruments. The use of commodity-linked derivative instruments by the Fund involves risks that are different from, and\nin many cases greater than, the risk associated with investing in other financial instruments. The value of a commodity-linked derivative\ninstrument generally is based upon the price movements of a physical commodity (such as energy, minerals, or agricultural products),\na futures contract, swap or commodity index, or other economic variables linked to changes in the value of commodities or the commodities\nmarkets. The commodities-linked derivative instruments in which the Fund invests tend to be more volatile than many other types of financial\ninstruments and may subject the Fund to special risks that do not apply to all derivatives transactions. Also, a liquid secondary market\nmay not exist for the types of commodity-linked derivative instruments the Fund buys, which may make it difficult for the Fund to sell\nthem at an acceptable price. The Fund’s ability to gain exposure to commodity-linked investments and achieve its investment objective\nmay be limited by its intention to qualify as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986,\nas amended (the “Internal Revenue Code”).

Commodity\nFutures. Risks of Commodity Futures include: (i) an imperfect correlation between the value of the futures contract and the underlying\ncommodity or commodity index; (ii) possible lack of a liquid secondary market; (iii) the inability to close a futures contract when desired;\n(iv) losses caused by unanticipated market movements, which may be unlimited; and (v) an obligation for the Fund to make daily cash payments\nto maintain its required collateral, or margin, particularly at times when the Fund may have insufficient cash or must sell securities\nto meet those margin requirements. Although the counterparty to an exchange-traded futures contract is often backed by a futures commission\nmerchant (“FCM”) or clearing organization that is further backed by a group of financial institutions, there may be instances\nin which the FCM or the clearing organization could fail to perform its obligations, causing significant losses to the Fund. For example,\nthe Fund could lose margin payments it has deposited with a clearing organization as well as any gains owed but not paid to the Fund,\nif the clearing organization becomes insolvent or otherwise fails to perform its obligations.

Commodity\nSwaps. If a counterparty to a Commodity Swap agreement becomes bankrupt or otherwise fails to perform its obligations under the Commodity\nSwap due to financial difficulties, the Fund could suffer losses. Central clearing is designed to reduce counterparty credit risk compared\nto uncleared Commodity Swaps because central clearing interposes the central clearinghouse as the counterparty to each participant’s\nswap, but it does not eliminate those risks completely. Credit risk of cleared Commodity Swap participants is concentrated in a few clearinghouses\nand the consequences of insolvency of a clearinghouse are not clear. Under certain market conditions, the Fund may invest in a single\nCommodity Swap, and a bankruptcy or other performance failure by the counterparty to the Commodity Swap could cause the Fund to lose\nthe assets held by the swap provider. Commodity Swaps are subject to pricing risk (i.e., Commodity Swaps may be hard to value) and may\nbe considered illiquid.

Commodity-Linked\nNote Risk

Commodity-linked\nnotes have characteristics of both a debt security and a derivative. Typically, they are issued by a bank at a specified face value and\npay a fixed or floating rate linked to the performance of an underlying asset, such as commodity indices, particular commodities or commodity\nfutures contracts. As such, the Fund faces the economic risk of movements in commodity prices by investing in such notes. These notes\nalso are subject to credit, market and interest rate risks that in general affect the values of debt securities.

Commodity\nPool Risk

Under\nregulations promulgated by the CFTC, the Fund and the Subsidiary are considered commodity pools, and therefore are subject to regulation\nunder the Commodity Exchange Act and CFTC rules. The Adviser is registered as a commodity pool operator (“CPO”), and it will\nmanage the Fund and the Subsidiary in accordance with applicable CFTC rules, as well as the rules that apply to registered investment\ncompanies. Registration as a CPO subjects the registrant to additional laws, regulations and enforcement policies, all of which may affect\nthe operations of the Fund. Additionally, the Subsidiary’s positions in Commodity Futures may have to be liquidated at disadvantageous\ntimes or prices to prevent the Fund from exceeding any applicable position limits established by the CFTC. Such actions may subject the\nFund to substantial losses.

Credit\nRisk

Credit\nrisk is the risk that the value of debt instruments may decline if the issuer thereof defaults or otherwise becomes unable or unwilling,\nor is perceived to be unable or unwilling, to honor its financial obligations, such as making payments to the Fund when due.

Cyber\nSecurity Risk

Failures\nor breaches of the electronic systems of the Fund, the Adviser, and the Fund’s other service providers, market makers, Authorized\nParticipants, or the issuers of securities in which the Fund invests have the ability to cause disruptions and negatively impact the\nFund’s business operations, potentially resulting in financial losses to the Fund and its shareholders. The Fund cannot control\nthe cybersecurity plans and systems of the Fund’s service providers, market makers, Authorized Participants or issuers of securities\nin which the Fund invests.

Energy\nSector Investment Risk

The\nperformance of the Fund in part is linked to the daily performance of the spot price of certain energy-related commodities, including\nWTI crude oil, Brent Crude Oil, gas oil, heating oil, low sulfur gas oil, RBOB gasoline, ULS diesel and natural gas. The market values\nof such commodities are strongly affected by the supply of, and demand for, those commodities, as well as, among other factors, capital\nexpenditures on exploration and production, energy conservation efforts, domestic and foreign government regulation and subsidization,\ninternational politics, policies of the Organization of Petroleum Exporting Countries (OPEC), taxation, tariffs, world events, technological\nadvances and general economic conditions. Therefore, energy commodities are subject to swift price fluctuations, and investments in such\ncommodities can be cyclical and/or highly volatile. Additionally, significant declines in the price of oil may contribute to significant\nmarket volatility, which may materially impact the Fund’s performance. For example, in the spring of 2020, oil and natural gas\nprices collapsed amid the COVID-19 pandemic and the economic slowdown. OPEC and its allies agreed to historic production cuts to stabilize\nprices, but prices dropped to 20-year lows and certain futures contract prices became negative for a short period of time. This development\ndemonstrates that the oil market, and the energy sector more broadly, may be subject to particularly severe market swings.

Exchange-Traded\nNote Risk

ETNs\nare senior, unsecured, unsubordinated debt securities of an issuer that are listed and traded on a U.S. stock exchange. An ETN’s\nreturns generally are linked to the performance of a particular market benchmark or strategy minus applicable fees. ETNs do not provide\nprincipal protection and may or may not make periodic coupon payments. ETNs have a maturity date and generally are backed only by the\ncreditworthiness of the issuer. As a result, ETNs are subject to credit risk, which is the risk that the issuer cannot pay interest or\nrepay principal when it is due. The value of an ETN also may be influenced by time to maturity, level of supply and demand for the ETN,\nvolatility and lack of liquidity in underlying assets, changes in the applicable interest rates, changes in the issuer’s credit\nrating, and economic, legal, political, or geographic events that affect the referenced underlying asset.

Fixed\nIncome Securities Risk

The\nmarket value of Fixed Income Securities will change in response to interest rate changes and other factors, such as changes in the effective\nmaturities and credit ratings of fixed income investments. During periods of falling interest rates, the values of outstanding Fixed\nIncome Securities and related financial instruments generally rise. Conversely, during periods of rising interest rates, the values of\nsuch securities and related financial instruments generally decline. Fixed Income Securities are also subject to credit risk.

Investments\nin Fixed Income Securities may also involve the following risks, depending on the instrument involved:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	●	Asset-Backed/Mortgage-Backed\n Securities Risk – The market value and yield of asset-backed and mortgage-backed securities can vary due to market interest\n rate fluctuations and early prepayments of underlying instruments.

	●	Credit\n Risk – An investment in the Fund also involves the risk that the issuer of a Fixed Income Security that the Fund holds\n will fail to make timely payments of interest or principal or go bankrupt, or that the value of the securities will decline because\n of a market perception that the issuer may not make payments on time, thus potentially reducing the Fund’s return.

	●	Event\n Risk – Event risk is the risk that corporate issuers may undergo restructurings, such as mergers, leveraged buyouts, takeovers,\n or similar events financed by increased debt. As a result of the added debt, the credit quality and market value of a company’s\n bonds and/or other debt securities may decline significantly.

	●	Extension\n Risk – Payment on the loans underlying Fixed Income Securities held by the Fund may be made more slowly when interest rates\n are rising.

	●	Interest\n Rate Risk – Generally, the value of Fixed Income Securities will change inversely with changes in interest rates. As interest\n rates rise, the market value of Fixed Income Securities tends to decrease. Conversely, as interest rates fall, the market value of\n Fixed Income Securities tends to increase. This risk will be greater for long-term securities than for short-term securities. In\n recent periods, governmental financial regulators, including the U.S. Federal Reserve, have taken steps to maintain historically\n low interest rates. Very low or negative interest rates may magnify interest rate risk. Changes in government intervention may have\n adverse effects on investments, volatility, and illiquidity in debt markets.

	●	Prepayment\n Risk – When interest rates are declining, issuers of Fixed Income Securities held by the Fund may prepay principal earlier\n than scheduled.

Gap\nRisk

The\nFund is subject to the risk that a commodity price will change from one level to another with no trading in between. Usually such movements\noccur when there are adverse news announcements while commodity markets are closed, which can cause the price of a commodity to drop\nsubstantially from the previous day’s closing price.

Increased\nCompetition Risk

The\nAdviser believes that there has been, over time, a general increase in interest in commodity investing. As the Adviser’s assets\nunder management invested directly or indirectly in the commodities markets increases, an increasing number of traders may attempt to\ninitiate or liquidate substantial positions at or about the same time as the Adviser, or otherwise alter historical trading patterns\nor affect the execution of trades, to the detriment of the Fund.

Index-Related\nRisk

Errors\nin COMB Benchmark data, COMB Benchmark computations and/or the construction of the COMB Benchmark in accordance with its methodology\nmay occur from time to time and may not be identified and corrected by Bloomberg Finance L.P., the index provider, for a period of time\nor at all, which may have an adverse impact on the Fund and its shareholders. The Fund rebalances its portfolio in accordance with the\nCOMB Benchmark, and, therefore, any changes to the COMB Benchmark’s rebalance schedule will result in corresponding changes to\nthe Fund’s rebalance schedule.

Investment\nCompany Risk

An\ninvestment in other investment companies (including other ETFs) is subject to the risks associated with those investment companies, which\ninclude, but are not limited to, the risk that such fund’s investment strategy may not produce the intended results; the risk that\nsecurities in such fund may underperform in comparison to the general securities markets or other asset classes; and the risk that the\nfund will be concentrated in a particular issuer, market, industry or sector, and therefore will be especially susceptible to loss due\nto adverse occurrences affecting that issuer, market, industry or sector. Moreover, the Fund will incur duplicative expenses from such\ninvestments, bearing its share of that underlying fund’s expenses while also paying its own advisory and administrative fees.

Leverage\nRisk

While\nthe Fund does not seek leveraged returns, the Fund’s use of certain derivatives may create investment leverage. This means that\nthe derivative position may provide the Fund with investment exposure greater than the value of the Fund’s investment in the derivative.\nAs a result, these derivatives may magnify losses to the Fund, and even a small market movement may result in significant losses to the\nFund.

Liquidity\nRisk

The\nFund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions.\nIlliquid investments may be more difficult to value, especially in changing or volatile markets. In addition, a lack of liquidity in\nthe market for the Shares may lead to differences between the market price of the Fund’s Shares and their underlying value.

A\npotential rise in interest rates may result in periods of volatility and reduced liquidity with respect to the Fund’s investments\nin Fixed Income Securities. A reduction in dealer market-making capacity in fixed income markets that has occurred in recent years also\nhas the potential to decrease liquidity.

Management\nRisk

The\nFund is an actively managed portfolio. In managing the Fund’s portfolio holdings, the Adviser applies investment techniques and\nrisk analyses in making investment decisions for the Fund. There can be no guarantee that these decisions will produce the desired results.\nIn addition, legislative, regulatory, or tax developments may affect the investment techniques available to the Adviser in connection\nwith managing the Fund and may also adversely affect the ability of the Fund to achieve its investment objective.

Market\nRisk

The\nFund’s holdings are subject to market fluctuations. It is important to understand that the value of your investment may fall, sometimes\nsharply, in response to changes in the market, and you could lose money. Market risk may affect a single issuer, industry, economic sector,\nor the market as a whole. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, acts\nof terrorism or other events may adversely impact the value of the Fund’s investments and/or result in increased premiums or discounts\nto the Fund’s NAV.

Metals\nSector Investment Risk

The\nperformance of the Fund in part is linked to the daily performance of the spot price of certain industrial and precious metals, including\naluminum, copper, nickel, zinc, gold and silver. Investments in metals may be highly volatile and can change quickly and unpredictably\ndue to a number of factors, including the supply and demand of each metal, environmental or labor costs, political, legal, financial,\naccounting and tax matters and other events that the Fund cannot control. In addition, changes in international monetary policies or\neconomic and political conditions can affect the supply of metals, and consequently the value of metal investments. The United States\nor foreign governments may pass laws or regulations limiting metal investments for strategic or other policy reasons. Further, the principal\nsupplies of metal industries may be concentrated in a small number of countries and regions. Consequently, the price of a metal held\nby the Fund could decline, which would materially impact the Fund’s performance.

Non-Diversification\nRisk.

The\nFund’s portfolio may focus on a limited number of investments and will be subject to greater potential for volatility than\na diversified fund.

Operational\nRisk

The\nFund is exposed to various operational risks, including human error, information technology failures and failure to comply with formal\nprocedures intended to mitigate these risks, and is particularly dependent on electronic means of communicating, record-keeping and otherwise\nconducting business.

Portfolio\nTurnover Risk

The\nFund may engage in frequent trading of derivatives. Active and frequent trading may lead to the realization and distribution to shareholders\nof higher short-term capital gains, which would increase their tax liability. Frequent trading also increases transaction costs, which\ncould detract from the Fund’s performance.

Regulatory\nRisk

The\nFund is subject to the risk that a change in U.S. law and related regulations will impact the way the Fund operates, increase the particular\ncosts of the Fund’s operations and/or change the competitive landscape.

Roll\nYield Risk

As\nthe futures contracts held by the Fund near expiration, they may be replaced by contracts that have a later expiration. During situations\nwhere the cost of futures contracts for delivery on dates further in the future is higher than those for delivery closer in time, the\nFund may experience losses.

Secondary\nMarket Trading Risk

An\ninvestment in the Fund faces risks from its Shares being traded in the secondary market, including the potential lack of an active market\nfor Shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of\nShares. Any of these factors, among others, may lead to the Fund’s Shares trading at a premium or discount to the Fund’s\nNAV.

Trading\nIssues. Although the Fund’s Shares are listed for trading on the NYSE Arca, Inc. (the “Exchange”), there can be\nno assurance that an active trading market for such Shares will develop or be maintained. Trading in Shares may be halted due to market\nconditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable. There can be no assurance that the requirements\nof the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged or that the Shares will\ntrade with any volume, or at all.

In\ntimes of market stress, market makers or Authorized Participants may step away from their respective roles in making a market in the\nFund’s Shares and in executing purchase or redemption orders. This could lead to variances between the market price of the Fund’s\nShares and their underlying value.

Fluctuation\nof NAV. The NAV of the Fund’s Shares will generally fluctuate with changes in the market value of the Fund’s portfolio\nholdings. The market prices of Shares will generally fluctuate in accordance with changes in the Fund’s NAV and supply and demand\nof Shares on the Exchange. The market price of Shares may deviate from the value of the Fund’s underlying portfolio holdings, particularly\nin times of market stress, with the result that investors may pay significantly more or receive significantly less than the underlying\nvalue of the Shares bought or sold. This may be reflected as a spread between the bid and ask prices for Shares quoted during a trading\nday or a premium or discount in the closing price of Shares from the Fund’s NAV. It cannot be predicted whether the Fund’s\nShares will trade below, at or above their NAV.

Costs\nof Buying or Selling Shares. Investors buying or selling the Fund’s Shares in the secondary market will pay brokerage commissions\nor other charges imposed by brokers as determined by each broker. Brokerage commissions are often a fixed amount and may be a significant\nproportional cost for investors seeking to buy or sell relatively small amounts of Shares.

Subsidiary\nInvestment Risk

By\ninvesting in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary’s investments. The Subsidiary\nis not registered under the 1940 Act; therefore, the Fund will not receive all of the protections offered to shareholders of registered\ninvestment companies. In addition, changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the Subsidiary\nare organized, respectively, could result in the inability of the Fund and/or the Subsidiary to operate as intended, which may negatively\naffect the Fund and its shareholders.

Tax\nRisk

In\norder to qualify for the favorable U.S. federal income tax treatment accorded to a RIC, the Fund must derive at least 90% of its gross\nincome in each taxable year from certain categories of income (“qualifying income”) and must satisfy certain asset diversification\nrequirements. The Fund intends to hold certain commodity-related investments indirectly, through its Subsidiary. The Fund expects its\nincome with respect to the Subsidiary will be qualifying income. However, there is a risk that the Internal Revenue Service (“IRS”)\ncould issue regulations or other guidance holding, or could assert, that the Fund’s income with respect to the Subsidiary is not\nqualifying income for purposes of the Fund remaining qualified as a RIC. In such circumstances, the Fund may fail to qualify as a RIC\nor be required to make changes to its operations, which may affect the Fund’s ability to gain investment exposure to commodities.\nFund shareholders may also experience adverse tax consequences in such circumstances. The Adviser will carefully monitor the Fund’s\ninvestments in the Subsidiary to ensure that no more than 25% of the Fund’s total assets are invested in the Subsidiary to comply\nwith the asset diversification test for qualifying as a RIC as described in more detail in the Statement of Additional Information.

U.S.\nGovernment Securities Risk

Obligations\nof U.S. government agencies and authorities are supported by varying degrees of credit but generally are not backed by the full faith\nand credit of the U.S. government. No assurance can be given that the U.S. government will provide financial support to its agencies\nand authorities if it is not obligated by law to do so.

Valuation\nRisk

During\nperiods of reduced market liquidity or readily available market quotations, the Fund’s ability to obtain reliable, objective pricing\ndata and to value its holdings becomes more difficult. Consequently, while valuation determinations made by the Adviser (using fair value\nprocedures adopted by the Board of Trustees of the GraniteShares ETF Trust) may be done in good faith, it may be difficult for the Fund\nto accurately assign a daily value to its holdings.

Performance

The\nfollowing performance information indicates some of the risks of investing in the Fund. The bar chart shows the Fund’s performance\nfrom year to year. The table illustrates how the Fund’s average annual total returns for 1-year, 5-year, and since inception periods\ncompared with those of a broad measure of commodity market performance. The Fund’s past performance, before and after taxes, does\nnot necessarily indicate how it will perform in the future. Updated performance is also available on the Fund’s website at www.graniteshares.com\nor by calling the Fund toll free at 844-476-8747.

$\"\"$

During\nthe periods shown in the bar chart above, the Fund’s highest quarterly return was 25.41%\n(quarter ended March 31, 2022) and the Fund’s lowest quarterly return was -23.22%\n(quarter ended March 31, 2020). The calendar year-to-date total return of the Fund as of September 30, 2026 was 32.16%.

Average\nAnnual Total Returns for the Periods Ended December 31, 2025

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	1 Year			5 Years		Since\n Inception (05/19/2017)
Return Before Taxes		15.45	%		10.15	%	5.27	%
Return After Taxes on Distributions		11.56	%		5.28	%	2.42	%
Return After Taxes on Distributions and Sale of Fund Shares		9.16	%		5.75	%	2.83	%
Bloomberg Commodity Index (reflects no deduction for fees, expenses or taxes)		15.77	%		10.64	%	5.67	%

After-tax\nreturns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table\nabove and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and\nmay differ from those shown. After-tax returns shown are not relevant to investors who hold Shares through tax-advantaged arrangements,\nsuch as a 401(k) plan, an individual retirement account (“IRA”) or other tax-advantaged account.

Portfolio\nManagement

Investment\nAdviser: GraniteShares Advisors LLC

Portfolio\nManagers: Jeff Klearman has been a portfolio manager of the Fund since June 2017. Ryan Dofflemeyer has been portfolio manager since\nSeptember 2024. Jeroen Visser has been portfolio manager since September 2026. Each portfolio manager is jointly and primarily responsible\nfor the day-to-day management of the Fund’s portfolio.

Purchase\nand Sale of Fund Shares

The\nFund is an ETF. Individual Shares of the Fund may only be bought and sold in the secondary market (i.e., on a national securities exchange)\nthrough a broker-dealer at a market price. Because ETF shares trade at market prices rather than at NAV, Shares may trade at a price\ngreater than NAV (at a premium), at NAV or less than NAV (at a discount). An investor may incur costs attributable to the difference\nbetween the highest price a buyer is willing to pay to purchase Shares of the Fund (bid) and the lowest price a seller is willing to\naccept for Shares of the Fund (ask) when buying or selling Shares in the secondary market (the “bid-ask spread”). The bid-ask\nspread varies over time for Shares based on trading volume and market liquidity, and is generally lower if the Fund’s Shares have\nmore trading volume and market liquidity and higher if the Fund’s Shares have little trading volume and market liquidity. Recent\ninformation regarding the Fund, including its NAV, market price, premiums and discounts, and bid/ask spreads, is available on the Fund’s\nwebsite at www.graniteshares.com.

Tax\nInformation

The\nFund’s distributions will be taxable to you, generally as ordinary income unless you are invested through a tax-advantaged arrangement,\nsuch as a 401(k) plan, IRA or other tax-advantaged account; in such cases, you may be subject to tax when assets are withdrawn from such\ntax-advantaged arrangement. A sale of Shares may result in capital gain or loss.

Payments\nto Broker-Dealers and Other Financial Intermediaries

If\nyou purchase Shares of the Fund through a broker-dealer or other financial intermediary (such as a bank) (an “Intermediary”),\nthe Adviser and/or its related companies may pay the Intermediary for the sale of Shares and related services. These payments may create\na conflict of interest by influencing the Intermediary and your salesperson to recommend the Fund over another investment. Any such arrangements\ndo not result in increased Fund expenses. Ask your salesperson or visit the Intermediary’s website for more information.

GRANITESHARES\nHIPS US HIGH INCOME ETF – SUMMARY

Investment\nObjective

The\nGraniteShares HIPS US High Income ETF (the “Fund”) seeks to track the performance, before fees and expenses, of the EQM High\nIncome Pass-Through Securities Index (the “Index”).

Fund\nFees and Expenses

This\ntable describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Shares”). The fees\nare expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions\nand other fees to financial intermediaries, which are not reflected in the table and example below.

\n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Management Fee	0.70	%
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Management Fee	0.70	%
Distribution and/or Service (12b-1) Fees	None
Other Expenses	0.00	%
Acquired Fund Fees and Expenses ⁽¹⁾	0.39	%
Total Annual Fund Operating Expenses	1.09	%

\n \n \n \n

(1)

Acquired\n Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect\n Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial\n Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses.

Example

This\nExample is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.

Although\nyour actual costs may be higher or lower, based on these assumptions your cost would be:

\n \n \n \n \n \n \n \n \n \n \n

1 Year			3 Years			5 Years			10 Years
$	111			$	347			$	601			$	1,327

Portfolio\nTurnover

The\nFund pays transaction costs, such as commissions, when it buys and sells securities and derivative instruments (or “turns over”\nits portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are\nheld in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s\nperformance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 52% of the average value of its portfolio.

Principal\nInvestment Strategies

The\nFund employs a “passive management”—or indexing—investment approach designed to track the performance of the\nIndex. The rules-based Index measures the performance of up to 40 high income U.S.-listed securities that typically have “pass-through”\nstructures that require them to distribute substantially all of their earnings to shareholders as cash distributions. This “high\nincome, pass-through” strategy is known as HIPS.

The\nIndex

The\nIndex is constructed to capture up to 40 high income securities, typically with pass-through structures, across the following sectors:\n(i) closed-end funds (“CEFs”), (ii) real estate investment trusts (“REITS”), (iii) asset management and business\ndevelopment companies (“BDCs”), and (iv) energy production and energy transportation and processing companies. Energy-related\ncompanies included in the Index are structured as master limited partnerships (“MLPs”).

The\nIndex applies a quantitative screen to the securities in such sectors for minimum market capitalizations and minimum liquidity thresholds.\nThe Index then selects up to 10 securities with the highest yield and lowest volatility over a prescribed time period for each sector\nwith all securities equally weighted. Each sector is weighted at 25% at each index reconstitution/rebalancing. The Index may include\nsmall, mid-, and large-capitalization companies meeting the screening criteria.

The\nIndex is reconstituted annually and rebalanced quarterly.

The\nFund’s Investment Strategy

The\nFund attempts to invest all, or substantially all, of its assets in the securities that make up the Index. The Fund will generally use\na “replication” strategy to achieve its investment objective, meaning it generally will invest in all of the component securities\nof the Index, but may, when the adviser believes it is in the best interests of the Fund, use a “representative sampling”\nstrategy, meaning it may invest in a sample of the securities in the Index whose risk, return and other characteristics are expected\nto closely resemble the risk, return and other characteristics of the Index as a whole.

Under\nnormal circumstances, at least 80% of the Fund’s total assets (exclusive of collateral held from securities lending) will be invested\nin the component securities of the Index and investments that have economic characteristics that are substantially identical to the economic\ncharacteristics of such component securities. GraniteShares Advisors LLC (“GraniteShares” or the “Adviser”),\nthe Fund’s investment adviser, expects that, over time, the correlation between the Fund’s performance and that of the Index,\nbefore fees and expenses, will be 95% or better.

Concentration\nPolicy

To\nthe extent the Index concentrates (i.e., holds 25% or more of its total assets) in the securities of a particular industry or group of\nrelated industries, the Fund will concentrate its investments to approximately the same extent as the Index.

Principal\nRisks of Investing in the Fund

You\nCould Lose Money by Investing in the Fund.

Investments\nin the Fund are not bank deposits and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government\nagency.

Authorized\nParticipant Concentration Risk

Only\nan authorized participant that has entered into an agreement with the Fund’s distributor (an “Authorized Participant”)\nmay engage in creation or redemption transactions directly with the Fund, and none of those Authorized Participants is obligated to engage\nin creation and/or redemption transactions. The Fund may have a limited number of Authorized Participants. To the extent that Authorized\nParticipants exit the business or are unable to proceed with creation or redemption orders with respect to the Fund and no other Authorized\nParticipant is able to step forward to create or redeem, the Fund’s Shares may be more likely to trade at a premium or discount\nto net asset value (“NAV”) and possibly face trading halts or delisting.

Bank\nDebt Risk

The\nFund may invest in CEFs that primarily invest in bank loans and participation. Risks associated with these obligations include,\nbut are not limited to, risks involving the enforceability of security interests and loan transactions, inadequate collateral, liabilities\nrelating to collateral securing obligations, and the liquidity of these loans. The market for corporate loans may be subject to irregular\ntrading activity, wide bid/ask spreads and extended trade settlement periods. The corporate loans in which such CEFs invest may be rated\nbelow investment grade.

BDC\nRisk

BDCs\nmay carry risks similar to those of a private equity or venture capital fund. BDC securities are not redeemable at the option of the\nshareholder and they may trade in the market at a discount to their NAV. BDCs usually trade at a discount to their NAV because they invest\nin unlisted securities and have limited access to capital markets. BDCs are subject to management fees and other expenses, which will\nbe indirectly paid by the Fund.

Below\nInvestment-Grade Instruments Risk

The\nFund may invest in CEFs that primarily invest in below-investment grade debt (also known as “junk bonds”). Although junk\nbonds generally pay higher rates of interest than investment grade bonds, junk bonds are speculative, high-risk investments that may\ncause income and principal losses for such CEFs and consequently, negatively affect the value of the Fund’s investment in such\nCEFs.

Cash\nRedemption Risk

The\nFund’s investment strategy may require it to redeem its Shares for cash or to otherwise include cash as part of its redemption\nproceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds.\nThis may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result,\nthe Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.

Concentration\nRisk

The\nFund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s investments\nmore than the market as a whole, to the extent that the Fund’s investments are concentrated in the securities of a particular issuer\nor issuers, country, group of countries, region, market, industry, group of industries, sector or asset class.

Cyber\nSecurity Risk

Equity\nMarket Risk

Common\nstocks are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common\nstockholders generally have inferior rights to receive payment from specific issuers. In addition, the equity securities held in the\nFund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because\nof factors that affect securities markets generally or factors affecting specific industries, sectors or companies in which the Fund\ninvests.

Fixed\nIncome Securities Risk

The\nFund may invest in CEFs that invest primarily in fixed income securities. Fixed income securities, such as bonds and certain asset-backed\nsecurities, involve certain risks, which include:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	●	Credit\n Risk – Credit risk refers to the possibility that the issuer of a security will not be able to make payments of interest\n and principal when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness\n may also affect the value of the Fund’s investment in that issuer.

	●	Event\n Risk – Event risk is the risk that corporate issuers may undergo restructurings, such as mergers, leveraged buyouts, takeovers,\n or similar events financed by increased debt. As a result of the added debt, the credit quality and market value of a company’s\n bonds and/or other debt securities may decline significantly.

	●	Extension\n Risk – When interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated, causing\n the value of these securities to fall.

	●	Interest\n Rate Risk – Generally, the value of fixed income securities will change inversely with changes in interest rates. As interest\n rates rise, the market value of fixed income securities tends to decrease. Conversely, as interest rates fall, the market value of\n fixed income securities tends to increase. This risk will be greater for long-term securities than for short-term securities. In\n recent periods, governmental financial regulators, including the U.S. Federal Reserve, have taken steps to maintain historically\n low interest rates. Very low or negative interest rates may magnify interest rate risk. Changes in government intervention may have\n adverse effects on investments, volatility, and illiquidity in debt markets.

	●	Prepayment\n Risk – When interest rates fall, certain obligations will be paid off by the obligor more quickly than originally anticipated,\n and the proceeds may have to be invested in securities with lower yields.

	●	Variable\n and Floating Rate Instrument Risk – The absence of an active market for these securities could make it difficult to dispose\n of them if the issuer defaults.

Foreign\nSecurities Risk

The\nFund may invest in CEFs that invest primarily in foreign securities. Investments in non-U.S. securities involve certain risks that may\nnot be present with investments in U.S. securities. For example, investments in non-U.S. securities may be subject to risk of loss due\nto foreign currency fluctuations or to political or economic instability. Investments in non-U.S. securities also may be subject to withholding\nor other taxes and may be subject to additional trading, settlement, custodial, and operational risks. These and other factors can make\ninvestments in the Fund more volatile and potentially less liquid than other types of investments. These risks may be even greater for\nsecurities of companies organized in emerging market nations.

Index-Related\nRisk

Errors\nin index data, index computations and/or the construction of the Index in accordance with its methodology may occur from time to time\nand may not be identified and corrected by the index provider for a period of time or at all, which may have an adverse impact on the\nFund and its shareholders. The Fund rebalances its portfolio in accordance with the Index, and therefore, any changes to the Index’s\nrebalance schedule will result in corresponding changes to the Fund’s rebalancing schedule.

Investment\nCompany Risk

The\nrisks of investment in investment companies, such as CEFs and BDCs, typically reflect the risks of the types of instruments in which\nthe investment companies invest. By investing in another investment company, the Fund becomes a shareholder of that investment company\nand bears its proportionate share of the fees and expenses of the other investment company. The Fund may be subject to statutory limits\nwith respect to the amount it can invest in other investment companies, which may adversely affect the Fund’s ability to achieve\nits investment objective. Investments in exchange-listed investment companies (“exchange-traded products” or “ETPs”)\nare also subject to the following risks: (i) the market price of an ETP’s shares may trade above or below their NAV; (ii) an active\ntrading market for an ETP’s shares may not develop or be maintained; and (iii) trading of an ETP’s shares may be halted for\na number of reasons.

Large-Sized\nCompany Risk

Larger,\nmore established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer\ntastes. Many larger companies also may not be able to attain the high growth rate of successful smaller companies, especially during\nextended periods of economic expansion.

Liquidity\nRisk

Liquidity\nrisk exists when particular investments are difficult to purchase or sell. This can reduce the Fund’s returns because the Fund\nmay be unable to transact at advantageous times or prices.

Market\nRisk

MLP\nRisk

MLP\ninvestment returns are enhanced during periods of declining or low interest rates and tend to be negatively influenced when interest\nrates are rising. In addition, most MLPs are leveraged and typically carry a portion of a “floating” rate debt. As such,\na significant upward swing in interest rates would also drive interest expense higher. Furthermore, most MLPs grow by acquisitions partly\nfinanced by debt, and higher interest rates could make it more difficult to make acquisitions. MLP investments also entail many of the\ngeneral tax risks of investing in a partnership. Limited partners in an MLP typically have limited control and limited rights to vote\non matters affecting the partnership. Additionally, there is the risk that an MLP will fail to qualify for favorable tax treatment.

Mortgage-\nand Asset-Backed Securities Risk

Mortgage-\nand asset-backed securities are subject to credit, interest rate, prepayment and extension risks (see “Fixed Income Securities\nRisk” above). These securities also are subject to risk of default on the underlying mortgage or asset, particularly during periods\nof economic downturn. Small movements in interest rates may quickly and significantly reduce the value of certain mortgage-backed securities.

Operational\nRisk

Passive\nInvestment Risk

The\nFund invests in the securities included in, or representative of, its Index regardless of their investment merit. The Fund does not attempt\nto outperform its Index or take defensive positions in declining markets. As a result, the Fund’s performance may be adversely\naffected by a general decline in the market segments relating to its Index.

Regulatory\nRisk

REIT\nInvestment Risk

Investments\nin REITs involve unique risks. REITs may have limited financial resources, may trade less frequently and in limited volume, and may be\nmore volatile than other securities. The risks of investing in REITs include certain risks associated with the direct ownership of real\nestate and the real estate industry in general. REITs are also subject to heavy cash flow dependency, defaults by borrowers and self-liquidation.\nAdditionally, there is the risk that a REIT will fail to qualify for favorable tax treatment.

Secondary\nMarket Trading Risk

Sector\nRisk

To\nthe extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments\nthat significantly affect those sectors.

Energy\nSector Risk. The Fund will invest significantly in securities, particularly MLPs, tied to the energy sector and energy infrastructure.\nCompanies operating in the energy sector are subject to significant governmental regulation and may be affected by fluctuations in the\nprices of energy commodities, the depletion of natural resources, and changes in the supply or demand for energy commodities. Rising\ninterest rates can also adversely impact the financial performance of these companies by increasing their costs of capital. Extreme weather\nor other natural disasters, threats of or actual attacks by terrorists, and significant accidents or similar events may adversely affect\nthe securities issued by the company. Recently, global oil prices have declined significantly and experienced significant volatility,\nincluding a period where an oil-price futures contract fell into negative territory for the first time in history, as demand for oil\nslowed and oil storage facilities reached their storage capacities. This development demonstrates that the oil market, and the energy\nsector more broadly, may be subject to particularly severe market swings.

Finance\nand Insurance Sector Risk. The Fund may invest in companies in the finance and insurance sector, and therefore the performance of\nthe Fund could be negatively impacted by events affecting this sector. This sector can be significantly affected by changes in interest\nrates, government regulation, the rate of defaults on corporate, consumer and government debt, the availability and cost of capital,\nand fallout from the housing and sub-prime mortgage crisis. This sector has experienced significant losses in the recent past, and the\nimpact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector\nas a whole cannot be predicted. In recent years, cyber attacks and technology malfunctions and failures have become increasingly frequent\nin this sector and have caused significant losses.

Real\nEstate Sector Risk. Securities in the real estate sector are subject to the risk that the value of their underlying real estate may\ngo down. Many factors may affect real estate values, including the general and local economies, the amount of new construction in a particular\narea, the laws and regulations (including zoning and tax laws) affecting real estate, and the costs of owning, maintaining and improving\nreal estate. The availability of mortgages and changes in interest rates may also affect real estate values.

Small\nand Mid-Sized Company Risk

Small\nto mid-sized company stocks have historically been subject to greater investment risk than large company stocks. The prices of small-\nto mid-sized company stocks tend to be more volatile and less liquid than large company stocks.

Tax\nRisk

The\nFund intends to qualify for treatment as a “regulated investment company” (a “RIC”) under Subchapter M of the\nInternal Revenue Code of 1986, as amended (the “Internal Revenue Code”), by meeting certain source-of-income, asset diversification\nand annual distribution requirements. RICs are generally subject to favorable tax treatment under the Internal Revenue Code. To meet\nthe diversification requirements, the Fund must limit its investments in qualified publicly traded partnerships, which generally includes\nMLPs, to no more than 25% of the Fund’s total assets. If the Fund fails to qualify for treatment as a RIC, the Fund may be subject\nto tax on its income at corporate rates, distributions from the Fund may be taxable to shareholders, and shareholders’ returns\non their investments in the Fund could be significantly reduced.

Depreciation\nor other cost recovery deductions passed through to the Fund from investments in MLPs in a given year will generally reduce the Fund’s\ntaxable income, but those deductions may be recaptured in the Fund’s income in one or more subsequent years. When recognized and\ndistributed, recapture income will generally be taxable to shareholders at the time of the distribution at ordinary income tax rates,\neven though those shareholders might not have held shares in the Fund at the time the deductions were taken by the Fund, and even though\nthose shareholders will not have corresponding economic gain on their shares at the time of the recapture. To distribute recapture income\nor to fund redemption requests, the Fund may need to liquidate investments.

MLPs\ntaxed as partnerships have historically made cash distributions to limited partners that exceed the amount of taxable income allocable\nto limited partners or members, due to a variety of factors, including significant non-cash deductions such as depreciation and depletion.\nThese excess cash distributions would not be treated as income to the Fund but rather would be treated as a return of capital to the\nextent of the Fund’s basis in the MLP. As a consequence, the Fund may make distributions that exceed its earnings and profits,\nwhich would be recharacterized as a return of capital to shareholders. A return of capital distribution will generally not be taxable,\nbut will reduce each shareholder’s cost basis in shares and result in a higher capital gain or lower capital loss when the shares\nare sold. After a shareholder’s basis in shares has been reduced to zero, distributions in excess of earnings and profits in respect\nof those shares will be treated as gain from the sale of the shares.

Tracking\nError Risk

As\nwith all index funds, the performance of the Fund and its Index may differ from each other for a variety of reasons. For example, the\nFund incurs operating expenses and portfolio transaction costs not incurred by the Index. In addition, the Fund may not be fully invested\nin the securities of the Index at all times or may hold securities not included in the Index.

Valuation\nRisk

When\nall or a portion of the Fund’s underlying investments trade in a market that is closed when the market for the Fund’s shares\nis open, there may be changes between the last quote from a closed foreign market and the value of the applicable investment during the\nFund’s domestic trading day. The trading prices of the Fund’s shares in the secondary market generally differ from the Fund’s\ndaily NAV and are affected by market forces such as supply and demand, economic conditions and other factors.

Performance

The\nfollowing performance information indicates some of the risks of investing in the Fund. The bar chart shows the Fund’s performance\nfrom year to year. The table illustrates how the Fund’s average annual returns for the 1-year, 5-year, and since inception periods\ncompare with those of the Index and a broad measure of market performance. The Fund’s past performance, before and after taxes,\ndoes not necessarily indicate how it will perform in the future. Updated performance information is also available on the Fund’s\nwebsite at www.graniteshares.com or by calling the Fund toll free at 844-476-8747.

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During\nthe period of time shown in the bar chart above, the Fund’s highest quarterly return was 26.06%\n(quarter ended June 30, 2020), and the Fund’s lowest quarterly return was -41.71%\n(quarter ended March 31, 2020). The calendar year-to-date total return of the Fund as of September 30, 2026 was 0.03%.

Average\nAnnual Total Returns for the Period Ended December 31, 2025

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	1 Year			5 Years		10\n Years
Return Before Taxes		1.73	%		7.34	%	6.16	%
Return After Taxes on Distributions		-1.43	%		4.55	%	3.07	%
Return After Taxes on Distributions and Sale of Shares		1.07	%		4.45	%	3.34	%
EQM High Income Pass-Through Securities Index (reflects no deduction for fees, expenses, or taxes) ¹		1.87	%		8.01	%	6.90	%
S&P 500 Total Return Index (reflects no deduction for fees, expenses, or taxes)		17.88	%		14.42	%	14.82	%

\n \n \n \n

1	Effective\n March 16, 2023, the Fund’s Index changed from the TFMS HIPS Index to the EQM High Income Pass-Through Securities Index. The\n inception date for the EQM High Income Pass-Through Securities Index is March 6, 2023.

After-tax\nreturns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table\nabove and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and\nmay differ from those shown. After-tax returns shown are not relevant to investors who hold their Shares through tax-advantaged arrangements\nsuch as an individual retirement account (“IRA”) or other tax-advantaged account.

Portfolio\nManagement

Investment\nAdviser: GraniteShares Advisors LLC became the investment adviser on December 18, 2017.

Portfolio\nManagers: Jeff Klearman has been the Fund’s portfolio manager since inception. Ryan Dofflemeyer has been portfolio manager\nsince September 2024. Jeroen Visser has been portfolio manager since September 2026. Each portfolio manager is jointly and primarily\nresponsible for the day-to-day management of the Fund’s portfolio.

Purchase\nand Sale of Fund Shares

Tax\nInformation

Fund\ndistributions are generally taxable as ordinary income, qualified dividend income, or capital gains (or a combination), unless your investment\nis in an IRA or other tax-advantaged account. Distributions on investments made through tax-advantaged arrangements may be taxed later\nupon withdrawal of assets from those accounts. A portion of the Fund’s distributions is also expected to be treated as a return\nof capital for U.S. federal income tax purposes. Return of capital distributions generally are not taxable to you, to the extent of your\nbasis in your Shares, but reduce your tax basis in your Shares. To the extent a return of capital distribution exceeds your basis in\nyour Shares, the distribution will be taxable as a capital gain if you hold your Shares as a capital asset. Distributions by the Fund\nmay be significantly higher than those of other exchange-traded funds.

Payments\nto Broker-Dealers and other Financial Intermediaries

GRANITESHARES\nNASDAQ SELECT DISRUPTORS ETF SUMMARY

Investment\nObjective

The\nGraniteShares Nasdaq Select Disruptors ETF (the “Fund”) seeks to provide investment results that, before fees and expenses,\ncorrespond generally to the total return performance of the Nasdaq US Large Cap Select Disruptors Index (the “Index”).

Fund\nFees and Expenses

\n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n

Management Fee	0.60	%
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Management Fee	0.60	%
Distribution and/or Service (12b-1) Fees	None
Other Expenses	0.00	%
Total Annual Fund Operating Expenses⁽¹⁾	0.60	%

\n \n \n \n

(1)

Example

This\nExample is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.

The\nExample assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of each\nperiod. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the\nsame. The figures shown would be the same whether or not you sold your Shares at the end of each period.

Although\nyour actual costs may be higher or lower, based on these assumptions your approximate costs would be:

\n \n \n \n \n \n \n \n \n \n \n

1 Year			3 Years			5 Years			10 Years
$	61			$	192			$	335			$	750

Portfolio\nTurnover

The\nFund may pay transaction costs, such as commissions, when it purchases and sells securities (or “turns over” its portfolio).\nA higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable\naccount. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example above, may affect the Fund’s\nperformance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 47% of the average value of its portfolio.

Principal\nInvestment Strategies

The\nFund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its assets (exclusive of collateral\nheld from securities lending) in the securities included in the Index. The Fund may lend securities representing up to one-third of the\nvalue of the Fund’s total assets (including the value of any collateral received).

The\nIndex. The Index is designed by Nasdaq Inc. (the “Index Provider”) to track the performance of large-cap, U.S.-listed\ncompanies, with high disruption scores. Companies are assigned a disruption score using a multifactor scoring model, which is based on\nmultiple fundamental metrics such as patent value, revenue growth, research and development expenses, and gross margins. The index universe\nconsists of all issuers from the Nasdaq US 500 Large Cap Index and the top 50 securities are selected for inclusion in the Index. The\nIndex is a modified free-float market capitalization-weighted index to reduce excessive concentration. The Index is reconstituted semi-annually\nand rebalanced quarterly.

Investment\nApproach and Strategies. Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow\ntraditional methods of active management, which may involve buying and selling securities based upon analysis of economic and market\nfactors. Rather, the Adviser employs a “passive management” – or indexing – investment approach to seek to achieve\nthe Fund’s investment objective.

The\nFund generally will use a “replication” strategy to seek to achieve its investment objective, meaning it generally will invest\nin the Index components in approximately the same weighting that such components have within the Index at the applicable time. However,\nunder various circumstances, it may not be possible or practicable to purchase all of the securities in the Index in the approximate\nIndex weight. Some examples include if and when a stock becomes illiquid and is therefore difficult to trade, the price of a stock becomes\nextremely high or a stock is subject to a market disruption event. In these circumstances, the Fund may use a “representative sampling”\nstrategy, meaning it may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally\nthe same risk and return characteristics as the Index.

The\nAdviser expects that, over time, the correlation between the Fund’s performance and that of the Index, before fees and expenses,\nwill be 95% or better. A correlation percentage of 100% would indicate perfect correlation. If the Fund uses a replication strategy,\nit can be expected to have greater correlation to the Index than if it uses a representative sampling strategy.

Futures,\nOptions on Futures and Securities Options. Futures contracts, options on futures and securities options may be used by the Fund\nto simulate investment in its Index, to facilitate trading or to reduce transaction costs. The Fund may enter into futures contracts\nand options on futures that are traded on a U.S. or non-U.S. futures exchange. The Fund will not use futures, options on futures or securities\noptions for speculative purposes.

The\nFund intends to be diversified in approximately the same proportion as the Index is diversified. The Fund may become “non-diversified,”\nas defined under the Investment Company Act of 1940, as amended (the “1940 Act”), solely as a result of a change in relative\nmarket capitalization or index weighting of one or more constituents of the Index. Shareholder approval will not be sought if the Fund\nbecomes non-diversified due solely to a change in the relative market capitalization or index weighting of one or more constituents of\nthe Index.

Concentration\nPolicy. The Fund may concentrate its investments (i.e., invest more than 25% of the value of its total assets) in securities\nof issuers in any one industry or group of industries to the extent that the Index is so concentrated. The degree to which components\nof the Index represent certain sectors or industries may change over time.

Principal\nRisks of Investing in the Fund

You\nCould Lose Money by Investing in the Fund.

As\nwith all investments, there are certain risks of investing in the Fund. There can be no assurance that the Fund’s investment objective\nwill be achieved. Shares will change in value, and you could lose money by investing in the Fund. An investment in the Fund is neither\na bank deposit nor insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

Calculation\nMethodology Risk. The Index relies on various sources of information to assess the criteria of issuers included in the Index,\nincluding information that may be based on assumptions and estimates. Neither the Fund, the Adviser nor the Index Provider can offer\nassurances that the Index’s calculation methodology or sources of information will provide a correct valuation of securities, nor\ncan they guarantee the availability or timeliness of the production of the Index.

Cyber\nSecurity Risk. Failures or breaches of the electronic systems of the Fund, the Adviser, and the Fund’s other service providers,\nmarket makers, Authorized Participants, or the issuers of securities in which the Fund invests have the ability to cause disruptions\nand negatively impact the Fund’s business operations, potentially resulting in financial losses to the Fund and its shareholders.\nThe Fund cannot control the cybersecurity plans and systems of the Fund’s service providers, market makers, Authorized Participants\nor issuers of securities in which the Fund invests.

Index\nRisk. The Fund will be negatively affected by general declines in the securities and asset classes represented in the Index.\nIn addition, because the Fund is not “actively” managed, unless a specific security is removed from the Index, the Fund generally\nwould not sell a security because the security’s issuer was in financial trouble, and the Fund does not take defensive positions\nin declining markets. Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust\nits exposure to the required levels in order to track the Index. The Index Provider relies on third party data it believes to be reliable\nin constructing the Index, but it does not guarantee the accuracy or availability of such third party data, and there is also no guarantee\nwith respect to the accuracy, availability or timeliness of the production of the Index. The Fund rebalances its portfolio in accordance\nwith its Index, and, therefore, any changes to the Index’s rebalance schedule will result in corresponding changes to the Fund’s\nrebalancing schedule.

Industry\nConcentration Risk. In following its methodology, the Index from time to time may be concentrated in securities of issuers located\nin a single industry or group of industries. To the extent that the Index concentrates in the securities of issuers in a particular industry\nor group of industries, the Fund also may concentrate its investments to approximately the same extent. By concentrating its investments\nin an industry or group of industries, the Fund may face more risks than if it were diversified broadly over numerous industries or groups\nof industries. If the Index is not concentrated in a particular industry or group of industries, the Fund will not concentrate in a particular\nindustry or group of industries.

Investment\nStyle Risk. The Index is intended to provide exposure to large cap U.S. equity markets, with certain securities excluded from\nthe Index in accordance with the Index Provider’s proprietary methodology. The Index Provider’s methodology is relatively\nnew, and there can be no assurance that such methodology will result in positive investment performance. The Index Provider’s methodology\nmay result in the Index being more volatile than a more conventional index. The Fund may outperform or underperform other funds that\ninvest in similar asset classes but employ different investment styles.

Market\nRisk. The value of the securities in which the Fund invests may go up or down in response to the prospects of individual companies,\nparticular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies\nand financial markets. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, acts\nof terrorism or other events may adversely impact the value of the Fund’s investments and/or result in increased premiums or discounts\nto the Fund’s net asset value (“NAV”).

Market\nTrading Risk. The NAV of the Fund and the value of your investment may fluctuate. Market prices of the Shares may fluctuate in\nresponse to the Fund’s NAV, the intraday value of the Fund’s holdings and supply and demand for the Shares. The Fund faces\nnumerous market trading risks, including disruptions to creations and redemptions, the existence of extreme market volatility or potential\nlack of an active trading market for the Shares. Any of these factors, among others, may result in the Shares trading at a significant\npremium or discount to NAV, which will be reflected in the intraday bid/ask spreads and/or the closing price of Shares as compared to\nNAV. If a shareholder purchases Shares at a time when the market price is at a premium to the NAV or sells Shares at a time when the\nmarket price is at a discount to the NAV, the shareholder may sustain losses.

Non-Diversification\nRisk. The Fund may, from time to time, become non-diversified due solely to a change in the relative market capitalization or\nindex weighting of one or more constituents of the Index. To the extent that the Fund becomes non-diversified as necessary to approximate\nthe composition of the Index, it may invest in the securities of relatively fewer issuers. In such circumstances, a single adverse economic\nor regulatory occurrence may have a more significant effect on the Fund’s investments, and the Fund may experience increased volatility.\nFor example, poor performance by a single large holding of the Fund would adversely affect the Fund’s performance more than if\nthe Fund were invested in a larger number of issuers.

Stock\nRisk. Stock prices have historically risen and fallen in periodic cycles. U.S. stock markets have experienced periods of substantial\nprice volatility in the past and may do so again in the future.

Tracking\nError Risk. Tracking error is the divergence of the Fund’s performance from that of the Index. The performance of the Fund\nmay diverge from that of the Index for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding\nof cash, differences in accrual of dividends, changes to the Index or the need to meet new or existing regulatory requirements. Unlike\nthe Fund, the returns of the Index are not reduced by investment and other operating expenses, including the trading costs associated\nwith implementing changes to its portfolio of investments. Tracking error risk may be heightened during times of market volatility or\nother unusual market conditions. The Fund may be required to deviate its investments from the securities and relative weightings of the\nIndex to comply with the 1940 Act, to meet the issuer diversification requirements of the Internal Revenue Code of 1986, as amended,\napplicable to regulated investment companies, or as a result of market restrictions or other legal reasons, including regulatory limits\nor other restrictions on securities that may be purchased by the Adviser and its affiliates.

Valuation\nRisk. The sale price the Fund could receive for a security may differ from the Fund’s valuation of the security and may\ndiffer from the value used by the Index, particularly for securities that trade in low volume or volatile markets or that are valued\nusing a fair value methodology. The Fund relies on various sources to calculate its NAV. The information may be provided by third parties\nthat are believed to be reliable, but the information may not be accurate due to errors by such pricing sources, technological issues\nor otherwise. NAV calculation may also be impacted by operational risks arising from factors such as failures in systems and technology.

Performance

The\nfollowing performance information indicates some of the risks of investing in the Fund. The bar chart shows the Fund’s performance\nfrom year to year. The table illustrates how the Fund’s average annual returns for the 1-year, 5-year and since inception\nperiods compared with those of the Index. The\nFund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Updated\nperformance information is also available on the Fund’s website at www.graniteshares.com\nor by calling the Fund toll free at 844-476-8747.

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During\nthe period of time shown in the bar chart above, the Fund’s highest quarterly return was 24.15%\n(quarter ended June 30, 2020), and the Fund’s lowest quarterly return was -20.28%\n(quarter ended March 31, 2022). The calendar year-to-date total return of the Fund as of September 30, 2026 was 6.20%.

Average\nAnnual Total Returns for the Periods Ended December 31, 2025

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	1 Year			5\n Years		Since Inception (10/04/2019)
Return Before Taxes		18.08	%		13.45	%	17.16	%
Return After Taxes on Distributions		18.08	%		13.38	%	17.07	%
Return After Taxes on Distributions and Sale of Fund Shares		10.70	%		10.77	%	14.12	%
Nasdaq U.S. Large Cap Select Disruptors Index (reflects no deduction for fees, expenses or taxes) ¹		18.58	%		13.85	%	20.25	%

\n \n \n \n

1	Effective\n August 15, 2023, the Fund’s Index changed from the XOUT US Large Cap Total Return Index to the Nasdaq US Large Cap Select Disruptors\n Index. The inception date for the Nasdaq US Large Cap Select Disruptors Index is August 7, 2023.

After-tax\nreturns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table\nabove and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and\nmay differ from those shown. After-tax returns shown are not relevant to investors who hold their Shares through tax-advantaged arrangements\nsuch as an individual retirement account (“IRA”) or other tax-advantaged account.

Fund\nManagement

Investment\nAdviser: GraniteShares Advisors LLC

Portfolio\nManagers: Jeff Klearman has been the portfolio manager since 2017. Ryan Dofflemeyer has been the portfolio manager since\n2024. Jeroen Visser has been the portfolio manager since September 2026. Each portfolio manager is jointly and primarily responsible\nfor the day-to-day management of the Fund’s portfolio.

Purchase\nand Sale of Fund Shares

Tax\nInformation

The\nFund’s distributions are expected to be taxed as ordinary income, qualified dividend income, or capital gains (or a combination),\nunless your investment is through a tax-advantaged arrangement, such as a 401(k) plan or an individual retirement account, in which case\nyour distributions may be taxed as ordinary income when withdrawn from such tax-advantaged arrangement.

Payments\nto Broker-Dealers and Other Financial Intermediaries

Additional\nInformation about the

Funds’\nInvestment Objectives, Strategies and Risks

Investment\nObjectives

The\nGraniteShares Bloomberg Commodity Broad Strategy No. K-1 ETF (the “COMB Fund”) is an actively managed exchange-traded fund\nthat seeks to provide long-term capital appreciation, primarily through exposure to commodity futures markets. The GraniteShares HIPS\nUS High Income ETF (the “HIPS Fund”) is a passively managed exchange-traded fund that seeks to track the performance, before\nfees and expenses, of the EQM High Income Pass-Through Securities Index (the “HIPS Index”). The GraniteShares Nasdaq Select\nDisruptors ETF (the “DRUP Fund”) is a passively managed exchange-traded fund that seeks to provide investment results that,\nbefore fees and expenses, correspond generally to the total return performance of the Nasdaq US Large Cap Select Disruptors Index (the\n“DRUP Index”). The COMB Fund, HIPS Fund and DRUP Fund are hereinafter collectively referred to as the “Funds.”

Each\nFund’s investment objective can be changed by the Board of Trustees (the “Board”) of GraniteShares ETF Trust (the “GraniteShares\nTrust”) without shareholder approval.

Principal\nInvestment Strategies

GraniteShares\nBloomberg Commodity Broad Strategy No K-1 ETF

The\nCOMB Fund is an actively managed exchange-traded fund (“ETF”) that seeks to provide long-term capital appreciation, primarily\nthrough exposure to commodity futures markets. To pursue this goal, it invests in a combination of commodity-linked derivative instruments,\nwhich provides exposure to the investment returns of the commodities markets without investing directly in physical commodities, and\nfixed income securities.

The\nCOMB Fund’s investment strategy is based in part on the Bloomberg Commodity Index (the “COMB Benchmark”), which is\ndesigned to be a highly liquid and broad benchmark for commodities futures investments.

While\nthe COMB Fund generally will seek exposure to the commodities futures markets included in the COMB Benchmark, the COMB Fund is not an\nindex tracking ETF and will seek to enhance its performance, in part through a cash management strategy consisting of investments in\ninvestment grade fixed income securities issued by various U.S. public-sector or corporate entities (“Fixed Income Securities”).\nGraniteShares Advisors LLC (the “Adviser”) will use Fixed Income Securities to generate a total return for investors and\nexercise its discretion in the use of such instruments to seek to optimize the investment performance of the COMB Fund. In addition,\nthe COMB Fund at times may actively select investments with differing maturities from the underlying components of the COMB Benchmark,\nmay not invest in all of the COMB Benchmark’s components or in the same proportion as the COMB Benchmark, may invest in commodity-linked\nderivative instruments and other commodity-linked instruments outside the COMB Benchmark, and may emphasize certain commodity sectors\nmore than others.

The\nCOMB Benchmark provides broad-based exposure to commodities as an asset class, since no single commodity or commodity sector dominates\nthe COMB Benchmark. Rather than being driven by micro-economic events affecting one commodity market or sector, the COMB Benchmark is\ncomprised of futures contracts on a broad basket of underlying commodities, which potentially reduces volatility in comparison with narrower\ncommodity baskets.

The\nCOMB Benchmark, which is published by Bloomberg Finance L.P. (“Bloomberg”), is an index that uses trading volume data in\naddition to production value data in determining the selection and relative weightings of represented commodity futures contracts. Commodity\nfutures contracts are selected by the Bloomberg Index Oversight Committee (the “Oversight Committee”) for representation\nin the COMB Benchmark when the underlying commodities are believed to be sufficiently significant to the world economy to merit consideration.\nThese designated futures contracts are then weighted according to a proprietary methodology for liquidity and production, and contracts\nwith insufficient liquidity and/or production are eliminated.

Because\nit does not take delivery of the underlying commodities, the COMB Benchmark is a “rolling index.” The composition of the\nCOMB Benchmark is rebalanced by Bloomberg each year pursuant to its methodology by index managers operating under the supervision of\nthe Oversight Committee. Once approved, the new composition of the COMB Benchmark is publicly announced and takes effect in the month\nof January immediately following the announcement.

The\nCOMB Fund is called “No K-1” because it is designed to operate differently than commodity-based exchange traded funds that\ndistribute to shareholders a “Schedule K-1.” Schedule K-1 is a tax document that contains information regarding a fund’s\nincome and expenses. Schedule K-1 is a complex form and shareholders may find that preparing tax returns requires additional time or\nthe assistance of a professional tax adviser, at additional expense to the shareholder. In contrast, the COMB Fund is designed to be\ntaxed like a conventional mutual fund and therefore, will deliver a Form 1099 to investors, from which income, gains, and losses can\nbe reported on the investor’s tax return. To deliver Form 1099 consistent with applicable tax law, the COMB Fund currently invests\nin an underlying subsidiary, as discussed below.

The\nCOMB Fund currently gains exposure to the commodity futures markets by investing in commodity futures contracts (“Commodity Futures”).\nThe COMB Fund does not expect to invest directly in Commodity Futures. The COMB Fund gains exposure to these investments by investing\na portion of its assets in the GraniteShares COMB Cayman Limited, a wholly-owned subsidiary of the Fund organized under the laws of the\nCayman Islands (the “Subsidiary”). The Subsidiary is advised by the Adviser, and the Adviser complies with the provisions\nof the Investment Company Act of 1940, as amended (the “1940 Act”), relating to advisory contracts. Unlike the COMB Fund,\nthe Subsidiary is not an investment company registered under the 1940 Act. The COMB Fund’s investment in the Subsidiary is intended\nto provide the COMB Fund with exposure to commodity futures markets in accordance with applicable rules and regulations. The Subsidiary\nhas the same investment objective and will follow the same general investment policies and restrictions as the COMB Fund. The COMB Fund\nwill invest up to 25% of its total assets in the Subsidiary. The COMB Fund complies with the provisions of the 1940 Act governing capital\nstructure and leverage on an aggregate basis with the Subsidiary. Except as otherwise noted, references to the COMB Fund’s investment\nstrategies and risks include the investment strategies and risks of the Subsidiary.

The\nCOMB Fund’s principal investments are described below.

Commodity-linked\nderivative instruments. Commodities are assets that have tangible properties, such as oil, metals, and agricultural products. A commodity-linked\ninstrument is a financial instrument whose value is linked to the movement of a commodity, commodity index, or commodity futures contract.\nThe value of commodity-linked instruments may be affected by overall market movements and other factors affecting the value of a particular\nindustry or commodity, such as weather, disease, embargoes, or political and regulatory developments.

\n \n \n \n \n \n \n \n \n \n

●	Commodity\n Futures: The COMB Fund currently gains exposure to the commodity futures markets by investing in Commodity Futures through the\n Subsidiary. A Commodity Futures is a standardized contract traded on, or subject to the rules of, an exchange that calls for the\n future delivery of a specified quantity and type of underlying commodity at a specified time and place or, alternatively, may call\n for cash settlement.

	As\n the Commodity Futures approach expiration, they will be sold prior to their expiration date, and similar contracts that have a later\n expiration date may be purchased. Thus, for example, a Commodity Futures purchased and held in August may specify an October expiration\n date. As time passes, the Commodity Futures expiring in October may be replaced by a contract for delivery in November. Any difference\n between the price for the nearer delivery month contract and the price for distant month contract is known as a “roll yield,”\n and this can be either a positive amount or a negative amount.

\n \n \n \n \n \n \n \n \n \n

	When\n establishing positions in Commodity Futures, the Adviser estimates as of the date of this prospectus that the COMB Fund will be required\n to deposit initial margin, or collateral, with a value of approximately 3% to 10% of the value of each Commodity Futures position\n at the time it is established. These margin requirements are subject to change from time to time by the relevant futures exchange\n or the clearing futures commission merchant. Margin requirements established by the clearing futures commission merchant may exceed\n minimum levels established by the futures exchange. On a daily basis, the COMB Fund is obligated to pay, or entitled to receive,\n variation margin, or collateral, in an amount equal to the change in the daily settlement level of its Commodity Futures positions.\n If the daily settlement level causes the value of the COMB Fund’s Commodity Futures positions to decrease, the COMB Fund will\n be required to post variation margin with the clearing futures commission merchant. Conversely, if the daily settlement level causes\n the value of the COMB Fund’s Commodity Futures positions to increase, the COMB Fund’s account with the clearing futures\n commission merchant will receive variation margin in an amount equal to the increase.

●	Swap\n Agreements: Commodity-linked swap agreements (“Commodity Swaps” or “Swaps”) are derivative instruments\n whereby the cash flows agreed upon between counterparties are dependent upon the price of the underlying commodity or commodity index\n over the life of the swap. The COMB Fund may enter into some Commodity Swaps in the “over the counter” (“OTC”)\n market, that is, by negotiating directly with a third party called a “counterparty.” Other Commodity Swaps are cleared\n through a central counterparty and executed through a futures commission merchant. The COMB Fund will invest in cleared Commodity\n Swaps through the Subsidiary and OTC Swaps directly or through the Subsidiary. The COMB Fund may invest in Commodity Swaps as its\n assets grow.

Other\ncommodity-linked instruments. The COMB Fund may invest in other instruments whose value goes up or down based on price movements\nof underlying physical commodities, such as commodity-linked notes, exchange-traded products providing exposure to commodities (including\nexchange-traded notes (“ETNs”) and other ETFs), and other investment companies. An ETN is an unsecured debt security that\ntrades on an established exchange. Its underlying value is based on the value of an index, commodity, interest rate or other objectively\ndetermined reference. A commodity-linked note is an instrument that has characteristics of both a debt security and a commodity-linked\nderivative. It typically makes interest payments like a debt security, and at maturity, the principal payment is linked to the price\nmovement of a commodity, commodity index, or commodity futures contract. Commodity-linked notes are typically issued by a bank, other\nfinancial institution or a commodity producer. Commodity-linked notes may be principal-protected, partially-protected, or offer no principal\nprotection. A principal-protected commodity-linked note means that the issuer will pay, at a minimum, the par value of the note at maturity.\nWith a partially-protected or no-principal-protection commodity-linked note, the COMB Fund may receive at maturity an amount less than\nthe note’s par value if the commodity, index or other economic variable value to which the note is linked declines over the term\nof the note.

Fixed\nIncome Securities. The COMB Fund will invest in Fixed Income Securities. The Fixed Income Securities in which the COMB Fund\nmay invest include U.S. government securities, U.S. government agency securities, corporate bonds, debentures and notes, mortgage-backed\nand other asset-backed securities, event-linked bonds, bank certificates of deposit, fixed time deposits, bankers’ acceptances,\ncommercial paper and other short-term fixed income securities with maturities of up to two years. The COMB Fund’s Fixed Income\nSecurities earn interest income for the COMB Fund and can be used as collateral (also referred to as “margin”) for the COMB\nFund’s investments in Commodity Futures.

The\nCOMB Fund does not target a specific duration or maturity for the Fixed Income Securities in which it invests. The average duration of\nthe portfolio of Fixed Income Securities will vary based on interest rates. Duration is a measure of the expected life of a fixed income\nsecurity that is used to determine the sensitivity of a security’s price to changes in interest rates. The longer a security’s\nduration, the more sensitive it will be to changes in interest rates. Similarly, a fund with a longer average portfolio duration will\nbe more sensitive to changes in interest rates than a fund with a shorter average portfolio duration.

The\nCOMB Fund is “non-diversified,” meaning that a relatively high percentage of its assets may be invested in a limited number\nof issuers of securities.

GraniteShares\nHIPS US High Income ETF

The\nHIPS Fund seeks to track the performance, before fees and expenses, of the HIPS Index.

The\nHIPS Fund employs a “passive management”—or indexing—investment approach designed to track the performance of\nthe HIPS Index. The rules-based HIPS Index measures the performance of up to 60 high income U.S.-listed securities that typically have\n“pass-through” structures that require them to distribute substantially all of their earnings to shareholders as cash distributions.\nThis “high income, pass-through” strategy is known as HIPS.

The\nHIPS Index

The\nHIPS Index is constructed to capture up to 40 high income securities, typically with pass-through structures, across the following sectors:\n(i) closed-end funds (“CEFs”), (ii) real estate investment trusts (“REITS”), (iii) asset management and business\ndevelopment companies (“BDCs”), and (iv) energy production and energy transportation and processing companies. Energy-related\ncompanies included in the Index are structured as master limited partnerships (“MLPs”).

The\nHIPS Index applies a quantitative screen to the securities in such sectors for minimum market capitalizations and minimum liquidity thresholds.\nThe HIPS Index then selects up to 10 securities with the highest yield and lowest volatility over a prescribed time period for each sector\nwith all securities equally weighted. Each sector is weighted at 25% at each index reconstitution/rebalancing. The HIPS Index may include\nsmall, mid-, and large-capitalization companies meeting the screening criteria.

The\nHIPS Index is reconstituted annually and rebalanced quarterly.

HIPS\nFund’s Investment Strategy

The\nHIPS Fund attempts to invest all, or substantially all, of its assets in the securities that make up the HIPS Index. The HIPS Fund will\ngenerally use a “replication” strategy to achieve its investment objective, meaning it generally will invest in all of the\ncomponent securities of the HIPS Index, but may, when the Adviser believes it is in the best interests of the HIPS Fund, use a “representative\nsampling” strategy, meaning it may invest in a sample of the securities in the HIPS Index whose risk, return and other characteristics\nare expected to closely resemble the risk, return and other characteristics of the HIPS Index as a whole.

Under\nnormal circumstances, at least 80% of the HIPS Fund total assets (exclusive of collateral held from securities lending) will be invested\nin the component securities of the HIPS Index and investments that have economic characteristics that are substantially identical to\nthe economic characteristics of such component securities. The Adviser, expects that, over time, the correlation between the HIPS Fund’s\nperformance and that of the HIPS Index, before fees and expenses, will be 95% or better.

GraniteShares\nNasdaq Select Disruptors ETF

The\nDRUP Fund seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of\nthe DRUP Index.

The\nDRUP Index. The DRUP Index is designed by Nasdaq Inc. (the “DRUP Index Provider”) to track the performance of large-cap,\nU.S.-listed companies, with high disruption scores. Companies are assigned a disruption score using a multifactor scoring model, which\nis based on multiple fundamental metrics such as patent value, revenue growth, research and development expenses, and gross margins.\nThe index universe consists of all issuers from the Nasdaq US 500 Large Cap Index and the top 50 securities are selected for inclusion\nin the DRUP Index. The DRUP Index is a modified free-float market capitalization-weighted index to reduce excessive concentration. The\nDRUP Index is reconstituted semi-annually and rebalanced quarterly.

Investment\nApproach and Strategies. Given the DRUP Fund’s investment objective of attempting to track the DRUP Index, the DRUP Fund does\nnot follow traditional methods of active management, which may involve buying and selling securities based upon analysis of economic\nand market factors. Rather, the Adviser employs a “passive management” – or indexing – investment approach to\nseek to achieve the DRUP Fund’s investment objective.

The\nDRUP Fund generally will use a “replication” strategy to seek to achieve its investment objective, meaning it generally will\ninvest in the DRUP Index components in approximately the same weighting that such components have within the DRUP Index at the applicable\ntime. However, under various circumstances, it may not be possible or practicable to purchase all of the DRUP Index securities in the\napproximate Index weight. Some examples include if and when a stock becomes illiquid and is therefore difficult to trade, the price of\na stock becomes extremely high or a stock is subject to a market disruption event. In these circumstances, the DRUP Fund may use a “representative\nsampling” strategy, meaning it may purchase a subset of the securities in the DRUP Index in an effort to hold a portfolio of securities\nwith generally the same risk and return characteristics as the DRUP Index.

The\nAdviser expects that, over time, the correlation between the DRUP Fund’s performance and that of the DRUP Index, before fees and\nexpenses, will be 95% or better. A correlation percentage of 100% would indicate perfect correlation. If the DRUP Fund uses a replication\nstrategy, it can be expected to have greater correlation to the DRUP Index than if it uses a representative sampling strategy.

Futures,\nOptions on Futures and Securities Options. Futures contracts, options on futures and securities options may be used by the DRUP Fund\nto simulate investment in the DRUP Index, to facilitate trading or to reduce transaction costs. The DRUP Fund may enter into futures\ncontracts and options on futures that are traded on a U.S. or non-U.S. futures exchange. The DRUP Fund will not use futures, options\non futures or securities options for speculative purposes.

Principal\nRisks of Investing in the Funds

Loss\nof money is a risk of investing in the Funds. The principal risks of the Funds are discussed in the summary sections of this prospectus.\nThe following section provides additional information on the risks that apply to each Fund, which may result in a loss of your investment.\nEach Fund may be subject to other risks in addition to those identified as principal risks. An investment in a Fund is not a bank deposit\nand is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. Investors should carefully\nconsider these risks before investing. None of the Funds should be relied upon as a complete investment program. There can be no assurance\nthat a Fund will achieve its investment objective.

The\ninvestment programs of the Funds are speculative, entail substantial risks and include alternative investment techniques not employed\nby traditional mutual funds. A Fund’s investment techniques (if they do not perform as designed) may increase the volatility of\nperformance and the risk of investment loss, including the loss of the entire amount that is invested. Moreover, certain investment techniques\nwhich a Fund may employ in its investment program can substantially increase the adverse impact to which the Fund’s investments\nmay be subject. There is no assurance that the investment processes of a Fund will be successful, or that the techniques utilized therein\nwill be implemented successfully or that they are adequate for their intended uses.

Absence\nof Active Market Risk

Prior\nto trading in the secondary market, shares of each Fund are “created” at net asset value (“NAV”) by “Authorized\nParticipants” which are market makers, broker dealers and/or large institutional investors that have entered into an agreement\nwith ALPS Distributors, Inc., the distributor of each Fund’s shares (the “Distributor”). There can be no assurance\nthat active trading markets for the shares will develop or be maintained by Authorized Participants, and there are no obligations of\nmarket makers to make a market in the Fund’s shares or of Authorized Participants to submit purchase or redemption orders for creation\nunits. The Distributor does not maintain a secondary market in the shares.

Although\nmarket makers will generally take advantage of differences between the NAV and the trading price of Fund shares through arbitrage opportunities,\nthere is no guarantee that they will do so. Decisions by market makers or Authorized Participants to reduce their role or “step\naway” from market making or creation/redemption activities in times of market stress could inhibit the effectiveness of the arbitrage\nprocess in maintaining the relationship between the underlying value of a Fund’s portfolio securities and such Fund’s market\nprice. This reduced effectiveness could result in shares trading at a discount to NAV and also in greater than normal intraday bid/ask\nspreads for shares.

Authorized\nParticipant Concentration Risk (COMB Fund and HIPS Fund only)

As\nindicated above, for each Fund only an Authorized Participant may engage in creation or redemption transactions directly with a Fund.\nA Fund may have a limited number of Authorized Participants. To the extent that Authorized Participants exit the business or are unable\nto proceed with creation or redemption orders with respect to a Fund and no other Authorized Participant is able to step forward to create\nor redeem, Fund shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.

Bank\nDebt Risk (HIPS Fund only)

The\nHIPS Fund may invest in CEFs that primarily invest in bank loans and participations. Risks associated with these obligations include,\nbut are not limited to: inadequate perfection of the security interest granted under the loan documents; inadequate collateral; the possible\ninvalidation or compromise of a loan transaction as a fraudulent conveyance or preference under relevant creditors’ rights laws;\nthe validity and seniority of bank claims and guarantees; environmental liability that may arise with respect to collateral securing\nthe obligations; adverse consequences resulting from participating in such instruments with other institutions with lower credit quality;\nlong and less certain settlement periods; limitations on the ability of the CEF to directly enforce its rights with respect to participations\nand illiquidity in the market for the resale of such loans. Leading financial institutions often act as agent for a broader group of\nlenders, generally referred to as a syndicate. The syndicate’s agent arranges the loan, holds collateral and accepts payments of\nprincipal and interest. If the agent develops financial problems, the CEF may not recover its investment or recovery may be delayed.\nBy investing in a loan, the CEF may become a member of the syndicate. If a loan is acquired through an assignment, the CEF may not be\nable to unilaterally enforce all rights and remedies under the loan and with regard to any associated collateral. If a loan is acquired\nthrough a participation, the CEF generally will have no right to enforce compliance by the borrower with the terms of the loan agreement\nagainst the borrower, and the CEF may not directly benefit from the collateral supporting the debt obligation in which it has purchased\nthe participation. As a result, the CEF (and to the extent the HIPS Fund invests in such CEF, the HIPS Fund) will be exposed to the credit\nrisk of both the borrower and the institution selling the participation.

BDC\nRisk (HIPS Fund only)

The\nHIPS Fund may invest in BDCs. BDCs may carry risks similar to those of a private equity or venture capital fund. BDC securities are not\nredeemable at the option of the shareholder and they may trade in the market at a discount to their NAV. A BDC is a form of investment\ncompany that is required to invest at least 70% of its total assets in securities (typically debt) of private companies, thinly traded\nU.S. public companies, or short-term high-quality debt securities. BDCs usually trade at a discount to their NAV because they invest\nin unlisted securities and have limited access to capital markets. The BDCs held by the HIPS Fund may leverage their portfolios through\nborrowings or the issuance of preferred stock. While leverage often serves to increase the yield of a BDC, this leverage also subjects\na BDC to increased risks, including the likelihood of increased volatility and the possibility that a BDC’s common share income\nwill fall if the dividend rate of the preferred shares or the interest rate on any borrowings rises. BDCs are subject to management fees\nand other expenses, which will be indirectly paid by the HIPS Fund.

Below\nInvestment-Grade Instruments Risk (HIPS Fund only)

The\nHIPS Fund may invest and transact in CEFs that primarily invest in unrated or lower-rated fixed income securities and other instruments,\nsometimes referred to as “high yield” or “junk” bonds. Lower-rated securities may include securities that have\nthe lowest rating or are in default. Investing in lower-rated or unrated securities involves special risks in addition to the risks associated\nwith investments in higher-rated fixed income securities, including a high degree of credit risk. Lower-rated or unrated securities may\nbe regarded as predominately speculative with respect to the issuer’s continuing ability to meet principal and interest payments.\nAnalysis of the creditworthiness of issuers/issues of lower-rated or unrated securities may be more complex than for issuers/issues of\nhigher quality debt securities. Lower-rated or unrated securities may be more susceptible to losses and real or perceived adverse economic\nand competitive industry conditions than higher-grade securities. Securities that are in the lowest rating category are considered to\nhave extremely poor prospects of ever attaining any real investment standing, to have a current identifiable vulnerability to default,\nand to be unlikely to have the capacity to pay interest and repay principal. The secondary markets on which lower-rated or unrated securities\nare traded may be less liquid than the market for higher-grade securities. Less liquidity in the secondary trading markets could adversely\naffect and cause large fluctuations in the value of such investments. Adverse publicity and investor perceptions, whether or not based\non fundamental analysis, may decrease the values and liquidity of lower-rated or unrated securities, especially in a thinly traded market.\nIt is possible that a major economic recession could disrupt severely the market for such securities and may have an adverse impact on\nthe value of such securities. In addition, it is possible that any such economic downturn could adversely affect the ability of the issuers\nof such securities to repay principal and pay interest thereon and increase the incidence of default of such securities. Furthermore,\nwith respect to certain residential and commercial mortgage-backed securities, it is difficult to obtain current reliable information\nregarding delinquency rates, prepayment rates, servicing records, as well as updated cash flows. The use of credit ratings as the sole\nmethod of evaluating lower-rated or unrated securities can involve certain risks. For example, credit ratings evaluate the safety of\nprincipal and interest payments, not the market value risk of lower-rated securities. In addition, credit rating agencies may fail to\nchange credit ratings in a timely fashion to reflect events since the security was rated.

Calculation\nMethodology Risk. (DRUP Fund only)

The\nDRUP Index relies on various sources of information to assess the criteria of issuers included in the DRUP Index, including information\nthat may be based on assumptions and estimates. Neither the DRUP Fund, the Adviser nor the DRUP Index Provider can offer assurances that\nthe DRUP Index’s calculation methodology or sources of information will provide a correct valuation of securities, nor can they\nguarantee the availability or timeliness of the production of the DRUP Index.

Cash\nTransaction Risk (COMB Fund only)

For\nthe COMB Fund, creation and redemption transactions are expected to generally settle through payments of cash and/or Fixed Income Securities,\nwhich will cause such Fund to incur certain costs, such as brokerage costs, that it would not incur if it made in-kind redemptions. Other\nETFs generally are able to make in-kind redemptions and avoid realized gains in connection with transactions designed to meet redemption\nrequests. Because the COMB Fund may effect redemptions principally for cash, rather than in-kind distributions, such Fund may be required\nto sell financial instruments in order to obtain the cash needed to distribute the redemption proceeds. Such cash transactions may have\nto be carried out over several days if the securities or commodities markets are relatively illiquid and may involve considerable brokerage\nfees. These brokerage fees, which will be higher than if the COMB Fund redeemed its shares in kind, will be passed on to redeemers of\ncreation units in the form of redemption transaction fees. In addition, these factors may result in wider spreads between the bid and\nthe offered prices of the COMB Fund’s shares than for more conventional ETFs (for example, those that track an index of corporate\nequity securities). In addition, an investment in COMB Fund shares may be less tax efficient than investments in shares of conventional\nETFs, and there may be a substantial difference in the after-tax rate of return between the COMB Fund and conventional ETFs.

Cash\nRedemption Risk (HIPS Fund only)

The\nHIPS Fund’s investment strategy may require it to redeem its Shares for cash or to otherwise include cash as part of its redemption\nproceeds. The HIPS Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds.\nThis may cause the HIPS Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a\nresult, the HIPS Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.

Clearing\nBroker Risk (COMB Fund only)

The\nfailure or bankruptcy of the COMB Fund’s clearing broker could result in a substantial loss of Fund assets. Under current Commodity\nFutures Trading Commission (“CFTC”) regulations, a clearing broker maintains customers’ assets in a bulk segregated\naccount. If a clearing broker fails to do so, or is unable to satisfy a substantial deficit in a customer account, its other customers\nmay be subject to risk of loss of their funds in the event of that clearing broker’s bankruptcy. In that event, the clearing broker’s\ncustomers, such as the COMB Fund, are entitled to recover, even in respect of property specifically traceable to them, only a proportional\nshare of all property available for distribution to all of that clearing broker’s customers.

Commodity\nand Commodity-Linked Derivative Risk (COMB Fund only)

Commodities.\nThe COMB Fund’s exposure to investments in physical commodities presents unique risks. Investing in physical commodities, including\nthrough commodity-linked derivative instruments such as commodity-linked swaps, commodity futures, and commodity index futures, as well\nas other commodity-linked investments, is speculative and can be extremely volatile. Market prices of commodities may fluctuate rapidly\nbased on numerous factors, including: changes in supply and demand relationships (whether actual, perceived, anticipated, unanticipated\nor unrealized); weather; agriculture; trade; domestic and foreign political and economic events and policies; diseases; pestilence; technological\ndevelopments; currency exchange rate fluctuations; and monetary and other governmental policies, action and inaction. For example, the\nenergy sector can be significantly affected by changes in the prices and supplies of oil and other energy fuels, energy conservation,\ninvestment speculation, the success of exploration projects, and tax and other government regulations, policies of the Organization of\nPetroleum Exporting Countries (“OPEC”) and relationships among OPEC members and between OPEC and oil-importing nations. The\nmetals sector can be affected by sharp price volatility over short periods caused by global economic, financial and political factors,\nresource availability, government regulation, economic cycles, changes in inflation or expectations about inflation in various countries,\ninterest rates, currency fluctuations, metal sales by governments, central banks or international agencies, investment speculation and\nfluctuations in industrial and commercial supply and demand. The current or “spot” prices of physical commodities may also\naffect, in a volatile and inconsistent manner, the prices of futures contracts in respect of the relevant commodity. Certain commodities\nare used primarily in one industry, and fluctuations in levels of activity in (or the availability of alternative resources to) one industry\nmay have a disproportionate effect on global demand for a particular commodity. Moreover, recent growth in industrial production and\ngross domestic product has made China and other developing nations oversized users of commodities and has increased the extent to which\ncertain commodities prices are influenced by those markets.

Commodity-Linked\nDerivative Instruments. The use of derivative instruments by the COMB Fund involves risks that are different from, and in many cases\ngreater than, the risk associated with investing in other financial instruments. The value of a commodity-linked derivative instrument\ngenerally is based upon the price movements of a physical commodity (such as energy, minerals, or agricultural products), a futures contract,\nswap or commodity index, or other economic variables linked to changes in the value of commodities or the commodities markets. The value\nof commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes\nin interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, changes\nin storage costs, embargoes, tariffs, policies of commodity cartels and international economic, and political and regulatory developments.\nFor these reasons, the commodities-linked derivative instruments in which the COMB Fund invests tend to be more volatile than many other\ntypes of financial instruments and may subject the COMB Fund to special risks that do not apply to all derivatives transactions. Also,\na liquid secondary market may not exist for the types of commodity-linked derivative instruments the COMB Fund buys, which may make it\ndifficult for the COMB Fund to sell them at an acceptable price. The COMB Fund’s ability to gain exposure to commodity-linked investments\nand achieve its investment objective may be limited by its intention to qualify as a regulated investment company (“RIC”)\nunder the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”).

Even\na small investment in derivative contracts can have a significant impact on the COMB Fund’s commodity exposure. Therefore, using\nderivatives can disproportionately increase losses and reduce opportunities for gains when market prices are changing. The COMB Fund\nmay not fully benefit from or may lose money on derivatives if changes in their value do not correspond accurately to changes in the\nvalue of the underlying reference asset. The other parties to certain derivative contracts present the same types of default and credit\nrisk as issuers of fixed income securities. Derivatives can also make the COMB Fund less liquid and harder to value, especially in declining\nmarkets. Use of derivatives may increase the amount and affect the timing and character of taxes payable by shareholders. In addition,\nfuture regulatory changes could significantly limit or impact the COMB Fund’s ability to invest in derivatives and other instruments\nand adversely affect the COMB Fund’s performance and ability to pursue its investment objectives.

Commodity\nFutures. The use of commodity futures contracts by the COMB Fund may present risks. Risks of commodity futures contracts include:\n(i) an imperfect correlation between the value of the futures contract and the underlying commodity or commodity index; (ii) possible\nlack of a liquid secondary market; (iii) the inability to close a futures contract when desired; (iv) losses caused by unanticipated\nmarket movements, which may be unlimited; and (v) an obligation for the COMB Fund to make daily cash payments to maintain its required\ncollateral, or margin, particularly at times when the COMB Fund may have insufficient cash or must sell securities to meet those margin\nrequirements. Although the counterparty to an exchange-traded futures contract is often backed by a futures commission merchant (“FCM”)\nor clearing organization that is further backed by a group of financial institutions, there may be instances in which the FCM or the\nclearing organization could fail to perform its obligations, causing significant losses to the COMB Fund. For example, the COMB Fund\ncould lose margin payments it has deposited with a clearing organization as well as any gains owned but not paid to the COMB Fund, if\nthe clearing organization becomes insolvent or otherwise fails to perform its obligations.

The\nfollowing events, among others, would generally result in a decline in the price of the futures contracts or commodities underlying the\nCOMB Fund’s benchmark index, and therefore the price of COMB Fund shares:

\n \n \n \n \n \n \n \n \n \n

●	A\n significant increase in hedging activity by producers of the underlying commodities. Should producers of the commodities underlying\n the COMB Fund’s benchmark index increase their hedging of their future production through forward sales or other short positions,\n this increased selling pressure could depress the price of one or more of the underlying commodities, which could adversely affect\n the price of the COMB Fund’s shares.
●	A\n significant change in the attitude of speculators and investors toward the futures contracts or commodities underlying the COMB Fund’s\n benchmark index. Should the speculative community take a negative view towards one or more of the underlying futures contracts or\n commodities, it could cause a decline in the price of the commodity futures contracts reflected in the COMB Fund’s benchmark\n index, which may reduce the price of the COMB Fund’s shares.
●	Significant\n reductions in the size of positions permitted to be owned by the COMB Fund or others in derivatives with respect to the COMB Fund’s\n benchmark index or in the futures contracts and/or commodities underlying the benchmark index, for example, as a result of more restrictive\n position limits or position limit exemptions or more expansive position aggregation requirements, could reduce liquidity and depress\n the price of the COMB Fund’s benchmark index and/or the underlying futures contracts, adversely affecting the value of your\n COMB Fund shares.

Conversely,\nseveral factors could trigger a temporary increase in the price of the futures contracts or commodities underlying the COMB Fund’s\nbenchmark index. In that case, you could buy COMB Fund shares at prices affected by the temporarily high commodity prices, and you could\nsubsequently incur losses when the causes for the temporary increase disappear. Moreover, because the COMB Fund must pay certain ongoing\nfees and expenses, the value of the shares may decrease even in periods where commodity prices are otherwise stationary.

By\ndefinition, futures contracts project price levels in the future and not current levels of valuation, and therefore market circumstances\nmay result in a discrepancy between the price of the commodity future and the movement in the underlying commodity. In the event of adverse\nprice movements, the COMB Fund would continue to be required to make daily cash payments to maintain its required margin. In such situations,\nif the COMB Fund has insufficient cash, it may have to sell portfolio holdings to meet daily margin requirements at a time when it may\nbe disadvantageous to do so. In many cases, a relatively small price movement in a futures contract may result in immediate and substantial\nloss or gain to the investor relative to the size of a required margin deposit. There is a risk of loss by the COMB Fund of margin deposits\nin the event of bankruptcy of a broker with whom the COMB Fund has an open position in the futures contract. Certain futures exchanges\nlimit the amount of fluctuation permitted in futures contract prices during a single trading day. The daily limit establishes the maximum\namount by which the price of a futures contract may vary either up or down from the previous day’s settlement price at the end\nof a trading session. Once the daily limit has been reached in a particular type of contract, no trades may be made on that day at a\ndifferent price. It is possible that futures contract prices could move to the daily limit for several consecutive trading days with\nlittle or no trading, thereby preventing prompt liquidation of futures positions and subjecting a Fund to substantial losses. In the\nevent of adverse price movements, the COMB Fund would be required to make daily cash payments of variation margin.

Commodity\nSwaps. The COMB Fund may invest in swap agreements to seek to enable the COMB Fund to gain exposure to commodities or the COMB Fund’s\nbenchmark index without investing in specific commodities futures contracts or other derivative instruments. Swaps are highly specialized\ninstruments that require investment techniques and risk analyses different from those associated with stocks, bonds, and other traditional\ninvestments. The use of swap agreements entails certain risks that may be different from, or possibly greater than, the risks associated\nwith investing directly in the reference instrument that underlies the swap agreement. The use of swap agreements can lead to losses,\nincluding those magnified by leverage, particularly when derivatives are used to enhance return rather than mitigate risk.

Swaps\ncan involve greater risks than a direct investment in an underlying asset, such as a commodity, because swaps typically include a certain\namount of embedded leverage and, as such, are subject to leveraging risk. Swaps are subject to liquidity risk and counterparty risk and\nalso may be difficult to value. A swap agreement can increase or decrease the volatility of a fund’s investments and its net asset\nvalue. The value of swaps, like many other derivatives, may move in unexpected ways and may result in losses for the COMB Fund. Adverse\nchanges in the value or level of an underlying commodity can result in gains or losses that are substantially greater than the amount\ninvested in the swap itself. Certain swaps have the potential for unlimited loss, regardless of the size of the initial investment. Under\ncertain market conditions, the COMB Fund may invest in a single swap, and a bankruptcy or other performance failure by the counterparty\nto the swap could cause the COMB Fund to lose the assets held by the swap provider.

Cleared\nSwaps. In a cleared swap, the COMB Fund’s ultimate counterparty is a central clearinghouse rather than a brokerage firm, bank\nor other financial institution. Cleared swaps are submitted for clearing through each party’s FCM, which must be a member of the\nclearinghouse that serves as the central counterparty. Transactions executed on a swap execution facility (“SEF”) may increase\nmarket transparency and liquidity but may require the COMB Fund to incur increased expenses. When the COMB Fund enters into a cleared\nswap, it must deliver to the central counterparty (via the FCM) an amount of collateral referred to as “initial margin.”\nInitial margin requirements are determined by the central counterparty, and are typically calculated as an amount equal to the volatility\nin market value of the cleared swap over a fixed period, but an FCM may require additional initial margin above the amount required by\nthe central counterparty. During the term of the swap agreement, a “variation margin” amount of collateral may also be required\nto be paid by the COMB Fund or may be received by the COMB Fund in accordance with margin controls set for such accounts. If the value\nof the COMB Fund’s cleared swap declines, the COMB Fund will be required to make additional “variation margin” payments\nto the FCM to settle the change in value. Conversely, if the market value of the COMB Fund’s position increases, the FCM will post\nadditional “variation margin” to the COMB Fund’s account. At the conclusion of the term of the swap agreement, if the\nCOMB Fund has a loss equal to or greater than the margin amount, the margin amount is paid to the FCM along with any loss in excess of\nthe margin amount. If the COMB Fund has a loss of less than the margin amount, the excess margin is returned to the COMB Fund. If the\nCOMB Fund has a gain, the full margin amount and the amount of the gain is paid to the COMB Fund.

Although\nthe counterparty to a cleared swap contract is often backed by an FCM or clearing organization that is further backed by a group of financial\ninstitution, there may be instances in which the FCM or the clearing organization could fail to perform its obligations, causing significant\nlosses to the COMB Fund. For example, the COMB Fund could lose margin payments it has deposited with a clearing organization as well\nas any gains owned but not paid to the COMB Fund, if the clearing organization becomes insolvent or otherwise fails to perform.

Commodity-Linked\nNote Risk (COMB Fund only)

Commodity-linked\nnotes have characteristics of both a debt security and a commodity-linked derivative. Typically, they are issued by a bank at a specified\nface value and pay a fixed or floating rate linked to the performance of an underlying asset, such as commodity indices, particular commodities\nor commodity futures contracts. As such, the COMB Fund faces the economic risk of movements in commodity prices by investing in such\nnotes. These notes also are subject to credit, market and interest rate risks that in general affect the values of debt securities. In\naddition, these notes may be leveraged, increasing the volatility of each note’s market value relative to changes in the underlying\ncommodity, commodity futures contract or commodity index; as a result, at the maturity of the note, the COMB Fund may receive more or\nless principal than it originally invested.

Commodity\nPool Risk (COMB Fund only)

Under\nregulations promulgated by the CFTC, the COMB Fund and the Subsidiary are considered commodity pools, and therefore are subject to regulation\nunder the Commodity Exchange Act and CFTC rules. The Adviser is registered as a commodity pool operator (“CPO”), and it will\nmanage the COMB Fund and the Subsidiary in accordance with applicable CFTC rules, as well as the rules that apply to registered investment\ncompanies. Registration as a CPO subjects the registrant to additional laws, regulations and enforcement policies, all of which may affect\nthe operations of the COMB Fund. Additionally, the Subsidiary’s positions in futures contracts may have to be liquidated at disadvantageous\ntimes or prices to prevent the COMB Fund from exceeding any applicable position limits established by the CFTC. Such actions may subject\nthe COMB Fund to substantial losses.

Credit\nRisk (COMB Fund only)

For\nthe COMB Fund, there is a risk that issuers will not make payments on financial instruments held by a Fund, resulting in losses to such\nFund. In addition, the credit quality of securities held by a Fund may be lowered if an issuer’s financial condition changes. Because\nthe issuers of high-yield debt securities or junk bonds (debt securities rated below the fourth highest category) may be in uncertain\nfinancial health, the prices of their debt securities can be more vulnerable to bad economic news or even the expectation of bad news,\nthan investment-grade debt securities. Lower credit quality may lead to greater volatility in the price of a security and in shares of\nCOMB Fund. Lower credit quality also may affect liquidity and make it difficult for COMB Fund to sell the security. Default, or the market’s\nperception that an issuer is likely to default, could reduce the value and liquidity of securities held by a Fund, thereby reducing the\nvalue of your investment in Fund shares. In addition, default may cause a Fund to incur expenses in seeking recovery of principal or\ninterest on its portfolio holdings. Credit risk also exists whenever COMB Fund enters into a derivative contract, because the counterparty\nmay not be able or may choose not to perform under the contract. When COMB Fund invests in over-the-counter derivative instruments, it\nis assuming a credit risk with regard to the party with which it trades and also bears the risk of settlement default. These risks may\ndiffer materially from risks associated with transactions effected on an exchange, which generally are backed by clearing organization\nguarantees, daily mark-to-market and settlement, segregation and minimum capital requirements applicable to intermediaries.

Transactions\nentered into directly between two counterparties generally do not benefit from such protections. Relying on a counterparty exposes COMB\nFund to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over\nthe terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing COMB Fund to suffer a\nloss. If a counterparty defaults on its payment obligations to COMB Fund, this default will cause the value of an investment in such\nFund to decrease. In addition, to the extent COMB Fund deals with a limited number of counterparties, it will be more susceptible to\nthe credit risks associated with those counterparties. COMB Fund is neither restricted from dealing with any particular counterparty\nnor from concentrating any or all of its transactions with one counterparty. The ability of COMB Fund to transact business with any one\nor number of counterparties and the absence of a regulated market to facilitate settlement may increase the potential for losses by such\nFund.

Concentration\nRisk (HIPS Fund only)

The\nHIPS Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the HIPS Fund’s investments\nmore than the market as a whole, to the extent that the HIPS Fund’s investments are concentrated in the securities of a particular\nissuer or issuers, country, group of countries, region, market, industry, group of industries, sector or asset class. The HIPS Fund may\nbe more adversely affected by the underperformance of those securities, may experience increased price volatility and may be more susceptible\nto adverse economic, market, political or regulatory occurrences affecting those securities than a fund that does not concentrate its\ninvestments.

Cyber\nSecurity Risk

Each\nof the Funds is subject to cyber security risk. With the increased use of technologies such as the internet to conduct business, a Fund,\nAuthorized Participants, service providers and the relevant listing exchange are susceptible to operational, information security and\nrelated “cyber” risks both directly and through their service providers. Similar types of cyber security risks are also present\nfor issuers of securities in which a Fund invests, which could result in material adverse consequences for such issuers and may cause\na Fund’s investment in such portfolio companies to lose value. Unlike many other types of risks faced by a Fund, these risks typically\nare not covered by insurance. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber incidents\ninclude, but are not limited to, gaining unauthorized access to digital systems (e.g., through “hacking” or malicious software\ncoding) for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyber attacks\nmay also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites\n(i.e., efforts to make network services unavailable to intended users). Cyber security failures by or breaches of the systems of a Fund’s\nadviser, distributor and other service providers (including, but not limited to, index providers, fund accountants, custodians, transfer\nagents and administrators), market makers, Authorized Participants or the issuers of securities in which a Fund invests, have the ability\nto cause disruptions and impact business operations, potentially resulting in: financial losses, interference with a Fund’s ability\nto calculate its NAV, disclosure of confidential trading information, impediments to trading, submission of erroneous trades or erroneous\ncreation or redemption orders, the inability of a Fund or its service providers to transact business, violations of applicable privacy\nand other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance\ncosts. In addition, cyber attacks may render records of Fund assets and transactions, shareholder ownership of Fund shares, and other\ndata integral to the functioning of a Fund inaccessible or inaccurate or incomplete. While a Fund has established business continuity\nplans in the event of, and risk management systems to prevent, such cyber attacks, there are inherent limitations in such plans and systems,\nincluding the possibility that certain risks have not been identified and that prevention and remediation efforts will not be successful.\nFurthermore, a Fund cannot control the cyber security plans and systems put in place by service providers to a Fund, issuers in which\na Fund invests, the index provider, market makers or Authorized Participants. A Fund and its shareholders could be negatively impacted\nas a result.

Equity\nMarket Risk (HIPS Fund only)

The\nHIPS Fund may invest in common stocks. Common stocks are susceptible to general stock market fluctuations and to volatile increases and\ndecreases in value as market confidence in and perceptions of their issuers change. These investor perceptions are based on various and\nunpredictable factors including: expectations regarding government, economic, monetary and fiscal policies; inflation and interest rates;\neconomic expansion or contraction; and global or regional political, economic and banking crises. If you held common stock, or common\nstock equivalents, of any given issuer, you would generally be exposed to greater risk than if you held preferred stocks and debt obligations\nof the issuer because common stockholders, or holders of equivalent interests, generally have inferior rights to receive payments from\nissuers in comparison with the rights of preferred stockholders, bondholders, and other creditors of such issuers.

Exchange-Traded\nNote Risk (COMB Fund only)

The\nCOMB Fund may invest in ETNs. ETNs are a type of unsecured, unsubordinated debt security that have characteristics and risks similar\nto those of fixed income securities of an issuer and trade on a major exchange similar to shares of ETFs. This type of debt security\ndiffers, however, from other types of bonds and notes because an ETN’s returns generally are linked to the performance of a particular\nmarket benchmark or strategy, minus applicable fees. The purpose of ETNs is to create a type of security that combines the aspects of\nboth bonds and ETFs. ETNs do not provide principal protection and may or may not make periodic coupon payments. ETNs are subject to credit\nrisk, and the value of the ETN may drop due to a downgrade in the issuer’s credit rating, despite the underlying market benchmark\nor strategy remaining unchanged. The value of an ETN may be influenced by time to maturity, level of supply and demand, volatility and\nlack of liquidity in underlying commodities markets, changes in the applicable interest rates, changes in the issuer’s credit rating\nand other economic, legal, political or geographic events that affect the commodities markets. If the COMB Fund must sell some or all\nof its ETN holdings and the secondary market is weak, it may have to sell such holdings at a discount. If the COMB Fund holds its investment\nin an ETN until maturity, the issuer will give the COMB Fund a cash amount that would be equal to principal amount (subject to the day’s\nindex factor). ETNs also are subject to credit risk, whereby the COMB Fund could lose money if the issuer of a note is unable to pay\ninterest or repay principal when it is due.

Fixed\nIncome Securities Risk (COMB Fund and HIPS Fund only)

The\nCOMB Fund may invest in Fixed Income Securities. The HIPS Fund may invest in closed-end funds (or “CEFs”) that invest primarily\nin debt securities. The market value of Fixed Income Securities and debt investments will change in response to interest rate changes\nand other factors, such as changes in the effective maturities and credit ratings of fixed income investments. During periods of falling\ninterest rates, the values of outstanding Fixed Income Securities and debt securities and related financial instruments generally rise.\nConversely, during periods of rising interest rates, the values of such securities and related financial instruments generally decline.\nInterest rates in the United States are at, or near, historic lows, which may increase a Fund’s exposure to risks associated with\nrising rates because interest rates are expected to start increasing in the foreseeable future, with unpredictable impacts on the markets\nand a Fund’s investments.

Fixed\nIncome Securities and debt securities, such as bonds and certain asset-backed securities, involve certain risks, which include:

Asset\nBacked/Mortgage-Backed Securities Risk. The market value and yield of asset-backed and mortgage-backed securities can vary due to\nmarket interest rate fluctuations and early prepayments of underlying instruments. Although these securities may offer yields higher\nthan those available from other types of securities, these securities may be less effective than other types of securities as a means\nof “locking in” attractive long-term rates because of the prepayment feature. During periods of difficult or frozen credit\nmarkets, significant changes in interest rates, or deteriorating economic conditions, such securities may decline in value, face valuation\ndifficulties, become more volatile and/or become illiquid. Mortgage-backed securities may be particularly susceptible to Prepayment Risk.

Credit\nRisk. An investment in a Fund also involves the risk that the issuer of a debt security that the Fund holds will fail to make timely\npayments of interest or principal, or go bankrupt, or that the value of the securities will decline because of a market perception that\nthe issuer may not make payments on time, thus potentially reducing the Fund’s return. Changes in economic conditions are likely\nto cause issuers of these debt securities to be unable to meet their obligations. The lower the rating of a debt security, the higher\nits credit risk. In addition, the securities of many U.S. government agencies, authorities or instrumentalities in which a Fund may invest\nare neither issued nor guaranteed by the U.S. government, and may be supported only by the ability of the issuer to borrow from the U.S.\nTreasury or by the credit of the issuer. Changes in an issuer’s credit rating or the market’s perception of an issuer’s\ncreditworthiness may also affect the value of a Fund’s, or a CEF’s, investment in that issuer. The degree of credit risk\ndepends on both the financial condition of the issuer and the terms of the obligation.

Event\nRisk. Event risk is the risk that corporate issuers may undergo restructurings, such as mergers, leveraged buyouts, takeovers, or\nsimilar events financed by increased debt. As a result of the added debt, the credit quality and market value of a company’s bonds\nand/or other debt securities may decline significantly.

Extension\nRisk. When interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated, causing the value\nof these securities to fall. Rising interest rates tend to extend the duration of securities, making them more sensitive to future changes\nin interest rates. The value of longer-term securities generally changes more in response to changes in interest rates than the value\nof shorter-term securities. As a result, in a period of rising interest rates, securities may exhibit additional volatility and may lose\nvalue.

Interest\nRate Risk. Generally, the value of Fixed Income Securities and debt securities will change inversely with changes in interest rates.\nAs interest rates rise, the market value of Fixed Income Securities and debt securities tends to decrease. Conversely, as interest rates\nfall, the market value of Fixed Income Securities and debt securities tends to increase. This risk will be greater for long-term securities\nthan for short-term securities. A Fund, or a CEF, may take steps to attempt to reduce the exposure of its portfolio to interest rate\nchanges; however, there can be no guarantee that a Fund will take such actions or that a Fund will be successful in reducing the impact\nof interest rate changes on the portfolio. In recent periods, governmental financial regulators, including the U.S. Federal Reserve,\nhave taken steps to maintain historically low interest rates. Very low or negative interest rates may magnify interest rate risk. Changes\nin government intervention may have adverse effects on investments, volatility, and illiquidity in debt markets.

Prepayment\nRisk. When interest rates fall, certain obligations will be paid off by the obligor more quickly than originally anticipated, and\na Fund may have to invest the proceeds in securities with lower yields. In periods of falling interest rates, the rate of prepayments\ntends to increase (as does price fluctuation) as borrowers are motivated to pay off debt and refinance at new lower rates. During such\nperiods, reinvestment of the prepayment proceeds by the management team will generally be at lower rates of return than the return on\nthe assets that were prepaid. Prepayment reduces the yield to maturity and the average life of the security.

Variable\nand Floating Rate Instrument Risk. For the HIPS Fund, the absence of an active market for these securities could make it difficult for\na CEF to dispose of them if the issuer defaults.

Gap\nRisk (COMB Fund only)

The\nCOMB Fund is subject to the risk that a commodity price will change from one level to another with no trading in between. Usually such\nmovements occur when there are adverse news announcements, which can cause a commodity price to drop substantially from the previous\nday’s closing price.

Foreign\nSecurities Risk (HIPS Fund only)

The\nHIPS Fund may invest in CEFs that invest primarily in foreign securities. Investments in non-U.S. securities involve certain risks that\nmay not be present with investments in U.S. securities. For example, investments in non-U.S. securities may be subject to risk of loss\ndue to foreign currency fluctuations or to political or economic instability. Investments in non-U.S. securities also may be subject\nto withholding or other taxes and may be subject to additional trading, settlement, custodial, and operational risks. These and other\nfactors can make investments in the HIPS Fund more volatile and potentially less liquid than other types of investments. These risks\nmay be even greater for securities of companies organized in emerging market nations.

Increased\nCompetition Risk (COMB Fund only)

The\nCOMB Fund invests in commodities. The Adviser believes that there has been, over time, a general increase in interest in commodity investing.\nAs the Adviser’s assets under management invested directly or indirectly in the commodities markets increases, an increasing number\nof traders may attempt to initiate or liquidate substantial positions at or about the same time as the Adviser, or otherwise alter historical\ntrading patterns or affect the execution of trades, to the detriment of the COMB Fund.

Index\nRisk (DRUP Fund only)

The\nDRUP Fund will be negatively affected by general declines in the securities and asset classes represented in their respective Indexes.\nIn addition, because the DRUP Fund is not “actively” managed, unless a specific security is removed from the applicable Index,\na Fund generally would not sell a security because the security’s issuer was in financial trouble. The DRUP Fund rebalances its\nportfolio in accordance with the DRUP Index, and therefore, any changes to DRUP Index’s rebalance schedule will result in corresponding\nchanges to the DRUP Fund’s rebalancing schedule. Market disruptions and regulatory restrictions could have an adverse effect on\nthe DRUP Fund’s ability to adjust its exposure to the required levels in order to track the DRUP Index. The DRUP Fund also does\nnot attempt to take defensive positions under any market conditions, including declining markets. Therefore, the DRUP Fund’s performance\ncould be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact\nof a market decline or a decline in the value of one or more issuers. The index providers rely on third party data it believes to be\nreliable in constructing the DRUP Index, but it does not guarantee the accuracy or availability of such third party data. Errors in index\ndata, index computation or the construction of the DRUP Index in accordance with its methodology may occur from time to time and may\nnot be identified by the index provider for a period of time or at all, which may have an adverse impact on the DRUP Fund and its shareholders.\nIn addition, neither the DRUP Fund, the Adviser nor the DRUP Index Provider can guarantee the accuracy, availability or timeliness of\nthe production of the respective Index.

Index-Related\nRisk (COMB Fund and HIPS Fund only)

For\neach Fund, errors in index data, index computations and/or the construction of a Fund’s benchmark index in accordance with its\nmethodology may occur from time to time and may not be identified and corrected by the index provider for a period of time or at all,\nwhich may have an adverse impact on the Fund and its shareholders.

Changes\nin the composition and valuation of a Fund’s benchmark index may adversely affect a Fund’s shares. The composition of a Fund’s\nbenchmark index may change over time as additional instruments satisfy the eligibility criteria or instruments currently included in\na Fund’s benchmark index fail to satisfy those criteria. In addition, the index provider may modify the method for determining\nthe composition and weighting of the index and for calculating its value. Each Fund rebalances its portfolio in accordance with the applicable\nbenchmark index, and, therefore, any changes to the index’s rebalance schedule will result in corresponding changes to the Fund’s\nrebalancing schedule.

The\nFunds are not sponsored, endorsed, sold or promoted by an index provider. The index provider makes no representation or warranty, express\nor implied, to the owners of Fund shares or any member of the public regarding the advisability of investing in securities generally\nor in a Fund particularly or the ability of a Fund’s benchmark index, including, without limitation, all sub-indices, to track\nthe appropriate market performance. The index provider’s only relationship to a Fund or the Adviser is the licensing of certain\ntrademarks, trade names of the index provider and a Fund’s benchmark index and other intellectual property. A Fund’s benchmark\nindex is composed by the index provider and calculated by the index provider or its agents without regard to a Fund or the Adviser. The\nindex provider has no obligation to take the needs of a Fund or the Adviser or a Fund’s shareholders into consideration in determining,\ncomposing or calculating a Fund’s benchmark index. The index provider is not responsible for and has not participated in the determination\nof the prices and the number of Fund shares or the timing of the issuance or sale of shares.

The\nindex provider does not guarantee the accuracy or the completeness of a Fund’s benchmark index or any data included therein, and\nthe index provider disclaims any and all liability for any errors, omissions, or interruptions therein. The index provider makes no warranty,\nexpress or implied, as to the results to be obtained by a Fund, its shareholders or any other person or entity from use of a Fund’s\nbenchmark index or any data included therein. The index provider makes no express or implied warranties, and expressly disclaims all\nwarranties of merchantability or fitness for a particular purpose or use with respect to the Fund’s benchmark index or any data\nincluded therein.

Industry\nConcentration Risk (DRUP Fund only)

For\nthe DRUP Fund, the DRUP Index from time to time may be concentrated to a significant degree in securities of issuers located in a single\nindustry or group of industries. To the extent that the applicable Index concentrates in the securities of issuers in a particular industry\nor group of industries, the DRUP Fund also may concentrate its investments to approximately the same extent. By concentrating its investments\nin an industry or group of industries, the DRUP Fund may face more risks than if it were diversified broadly over numerous industries\nor groups of industries. If the DRUP Index is not concentrated in a particular industry or group of industries, a Fund will not concentrate\nin a particular industry or group of industries

Investment\nCompany Risk (COMB Fund and HIPS Fund only)

Each\nFund may invest in other investment companies (including other ETFs). An investment in other investment companies (including other ETFs)\nis subject to the risks associated with those investment companies, which include, but are not limited to, the risk that such fund’s\ninvestment strategy may not produce the intended results; the risks of the types of instruments in which the fund invests; the risk that\nsecurities in such fund may underperform in comparison to the general securities markets or other asset classes; and the risk that the\nfund will be concentrated in a particular issuer, market, industry or sector, and therefore will be especially susceptible to loss due\nto adverse occurrences affecting that issuer, market, industry or sector. Moreover, a Fund will incur duplicative expenses from such\ninvestments, bearing its share of that fund’s expenses while also paying its own advisory and administrative fees, which could\ncause a Fund’s operating expenses (taking into account indirect expenses such as the fees and expenses of the fund) to be higher\nand, in turn, performance to be lower than if it were to invest directly in the instruments underlying the fund. Additionally, there\nmay not be an active trading market available for shares of some CEFs in which the HIPS Fund invests. Shares of such CEFs may also trade\nin the market at a premium or discount to their net asset value.

Investment\nStyle Risk (DRUP Fund only)

For\nthe DRUP Fund, the DRUP Index is intended to provide exposure to large cap U.S. equity markets, with certain securities excluded from\nthe DRUP Index in accordance with the DRUP Index Provider’s proprietary methodology. The DRUP Index Provider’s methodology\nis relatively new, and there can be no assurance that such methodology will result in positive investment performance. The DRUP Index\nProvider’s methodology may result in the DRUP Index being more volatile than a more conventional index. The DRUP Fund may outperform\nor underperform other funds that invest in similar asset classes but employ different investment styles.

Large-Sized\nCompany Risk (HIPS Fund only)

The\nHIPS Fund may invest in the securities of large-sized companies. Larger, more established companies may be unable to respond quickly\nto new competitive challenges such as changes in technology and consumer tastes. Many larger companies also may not be able to attain\nthe high growth rate of successful smaller companies, especially during extended periods of economic expansion. Investing more heavily\nin one market capitalization category (large, medium or small) carries the risk that due to market conditions that category may be out\nof favor with investors.

Leverage\nRisk (COMB Fund only)

While\nCOMB Fund does not seek leveraged returns, COMB Fund’s use of certain derivatives may create investment leverage. This means that\nthe derivative position may provide COMB Fund with investment exposure greater than the value of COMB Fund’s investment in the\nderivative. As a result, these derivatives may magnify losses to COMB Fund, and even a small market movement may result in significant\nlosses to a Fund.

Liquidity\nRisk (COMB Fund and HIPS Fund only)

Each\nFund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions.\nLiquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a\nmarket in fixed income securities. Illiquid investments may be more difficult to value and more difficult or costly to buy or to sell\nas compared to more actively traded investments. Liquidity risk is a factor in the trading volume of a particular investment, as well\nas the size and liquidity of the market for such an investment. This could have a negative effect on a Fund’s ability to achieve\nits investment objective and may result in losses to Fund shareholders.

In\naddition, a lack of liquidity in the market for a Fund’s shares may lead to differences between the market price of a Fund’s\nshares and their underlying value.

A\npotential rise in interest rates may result in periods of volatility and reduced liquidity with respect to a Fund’s investments\nin fixed income securities. A reduction in dealer market-making capacity in fixed income markets that has occurred in recent years also\nhas the potential to decrease liquidity.

Market\nRisk

Each\nFund is subject to market risks that can affect the value of its shares. These risks include political, regulatory, market and economic\ndevelopments, including developments that impact specific economic sectors, industries or segments of the market.

Turbulence\nin the financial markets and reduced liquidity may negatively affect issuers, which could have an adverse effect on a Fund. In addition,\nthere is a risk that policy changes by the U.S. government, Federal Reserve, or other government actors, which could include increasing\ninterest rates, could cause increased volatility in financial markets and lead to higher levels of Fund redemptions, which could have\na negative impact on a Fund. A Fund’s net asset value could decline over short periods due to short-term market movements and over\nlonger periods during market downturns.

Natural\nor environmental disasters, widespread disease or other public health issues, war, acts of terrorism or other events may adversely impact\nthe value of a Fund’s investments and/or result in increased premiums or discounts to a Fund’s NAV.

Management\nRisk (COMB Fund only)

The\nCOMB Fund is an actively managed portfolio. In managing the COMB Fund’s portfolio holdings, the Adviser applies investment techniques\nand risk analyses in making investment decisions for the COMB Fund. There can be no guarantee that these decisions will produce the desired\nresults.

Market\nTrading Risk (DRUP Fund only)

For\nthe DRUP Fund, the NAV of the DRUP Fund and the value of your investment may fluctuate. Market prices of Shares may fluctuate in response\nto the DRUP Fund’s NAV, the intraday value of the DRUP Fund’s holdings and supply and demand for Shares. The DRUP Fund faces\nnumerous market trading risks, including disruptions to creations and redemptions, the existence of extreme market volatility or potential\nlack of an active trading market for Shares. If a shareholder purchases Shares at a time when the market price is at a premium to the\nNAV or sells Shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses. The Adviser cannot\npredict whether Shares will trade below, at or above their NAV. Price differences may be due, in large part, to the fact that supply\nand demand forces at work in the secondary trading market for Shares will be closely related to, but not identical to, the same forces\ninfluencing the prices of the securities of the DRUP Index trading individually or in the aggregate at any point in time. While the creation/redemption\nfeature is designed to make it more likely that the DRUP Fund’s Shares normally will trade on stock exchanges at prices close to\nthe DRUP Fund’s next calculated NAV, exchange prices are not expected to correlate exactly with the Fund’s NAV due to timing\nreasons, supply and demand imbalances, perception of unreliability of disclosed NAV, and other factors. Any of these factors, among others,\nmay result in Shares trading at a significant premium or discount to NAV, which will be reflected in the intraday bid/ask spreads and/or\nthe closing price of Shares as compared to NAV. During such periods, you may be unable to sell your Shares or may incur significant losses\nif you sell your Shares. There are various methods by which investors can purchase and sell Shares and various orders that may be placed.\nInvestors should consult their financial intermediary before purchasing or selling Shares of the DRUP Fund. Additionally, in stressed\nmarket conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the DRUP Fund’s\nunderlying portfolio holdings.

An\ninvestor that buys or sells Shares through a broker will likely incur a brokerage commission or other charge imposed by the broker. In\naddition, the market price of Shares, like other exchange-traded securities, includes a “bid-ask spread” (the difference\nbetween the price at which investors are willing to buy Shares and the price at which investors are willing to sell Shares). The bid-ask\nspread will vary over time based on the DRUP Fund’s trading volume and market liquidity and may increase as a result of a decrease\nin the DRUP Fund’s trading volume, the spread of the DRUP Fund’s underlying securities, or market liquidity. The bid-ask\nspread may increase significantly in times of market disruption, meaning that Shares may trade at a discount to the DRUP Fund’s\nNAV and that discount is likely to be greatest during significant market volatility.

Shares\nof each Fund, like other publicly-traded securities, may be sold short. Shares are therefore subject to the risk of price decreases and\nincreased volatility associated with being sold short.

MLP\nRisk (HIPS Fund only)

The\nHIPS Fund may invest in the securities of MLPs. MLPs involve risks related to limited control and limited rights to vote on matters affecting\nthe MLP, risks related to potential conflicts of interest between the MLP and the MLP’s general partner, and cash flow risks. MLP\ncommon units and other equity securities can be affected by macroeconomic and other factors affecting the stock market in general, expectations\nof interest rates, investor sentiment towards MLPs or the energy sector, changes in a particular issuer’s financial condition or\nunfavorable or unanticipated poor performance of a particular issuer (in the case of MLPs, generally measured in terms of distributable\ncash flow). Prices of common units of individual MLPs and other equity securities also can be affected by fundamentals unique to the\npartnership or company, including earnings power and coverage ratios.

MLPs\ntypically do not pay U.S. federal income tax at the partnership level. Instead, each partner is allocated a share of the partnership’s\nincome, gains, losses, deductions and expenses. A change in current tax law or in the underlying business mix of a given MLP could result\nin an MLP being treated as a corporation for U.S. federal income tax purposes, which would result in such MLP being required to pay U.S.\nfederal income tax on its taxable income. The classification of an MLP as a corporation for U.S. federal income tax purposes would have\nthe effect of reducing the amount of cash available for distribution by the MLP. Thus, if any MLP owned by the HIPS Fund were treated\nas a corporation for U.S. federal income tax purposes, the result could be a reduction of the value of your investment in the HIPS Fund\nand lower income, as compared to if the MLP were not taxed as a corporation.

Mortgage-\nand Asset-Backed Securities Risk (HIPS Fund only)

The\nHIPS Fund may be subject to the risk posed by mortgage-backed securities and asset-backed securities. Mortgage-backed securities (residential\nand commercial) and asset-backed securities represent interests in “pools” of mortgages or other assets, including consumer\nloans or receivables held in trust. Although asset-backed and commercial mortgage-backed securities (“CMBS”) generally experience\nless prepayment risk than residential mortgage-backed securities (“RMBS”), each of RMBS, CMBS and asset-backed securities,\nlike traditional fixed-income securities, are subject to credit, interest rate, prepayment and extension risks. See “Fixed Income\nSecurities Risk” above.

Small\nmovements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain mortgage-backed\nsecurities. The HIPS Fund’s investments in asset-backed securities are subject to risks similar to those associated with mortgage-related\nsecurities, as well as additional risks associated with the nature of the assets and the servicing of those assets. These securities\nalso are subject to the risk of default on the underlying mortgage or assets, particularly during periods of economic downturn. Certain\nCMBS are issued in several classes with different levels of yield and credit protection. The HIPS Fund’s investments in CMBS with\nseveral classes may be in the lower classes that have greater risks than the higher classes, including greater interest rate, credit\nand prepayment risks.

Mortgage-backed\nsecurities may be either pass-through securities or collateralized mortgage obligations (“CMOs”). Pass-through securities\nrepresent a right to receive principal and interest payments collected on a pool of mortgages, which are passed through to security holders.\nCMOs are created by dividing the principal and interest payments collected on a pool of mortgages into several revenue streams (tranches)\nwith different priority rights to portions of the underlying mortgage payments. Certain CMO tranches may represent a right to receive\ninterest only (“IOs”), principal only (“POs”), or an amount that remains after floating-rate tranches are paid\n(an inverse floater). These securities are frequently referred to as “mortgage derivatives” and would include agency derivative\nindices, such as Markit IOs, and may be extremely sensitive to changes in interest rates. Interest rates on inverse floaters, for example,\nvary inversely with a short-term floating rate (which may be reset periodically). Interest rates on inverse floaters will decrease when\nshort-term rates increase, and will increase when short-term rates decrease. These securities have the effect of providing a degree of\ninvestment leverage. In response to changes in market interest rates or other market conditions, the value of an inverse floater may\nincrease or decrease at a multiple of the increase or decrease in the value of the underlying securities. If the HIPS Fund invests in\nCMO tranches (including CMO tranches issued by government agencies) and interest rates move in a manner not anticipated by the Adviser,\nit is possible that the HIPS Fund could lose all or substantially all of its investment.

The\nmortgage market in the United States recently has experienced difficulties that may adversely affect the performance and market value\nof certain of the HIPS Fund’s mortgage-related investments. Delinquencies and losses on mortgage loans (including sub-prime and\nsecond-lien mortgage loans) generally have increased recently and may continue to increase, and a decline in or flattening of real-estate\nvalues (as has recently been experienced and may continue to be experienced in many housing markets) may exacerbate such delinquencies\nand losses. Also, a number of mortgage loan originators have recently experienced serious financial difficulties or bankruptcy. Reduced\ninvestor demand for mortgage loans and mortgage-related securities and increased investor yield requirements have caused limited liquidity\nin the secondary market for mortgage-related securities, which can adversely affect the market value of mortgage-related securities.\nIt is possible that such limited liquidity in such secondary markets could continue or worsen.

Asset-backed\nsecurities entail certain risks not presented by mortgage-backed securities, including the risk that in certain states it may be difficult\nto perfect the liens securing the collateral backing certain asset-backed securities. In addition, certain asset-backed securities are\nbased on loans that are unsecured, which means that there is no collateral to seize if the underlying borrower defaults. Certain mortgage-backed\nsecurities in which the HIPS Fund may invest may also provide a degree of investment leverage, which could cause the HIPS Fund to lose\nall or substantially all of its investment.

Residential\nMortgage-Backed Securities Risk. The HIPS Fund may invest in RMBS. Holders of RMBS bear various risks, including credit, market,\ninterest rate, structural, and legal risks. RMBS represent interests in pools of residential mortgage loans secured by one to four family\nresidential mortgage loans. RMBS are particularly susceptible to prepayment risks, as they generally do not contain prepayment penalties\nand a reduction in interest rates will increase the prepayments on the RMBS.

The\nrate of defaults and losses on residential mortgage loans will be affected by a number of factors, including general economic conditions\nand those in the geographic area where the mortgaged property is located, the terms of the mortgage loan, the borrower’s equity\nin the mortgaged property, and the financial circumstances of the borrower. Certain mortgage loans may be of sub-prime credit quality\n(i.e., do not meet the customary credit standards of Fannie Mae and Freddie Mac). Delinquencies and liquidation proceedings are more\nlikely with sub-prime mortgage loans than with mortgage loans that satisfy customary credit standards. If a portfolio of RMBS is backed\nby loans with disproportionately large aggregate principal amounts secured by properties in only a few states or regions in the United\nStates, residential mortgage loans may be more susceptible to geographic risks relating to such areas. Violation of laws, public policies,\nand principles designed to protect consumers may limit the servicer’s ability to collect all or part of the principal or interest\non a residential mortgage loan, entitle the borrower to a refund of amounts previously paid by it, or subject the servicer to damages\nand administrative enforcement. Any such violation could also result in cash flow delays and losses on the related issue of RMBS. It\nis not expected that RMBS will be guaranteed or insured by any U.S. governmental agency or instrumentality or by any other person. Distributions\non RMBS will depend solely upon the amount and timing of payments and other collections on the related underlying mortgage loans.

Non-Investment-Grade\nRMBS Risk. The HIPS Fund may invest in RMBS that are non-investment grade, which means that major rating agencies rate them below\nthe top four investment-grade rating categories (i.e., “AAA” through “BBB”). Non-investment grade RMBS tend to\nbe less liquid, may have a higher risk of default, and may be more difficult to value than investment grade bonds. Recessions or poor\neconomic or pricing conditions in the markets associated with RMBS may cause defaults or losses on loans underlying such securities.\nNon-investment grade securities are considered speculative, and their capacity to pay principal and interest in accordance with the terms\nof their issue is not certain, which may impair the HIPS Fund’s performance and reduce the return on its investments.

Non-Diversification\nRisk (COMB Fund and DRUP Fund only)

The\nCOMB Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in fewer issuers than diversified\nmutual funds. Thus, the COMB Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio,\nand may be more susceptible to greater losses because of these developments. The DRUP Fund may become “non-diversified,”\nas defined under the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents\nof the Index that the Fund aims to track. In such circumstances, the DRUP Fund would similarly be more susceptible to adverse developments\naffecting any single issuer. For example, poor performance by a single large holding of the DRUP Fund would adversely affect the DRUP\nFund’s performance more than if the DRUP Fund were invested in a larger number of issuers.

Operational\nRisk (COMB Fund and HIPS Fund only)

Each\nFund is exposed to various operational risks, including human error, information technology failures and failure to comply with formal\nprocedures intended to mitigate these risks, and is particularly dependent on electronic means of communicating, record-keeping and otherwise\nconducting business.

In\naddition, a Fund generally exculpates, and in some cases indemnifies, its service providers and agents with respect to losses arising\nfrom unforeseen circumstances and events, which may include the interruption, suspension or restriction of trading on or the closure\nof the exchange on which Fund shares trade, a futures exchange, power or other mechanical or technological failures or interruptions,\ncomputer viruses, communications disruptions, work stoppages, natural disasters, fire, war, terrorism, riots, rebellions or other circumstances\nbeyond the control of a Fund or its service providers and agents. Accordingly, a Fund generally bears the risk of loss with respect to\nthese unforeseen circumstances and events to the extent relating to a Fund, which may limit or prevent a Fund achieving its investment\nobjective or otherwise expose it to loss.

Although\nit is generally expected that a Fund’s direct service providers and agents will have disaster recovery or similar programs or safeguards\nin place to mitigate the effect of such unforeseen circumstances and events, there can be no assurance that these safeguards are in place\nfor all parties whose activities may affect the performance of a Fund, or that these safeguards, even if implemented, will be successful\nin preventing losses associated with such unforeseen circumstances and events. Nor can there be any assurance that the systems and applications\non which a Fund relies will continue to operate as intended. In addition to potentially causing performance failures at or direct losses\nto, a Fund, any such unforeseen circumstances and events or operational failures may further distract the service providers, agents or\npersonnel on which a Fund relies, reducing their ability to conduct the activities on which a Fund is dependent. These risks cannot be\nfully mitigated or prevented, and further efforts or expenditures to do so may not be cost effective, whether due to reduced benefits\nfrom implementing additional or redundant safeguards or due to increases in associated maintenance requirements and other expenses that\nmay make it more costly for a Fund to operate in more typical circumstances.

Passive\nInvestment Risk (HIPS Fund only)

The\nHIPS Fund invests in the securities included in, or representative of, the HIPS Fund regardless of their investment merit.\nThe HIPS Fund may not attempt to outperform the HIPS Index or take defensive positions in declining markets. As a result, the HIPS Fund’s\nperformance may be adversely affected by a general decline in the market segments relating to its index. The returns from the types of\nsecurities in which the HIPS Fund invests may underperform returns from the various general securities markets or different asset classes.\nThis may cause the HIPS Fund to underperform other investment vehicles that invest in different asset classes. Different types of securities\n(for example, large-, mid- and small-capitalization stocks) tend to go through cycles of doing better–or worse–than the general\nsecurities markets. In the past, these periods have lasted for as long as several years.

Portfolio\nTurnover Risk (COMB Fund only)

The\nCOMB Fund may engage in frequent trading of derivatives, particularly during periods of volatile market movements. Active and frequent\ntrading may lead to the realization and distribution to shareholders of higher short-term capital gains, which would increase their tax\nliability. Frequent trading also increases transaction costs, which could detract from the COMB Fund’s performance. High portfolio\nturnover involves correspondingly greater expenses to the COMB Fund, including brokerage commissions or dealer mark-ups and other transaction\ncosts on the sale of securities and reinvestments in other securities, although such expenses are not reflected in the COMB Fund’s\nFees and Expenses table. The trading costs and tax effects associated with portfolio turnover may adversely affect the COMB Fund’s\nperformance.

Regulatory\nRisk (COMB Fund and HIPS Fund only)

Each\nFund is subject to the risk that a change in U.S. law and related regulations will impact the way the Fund operates, increase the particular\ncosts of the Fund’s operations and/or change the competitive landscape.

Each\nFund and the Adviser are generally subject to extensive government regulation and intervention. Government regulation may change frequently\nand may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects. For example,\nmany of the changes required by the Dodd-Frank Wall Street Reform and Consumer Protection Act could materially impact the profitability\nof a Fund and the value of assets it holds, expose a Fund to additional costs, require changes to investment practices, and adversely\naffect a Fund’s ability to pay dividends.

Additional\nlegislative or regulatory actions may alter or impair a Fund’s ability to pursue its investment objectives or utilize certain investment\nstrategies and techniques. While there continues to be uncertainty about the full impact of these and other regulatory changes, it is\nlikely that a Fund will be subject to a more complex regulatory framework, and may incur additional costs to comply with new requirements\nas well as to monitor for compliance in the future.

REIT\nInvestment Risk (HIPS Fund only)

The\nHIPS Fund may invest in REITs. Investments in REITs involve unique risks. REITs may have limited financial resources, may trade less\nfrequently and in limited volume, and may be more volatile than other securities. In addition, to the extent the HIPS Fund holds interests\nin REITs, it is expected that investors in the HIPS Fund will bear two layers of asset-based management fees and expenses (directly at\nthe Fund level and indirectly at the REIT level). The risks of investing in REITs include certain risks associated with the direct ownership\nof real estate and the real estate industry in general. These include risks related to general, regional and local economic conditions;\nfluctuations in interest rates and property tax rates; shifts in zoning laws, environmental regulations and other governmental action\nsuch as the exercise of eminent domain; cash flow dependency; increased operating expenses; lack of availability of mortgage funds; losses\ndue to natural disasters; overbuilding; losses due to casualty or condemnation; changes in property values and rental rates; and other\nfactors.

In\naddition to these risks, residential/diversified REITs and commercial equity REITs may be affected by changes in the value of the underlying\nproperty owned by the trusts, while mortgage REITs may be affected by the quality of any credit extended. Further, REITs are dependent\nupon management skills and generally may not be diversified. REITs are also subject to heavy cash flow dependency, defaults by borrowers\nand self-liquidation. In addition, REITs could possibly fail to qualify for the beneficial tax treatment available to REITs under the\nInternal Revenue Code, or to maintain their exemptions from registration under the 1940 Act. The HIPS Fund expects that dividends received\nfrom a REIT and distributed to Fund shareholders generally will be taxable to the shareholder as ordinary income. The above factors may\nalso adversely affect a borrower’s or a lessee’s ability to meet its obligations to the REIT. In the event of a default by\na borrower or lessee, the REIT may experience delays in enforcing its rights as a mortgagee or lessor and may incur substantial costs\nassociated with protecting investments.

Roll\nYield Risk (COMB Fund only)

The\nCOMB Fund currently invests in futures contracts that, as they near expiration, need to be replaced with later dated contracts in a process\nknown as “rolling.” As the exchange-traded futures contracts approach expiration, they will be sold prior to their expiration\ndate, and similar contracts that have a later expiration date may be purchased. Thus, for example, a futures contract purchased and held\nin August may specify an October expiration. As time passes, the contract expiring in October may be replaced by a contract for delivery\nin November. Any difference between the price for the nearer delivery month contract and the price for distant month contract is known\nas a “roll yield,” and this can be either a positive amount or a negative amount. If the market for these contracts is (putting\naside other considerations) in “backwardation,” which means that the prices are lower in the distant delivery months than\nin the nearer delivery months, the sale of the October contract would take place at a price that is higher than the price of the November\ncontract, thereby creating a “roll yield.” While some of the contracts the COMB Fund may hold have historically exhibited\nconsistent periods of backwardation, backwardation may not exist at all times. Moreover, certain commodities, such as gold, have historically\ntraded in “contango” markets. Contango markets are those in which the prices of contracts are higher in the distant delivery\nmonths than in the nearer delivery months. The absence of backwardation in a particular commodity market could result in negative “roll\nyields,” which could adversely affect the value of the COMB Fund.

Secondary\nMarket Trading Risk (COMB Fund and HIPS Fund only)

An\ninvestment in each Fund faces risks from its shares being traded in the secondary market, including the potential lack of an active market\nfor Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process\nof Fund shares. Any of these factors, among others, may lead to a Fund’s shares trading at a premium or discount to net asset value.

Sector\nRisk

Each\nFund’s investing approach may dictate an emphasis on certain sectors, industries, or sub-sectors of the market at any given time.\nTo the extent a Fund invests more heavily in one sector, industry, or sub-sector of the market, it thereby presents a more concentrated\nrisk and its performance will be especially sensitive to developments that significantly affect those sectors, industries, or sub-sectors.\nIn addition, the value of a Fund’s shares may change at different rates compared to the value of shares of a fund with investments\nin a more diversified mix of sectors and industries. An individual sector, industry, or sub-sector of the market may have above-average\nperformance during particular periods, but may also move up and down more than the broader market. The several industries that constitute\na sector may all react in the same way to economic, political or regulatory events. A Fund’s performance could also be affected\nif the sectors, industries, or sub-sectors do not perform as expected. Alternatively, the lack of exposure to one or more sectors or\nindustries may adversely affect performance.

Agricultural\nSector Investment Risk (COMB Fund only). The performance of the Fund in part is linked to the daily performance of the spot price\nof certain agricultural commodities, including soybeans, corn, soybean meal, soybean oil, wheat, coffee, sugar, cocoa and cotton. Investments\nin the agriculture sector may be highly volatile and can change quickly and unpredictably due to a number of factors, including the supply\nof, and demand of, each agricultural commodity, legislative or regulatory developments relating to food safety, political, legal, financial,\naccounting and tax matters and other events that the Fund cannot control. In addition, increased competition caused by economic recession,\nlabor difficulties and changing consumer tastes and spending can affect the demand for agricultural products, and consequently the value\nof investments in that sector. As a result, the price of an agricultural commodity could decline, which would materially affect an investment\nin the Fund if it held or had exposure to that commodity.

Energy\nSector Risk. One or more of the Funds may invest significantly in securities, particularly MLPs, tied to the energy sector and energy\ninfrastructure. Energy infrastructure companies are engaged in the (i) gathering, transporting, processing, treating, terminalling, storing,\nrefining, distributing, mining or marketing of natural gas, natural gas liquids, crude oil, refined products or coal, (ii) the acquisition,\nexploitation and development of crude oil, natural gas and natural gas liquids, (iii) processing, treating, and refining of natural gas\nliquids and crude oil, (iv) owning, managing and transporting alternative fuels such as ethanol, hydrogen and biodiesel. The energy sector\nis highly regulated. Companies operating in the energy sector are subject to significant regulation of virtually every aspect of their\noperations by federal, state and local governmental agencies, including how facilities are constructed, maintained and operated, environmental\nand safety controls, and the prices they may change for the products and services they provide. Companies in the energy sector may be\naffected by fluctuations in the prices of energy commodities, including natural gas, natural gas liquids, crude oil and coal. Companies\nengaged in the exploration, development, management or production of energy commodities are at risk of the natural resources depleting\nover time, which may cause the market value of the company to decline over time. Companies operating in the energy sector may be adversely\naffected by reductions in the supply or demand for energy commodities. Companies in the energy sector may be subject to various operational\nrisks, such as disruption of operations, inability to timely and effectively integrate newly acquired assets, unanticipated operation\nand maintenance expenses, underestimated cost projections, and other risks arising from specific business strategies. Rising interest\nrates which could adversely impact the financial performance of these companies by increasing their costs of capital, which may reduce\na company’s ability to execute acquisitions or expansion products in a cost-effective manner. Extreme weather or other natural\ndisasters could adversely impact the value of the debt and equity securities of the companies operating in the energy sector in which\na Fund invests. Threats of attacks by terrorists on energy assets could impact the market for companies operating in the energy sector.\nIf a significant accident or event occurs and a company is not fully insured, it could adversely affect a company’s operations\nand financial condition and the securities issued by the company. Recently, global oil prices have declined significantly and experienced\nsignificant volatility, including a period where an oil-price futures contract fell into negative territory for the first time in history,\nas demand for oil slowed and oil storage facilities reached their storage capacities. This development demonstrates that the oil market,\nand the energy sector more broadly, may be subject to particularly severe market swings.

Finance\nand Insurance Sector Risk. Companies in the financial sector of an economy are often subject to extensive governmental regulation\nand intervention, which may adversely affect the scope of their activities, the prices they can charge and the amount of capital they\nmust maintain. Governmental regulation may change frequently and may have significant adverse consequences for companies in the financial\nsector, including effects not intended by such regulation. The impact of recent or future regulation in various countries on any individual\nfinancial company or on the sector as a whole cannot be predicted.

Certain\nrisks may impact the value of investments in the financial sector more severely than those of investments outside this sector, including\nthe risks associated with companies that operate with substantial financial leverage. Companies in the financial sector may also be adversely\naffected by increases in interest rates and loan losses, decreases in the availability of money or asset valuations, credit rating downgrades\nand adverse conditions in other related markets.

Insurance\ncompanies, in particular, may be subject to severe price competition and/or rate regulation, which may have an adverse impact on their\nprofitability. Insurance companies are subject to extensive government regulation in some countries and can be significantly affected\nby changes in interest rates, general economic conditions, price and marketing competition, the imposition of premium rate caps, or other\nchanges in government regulation or tax law. Different segments of the insurance industry can be significantly affected by mortality\nand morbidity rates, environmental clean-up costs and catastrophic events such as earthquakes, hurricanes and terrorist acts.

During\nthe financial crisis that began in 2007, the deterioration of the credit markets impacted a broad range of mortgage, asset-backed, auction\nrate, sovereign debt and other markets, including U.S. and non-U.S. credit and interbank money markets, thereby affecting a wide range\nof financial institutions and markets. A number of large financial institutions failed during that time, merged with stronger institutions\nor had significant government infusions of capital. Instability in the financial markets caused certain financial companies to incur\nlarge losses. Some financial companies experienced declines in the valuations of their assets, took actions to raise capital (such as\nthe issuance of debt or equity securities), or even ceased operations. Some financial companies borrowed significant amounts of capital\nfrom government sources and may face future government-imposed restrictions on their businesses or increased government intervention.\nThose actions caused the securities of many financial companies to decline in value.

The\nfinancial sector is also a target for cyber attacks and may experience technology malfunctions and disruptions. In recent years, cyber\nattacks and technology failures have become increasingly frequent and have caused significant losses to companies in this sector, which\nmay negatively impact a Fund. The extent to which a Fund may invest in a company that engages in securities-related activities or banking\nis limited by applicable law.

Metals\nSector Investment Risk (COMB Fund only). The performance of the Fund in part is linked to the daily performance of the spot price\nof certain industrial and precious metals, including aluminum, copper, nickel, zinc, gold and silver. Investments in metals may be highly\nvolatile and can change quickly and unpredictably due to a number of factors, including the supply and demand of each metal, environmental\nor labor costs, political, legal, financial, accounting and tax matters and other events that the Fund cannot control. In addition, changes\nin international monetary policies or economic and political conditions can affect the supply of metals, and consequently the value of\nmetal investments. The United States or foreign governments may pass laws or regulations limiting metal investments for strategic or\nother policy reasons. Further, the principal supplies of metal industries may be concentrated in a small number of countries and regions.\nConsequently, the price of a metal held by the Fund could decline, which would materially impact the Fund’s performance.

Real\nEstate Sector Risk. Securities of issuers that are principally engaged in the real estate sector are subject to certain risks associated\nwith the ownership of real estate and with the real estate industry in general. These risks include, among others: possible declines\nin the value of real estate; risks related to general and local economic conditions; possible lack of availability of mortgage funds\nor other limitations on access to capital; overbuilding; risks associated with leverage; market illiquidity; extended vacancies of properties;\nincrease in competition, property taxes, capital expenditures and operating expenses; changes in zoning laws or other governmental regulation;\ncosts resulting from the clean-up of, and liability to third parties for damages resulting from, environmental problems; tenant bankruptcies\nor other credit problems; casualty or condemnation losses; uninsured damages from floods, earthquakes or other natural disasters; limitations\non and variations in rents, including decreases in market rates for rents; investment in developments that are not completed or that\nare subject to delays in completion; and changes in interest rates. Investments in real estate companies and companies related to the\nreal estate industry are also subject to risks associated with the management skill, insurance coverage, and credit worthiness of the\nissuer. Real estate companies tend to have micro-, small- or mid-capitalization, making their securities more volatile and less liquid\nthan those of companies with larger capitalizations. In addition, the real estate industry has historically been cyclical and particularly\nsensitive to economic downturns and other events that limit demand for real estate, which would adversely impact the value of real estate\ninvestments. Real estate income and values also may be greatly affected by demographic trends, such as population shifts, changing tastes\nand values, or increasing vacancies or declining rents resulting from legal, cultural, technological, global or local economic developments.\nTo the extent that assets underlying a Fund’s investments are concentrated geographically, by property type, or in certain other\nrespects, such Fund may be subject to certain of the foregoing risks to a greater extent.

Small\nand Mid-Sized Company Risk (HIPS Fund only)

The\nHIPS Fund may invest in the securities of small and mid-sized companies. Small and mid-sized companies may be more vulnerable to adverse\nissuer, market, political, or economic developments than securities of larger-capitalization companies. The securities of small-and mid-sized\ncapitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than larger\ncapitalization stocks or the stock market as a whole. Some smaller capitalization companies have limited product lines, markets, and\nfinancial and managerial resources and tend to concentrate on fewer geographical markets relative to larger capitalization companies.\nThere is typically less publicly available information concerning smaller-capitalization companies than for larger, more established\ncompanies. Smaller-capitalization companies also may be particularly sensitive to changes in interest rates, government regulation, borrowing\ncosts and earnings.

Stock\nRisk (DRUP Fund only)

Stock\nprices have historically risen and fallen in periodic cycles. U.S. stock markets have experienced periods of substantial price volatility\nin the past and may do so again in the future. Stock prices may fluctuate from time to time in response to the activities of individual\ncompanies and in response to general market and economic conditions. Individual companies may report poor results or be negatively affected\nby industry and/or economic trends and developments, and the stock prices of such companies may suffer a decline in response.

Subsidiary\nInvestment Risk (COMB Fund only)

The\nCOMB Fund has a Subsidiary. The Subsidiary’s principal investment strategies, investment objective and principal risks are substantially\nthe same as the COMB Fund. By investing in the Subsidiary, the COMB Fund is indirectly exposed to the risks associated with the Subsidiary’s\ninvestments. The commodity futures contracts held by the Subsidiary are similar to those that are permitted to be held by the COMB Fund\nand thus are subject to the same risks whether or not they are held by the COMB Fund or the Subsidiary.

There\ncan be no assurance that the investment objective of the Subsidiary will be achieved. The Subsidiary is not registered under the 1940\nAct and unless otherwise noted in this prospectus, is not subject to the regulatory protections of the 1940 Act. The Board of the GraniteShares\nTrust has oversight responsibility for the investment activities of the COMB Fund, including its investment in the Subsidiary, and the\nCOMB Fund’s role as sole shareholder of the Subsidiary. In adhering to the COMB Fund’s investment restrictions and limitations,\nthe Adviser will treat the assets of the Subsidiary generally in the same manner as assets that are held directly by the COMB Fund.

Changes\nin the laws of the United States and/or the Cayman Islands, under which the COMB Fund and the Subsidiary are organized, respectively,\ncould result in the inability of the COMB Fund and/or the Subsidiary to operate as intended and could adversely affect the COMB Fund\nand its shareholders. For example, the Cayman Islands currently does not impose any income, corporate or capital gains tax, estate duty,\ninheritance tax, gift tax or withholding tax on the Subsidiary. If this were to change and the Subsidiary was required to pay Cayman\nIsland taxes, the investment returns of the COMB Fund would likely decrease.

Tax\nRisk (COMB Fund and HIPS Funds only)

Each\nFund intends to qualify for treatment as a RIC under Subchapter M of the Internal Revenue Code. RICs are generally subject to favorable\ntax treatment under the Internal Revenue Code. To qualify for treatment as a RIC, a Fund must meet certain source-of-income, asset diversification\nand annual distribution requirements. Under the diversification requirements, a Fund must generally limit its investments in MLPs to\nno more than 25% of the Fund’s total assets.

In\norder to qualify for the favorable U.S. federal income tax treatment accorded to a RIC under Subchapter M of the Internal Revenue Code,\na Fund must derive at least 90% of its gross income in each taxable year from certain categories of income (“qualifying income”).\nThe COMB Fund intends to hold certain commodity-related investments indirectly, through its Subsidiary. The COMB Fund expects its income\nwith respect to the Subsidiary will be qualifying income. However, there is a risk that the Internal Revenue Service (“IRS”)\ncould issue regulations or other guidance holding, or could assert, that the COMB Fund’s income with respect to the Subsidiary\nis not qualifying income for purposes of the COMB Fund remaining qualified as a RIC. In such circumstances, the COMB Fund may fail to\nqualify as a RIC or be required to make changes to its operations, which may affect the COMB Fund’s ability to gain investment\nexposure to commodities. COMB Fund shareholders may also experience adverse tax consequences in such circumstances. The Adviser will\ncarefully monitor the COMB Fund’s investments in the Subsidiary to ensure that no more than 25% of the Fund’s total assets\nare invested in the Subsidiary to ensure compliance with the asset diversification test for qualifying as a RIC, as described in more\ndetail in the SAI with respect to the COMB Fund.

A\nFund might generate more non-qualifying income than anticipated, might not be able to generate qualifying income in a particular taxable\nyear at levels sufficient to meet the qualifying income test, or might not be able to determine the percentage of qualifying income it\nderives for a taxable year until after year-end. If a Fund were to fail to meet the qualifying income test or the asset diversification\ntest and fail to qualify as a RIC, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders\nwould not be deductible by a Fund in computing its taxable income. The failure by the Fund to qualify as a RIC would have significant\nnegative tax consequences to Fund shareholders and would affect a shareholder’s return on its investment in a Fund. Under certain\ncircumstances, a Fund may be able to cure a failure to meet the qualifying income test or the asset diversification test if such failure\nwas due to reasonable cause and not willful neglect, but in order to do so a Fund may incur significant fund-level taxes, which would\neffectively reduce (and could eliminate) the Fund’s returns.

Depreciation\nor other cost recovery deductions passed through to the HIPS Fund from investments in MLPs in a given year will generally reduce the\nHIPS Fund’s taxable income, but those deductions may be recaptured in the HIPS Fund’s income in one or more subsequent years.\nWhen recognized and distributed, recapture income will generally be taxable to shareholders at the time of the distribution at ordinary\nincome tax rates, even though those shareholders might not have held shares in the HIPS Fund at the time the deductions were taken by\nthe HIPS Fund, and even though those shareholders will not have corresponding economic gain on their shares at the time of the recapture.\nTo distribute recapture income or to fund redemption requests, the HIPS Fund may need to liquidate investments.

MLPs\ntaxed as partnerships have historically made cash distributions to limited partners that exceed the amount of taxable income allocable\nto limited partners or members, due to a variety of factors, including significant non-cash deductions such as depreciation and depletion.\nThese excess cash distributions would not be treated as income to the HIPS Fund but rather would be treated as a return of capital to\nthe extent of the HIPS Fund’s basis in the MLP. As a consequence, the HIPS Fund may make distributions that exceed its earnings\nand profits, which would be recharacterized as a return of capital to shareholders. A return of capital distribution will generally not\nbe taxable for U.S. federal income tax purposes, but will reduce each shareholder’s cost basis in the HIPS Fund’s shares\nand result in a higher capital gain or lower capital loss when the shares are sold. After a shareholder’s basis in shares has been\nreduced to zero, distributions in excess of earnings and profits in respect of those shares will be treated as gain from the sale of\nthe shares.

Tracking\nError Risk (HIPS Fund and DRUP Fund only)

Tracking\nerror is the divergence of a Fund’s performance from that of its Index. As with all index funds, the performance of the HIPS Fund\nand its index may vary somewhat for a variety of reasons. For example, the HIPS Fund incurs operating expenses and portfolio transaction\ncosts not incurred by its index. In addition, the HIPS Fund may not be fully invested in the securities of its index at all times or\nmay hold securities not included in its index. The use of sampling techniques may affect the HIPS Fund’s ability to achieve close\ncorrelation with its index. The HIPS Fund may use a representative sampling strategy to achieve its investment objective, if the Adviser\nbelieves it is in the best interest of the HIPS Fund, which generally can be expected to produce a greater non-correlation risk. The\nperformance of the DRUP Fund may diverge from that of the DRUP Index for a number of reasons. Tracking error may occur because of transaction\ncosts, the DRUP Fund’s holding of cash, differences in accrual of dividends, changes to the DRUP Index or the need to meet new\nor existing regulatory requirements. Unlike the DRUP Fund, the returns of the DRUP Index are not reduced by investment and other operating\nexpenses, including the trading costs associated with implementing changes to its portfolio of investments. The frequency at which the\nDRUP Index is rebalanced may result in higher trading costs for the DRUP Fund and, as a result, greater tracking error. Tracking error\nrisk may be heightened during times of market volatility or other unusual market conditions. To the extent that the DRUP Fund calculates\nits NAV based on fair value prices and the value of the DRUP Index is based on securities’ closing prices (i.e., the value of the\nDRUP Index is not based on fair value prices), the DRUP Fund’s ability to track the DRUP Index may be adversely affected. Because\nthe DRUP Index, unlike the DRUP Fund, is not required to comply with requirements of the 1940 Act, the DRUP Fund may be required to deviate\nits investments from the component securities of the DRUP Index in order to comply with the 1940 Act. In addition, the DRUP Fund may\nbe required to deviate its investments from the securities and relative weightings of the DRUP Index to comply with the 1940 Act, to\nmeet the issuer diversification requirements of the Internal Revenue Code applicable to RICs, or as a result of market restrictions or\nother legal reasons. The DRUP Fund’s investments may also vary from the securities of the DRUP Index due to the DRUP Fund’s\ninability to invest in certain securities as a result of legal and compliance restrictions applicable to the DRUP Fund and/or the Adviser\nand regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. For tax efficiency\npurposes, the DRUP Fund may sell certain securities to realize losses, which will result in a deviation from the DRUP Index.

U.S.\nGovernment Securities Risk (COMB Fund only)

The\nCOMB Fund may invest in securities of the U.S. government. Different types of U.S. government securities have different relative levels\nof credit risk depending on the nature of the particular government support for that security. U.S. government securities may be supported\nby: (i) the full faith and credit of the United States government; (ii) the ability of the issuer to borrow from the U.S. Treasury; (iii)\nthe credit of the issuing agency, instrumentality or government-sponsored entity (“GSE”); (iv) pools of assets (e.g., mortgage-backed\nsecurities); or (v) the United States in some other way. The U.S. government and its agencies and instrumentalities do not guarantee\nthe market value of their securities, which may fluctuate in value and are subject to investment risks, and certain U.S. government securities\nmay not be backed by the full faith and credit of the United States government. The value of U.S. government obligations may be adversely\naffected by changes in interest rates. It is possible that the issuers of some U.S. government securities will not have the funds to\ntimely meet their payment obligations in the future and there is a risk of default. For certain agency and GSE issued securities, there\nis no guarantee the U.S. government will support the agency or GSE if it is unable to meet its obligations.

Valuation\nRisk

Each\nFund is subject to valuation risk. The sale price a Fund receives for a security may differ from the Fund’s valuation of the security\nand may differ from the value used by the Fund’s Index, as applicable, particularly for securities that trade in low volume or\nvolatile markets or that are valued using a fair value methodology. Each Fund may rely on various sources to calculate its NAV. However,\nduring periods of reduced market liquidity or readily available market quotations, a Fund’s ability to obtain reliable, objective\npricing data and to value its holdings becomes more difficult. Consequently, while valuation determinations made by the Adviser (using\nfair value procedures adopted by the Board of the GraniteShares Trust) may be done in good faith, it may be difficult for a Fund to accurately\nassign a daily value to its holdings. When all or a portion of a Fund’s underlying investments trade in a market that is closed\nwhen the market for a Fund’s shares is open, there may be changes between the last quote from a closed foreign market and the value\nof the applicable investment during a Fund’s domestic trading day. NAV calculation may also be impacted by operational risks arising\nfrom factors such as failures in systems and technology.

The\ntrading prices of a Fund’s shares in the secondary market generally differ from a Fund’s daily net asset value and are affected\nby market forces such as supply and demand, economic conditions and other factors.

FUND\nWEBSITE AND DISCLOSURE OF PORTFOLIO HOLDINGS

The\nGraniteShares Trust maintains a website for the Funds at www.graniteshares.com. Among other things, this website includes each Fund’s\nprospectus and Statement of Additional Information (“SAI”), and includes the Funds’ holdings, the Funds’ last\nannual and semi-annual reports, pricing information about shares trading on the Exchange, updated performance information, premiums and\ndiscounts, and bid/ask spreads. The Funds’ annual and semi-annual reports contain complete listings of each Fund’s portfolio\nholdings as of the end of the Funds’ second and fourth fiscal quarters. Each Fund prepares a report on Form N-PORT of its portfolio\nholdings as of the end of each month. The Funds’ annual and semi-annual reports are filed with the SEC within 60 days of the end\nof the reporting period and the Fund’s monthly portfolio holdings are filed with the SEC within 60 days after the end of each fiscal\nquarter. You can find the SEC filings on the SEC’s website, www.sec.gov. A summarized description of the GraniteShares Trust’s\npolicies and procedures with respect to the disclosure of Fund portfolio holdings is available in each Fund’s SAI. Information\non how to obtain the SAI is listed on the inside back cover of this prospectus.

Fund\nManagement

Adviser

GraniteShares\nAdvisors LLC, the investment adviser to Funds, is a Delaware limited liability company located at 250 Broadway 24^th\nfloor, New York, New York 10007. The Adviser provides investment advisory services to exchange-traded funds. The Adviser serves\nas investment adviser to the Funds with overall responsibility for the portfolio management of the Funds, subject to the supervision\nof the Board of the GraniteShares Trust. For its services, the Adviser receives a fee that is equal to 0.25% per annum of the average\ndaily net assets of the COMB Fund, 0.70% of the HIPS Fund, and 0.60% per annum of the average daily net assets of the DRUP Fund, in each\ncase calculated daily and paid monthly.

Pursuant\nto the terms of the investment advisory agreement with respect to the Funds, the Adviser has agreed to pay all expenses of the Funds,\nsubject to certain exceptions. For a detailed description of the investment advisory agreement with respect to the Funds, please see\nthe “Investment Advisory and Other Services” section of the SAI.

The\nAdviser is a wholly-owned subsidiary of GraniteShares, Inc., a Delaware corporation. The Adviser has been a registered investment adviser\nsince 2017. As of September 30, 2026, the Adviser had $10,500 million in total assets under management.

A\ndiscussion regarding the basis for the Board’s renewal of the investment advisory agreement with respect to each Fund and COMB\nFund’s Subsidiary is available in the Funds’ Form N-CSR for the fiscal year ended June 30, 2026.

Portfolio\nManagers

Jeff\nKlearman has been Portfolio Manager at GraniteShares since 2017. Mr. Klearman has over 20 years of experience working as a trader,\nstructurer, marketer and researcher. Most recently, Mr. Klearman was the Chief Investment Officer for Rich Investment Services, a company\nwhich created, listed and managed ETFs. Prior to Rich Investment Services, Mr. Klearman headed the New York Commodities Structuring desk\nat Deutsche Bank AG. From 2004 to 2007, Mr. Klearman headed the marketing and structuring effort for rates-based structured products\nat BNP Paribas in New York. Mr. Klearman worked at AIG Financial Products from 1994 to 2004 trading rates-based volatility products as\nwell as marketing and structuring. Mr. Klearman received his MBA in Finance from NYU Stern School of Business and his Bachelor of Science\nin Chemical Engineering from Purdue University.

Ryan\nDofflemeyer has been Portfolio Manager at GraniteShares since 2024. Mr. Dofflemeyer has over 20 years of experience working as\na portfolio manager and trader for ETFs and mutual funds, including extensive use of swaps, options, and futures within these products.\nMost recently, Mr. Dofflemeyer was a Senior Portfolio Manager for Vident Asset Management where he provided ETF sub-advisory services\nincluding fund management and trading across a variety of global equities and derivatives-based strategies. Prior to Vident Asset Management,\nMr. Dofflemeyer was at ProShares ETFs from 2003 to 2020 where he headed the desks responsible for managing their leveraged and inverse\nglobal equities, commodities, and VIX futures ETFs. Mr. Dofflemeyer received his MBA from the University of Maryland Robert H. Smith\nSchool of Business and his Bachelor of Arts from the University of Virginia.

Jeroen\nVisser has been Portfolio Manager at GraniteShares since 2026. Mr. Visser has over 20 years of experience working as a financial\nprofessional, trading and structuring transactions in derivatives in Delta One and Securities Finance. Most recently, Mr. Visser was\na Managing Director at Cantor Fitzgerald Prime Services. Prior to Cantor Fitzgerald, Mr. Visser traded reversals and conversion option\nstrategies at ED&F Man Capital (now Marex) for 2 years and from 2007 until 2018 worked at ABN AMRO Bank in New York, where in his\nlast role he managed the Alternative Balance Sheet Financing (Delta One) desk. Mr. Visser worked at Fortis Bank in Amsterdam from 1998\nuntil 2007 as trader in the Global Securities Lending and Arbitrage group. Mr. Visser has an MSc degree in International Finance and\nAccounting from the London School of Economics and an MSc degree in Econometrics from the University of Amsterdam.

The\nSAI provides additional information about the Portfolio Managers’ compensation, other accounts managed, and ownership of Fund shares.

Buying\nand Selling Shares

The\nFunds issue and redeem shares at net asset value only in a large specified number of shares each called a “Creation Unit,”\nor multiples thereof. A Creation Unit consists of 50,000 shares and are acquired by “Authorized Participants” which are market\nmakers, broker dealers and/or large institutional investors that have entered into an agreement with ALPS Distributors, Inc., the distributor\nof each Fund’s shares (“ADI” or the “Distributor”). Only Authorized Participants may acquire shares (aggregated\nin Creation Units) directly from a Fund, and only Authorized Participants may tender their shares for redemption directly to a Fund.\nIndividual shares of the Fund may only be bought and sold in the secondary market through a broker-dealer at a market price. Fund shares\nare listed for secondary trading on the NYSE and can be bought and sold throughout the trading day like other publicly traded securities.\nThe NYSE is generally open Monday through Friday and is closed weekends and the following holidays: New Year’s Day, Martin Luther\nKing, Jr. Day, Presidents’ Day, Good Friday, Memorial Day, Juneteenth Day, Independence Day, Labor Day, Thanksgiving Day and Christmas\nDay.

Because\nETF shares trade at market prices rather than at NAV, shares may trade at a price greater than NAV (at a premium), at NAV or less than\nNAV (at a discount). Market prices of Fund shares may deviate significantly from the value of a Fund’s underlying portfolio holdings\n(as reflected in the NAV per share) during periods of market stress, with the result that investors may pay significantly more or receive\nsignificantly less than the underlying value of the Fund shares bought or sold. It cannot be predicted whether Fund shares will trade\nbelow, at, or above their NAV. An investor may also incur costs attributable to the difference between the highest price a buyer is willing\nto pay to purchase shares of the Fund (bid) and the lowest price a seller is willing to accept for shares of the Fund (ask) when buying\nor selling shares in the secondary market (the “bid-ask spread”). In addition, when buying or selling shares through a broker,\nyou will incur customary brokerage commissions and charges.

NAV\nper share for each Fund is computed by dividing the value of the net assets of the Fund (i.e., the value of its total assets less total\nliabilities) by its total number of shares outstanding. Expenses and fees, including management and distribution fees, if any, are accrued\ndaily and taken into account for purposes of determining NAV. NAV is determined each business day, normally as of the close of regular\ntrading of the NYSE (ordinarily 4:00 p.m., Eastern time).

When\ndetermining NAV, the value of a Fund’s portfolio securities or other instruments is based on market prices of the securities or\nother instruments, which generally means a valuation obtained from an exchange or other market (or based on a price quotation or other\nequivalent indication of the value supplied by an exchange or other market) or a valuation obtained from an independent pricing service.\nIf a security or other instrument’s market price is not readily available or does not otherwise accurately reflect the fair value\nof the security or other instrument, the security or other instrument will be valued by another method that the Board believes will better\nreflect fair value in accordance with the Trust’s valuation policies and procedures. Fair value pricing may be used in a variety\nof circumstances, including, but not limited to, situations when the value of a security or other instrument in a Fund’s portfolio\nhas been materially affected by events occurring after the close of the market on which the security or other instrument is principally\ntraded but prior to the close of the NYSE (such as in the case of a corporate action or other news that may materially affect the price\nof a security) or trading in a security or other instrument has been suspended or halted. Accordingly, a Fund’s NAV may reflect\ncertain portfolio securities’ fair values rather than their market prices.

Fair\nvalue pricing involves subjective judgments and it is possible that a fair value determination for a security or other instrument will\nmaterially differ from the value that could be realized upon the sale of the security or other instrument. In addition, fair value pricing\ncould result in a difference between the prices used to calculate a Fund’s NAV and the prices used by the underlying benchmark\nindex. This may result in a difference between the Fund’s performance and the performance of the underlying benchmark index.

Book\nEntry

Shares\nof the Funds are held in book-entry form, which means that no stock certificates are issued. The Depository Trust Company (“DTC”)\nor its nominee is the record owner of all outstanding shares of the Funds.

Investors\nowning shares of a Fund are beneficial owners as shown on the records of DTC or its participants. DTC serves as the securities depository\nfor all shares of the Funds. Participants include DTC, securities brokers and dealers, banks, trust companies, clearing corporations,\nand other institutions that directly or indirectly maintain a custodial relationship with DTC. As a beneficial owner of shares, you are\nnot entitled to receive physical delivery of stock certificates or to have shares registered in your name, and you are not considered\na registered owner of shares. Therefore, to exercise any right as an owner of shares, you must rely upon the procedures of DTC and its\nparticipants. These procedures are the same as those that apply to any securities that you hold in book-entry or “street name”\nform. Your broker will provide you with account statements, confirmations of your purchases and sales, and tax information.

Frequent\nRedemptions and Purchases of Fund Shares

Unlike\nfrequent trading of shares of a traditional open-end mutual fund’s (i.e., not exchange-traded) shares, frequent trading of shares\nof a Fund on the secondary market does not disrupt portfolio management, increase the Fund’s trading costs, lead to realization\nof capitalization gains, or otherwise harm the Fund’s shareholders because these trades do not involve the Fund directly. Certain\ninstitutional investors are authorized to purchase and redeem each Fund’s shares directly with the Fund. To the extent these trades\nare effected in-kind (i.e., for securities, and not for cash), they do not cause any of the harmful effects noted above that may result\nfrom frequent cash trades. Moreover, each Fund imposes transaction fees on in-kind purchases and redemptions of Creation Units to cover\nthe custodial and other costs incurred by the Fund in effecting in-kind trades. These fees increase if an investor substitutes cash in\npart or in whole for Creation Units, reflecting the fact that the Fund’s trading costs increase in those circumstances. For these\nreasons, the Board has determined that it is not necessary to adopt policies and procedures to detect and deter frequent trading and\nmarket-timing in shares of the Funds.

Dividends,\nDistributions, and Taxes

Fund\nDistributions

Dividends\nfrom net investment income, if any, are declared and paid at least annually by the COMB Fund, monthly by the HIPS Fund and quarterly\nby the DRUP Fund. Each Fund also intends to distribute net realized capital gains, if any, to its shareholders at least annually. Dividends\nand other distributions may be declared and paid more frequently to comply with the distribution requirements of Subchapter M of the\nInternal Revenue Code, and to avoid a federal excise tax imposed on RICs.

The\nHIPS Fund seeks to make cash distributions of equal amounts once per month throughout a calendar year based on a rate determined at the\nbeginning of the year. This rate may be adjusted at any time during a given year. Consequently, there can be no assurance or guarantee\nthat the HIPS Fund will be able to make equal monthly distributions. The HIPS Fund monitors its distributions, the expected cash flow\nfrom its investments and other metrics in determining whether to adjust the distribution rate during the course of a year. Further, the\ndistribution rate will vary from year to year. A portion of the distributions made by the HIPS Fund may be treated as return of capital\nfor U.S. federal income tax purposes. One or more additional distributions may be made generally in December or after the HIPS Fund’s\nfiscal year-end to comply with applicable law.

Dividend\nReinvestment Service

Brokers\nmay make available to their customers who own a Fund’s shares the DTC book-entry dividend reinvestment service. If this service\nis available and used, dividend distributions of both income and capital gains will automatically be reinvested in additional whole shares\nof the Fund. Without this service, investors would receive their distributions in cash. In order to achieve the maximum total return\non their investments, investors are encouraged to use the dividend reinvestment service. To determine whether the dividend reinvestment\nservice is available and whether there is a commission or other charge for using this service, consult your broker. Brokers may require\na Fund’s shareholders to adhere to specific procedures and timetables. If this service is available and used, dividend distributions\nof both income and realized gains will be automatically reinvested in additional whole shares of the applicable Fund purchased in the\nsecondary market.

Federal\nIncome Tax Information

The\nfollowing is a summary of some important U.S. federal income tax issues that affect each Fund and its shareholders. The summary is based\non current U.S. federal income tax laws, which may be changed by legislative, judicial or administrative action. You should not consider\nthis summary to be a detailed explanation of the tax treatment of a Fund, or the tax consequences of an investment in a Fund’s\nshares. The summary is very general, and does not address investors subject to special rules, such as investors who hold shares through\nan IRA, a 401(k) or other tax-advantaged account. More information about U.S. federal income taxes is located in the SAI. You are urged\nto consult your tax adviser regarding specific questions as to federal, state and local income taxes.

Federal\nIncome Tax Status of the Funds. Each Fund is treated as a separate entity for U.S. federal income tax purposes, and intends to qualify\nfor the special tax treatment afforded to RICs under Subchapter M of the Internal Revenue Code. As long as a Fund qualifies as a RIC,\nit pays no U.S. federal income tax on the earnings it distributes to shareholders.

Federal\nIncome Tax Status of Distributions:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

●	Each\n Fund will, for each year, distribute substantially all of its net investment income and net capital gains.

●	Distributions\n reported by a Fund as “qualified dividend income” are generally taxed to noncorporate shareholders at rates applicable\n to long-term capital gains, provided certain holding period and other requirements are met. “Qualified dividend income”\n generally is income derived from dividends paid by U.S. corporations or certain foreign corporations that are either incorporated\n in a U.S. possession or eligible for tax benefits under certain U.S. income tax treaties. In addition, dividends that a Fund received\n in respect of stock of certain foreign corporations may be qualified dividend income if that stock is readily tradable on an established\n U.S. securities market. Corporate shareholders may be entitled to a dividends-received deduction for the portion of dividends they\n receive that are attributable to dividends received by a Fund from U.S. corporations, subject to certain limitations.

●	A\n Fund’s strategies may limit its ability to distribute dividends eligible for qualified dividend income treatment for noncorporate\n shareholders and the dividends-received deduction for corporate shareholders.

●	Any\n distributions of net capital gain (the excess of a Fund’s net long-term capital gains over its net short-term capital losses)\n that you receive from a Fund are taxable as long-term capital gains regardless of how long you have owned your shares. Long-term\n capital gains are currently taxed to noncorporate shareholders at reduced maximum rates.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

●	If\n a Fund’s distributions exceed its current and accumulated earnings and profits, the excess will be treated for federal income\n tax purposes as a tax-free return of capital to the extent of your basis in your shares and thereafter as a capital gain if you hold\n your shares as a capital asset. Because a return of capital distribution reduces the basis of your shares, a return of capital distribution\n may result in a higher capital gain or a lower capital loss when you sell your shares held in a taxable account.

●	Taxable\n dividends and distributions are generally taxable to you whether you receive them in cash or in additional shares through a broker’s\n dividend reinvestment service. If you receive dividends or distributions in the form of additional shares through a broker’s\n dividend reinvestment service, you will be required to pay applicable federal, state or local taxes on the reinvested dividends but\n you will not receive a corresponding cash distribution with which to pay any applicable tax.

●	A\n Fund may be able to pass through to you foreign tax credits for certain taxes paid by the Fund, provided the Fund meets certain requirements.

●	Distributions\n paid in January but declared by a Fund in October, November or December of the previous year to shareholders of record in one of\n those months may be taxable to you in the previous year.

●	A\n Fund will inform you of the amount of your ordinary income dividends, qualified dividend income, return of capital, foreign tax credits\n and net capital gain distributions received from the Fund shortly after the close of each calendar year.

Taxes\non Exchange-Listed Share Sales. Any capital gain or loss realized upon a sale of shares will generally be treated as long-term capital\ngain or loss if the shares have been held for more than one year and as short-term capital gain or loss if the shares have been held\nfor one year or less, except that any capital loss on the sale of shares held for six months or less will be treated as long-term capital\nloss to the extent of amounts treated as distributions of net capital gain to the shareholder with respect to such shares.

Medicare\nTax. U.S. individuals with income exceeding $200,000 ($250,000 if married and filing jointly) are subject to a 3.8% Medicare contribution\ntax on their “net investment income,” including interest, dividends, and capital gains (including capital gains realized\non the sale or exchange of shares). This 3.8% tax also applies to all or a portion of the undistributed net investment income of certain\nshareholders that are estates and trusts.

Non-U.S.\nInvestors. If you are not a citizen or permanent resident of the United States, a Fund’s ordinary income dividends will generally\nbe subject to a 30% U.S. withholding tax, unless a lower treaty rate applies or unless such income is effectively connected with a U.S.\ntrade or business. This 30% withholding tax generally will not apply to distributions of net capital gain.

Distributions,\nsale proceeds and certain capital gain dividends paid to a shareholder that is a “foreign financial institution” as defined\nin Section 1471 of the Internal Revenue Code and that does not meet the requirements imposed on foreign financial institutions by Section\n1471 will generally be subject to withholding tax at a 30% rate. Distributions, sale proceeds and certain capital gain dividends paid\nto a non-U.S. shareholder that is not a foreign financial institution will generally be subject to such withholding tax if the shareholder\nfails to make certain required certifications. Recently issued proposed Treasury Regulations, however, generally eliminate such withholding\non gross proceeds, which include certain capital gains distributions and sale proceeds from a sale or disposition of Fund shares. Taxpayers\ngenerally may rely on these proposed Treasury Regulations until final Treasury Regulations are issued. A non-U.S. shareholder may be\nexempt from the withholding described in this paragraph under an applicable intergovernmental agreement between the U.S. and a foreign\ngovernment, provided that the shareholder and the applicable foreign government comply with the terms of such agreement.

Backup\nWithholding. A Fund or your broker will be required in certain cases to withhold (as “backup withholding”) on amounts\npayable to any shareholder who (1) has provided either an incorrect taxpayer identification number or no number at all, (2) is subject\nto backup withholding by the Internal Revenue Service for failure to properly report payments of interest or dividends, (3) has failed\nto certify that such shareholder is not subject to backup withholding, or (4) has not certified that such shareholder is a U.S. person\n(including a U.S. resident alien). The backup withholding rate is currently 24%. Backup withholding will not, however, be applied to\npayments that have been subject to the 30% withholding tax applicable to shareholders who are neither citizens nor residents of the United\nStates.

Taxes\non Purchases and Redemptions of Creation Units. An authorized purchaser having the U.S. dollar as its functional currency for U.S.\nfederal income tax purposes who exchanges securities for Creation Units generally recognizes a gain or a loss. The gain or loss will\nbe equal to the difference between the value of the Creation Units at the time of the exchange and the exchanging authorized purchaser’s\naggregate basis in the securities delivered, plus the amount of any cash paid for the Creation Units. An authorized purchaser who exchanges\nCreation Units for securities will generally recognize a gain or loss equal to the difference between the exchanging authorized purchaser’s\nbasis in the Creation Units and the aggregate U.S. dollar market value of the securities received, plus any cash received for such Creation\nUnits. The Internal Revenue Service may assert, however, that an authorized purchaser who does not mark-to-market its holdings may not\nbe permitted to currently deduct losses upon an exchange of securities for Creation Units under the rules governing “wash sales,”\nor on the basis that there has been no significant change in economic position. Persons exchanging securities should consult their own\ntax advisor with respect to whether wash sale rules apply and when a loss might be deductible.

Any\ncapital gain or loss realized upon redemption of Creation Units is generally treated as long-term capital gain or loss if the shares\nhave been held for more than one year and as a short-term capital gain or loss if the shares have been held for one year or less.

A\nFund may include a payment of cash in addition to, or in place of, the delivery of a basket of securities upon the redemption of Creation\nUnits. A Fund may sell portfolio securities to obtain the cash needed to distribute redemption proceeds. This may cause a Fund to recognize\ninvestment income and/or capital gains or losses that it might not have recognized if it had completely satisfied the redemption in-kind.\nAs a result, a Fund may be less tax efficient if it includes such a cash payment in the proceeds paid upon the redemption of Creation\nUnits.

The\nforegoing discussion summarizes some of the possible consequences under current federal income tax law of an investment in a Fund. It\nis not a substitute for personal tax advice. You also may be subject to state, local and foreign tax on Fund distributions and sales\nof shares. Consult your personal tax advisor about the potential tax consequences of an investment in shares under all applicable tax\nlaws. For more information, please see the section entitled “Federal Income Taxes” in the SAI.

Distribution\nof Fund Shares

ALPS\nDistributors, Inc. (previously defined as “ADI” or the “Distributor”) is a broker-dealer registered with the\nU.S. Securities and Exchange Commission. The Distributor distributes Creation Units for the Funds on an agency basis and does not maintain\na secondary market in Fund shares. The Distributor has no role in determining the policies of the Funds or the securities that are purchased\nor sold by a Fund. The Distributor’s principal address is 1290 Broadway, Suite 1000, Denver, CO 80203.

The\nBoard has adopted a Distribution and Service Plan (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act. In accordance with\nthe Plan, each Fund is authorized to pay an amount up to 0.25% of its average daily net assets each year for certain distribution-related\nactivities and shareholder services. No Rule 12b-1 fees are currently paid by a Fund, and there are no plans to impose these fees. However,\nin the event Rule 12b-1 fees are charged in the future, because the fees are paid out of the applicable Fund’s assets, over time\nthese fees will increase the cost of your investment and may cost you more than certain other types of sales charges.

Premium/Discount\nInformation

Information\non the daily NAV per share of each Fund can be found at www.graniteshares.com. Additionally, information regarding how often the shares\nof each Fund traded on the Exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund is available\nat www.graniteshares.com. Any such information represents past performance and cannot be used to predict future results.

Fund\nService Providers

Brown\nBrothers Harriman & Co. (“BBH”) is the custodian and transfer agent for the Funds. BBH is located at 50 Post Office Square,\nBoston, MA 02110-1548.

ALPS\nFund Services, Inc., located at 1290 Broadway, Suite 1000, Denver, CO 80203, is the administrator for the Funds.

ALPS\nDistributors, Inc., located at 1290 Broadway, Suite 1000, Denver, CO 80203, is the distributor for the Funds.

Thompson\nHine LLP, located at 41 South High Street, Suite 1700, Columbus, OH 43215, serves as legal counsel to the Adviser and the Trust.

Tait\nWeller, located at Two Liberty Place, Philadelphia, PA 19102, serves as the Funds’ independent registered public accounting firm.\nTait Weller has been appointed by the Board to audit the annual financial statements of the Funds.

Financial\nHighlights

Highlights\nare intended to help you understand the financial history for the past five years (or, if shorter, the period of operations). Certain\ninformation reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would\nhave earned (or lost) on an investment in a Fund (assuming reinvestment of all dividends and distributions). The annual information for\nthe past five fiscal years have been audited by Tait Weller, independent registered public accounting firm, whose reports, along with\nthe Funds’ financial statements, are available free upon request.

GraniteShares\nETF Trust

GraniteShares\nBloomberg Commodity Broad Strategy No K-1 ETF

Consolidated\nFinancial Highlights

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	For\n the Year Ended June 30, 2026			For\n the Year Ended June 30, 2025			For\n the Year Ended June 30, 2024		For\n the Year Ended June 30, 2023		For\n the Year Ended June 30, 2022
NET ASSET VALUE, BEGINNING\n OF PERIOD	$	20.97			$	20.41		$	20.68		$	30.19		$	28.26

INCOME FROM OPERATIONS:
Net investment income/(loss)^(a)		0.81				0.88			1.02			0.73			(0.01	)
Net realized\n and unrealized gain/(loss)^(b)		4.19				0.17			(0.16	)		(3.30	)		6.00
Total from investment operations		5.00				1.05			0.86			(2.57	)		5.99

DISTRIBUTIONS:
From net investment income		(1.91	)			(0.49	)		(1.13	)		(6.94	)		(4.06	)
Total distributions		(1.91	)			(0.49	)		(1.13	)		(6.94	)		(4.06	)

NET\n INCREASE/(DECREASE) IN NET ASSET VALUE		3.09				0.56			(0.27	)		(9.51	)		1.93
NET ASSET VALUE,\n END OF PERIOD	$	24.06			$	20.97		$	20.41		$	20.68		$	30.19
TOTAL RETURN^(c)		25.06	%			5.31	%		4.59	%		(10.34	)%		23.74	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000s)	$	121,499			$	77,596		$	93,871		$	135,478		$	336,569

RATIOS TO AVERAGE NET ASSETS
Ratio of expenses to average net assets		0.25	%			0.25	%		0.25	%		0.25	%		0.25	%
Ratio of expenses including waiver/reimbursement to average\n net assets		0.25	%			0.25	%		0.25	%		0.25	%		0.25	%
Ratio of net investment income/(loss) to average net\n assets		3.41	%			4.26	%		4.94	%		2.79	%		(0.03	)%
Portfolio turnover rate		0	%			0	%		0	%		0	%		0	%

\n\n\n\n\n\n\n\n

^(a)	Based on daily average shares outstanding during the period.
^(b)	Calculation of the net gain (loss) per share (both realized\nand unrealized) may not correlate to the aggregate realized and unrealized gains (losses) presented in the Statement of Operations due\nto the timing of sales and repurchases of Fund shares in relation to fluctuating market values of the investments of the Fund.
^(c)	Total return is calculated assuming an initial investment\nmade at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming\nall distributions are reinvested at the reinvestment prices (lower of market or NAV on ex-date).

GraniteShares\nHIPS U.S. HIgh Income ETF

	For the Year Ended June 30,			For the Year Ended June 30,			For the Year Ended June 30,		For the Year Ended June 30,		For the Year Ended June 30,
	2026			2025			2024		2023		2022
NET ASSET VALUE, BEGINNING OF PERIOD	$	12.13			$	12.69		$	11.83		$	12.37		$	15.74

INCOME FROM OPERATIONS:
Net investment income^(a)		0.96				1.08			0.99			0.92			0.84
Net realized and unrealized gain/(loss)^(b)		(0.29	)			(0.35	)		1.16			(0.17	)		(2.92	)
Total from investment operations		0.67				0.73			2.15			0.75			(2.08	)

DISTRIBUTIONS:
From net investment income		(0.80	)			(0.93	)		(0.62	)		(0.96	)		(0.64	)
From tax return of capital		(0.49	)			(0.36	)		(0.67	)		(0.33	)		(0.65	)
Total distributions		(1.29	)			(1.29	)		(1.29	)		(1.29	)		(1.29	)

NET INCREASE/(DECREASE) IN NET ASSET VALUE		(0.62	)			(0.56	)		0.86			(0.54	)		(3.37	)
NET ASSET VALUE, END OF PERIOD	$	11.51			$	12.13		$	12.69		$	11.83		$	12.37
TOTAL RETURN^(c)		5.82	%			5.79	%		19.13	%		6.32	%		(14.16	)%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000s)	$	109,902			$	106,750		$	77,426		$	55,588		$	65,574

RATIOS TO AVERAGE NET ASSETS
Ratio of expenses to average net assets		0.70	%			0.71	%		0.70	%		0.70	%		0.70	%
Ratio of expenses including waiver/reimbursement to average net assets		0.70	%			0.71	%		0.70	%		0.70	%		0.70	%
Ratio of net investment income to average net assets		8.08	%			8.56	%		7.99	%		7.45	%		5.74	%
Portfolio turnover rate		52	%			65	%		43	%		108	%		74	%

\n\n\n\n\n\n\n\n

	^(a)	Based on daily average shares outstanding during the period.
	^(b)	Calculation of the net gain (loss) per share (both realized\nand unrealized) may not correlate to the aggregate realized and unrealized gains (losses) presented in the Statement of Operations due\nto the timing of sales and repurchases of Fund shares in relation to fluctuating market values of the investments of the Fund.
	^(c)	Total return is calculated assuming an initial investment\nmade at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming\nall distributions are reinvested at the reinvestment prices (lower of market or NAV on ex-date).

GRANITESHARES\nNASDAQ SELECT DISRUPTORS ETF

	For the Year			For the Year			For the Year		For the Year		For the Year
	Ended June 30, 2026			Ended June 30, 2025			Ended June 30, 2024		Ended June 30, 2023		Ended June 30, 2022
NET ASSET VALUE, BEGINNING OF PERIOD	$	62.31			$	53.32		$	40.15		$	33.01		$	40.74

INCOME FROM OPERATIONS:
Net investment income/(loss)^(a)		(0.15	)			(0.09	)		0.03			0.21			0.13
Net realized and unrealized gain/(loss)		(0.09	)			9.08			13.18			7.16			(7.72	)
Total from investment operations		(0.24	)			8.99			13.21			7.37			(7.59	)

DISTRIBUTIONS:
From net investment income		––							(0.04	)		(0.23	)		(0.14	)
Total distributions		––							(0.04	)		(0.23	)		(0.14	)

NET INCREASE/(DECREASE) IN NET ASSET VALUE		(0.24	)			8.99			13.17			7.14			(7.73	)
NET ASSET VALUE, END OF PERIOD	$	62.07			$	62.31		$	53.32		$	40.15		$	33.01
TOTAL RETURN^(b)		(0.39	)%			16.86	%		32.92	%		22.41	%		(18.69	)%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000s)	$	46,556			$	56,083		$	58,653		$	72,271		$	87,474

RATIOS TO AVERAGE NET ASSETS
Ratio of expenses to average net assets		0.60	%			0.60	%		0.60	%		0.60	%		0.60	%
Ratio of expenses including waiver/reimbursement to average net assets		0.60	%			0.60	%		0.60	%		0.60	%		0.60	%
Ratio of net investment income/(loss) to average net assets		(0.25	)%			(0.16	)%		0.06	%		0.60	%		0.31	%
Portfolio turnover rate		47	%			51	%		107	%		56	%		45	%

\n\n\n\n\n

	^(a)	Based on daily average shares outstanding during the period.
	^(b)	Total return is calculated assuming an initial investment\nmade at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming\nall distributions are reinvested at the reinvestment prices (lower of market or NAV on ex-date).

Annual/Semi-Annual\nReports to Shareholders

Additional\ninformation about the Funds’ investments is available in the Trust’s annual and semi-annual reports to shareholders. In the\nTrust’s annual reports, you will find a discussion of the market conditions and investment strategies that significantly affected\neach Fund’s performance during its most recent fiscal year.

Statement\nof Additional Information (SAI)

The\nSAI provides more detailed information about each Fund. The SAI is incorporated by reference into, and is thus legally a part of, this\nprospectus.

For\nMore Information

To\nrequest a free copy of the latest annual or semi-annual report of a Fund, the SAI or to request additional information about the Funds\nor to make other inquiries, please contact us as follows:

\n \n \n \n \n \n \n \n \n \n \n \n \n

	Call:	844-GRN-TSHR\n (844-476-8747)
		Monday\n through Friday
		9\n a.m. to 5 p.m.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	Write:	GraniteShares\n ETF Trust
		c/o\n ALPS Fund Services, Inc.
		1290\n Broadway, Suite 1000
		Denver,\n CO 80203

\n \n \n \n \n

Visit:

www.graniteshares.com

Information\nProvided by the Securities and Exchange Commission

Reports\nand other information about the Funds are available in the EDGAR Database on the SEC’s Internet site at http://www.sec.gov, or\nyou can receive copies of this information, after paying a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov.

The\nTrust’s Investment Company Act file number: 811-23214

Statement\nof Additional Information

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

GRANITESHARES\n FUNDS		NYSE\n ARCA, INC. TICKER SYMBOL
GraniteShares\n Bloomberg Commodity Broad Strategy No K-1 ETF		COMB
GraniteShares\n HIPS US High Income ETF		HIPS
GraniteShares\n NASDAQ Select Disruptors ETF		DRUP

Each\na series of GraniteShares ETF Trust (the “Trust”)

October\n28, 2026

Investment\nAdviser:

GraniteShares\nAdvisors LLC

This\nStatement of Additional Information (“SAI”) is not a prospectus. With respect to the Trust’s series listed above, the\nSAI should be read in conjunction with the prospectus, dated October 28, 2026, as revised from time to time\n(the “Prospectus”). Capitalized terms used herein that are not defined have the same meaning as in the Prospectus, unless\notherwise noted. The audited financial statements and related report of Tait Weller LLP, independent registered public accounting firm,\ncontained in the Trust’s Annual Report, are hereby incorporated herein by reference. The financial statements of the Subsidiary\nof GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF are consolidated with that Fund’s financial statements in the Trust’s\nAnnual and Semi-Annual Reports. The audited financial statements in the Trust’s Annual Report have been incorporated herein by\nreference in reliance upon such report given upon the authority of such firm as experts in accounting and auditing. No other portions\nof the Trust’s Annual Report are incorporated by reference into this SAI. A copy of the Prospectus and the Funds’ annual\nand semi-annual reports (when available) may be obtained without charge, by writing the Funds’ distributor, ALPS Distributors,\nInc. (the “Distributor”), by visiting the Trust’s website at www.graniteshares.com, or by calling 844-GRN-TSHR (844-476-8747).

General Information about the Trust	1
Investment Strategies	2
Continuous Offering	5
Portfolio Holdings	5
Additional Information about Investment Objectives, Policies and Related Risks	6
Special Considerations and Risks	28
Exchange Listing and Trading	31
Management of the Trust	32
Ownership of Shares	36
Compensation of the Trustees	36
Codes of Ethics	37
Proxy Voting Policies	37
Investment Advisory and Other Services	38
The Portfolio Managers	39
The Distributor	41
The Administrator	42
The Custodian	42
The Transfer Agent	42
Legal Counsel	42
Independent Registered Public Accounting Firm	42
Description of Shares	42
Brokerage Transactions	43
Portfolio Turnover Rate	44
Book Entry Only System	44
Control Persons and Principal Holders of Securities	45
Purchase and Issuance of Shares in Creation Units	46
Determination of Net Asset Value	51
Dividends and Distributions	52
Federal Income Taxes	52
Financial Statements	60

General\nInformation about the Trust

The\nTrust is an open-end management investment company currently consisting of multiple investment series, of which the GraniteShares Bloomberg\nCommodity Broad Strategy No K-1 ETF (the “COMB Fund”), the GraniteShares HIPS US High Income ETF (the “HIPS Fund”)\nand the GraniteShares Nasdaq Select Disruptors ETF (the “DRUP Fund” and together with the COMB Fund and the HIPS Fund,\nthe “Funds” or each, a “Fund”) are series. The Trust was organized as a Delaware statutory trust on November\n7, 2016. The Trust is registered with the U.S. Securities and Exchange Commission (the “SEC”) under the Investment Company\nAct of 1940, as amended (the “1940 Act”), and the offering of each Fund’s shares (“Shares”) is registered\nunder the Securities Act of 1933, as amended (the “Securities Act”). GraniteShares Advisors LLC (the “Adviser”)\nserves as investment adviser to the Funds. The investment objective of the COMB Fund is to provide long-term capital appreciation, primarily\nthrough exposure to commodity futures markets. The investment objective of the HIPS Fund is to seek to track the performance, before\nfees and expenses, of the EQM High-Income Pass-Through Securities Index (the “HIPS Index”), and the investment objective\nof the DRUP Fund is to seek to track the performance, before fees and expenses, of the Nasdaq US Large Cap Select Disruptors Index (the\n“DRUP Index”).

For\npurposes of the 1940 Act, COMB Fund is classified as “non-diversified” and HIPS Fund and DRUP Fund are each classified as\n“diversified.” The DRUP Fund intends to be diversified in approximately the same proportion as the DRUP Index is diversified.\nConsequently, the DRUP Fund may become non-diversified, as defined under the 1940 Act, solely as a result of a change in relative market\ncapitalization or index weighting of one or more constituents of the DRUP Index. A non-diversified fund may invest a large percentage\nof its assets in securities issued by or representing a small number of issuers. As a result, a non-diversified fund’s performance\nmay be adversely affected, the fund’s shares may experience greater price volatility, and the fund may be more susceptible to the\nrisks associated with these particular issuers or to a single economic, political, or regulatory occurrence affecting these issuers.

Each\nFund intends to qualify for treatment as a “regulated investment company” (a “RIC”) under Subchapter M of the\nInternal Revenue Code of 1986, as amended (the “Code”), by meeting certain source-of-income, asset diversification and annual\ndistribution requirements.

Each\nFund offers and issues Shares at their net asset value (“NAV”) only in aggregations of a specified number of Shares (each,\na “Creation Unit”). Only “Authorized Participants” may purchase or redeem Shares directly from the Fund. An Authorized\nParticipant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of\nthe National Securities Clearing Corporation (“NSCC”) or (ii) a Depository Trust Company (“DTC”) participant\nand, in each case, must have executed a Participant Agreement (as defined below) with the Distributor. Most retail investors will not\nqualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase\nor redeem the Shares directly from a Fund. Rather, most retail investors will purchase Shares in the secondary market with the assistance\nof a broker and will be subject to customary brokerage commissions or fees. Each Fund generally offers and issues Shares in exchange\nfor a basket of financial instruments (“Deposit Securities”) together with the deposit of a specified cash payment (“Cash\nComponent”). The Trust reserves the right to permit or require the substitution of a “cash in lieu” amount (“Deposit\nCash”) to be added to the Cash Component to replace any Deposit Security. The Shares are listed on the NYSE Arca, Inc. (the “Exchange”)\nand trade on the Exchange at market prices. These prices may differ from the Shares’ NAV. The Shares are also redeemable only in\nCreation Unit aggregations, and generally in exchange for portfolio securities and a specified cash payment. A Creation Unit of each\nFund consists of at least 50,000 Shares (“Creation Unit Aggregations”).

Shares\nmay be issued in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit\nwith the Trust an amount in cash at least equal to a specified percentage of the market value of the missing Deposit Securities as set\nforth in the Participant Agreement (as defined below). The Trust may impose a transaction fee for each creation or redemption (“Creation\nor Redemption Transaction Fee”). In all cases, such fees will be limited in accordance with the requirements of the SEC applicable\nto management investment companies offering redeemable securities.

Investment\nStrategies

Unlike\nconventional exchange-traded funds (“ETFs”), the COMB Fund is “actively managed” and seeks to provide long-term\ncapital appreciation, primarily through exposure to commodity futures markets. Commodities are assets that have tangible properties,\nsuch as oil, agricultural produce or raw metals. The COMB Fund’s investment strategy is based in part on the Bloomberg Commodity\nIndex (the “COMB Benchmark”). The HIPS Fund and the DRUP Fund are “passively managed” and employ a “passive\nmanagement” – or indexing – investment approach designed to track the performance of an index.

The\nHIPS Fund employs the HIPS Index. The HIPS Index is a rules-based index that measures the performance of up to 40 high income U.S.-listed\nsecurities that typically have “pass-through” structures that require them to distribute substantially all of their earnings\nto shareholders as cash distributions. This “high income, pass-through” strategy is known as HIPS. The HIPS Fund attempts\nto invest all, or substantially all, of its assets in the securities that make up the HIPS Index. The HIPS Fund will generally use a\n“replication” strategy to achieve its investment objective, meaning it generally will invest in all of the component securities\nof the HIPS Index, but may, when the Adviser believes it is in the best interests of the HIPS Fund, use a “representative sampling”\nstrategy, meaning it may invest in a sample of the securities in the HIPS Index whose risk, return and other characteristics are expected\nto closely resemble the risk, return and other characteristics of the HIPS Index as a whole. The HIPS Fund generally may invest up to\n20% of its total assets in securities not included in the HIPS Index, but which the HIPS Fund believes will help it track the HIPS Index.\nFor example, the HIPS Fund may invest in securities that are not components of the HIPS Index to reflect various corporate actions and\nother changes to the HIPS Index (such as reconstitutions, additions and deletions). Under normal circumstances, as long as the HIPS Fund\ninvests at least 80% of its assets (exclusive of collateral held from securities lending) in the component securities of the HIPS Index,\nit also may invest its other assets in cash and cash equivalents, as well as in shares of other investment companies, futures contracts,\nand swaps.

The\nDRUP Fund employs the DRUP Index. The DRUP Fund’s prospectus identifies the types of securities in which the DRUP Fund invests\nprincipally and summarizes the principal risks to the Fund’s portfolio as a whole associated with such investments.

Additional\nInformation About the COMB Benchmark

The\nCOMB Fund invests, either directly or through a wholly-owned subsidiary (the “Subsidiary”), in commodity-linked derivative\ninstruments, such as futures contracts and swap agreements, and other commodity-linked instruments, such as commodity-linked notes, exchange-traded\nproducts providing exposure to commodities (including exchange-traded notes and other ETFs), and other investment companies. While the\nCOMB Fund generally will seek exposure to the commodity markets included in the COMB Benchmark, the COMB Fund is not an index tracking\nETF and will seek to exceed the performance of the COMB Benchmark, in part through a cash management strategy consisting of investments\nin investment grade fixed income securities issued by various U.S. public-sector or corporate entities (“Fixed Income Securities”).\nIn addition, at times, the COMB Fund may actively select investments with differing maturities from the underlying Components of the\nCOMB Benchmark, may not invest in all of the COMB Benchmark’s components or in the same proportion as the COMB Benchmark, may invest\nin commodity-linked derivative instruments and other commodity-linked instruments outside the COMB Benchmark, and may emphasize some\ncommodity sectors more than others.

The\nCOMB Fund’s investment in the Subsidiary is expected to provide the COMB Fund with exposure to commodity-linked derivatives in\naccordance with the limits of the federal income tax laws, which limit the ability of investment companies like the COMB Fund to invest\ndirectly in such investments. The COMB Fund’s investment in the Subsidiary may not exceed 25% of the COMB Fund’s total assets\nat each quarter-end of the COMB Fund’s fiscal year. The Subsidiary operates under Cayman Islands law. It is wholly-owned and controlled\nby the COMB Fund and advised by the Adviser. The Subsidiary has the same investment objective as the COMB Fund and will follow the same\ngeneral investment policies and restrictions.

Currently,\nthe COMB Benchmark consists of 23 commodities futures contracts with respect to 21 commodities: aluminum, coffee, copper, corn, cotton,\ncrude oil (West Texas Oil (WTI) and Brent crude oil futures, gold, Ultra-Low Sulphur (ULS) Diesel, lean hogs, live cattle, low sulfur\ngas oil, natural gas, nickel, silver, soybean meal, soybean oil, soybeans, sugar, unleaded gas, wheat (Chicago Soft Red Winter (SRW)\nand Kansas City Hard Red Winter (HRW) wheat futures), and zinc. The COMB Benchmark reflects the return from these commodity futures contracts.

COMB\nBenchmark Disclaimer

Bloomberg®”\nand the Bloomberg indices listed herein (the “Indices”) are service marks of Bloomberg Finance L.P. and its affiliates, including\nBloomberg Index Services Limited (“BISL”), the administrator of the index (collectively, “Bloomberg”), and have\nbeen licensed for use for certain purposes by the distributor hereof (the “Licensee”).

The\nfinancial products named herein (the “Products”) are not sponsored, endorsed, sold or promoted by Bloomberg. Bloomberg does\nnot make any representation or warranty, express or implied, to the owners of or counterparties to the Products or any member of the\npublic regarding the advisability of investing in securities or commodities generally or in the Product particularly. The only relationship\nof Bloomberg to Licensee is the licensing of certain trademarks, trade names and service marks and of the Indices, which are determined,\ncomposed and calculated by BISL without regard to Licensee or the Products. Bloomberg has no obligation to take the needs of Licensee\nor the owners of the Products into consideration in determining, composing or calculating the Indices. Bloomberg is not responsible for\nand has not participated in the determination of the timing, price, or quantities of the Products to be issued. Bloomberg shall not have\nany obligation or liability, including, without limitation, to customers of the Products, in connection with the administration, marketing\nor trading of the Products.

BLOOMBERG\nDOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE INDICES OR ANY DATA RELATED THERETO AND SHALL HAVE NO LIABILITY FOR ANY\nERRORS, OMISSIONS OR INTERRUPTIONS THEREIN. BLOOMBERG DOES NOT MAKE ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY\nLICENSEE, OWNERS OF THE PRODUCT OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDICES OR ANY DATA RELATED THERETO. BLOOMBERG DOES\nNOT MAKE ANY EXPRESS OR IMPLIED WARRANTIES AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE\nOR USE WITH RESPECT TO THE INDICES OR ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, TO THE MAXIMUM EXTENT ALLOWED\nBY LAW, BLOOMBERG, ITS LICENSORS, AND ITS AND THEIR RESPECTIVE EMPLOYEES, CONTRACTORS, AGENTS, SUPPLIERS, AND VENDORS SHALL HAVE NO LIABILITY\nOR RESPONSIBILITY WHATSOEVER FOR ANY INJURY OR DAMAGES—WHETHER DIRECT, INDIRECT, CONSEQUENTIAL, INCIDENTAL, PUNITIVE OR OTHERWISE—ARISING\nIN CONNECTION WITH THE PRODUCT OR INDICES OR ANY DATA OR VALUES RELATING THERETO—WHETHER ARISING FROM THEIR NEGLIGENCE OR OTHERWISE,\nEVEN IF NOTIFIED OF THE POSSIBILITY THEREOF.

Additional\nInformation About The HIPS Index

The\nHIPS Index is reconstituted annually and rebalanced quarterly.

HIPS\nBenchmark Disclaimer

The\nHIPS Index is proprietary to VettaFi. No use or publication may be made of the HIPS Index, or any of its provisions or values, without\nthe prior written consent of VettaFi. VettaFi is not responsible for any errors or omissions, regardless of the cause, for the results\nobtained from the use of the content. In no event shall VettaFi be liable to any party for any direct, indirect, incidental, exemplary,\ncompensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost\nincome or lost profits and opportunity costs) in connection with any use of the content.

HIPS\nIndex/Trademark Licenses/Disclaimers

The\nHIPS Index is the exclusive property of EQM. EQM is the index administrator and has contracted with BITA as a third party to calculate\nthe HIPS Index. The HIPS Index is not sponsored by BITA or its affiliates or its third-party licensors. Neither BITA, nor any of their\naffiliates or third-party licensors will be liable for any errors or omissions in calculating the Index. “Calculated by BITA”\nand the related stylized mark(s) are service marks of BITA and have been licensed for use by BITA and sublicensed for certain purposes\nby BITA.

All\ninformation is provided for information purposes only. All information and data contained in this publication, and provided by BITA,\nare obtained by BITA from sources believed by it to be accurate and reliable. Because of the possibility of human and mechanical error\nas well as other factors such information and data are provided “as is” without warranty of any kind.

The\nIndex is merely calculated and published by BITA. BITA does not offer any explicit or tacit guarantee or assurance, neither pertaining\nto the results from the use of the Index nor the level of the Index at any certain point in time.

The\npublication of the Index by BITA does not constitute a recommendation for capital investment and does not contain any assurance or opinion\nof BITA regarding a possible investment in a financial instrument based on this Index.

Additional\nInformation About the DRUP Index

Nasdaq\nannounces Index-related information via the Nasdaq Global Index Watch (GIW) website at http://indexes.nasdaqomx.com. Index values and\nweightings information are available through Nasdaq Global Index Watch (GIW) website at https://indexes.nasdaqomx.com/ as well as the\nNasdaq Global Index FlexFile Delivery Service (GIFFD) and Global Index Dissemination Services (GIDS). Similar to the GIDS offerings,\nGenium Consolidated Feed (GCF) provides real-time Index values and weightings for the Nordic Indexes. For further information, please\nrefer to Nasdaq GIW website at https://indexes.nasdaqomx.com/.

DRUP\nIndex Disclaimer

DRUP\n(the Product) is not sponsored, endorsed, sold or promoted by Nasdaq, Inc. or its affiliates (Nasdaq, with its affiliates, are referred\nto as the “Corporations”). The Corporations have not passed on the legality or suitability of, or the accuracy or adequacy\nof descriptions and disclosures relating to, the Product. The Corporations make no representation or warranty, express or implied to\nthe owners of the Product or any member of the public regarding the advisability of investing in securities generally or in the Product(s)\nparticularly, or the ability of the Nasdaq US Large Cap Select Disruptors Index to track general stock market performance. The Corporations’\nonly relationship to GraniteShares Inc (“Licensee”) is in the licensing of the Nasdaq®, and certain trade names of the\nCorporations and the use of the DRUP Index which is determined, composed and calculated by Nasdaq without regard to Licensee or the Product.\nNasdaq has no obligation to take the needs of the Licensee or the owners of the Product into consideration in determining, composing\nor calculating the Nasdaq US Large Cap Select Disruptors Index. The Corporations are not responsible for and have not participated in\nthe determination of the timing of, prices at, or quantities of the Product to be issued or in the determination or calculation of the\nequation by which the Product is to be converted into cash. The Corporations have no liability in connection with the administration,\nmarketing or trading of the Product.

The\nCorporations do not guarantee the accuracy and/or uninterrupted calculation of Nasdaq US Large Cap Select Disruptors Index or any data\nincluded therein. The Corporations make no warranty, express or implied, as to results to be obtained by Licensee, owners of the product,\nor any other person or entity from the use of the Nasdaq US Large Cap Select Disruptors Index or any data included therein. The Corporations\nmake no express or implied warranties, and expressly disclaim all warranties of merchantability or fitness for a particular purpose or\nuse with respect to the Nasdaq US Large Cap Select Disruptors Index^®\nor any data included therein. Without limiting any of the foregoing, in no event shall\nthe Corporations have any liability for any lost profits or special, incidental, punitive, indirect, or consequential damages, even if\nnotified of the possibility of such damages

DRUP\nIndex: Trademark Licenses/Disclaimers

Nasdaq®\nis a registered trademark of Nasdaq, Inc. (which with its affiliates is referred to as the “Corporations”) and are licensed\nfor use by GraniteShares Inc. DRUP (the “Product”) has not been passed on by the Corporations as to their legality or suitability.\nThe Product is not issued, endorsed, sold, or promoted by the Corporations. The Corporations make no warranties and bear no liability\nwith respect to the product.

Continuous\nOffering

The\nmethod by which Creation Unit Aggregations of Shares are created and traded may raise certain issues under applicable securities laws.\nBecause new Creation Unit Aggregations of Shares are issued and sold by each Fund on an ongoing basis, at any point a “distribution,”\nas such term is used in the Securities Act, may occur. Broker-dealers and other persons are cautioned that some activities on their part\nmay, depending on the circumstances, result in their being deemed participants in a distribution in a manner which could render them\nstatutory underwriters and subject them to the prospectus delivery requirement and liability provisions of the Securities Act.

For\nexample, a broker-dealer firm or its client may be deemed a statutory underwriter if it takes Creation Unit Aggregations after placing\nan order, breaks them down into constituent Shares, and sells such Shares directly to customers, or if it chooses to couple the creation\nof a supply of new Shares with an active selling effort involving solicitation of secondary market demand for Shares. A determination\nof whether one is an underwriter for purposes of the Securities Act must take into account all the facts and circumstances pertaining\nto the activities of the broker-dealer or its client in the particular case, and the examples mentioned above should not be considered\na complete description of all the activities that could lead to a categorization as an underwriter. Broker-dealer firms should also note\nthat dealers, who are not “underwriters” but are effecting transactions in Shares, whether or not participating in the distribution\nof Shares, generally are required to deliver a prospectus. This is because the prospectus delivery exemption in Section 4(a)(3) of the\nSecurities Act is not available in respect of such transactions as a result of Section 24(d) of the 1940 Act. Firms that incur a prospectus\ndelivery obligation with respect to Shares of a Fund are reminded that, pursuant to Rule 153 under the Securities Act, a prospectus delivery\nobligation under Section 5(b)(2) of the Securities Act owed to an exchange member in connection with a sale on the Exchange is satisfied\nby the fact that the prospectus is available at the Exchange upon request. The prospectus delivery mechanism provided in Rule 153 is\nonly available with respect to transactions on an exchange.

Portfolio\nHoldings

Policy\non Disclosure of Portfolio Holdings

The\nBoard of Trustees of the Trust (the “Board”) has adopted a policy on disclosure of portfolio holdings, which it believes\nis in the best interest of each Fund’s shareholders. The policy provides that each Fund’s current portfolio holdings may\nnot be selectively disclosed, except under the safeguards and circumstances provided in the policy or as otherwise required by state\nlaw or federal securities laws. The policy is designed to prevent the possible misuse of knowledge of a Fund’s portfolio holdings\nand to ensure that the interests of the Adviser, the Funds’ Distributor, custodian, transfer agent, fund accountant and administrator,\nor any affiliated person of the Fund or the Funds’ service providers, are not placed above those of the Funds’ shareholders.\nAs a general principle, the policy prohibits the Funds and any service provider to the Funds, including the Adviser, from entering\ninto any arrangement to receive any compensation or consideration, either directly or indirectly, in return for the disclosure of a Fund’s\nnon-public portfolio holdings.

Each\nFund’s entire portfolio holdings are publicly disseminated each day the Fund is open for business through financial reporting and\nnews services including publicly available internet websites. In addition, a basket composition file, which includes the security names\nand share quantities to deliver in exchange for Fund Shares, together with estimates and actual cash components, is publicly disseminated\ndaily via the NSCC. The basket represents one Creation Unit of a Fund.

Other\nthan as provided in the preceding paragraph, portfolio information of the Funds must be disclosed in a manner that: (a) is consistent\nwith applicable legal requirements and is in the best interests of the Funds’ respective shareholders; (b) does not put the interests\nof the Funds’ service providers or any affiliated person of the Funds and their service providers above those of the Funds’\nshareholders; (c) does not advantage any current or prospective Fund shareholders over any other current or prospective Fund shareholders,\nexcept to the extent that certain entities (as described below) may receive portfolio information in a format not available to other\ncurrent or prospective Fund shareholders in connection with the dissemination of information necessary for transactions in Creation Units;\nand (d) does not provide selective access to portfolio holdings information except pursuant to the procedures outlined below and, to\nthe extent appropriate, confidentiality arrangements limiting the use of such information are in effect. The “entities” referred\nto in sub-section (c) are generally limited to NSCC members and subscribers to various fee -based subscription services, including Authorized\nParticipants and other institutional market participants and entities that provide information services. This information may or may\nnot reflect the pro rata composition of a Fund’s portfolio.

The\nTrust’s Chief Compliance Officer (the “CCO”) may authorize disclosure of portfolio holdings under additional circumstances\nwhen it is determined to be appropriate and doing so is reasonably likely not to harm a Fund or its shareholders.

Greater\nthan daily access to information concerning a Fund’s portfolio holdings will be permitted (i) to certain personnel of the Funds’\nservice providers that are involved in portfolio management and providing administrative, operational, risk management, or other support\nto portfolio management, including Authorized Participants, and (ii) to other personnel of the Funds’ service providers who deal\ndirectly with, or assist in, functions related to investment management, administration, custody and fund accounting, as may be necessary\nto conduct business in the ordinary course in a manner consistent with the Trust’s exemptive order, agreements with the Funds,\nand the terms of the Trust’s current registration statement. From time to time, and in the ordinary course of business, such information\nmay also be disclosed (i) to other entities that provide services to the Funds, including pricing information vendors, and third parties\nthat deliver analytical, statistical or consulting services to a Fund and (ii) generally after it has been disseminated to the NSCC.\nThe Trust seeks to avoid potential conflicts between the interests of the Funds’ shareholders and those of the Funds’ service\nproviders and ensure that non-public portfolio holdings information is disclosed only when such disclosure is in the best interests of\na Fund and its shareholders. The Trust seeks to accomplish this by permitting such disclosure solely for the purpose of assisting the\nservice provider in carrying out its designated responsibilities for the Funds.

A\nreport will be made to the Board at the next quarterly meeting if disclosure of a Fund’s current portfolio holdings was authorized\nby the CCO, as discussed above, or outside the permissions of the policy. The policy is subject to periodic review by the Board. As part\nof the annual review of the Trust’s compliance policies and procedures, the CCO will report to the Board regarding the operation\nand effectiveness of the policy, including as to any changes to the policies and procedures that have been made or recommendations for\nfuture changes. The Board is responsible for approving or ratifying any amendment to the policy.

Portfolio\nholdings will be disclosed through required filings with the SEC. Each Fund files its complete portfolio holdings with the SEC as of\nthe end of its fiscal year and its second fiscal quarter on Form N-CSR. Each Fund makes quarterly filings with the SEC on Form N-PORT\n(which replaced Form N-Q, the previous portfolio holdings form). Form N-PORT filed for the first and third fiscal quarters includes each\nFund’s complete portfolio holdings as of the end of the relevant fiscal period and is made publicly available no later than 60\ndays after the relevant fiscal period. Shareholders may obtain the Funds’ Forms N-CSR and N-PORT filings on the SEC’s website\nat www.sec.gov. Form N-PORT is not required to be mailed to shareholders, but is made public through the SEC’s electronic filings.\nShareholders receive either complete portfolio holdings information or summaries of Fund portfolio holdings with their annual and semi-annual\nreports. In addition, the Funds’ Forms N-CSR and N-PORT filings may be reviewed on the SEC’s website or at www.graniteshares.com.

Additional\nInformation about Investment Objectives, Policies and Related Risks

The\nFunds’ investment objective and principal investment strategies are described in the Prospectus. The following information supplements,\nand should be read in conjunction with, the Prospectus. For a description of certain permitted investments, see “Description of\nPermitted Investments” in this SAI.

Non-Diversification

As\npreviously noted, the DRUP Fund intends to be diversified in approximately the same proportion as the DRUP Index is diversified. The\nDRUP Fund may, from time to time, become non-diversified, as defined under the 1940 Act, solely as a result of a change in relative market\ncapitalization or index weighting of one or more constituents of the DRUP Index. In such circumstances, the DRUP Fund would be subject\nto the foregoing risks.

Notwithstanding\neach Fund’s classification for purposes of the 1940 Act, each Fund’s investments will be limited in order to qualify as a\nRIC for purposes of the Code.

Diversification

Each\nof the HIPS Fund and the DRUP Fund intends to be classified as diversified within the meaning of the 1940 Act. Under applicable federal\nlaws, to qualify as a diversified fund, a fund with respect to 75% of its total assets, may not invest greater than 5% of its total assets\nin any one issuer and may not hold greater than 10% of the securities of one issuer, other than cash and cash items (including receivables),\nU.S. government securities, and securities of other investment companies. The remaining 25% of such fund’s total assets does not\nneed to be “diversified” and may be invested in securities of a single issuer, subject to other applicable laws. The diversification\nof a fund’s holdings is measured at the time the fund purchases a security. However, if a fund purchases a security and holds it\nfor a period of time, the security may become a larger percentage of the fund’s total assets due to movements in the financial\nmarkets. If the market affects several securities held by a fund, the fund may have a greater percentage of its assets invested in securities\nof fewer issuers.

Borrowing

Each\nFund may borrow to the extent permitted by the 1940 Act. Under the 1940 Act, a Fund may borrow up to one-third (1/3) of its net assets.\nA Fund will borrow money only for short-term or emergency purposes. Such borrowing is not for investment purposes and will be repaid\nby the borrowing Fund promptly. Borrowing will tend to exaggerate the effect on NAV of any increase or decrease in the market value of\na Fund’s portfolio. Money borrowed will be subject to interest costs that may or may not be recovered by earnings on the securities\npurchased. A Fund also may be required to maintain minimum average balances in connection with a borrowing or to pay a commitment or\nother fee to maintain a line of credit; either of these requirements would increase the cost of borrowing over the stated interest rate.

Consistent\nwith SEC staff guidance, financial instruments that involve a Fund’s obligation to make future payments to third parties will not\nbe viewed as creating a “senior security” for purposes of the 1940 Act provided that the Fund covers its obligations as described\nbelow. Those financial instruments can include, among others, (i) securities purchased or sold on a when-issued, delayed delivery, or\nto be announced basis, (ii) futures contracts, (iii) forward currency contracts, (iv) swaps, (v) written options, (vi) unfunded commitments,\n(vii) securities sold short, and (viii) reverse repurchase agreements.

Consistent\nwith SEC staff guidance, a Fund will consider its obligations involving such a financial instrument as “covered” when the\nFund (i) maintains an offsetting financial position, or (ii) segregates liquid assets (constituting cash, cash equivalents or other liquid\nportfolio securities) equal to the Fund’s exposures relating to the financial instrument, as determined on a daily basis. Dedicated\nFund compliance policies and procedures, which the Board has approved, govern the kinds of transactions that can be deemed to be offsetting\npositions for purposes of (i) above, and the amounts of assets that need to be segregated for purposes of (ii) above (the “Asset\nSegregation Policies”).

The\nAsset Segregation Policies may require a Fund to sell a portfolio security or exit a transaction at a disadvantageous time or price in\norder for the Fund to be able to segregate the required amount of assets. If segregated assets decline in value, the Fund will need to\nsegregate additional assets or reduce its position in the financial instruments. In addition, segregated assets may not be available\nto satisfy redemptions or for other purposes until the Fund’s obligations under the financial instruments have been satisfied.\nIn addition, the Fund’s ability to use the financial instruments identified above may under some circumstances depend on the nature\nof the instrument and amount of assets that the Asset Segregation Policies require the Fund to segregate.

Securities\nLending

If\napproved by the Board, a Fund may lend portfolio securities to certain borrowers that the Adviser determines to be creditworthy. The\nborrowers provide collateral that is maintained in an amount at least equal to the current market value of the securities loaned. No\nsecurities loan shall be made on behalf of a Fund if, as a result, the aggregate value of all securities loaned by a Fund exceeds one-third\nof the value of such Fund’s total assets (including the value of the collateral received). A Fund may terminate a loan at any time\nand obtain the return of the securities loaned. A Fund receives, by way of substitute payment, the value of any interest or cash or non-cash\ndistributions paid on the loaned securities that it would have received if the securities were not on loan.

With\nrespect to loans that are collateralized by cash, the borrower may be entitled to receive a fee based on the amount of cash collateral.\nA Fund is typically compensated by the difference between the amount earned on the reinvestment of cash collateral and the fee paid to\nthe borrower. In the case of collateral other than cash, a Fund is typically compensated by a fee paid by the borrower equal to a percentage\nof the market value of the loaned securities. Any cash collateral may be reinvested in certain short-term instruments either directly\non behalf of the lending Fund or through one or more joint accounts or money market funds. Such investments are subject to investment\nrisk.

Securities\nlending involves exposure to certain risks, including operational risk (i.e., the risk of losses resulting from problems in the settlement\nand accounting process), “gap” risk (i.e., the risk of a mismatch between the return on cash collateral reinvestments and\nthe fees a Fund has agreed to pay a borrower), and credit, legal, counterparty and market risk. If a securities lending counterparty\nwere to default, a Fund would be subject to the risk of a possible delay in receiving collateral or in recovering the loaned securities,\nor to a possible loss of rights in the collateral. In the event a borrower does not return a Fund’s securities as agreed, such\nFund may experience losses if the proceeds received from liquidating the collateral do not at least equal the value of the loaned security\nat the time the collateral is liquidated, plus the transaction costs incurred in purchasing replacement securities. This event could\ntrigger adverse tax consequences for a Fund. A Fund could lose money if its short-term investment of the collateral declines in value\nover the period of the loan. Substitute payments for dividends received by a Fund for securities loaned out by such Fund will not be\nconsidered qualified dividend income for federal income tax purposes.

Description\nof Permitted Investments

The\nfollowing are descriptions of the permitted investments and investment practices for each Fund and the associated risk factors. A Fund\nwill only invest in any of the following instruments or engage in any of the following investment practices if such investment or activity\nis consistent with the Fund’s investment objective and permitted by the Fund’s stated investment policies.

Business\nDevelopment Companies (“BDCs”)

The\nHIPS Fund may invest in BDCs. A BDC is a less common type of closed-end investment company that more closely resembles an operating company\nthan a typical investment company. BDCs generally focus on investing in, and providing managerial assistance to, small, developing, financially\ntroubled, private companies or other companies that may have value that can be realized over time and with management assistance. Similar\nto an operating company, a BDC’s total annual operating expense ratio typically reflects all of the operating expenses incurred\nby the BDC, and is generally greater than the total annual operating expense ratio of a mutual fund that does not bear the same types\nof operating expenses. However, as a shareholder of a BDC, the HIPS Fund does not directly pay for a portion of all of the operating\nexpenses of the BDC, just as a shareholder of computer manufacturer does not directly pay for the cost of labor associated with producing\nsuch computers. As a result, the fees and expenses of the HIPS Fund will be effectively overstated by an amount equal to the “Acquired\nFund Fees and Expenses.” Acquired Fund Fees and Expenses are not included as an operating expense of the HIPS Fund in the HIPS\nFund’s financial statements, which more accurately reflect the HIPS Fund’s actual operating expenses.

BDCs\ninvest in private companies and thinly traded securities of public companies, including debt instruments of such companies. Generally,\nlittle public information exists for private and thinly traded companies and there is a risk that investors may not be able to make fully\ninformed investment decisions. Less mature and smaller private companies involve greater risk than well-established and larger publicly-traded\ncompanies. Investing in debt involves risk that the issuer may default on its payments or declare bankruptcy and debt may not be rated\nby a credit rating agency. Many debt investments in which a BDC may invest will not be rated by a credit rating agency and will be below\ninvestment grade quality. These investments have predominantly speculative characteristics with respect to an issuer’s capacity\nto make payments of interest and principal. BDCs may not generate income at all times. The HIPS Fund and its affiliates may not own in\nexcess of 25% of a BDC’s outstanding voting securities which may limit the HIPS Fund’s ability to fully replicate its index.

BDCs\nare regulated under the 1940 Act. BDCs realize operating income when their investments are sold off, and therefore maintain complex organizational,\noperational, tax and compliance requirements. For federal income tax purposes, BDCs generally intend to qualify for taxation as RICs.\nTo qualify, BDCs must satisfy certain asset diversification and source of income tests and must generally distribute at least 90% of\ntheir taxable earnings as dividends. Under the 1940 Act, BDCs are also required to invest at least 70% of their total assets primarily\nin securities of private companies or thinly traded U.S. public companies, cash, cash equivalents, U.S. government securities and high\nquality debt investments that mature in one year or less. Additionally, a BDC may only incur indebtedness in amounts such that the BDC’s\nasset coverage equals at least 200% after such incurrence. These limitations on asset mix and leverage may limit the way that BDCs raise\ncapital.

Commodity-Linked\nNotes

The\nCOMB Fund may invest in commodity-linked notes. A commodity-linked note has characteristics of both a debt security and a commodity-linked\nderivative. It typically makes interest payments like a debt security and at maturity the principal payment is linked to the price movement\nof an underlying commodity-related variable that may be: a physical commodity (such as heating oil, livestock, or agricultural products),\na commodity future or option contract, a commodity index, or some other readily measurable variable that reflects changes in the value\nof particular commodities or the commodities markets. Commodity-linked notes are typically issued by a bank, other financial institution\nor a commodity producer, and are negotiated with the issuer to obtain specific terms and features that are tailored to particular investment\nneeds.

Risks\nof Commodity-Linked Notes. The COMB Fund may invest in commodity-linked notes to gain exposure to commodities markets. Commodity-linked\nnotes may be subject to special risks that do not affect traditional equity and debt securities:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	●	Risk\n of loss of interest. If the interest rate on a commodity-linked note is based on the value of a particular commodity, commodity index\n or other economic variable, the COMB Fund might receive lower interest payments (or not receive any interest) if the value of the\n underlying investment falls.

	●	Risk\n of loss of principal. To the extent that the amount of the principal to be repaid upon maturity is linked to the value of a particular\n commodity, commodity index or other economic variable, the value of the commodity, commodity index or other economic variable may\n not increase sufficiently so that the COMB Fund might not receive a portion (or any) of the principal when the investment matures\n or upon earlier exchange.

	●	Credit\n risk. Commodity-linked notes are subject to credit risks on the underlying investment and to counterparty credit risk. If the counterparty\n fails to meet its obligations, the COMB Fund may lose money.

	●	Liquidity\n risk. A liquid secondary market may not exist for certain commodity-linked notes the COMB Fund buys, which may make it difficult\n for the COMB Fund to sell them at an acceptable price or to accurately value them.

	●	Volatility\n risk. The value of the commodity-linked notes the COMB Fund buys may fluctuate significantly because the values of the underlying\n investments to which they are linked are extremely volatile. Additionally, the particular terms of a commodity-linked note may create\n economic leverage by requiring payment by the issuer of an amount that is a multiple of the price increase or decrease of the underlying\n commodity, commodity index, or other economic variable. Economic leverage increases the volatility of the value of commodity-linked\n notes and their value may increase or decrease more quickly than the underlying commodity, commodity index or other economic variable.

Derivative\nInstruments

The\nCOMB Fund may invest in derivative instruments. Generally, derivatives are financial instruments whose value depends on or is derived\nfrom, the value of one or more underlying assets, reference rates, or indices or other market factors (a “reference instrument”)\nand may relate to stocks, bonds, interest rates, credit, currencies, commodities or related indices. Derivative instruments can provide\nan efficient means to gain or reduce exposure to the value of a reference instrument without actually owning or selling the instrument.\nSome common types of derivatives include futures, forwards and swaps.

Derivative\ninstruments may be used for “hedging,” which means that they may be used when the Adviser seeks to protect a Fund’s\ninvestments from a decline in value resulting from changes to interest rates, market prices, currency fluctuations or other market factors.\nDerivative instruments may also be used for other purposes, including to seek to increase liquidity, provide efficient portfolio management,\nbroaden investment opportunities (including taking short or negative positions), implement a tax or cash management strategy, gain exposure\nto a particular security or segment of the market, modify the effective duration of the COMB Fund’s portfolio investments and/or\nenhance total return. However derivative instruments are used, their successful use is not assured and will depend upon, among other\nfactors, the Adviser’s ability to gauge relevant market movements.

Derivative\ninstruments may be used for purposes of direct hedging. Direct hedging means that the transaction must be intended to reduce a specific\nrisk exposure of a portfolio security or its denominated currency and must also be directly related to such security or currency. The\nCOMB Fund’s use of derivative instruments may be limited from time to time by policies adopted by the Board or the Adviser.

Because\nsome derivative instruments used by the COMB Fund may oblige the COMB Fund to make payments or incur additional obligations in the future,\nthe SEC requires mutual funds to “cover” or segregate liquid assets equal to the potential exposure created by such derivatives.\nThe obligation to cover or segregate such assets is described more fully under “Borrowing” in this SAI.

Futures\ncontracts. Generally, a futures contract is a standard binding agreement to buy or sell a specified quantity of an underlying reference\ninstrument, such as a specific security, currency or commodity, at a specified price at a specified later date. A “sale”\nof a futures contract means the acquisition of a contractual obligation to deliver the underlying reference instrument called for by\nthe contract at a specified price on a specified date. A “purchase” of a futures contract means the acquisition of a contractual\nobligation to acquire the underlying reference instrument called for by the contract at a specified price on a specified date. The purchase\nor sale of a futures contract will allow a Fund to increase or decrease its exposure to the underlying reference instrument without having\nto buy the actual instrument.

The\nunderlying reference instruments to which futures contracts may relate include non-U.S. currencies, interest rates, stock and bond indices,\nand debt securities, including U.S. government debt obligations. In certain types of futures contracts, the underlying reference instrument\nmay be a swap agreement. For more information about swap agreements generally, see “Swaps” below. In most cases the contractual\nobligation under a futures contract may be offset, or “closed out,” before the settlement date so that the parties do not\nhave to make or take delivery. The closing out of a contractual obligation is usually accomplished by buying or selling, as the case\nmay be, an identical, offsetting futures contract. This transaction, which is effected through a member of an exchange, cancels the obligation\nto make or take delivery of the underlying instrument or asset. Although some futures contracts by their terms require the actual delivery\nor acquisition of the underlying instrument or asset, some require cash settlement.

Futures\ncontracts may be bought and sold on U.S. and non-U.S. exchanges. Futures contracts in the U.S. have been designed by exchanges that have\nbeen designated “contract markets” by the Commodity Futures Trading Commission (the “CFTC”) and must be executed\nthrough a futures commission merchant (“FCM”), which is a brokerage firm that is a member of the relevant contract market.\nEach exchange guarantees performance of the contracts as between the clearing members of the exchange, thereby reducing the risk of counterparty\ndefault. Futures contracts may also be entered into on certain exempt markets, including exempt boards of trade and electronic trading\nfacilities, available to certain market participants. Because all transactions in the futures market are made, offset or fulfilled by\nan FCM through a clearinghouse associated with the exchange on which the contracts are traded, the COMB Fund will incur brokerage fees\nwhen it buys or sells futures contracts.

The\nCOMB Fund generally buys and sells futures contracts only on contract markets (including exchanges or boards of trade) where there appears\nto be an active market for the futures contracts, but there is no assurance that an active market will exist for any particular contract\nor at any particular time. An active market makes it more likely that futures contracts will be liquid and bought and sold at competitive\nmarket prices. In addition, many of the futures contracts available may be relatively new instruments without a significant trading history.\nAs a result, there can be no assurance that an active market will develop or continue to exist.

When\nthe COMB Fund enters into a futures contract, it must deliver to an account controlled by the FCM (that has been selected by the COMB\nFund) an amount referred to as “initial margin” that is typically calculated as an amount equal to the volatility in market\nvalue of a contract over a fixed period. Initial margin requirements are determined by the respective exchanges on which the futures\ncontracts are traded and the FCM. Thereafter, a “variation margin” amount may be required to be paid by the COMB Fund or\nreceived by the COMB Fund in accordance with margin controls set for such accounts, depending upon changes in the marked-to-market value\nof the futures contract. The account is marked-to-market daily, and the variation margin is monitored by the Adviser and the COMB Fund’s\ncustodian on a daily basis. When the futures contract is closed out, if the COMB Fund has a loss equal to or greater than the margin\namount, the margin amount is paid to the FCM along with any loss in excess of the margin amount. If the COMB Fund has a loss of less\nthan the margin amount, the excess margin is returned to the COMB Fund. If the COMB Fund has a gain, the full margin amount and the amount\nof the gain is paid to the Fund.

Some\nfutures contracts provide for the delivery of securities that are different than those that are specified in the contract. For a futures\ncontract for delivery of debt securities, on the settlement date of the contract, adjustments to the contract can be made to recognize\ndifferences in value arising from the delivery of debt securities with a different interest rate from that of the particular debt securities\nthat were specified in the contract. In some cases, securities called for by a futures contract may not have been issued when the contract\nwas written.

Risks\nof futures contracts. The COMB Fund’s use of futures contracts is subject to the risks associated with derivative instruments\ngenerally. In addition, a purchase or sale of a futures contract may result in losses to the Fund in excess of the amount that the COMB\nFund delivered as initial margin. Because of the relatively low margin deposits required, futures trading involves a high degree of leverage;\nas a result, a relatively small price movement in a futures contract may result in immediate and substantial loss, or gain, to the COMB\nFund. In addition, if the COMB Fund has insufficient cash to meet daily variation margin requirements or close out a futures position,\nit may have to sell securities from its portfolio at a time when it may be disadvantageous to do so. Adverse market movements could cause\nthe COMB Fund to experience substantial losses on an investment in a futures contract.

There\nis a risk of loss by the COMB Fund of the initial and variation margin deposits in the event of bankruptcy of the FCM with which the\nCOMB Fund has an open position in a futures contract. The assets of the COMB Fund may not be fully protected in the event of the bankruptcy\nof the FCM or central counterparty because the COMB Fund might be limited to recovering only a pro rata share of all available funds\nand margin segregated on behalf of an FCM’s customers. If the FCM does not provide accurate reporting, the COMB Fund is also subject\nto the risk that the FCM could use the Fund’s assets, which are held in an omnibus account with assets belonging to the FCM’s\nother customers, to satisfy its own financial obligations or the payment obligations of another customer to the central counterparty.

The\nCOMB Fund may not be able to properly hedge or effect its strategy when a liquid market is unavailable for the futures contract the Fund\nwishes to close, which may at times occur. In addition, when futures contracts are used for hedging, there may be an imperfect correlation\nbetween movements in the prices of the underlying reference instrument on which the futures contract is based and movements in the prices\nof the assets sought to be hedged.

The\ndifference (called the “spread”) between prices in the cash market for the purchase and sale of the underlying reference\ninstrument and the prices in the futures market is subject to fluctuations and distortions due to differences in the nature of those\ntwo markets. First, all participants in the futures market are subject to initial deposit and variation margin requirements. Rather than\nmeeting additional variation margin requirements, investors may close futures contracts through offsetting transactions that could distort\nthe normal pricing spread between the cash and futures markets. Second, the liquidity of the futures markets depends on participants\nentering into offsetting transactions rather than making or taking delivery of the underlying instrument. To the extent participants\ndecide to make or take delivery, liquidity in the futures market could be reduced, resulting in pricing distortion. Third, from the point\nof view of speculators, the margin deposit requirements that apply in the futures market are less onerous than similar margin requirements\nin the securities market. Therefore, increased participation by speculators in the futures market may cause temporary price distortions.\nWhen such distortions occur, a correct forecast of general trends in the price of an underlying reference instrument by the Adviser may\nstill not necessarily result in a profitable transaction.

Futures\ncontracts that are traded on non-U.S. exchanges may not be as liquid as those purchased on CFTC-designated contract markets. In addition,\nnon-U.S. futures contracts may be subject to varied regulatory oversight. The price of any non-U.S. futures contract and, therefore,\nthe potential profit and loss thereon, may be affected by any change in the non-U.S. exchange rate between the time a particular order\nis placed and the time it is liquidated, offset or exercised.

The\nCFTC and the various exchanges have established limits referred to as “speculative position limits” on the maximum net long\nor net short position that any person, such as the COMB Fund, may hold or control in a particular futures contract. Trading limits are\nalso imposed on the maximum number of contracts that any person may trade on a particular trading day. An exchange may order the liquidation\nof positions found to be in violation of these limits and it may impose other sanctions or restrictions. The regulation of futures, as\nwell as other derivatives, is a rapidly changing area of law. For more information, see “Developing government regulation of derivatives”\nbelow.

Futures\nexchanges may also limit the amount of fluctuation permitted in certain futures contract prices during a single trading day. This daily\nlimit establishes the maximum amount that the price of a futures contract may vary either up or down from the previous day’s settlement\nprice. Once the daily limit has been reached in a futures contract subject to the limit, no more trades may be made on that day at a\nprice beyond that limit. The daily limit governs only price movements during a particular trading day and does not limit potential losses\nbecause the limit may prevent the liquidation of unfavorable positions. For example, futures prices have occasionally moved to the daily\nlimit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of positions and subjecting\nsome holders of futures contracts to substantial losses.

When\npurchasing stocks or bonds, a buyer acquires ownership in a security; however, buyers of futures contracts are not entitled to ownership\nof the underlying commodity until and unless they decide to accept delivery at expiration of the contract. In practice, delivery of the\nunderlying commodity to satisfy a futures contract rarely occurs because most futures traders use the liquidity of the central marketplace\nto sell their exchange-traded futures contract before expiration. As futures contracts approach expiration, they may be replaced by similar\ncontracts that have a later expiration. For example, a contract purchased and held in December may have an expiration date in March.\nAs this contract nears expiration, a long position in the contract may be replaced by selling the March contract and purchasing a contract\nexpiring in September. This process is referred to as “rolling.” The price of a futures contract is generally higher or lower\nthan the spot price of the underlying asset when there is significant time to expiration of the contract due to various factors within\nthe market. As a futures contract nears expiration, the futures price will tend to converge to the spot price. Historically, the prices\nof some futures contracts with near-term expirations may be higher than for futures contracts with longer-term expirations. This circumstance\nis referred to as “backwardation.” If the market for futures contracts is in “backwardation,” the sale of the\nnear-term month contract would be at a higher price than the longer-term contract, and futures investors generally will earn positive\nreturns. Conversely, a “contango” market is one in which the price of futures contracts in the near-term months are lower\nthan the price of futures contracts in the longer-term months. If the market for futures contacts is in “contango,” it would\ncreate a cost to “roll” the futures contract, resulting in negative returns. The actual realization of a potential roll cost\nwill depend on the difference in price of the near and distant contracts. In addition, the COMB Fund may not “roll” futures\ncontracts on a predefined schedule as they approach expiration; instead the Adviser may determine to roll to another futures contract\nin an attempt to generate maximum yield. There can be no guarantee that such a strategy will produce the desired results.

Swaps.\nGenerally, swap agreements are contracts between the COMB Fund and another party (the swap counterparty) involving the exchange of\npayments on specified terms over periods ranging from a few days to multiple years. A swap agreement may be negotiated bilaterally and\ntraded over-the-counter between the two parties (for an uncleared swap) or, in some instances, must be transacted through an FCM and\ncleared through a clearinghouse that serves as a central counterparty (for a cleared swap). In a basic swap transaction, the COMB Fund\nagrees with the swap counterparty to exchange the returns (or differentials in rates of return) and/or cash flows earned or realized\non a particular “notional amount” or value of predetermined underlying reference instruments. The notional amount is the\nset dollar or other value selected by the parties to use as the basis on which to calculate the obligations that the parties to a swap\nagreement have agreed to exchange. The parties typically do not actually exchange the notional amount. Instead they agree to exchange\nthe returns that would be earned or realized if the notional amount were invested in given investments or at given interest rates. Examples\nof returns that may be exchanged in a swap agreement are those of a particular security, a particular fixed or variable interest rate,\na particular non-U.S. currency, or a “basket” of securities representing a particular index. Swaps can also be based on credit\nand other events.

The\nCOMB Fund will generally enter into swap agreements on a net basis, which means that the two payment streams that are to be made by the\nCOMB Fund and its counterparty with respect to a particular swap agreement are netted out, with the COMB Fund receiving or paying, as\nthe case may be, only the net difference in the two payments. The COMB Fund’s obligations (or rights) under a swap agreement that\nis entered into on a net basis will generally be the net amount to be paid or received under the agreement based on the relative values\nof the obligations of each party upon termination of the agreement or at set valuation dates. The COMB Fund will accrue its obligations\nunder a swap agreement daily (offset by any amounts the counterparty owes the COMB Fund). If the swap agreement does not provide for\nthat type of netting, the full amount of the COMB Fund’s obligations will be accrued on a daily basis.

Swaps\nregulation. The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the “Dodd-Frank Act”) and related\nregulatory developments have imposed comprehensive regulatory requirements on swaps and swap market participants. The regulatory framework\nincludes: (i) registration and regulation of swap dealers and major swap participants; (ii) requiring central clearing and execution\nof standardized swaps; (iii) imposing margin requirements on swap transactions; (iv) regulating and monitoring swap transactions through\nposition limits and large trader reporting requirements; and (v) imposing record keeping and centralized and public reporting requirements,\non an anonymous basis, for most swaps. The CFTC is responsible for the regulation of most swaps, and has completed most of its rules\nimplementing the Dodd-Frank Act swap regulations. The SEC has jurisdiction over a small segment of the market referred to as “security-based\nswaps,” which includes swaps on single securities or credits, or narrow-based indices of securities or credits, but has not yet\ncompleted its rulemaking.

Uncleared\nswaps. In an uncleared swap, the swap counterparty is typically a brokerage firm, bank or other financial institution. The COMB Fund\ncustomarily enters into uncleared swaps based on the standard terms and conditions of an International Swaps and Derivatives Association\n(“ISDA”) Master Agreement. ISDA is a voluntary industry association of participants in the over-the-counter derivatives markets\nthat has developed standardized contracts used by such participants that have agreed to be bound by such standardized contracts.

In\nthe event that one party to a swap transaction defaults and the transaction is terminated prior to its scheduled termination date, one\nof the parties may be required to make an early termination payment to the other. An early termination payment may be payable by either\nthe defaulting or non-defaulting party, depending upon which of them is “in-the-money” with respect to the swap at the time\nof its termination. Early termination payments may be calculated in various ways, but are intended to approximate the amount the “in-the-money”\nparty would have to pay to replace the swap as of the date of its termination.

During\nthe term of an uncleared swap, the COMB Fund is usually required to pledge to the swap counterparty, from time to time, an amount of\ncash and/or other assets equal to the total net amount (if any) that would be payable by the COMB Fund to the counterparty if the swap\nwere terminated on the date in question, including any early termination payments. Periodically, changes in the amount pledged are made\nto recognize changes in value of the contract resulting from, among other things, interest on the notional value of the contract, market\nvalue changes in the underlying investment, and/or dividends paid by the issuer of the underlying instrument. Likewise, the counterparty\nmay be required to pledge cash or other assets to cover its obligations to the COMB Fund. However, the amount pledged may not always\nbe equal to or more than the amount due to the other party. Therefore, if a counterparty defaults in its obligations to the COMB Fund,\nthe amount pledged by the counterparty and available to the COMB Fund may not be sufficient to cover all the amounts due to the COMB\nFund and the COMB Fund may sustain a loss.

Under\nrecently-adopted CFTC regulations, counterparties of registered swap dealers and major swap participants have the right to elect segregation\nof initial margin in respect of uncleared swaps. If a counterparty makes such an election, any initial margin that is posted to the swap\ndealer or major swap participant must be segregated in individual customer accounts held at an independent third-party custodian. In\naddition, the collateral may only be invested in certain categories of instruments identified in the CFTC’s regulations. Agreements\ncovering these segregation arrangements must generally provide for consent by both the counterparty and the swap dealer or major swap\nparticipant to withdraw margin from the segregated account. Given these limitations on the use of uncleared swaps collateral, there is\nsome likelihood that the electing counterparty will experience an increase in the costs associated with trading swaps with the relevant\nswap dealer or major swap participant. Certain other protections apply to a counterparty to uncleared swaps under the CFTC’s regulations\neven if the counterparty does not elect segregation of its initial margin. These regulations are recently adopted, and it remains unclear\nwhether they will be effective in protecting initial margin in the manner intended in the event of significant market stress or the insolvency\nof a swap dealer or major swap participant.

Cleared\nswaps. Certain standardized swaps are subject to mandatory central clearing and exchange-trading. The Dodd-Frank Act and implementing\nrules will ultimately require the clearing and exchange-trading of many swaps. Mandatory exchange-trading and clearing will occur on\na phased-in basis based on the type of market participant, CFTC approval of contracts for central clearing and public trading facilities\nmaking such cleared swaps available to trade. To date, the CFTC has designated only certain of the most common types of credit default\nindex swaps and interest rate swaps as subject to mandatory clearing, and certain public trading facilities have made certain of those\ncleared swaps available to trade, but it is expected that additional categories of swaps will in the future be designated as subject\nto mandatory clearing and trade execution requirements. Central clearing is intended to reduce counterparty credit risk and increase\nliquidity, but central clearing does not eliminate these risks and may involve additional costs and risks not involved with uncleared\nswaps. For more information, see “Risks of cleared swaps” below.

In\na cleared swap, the COMB Fund’s ultimate counterparty is a central clearinghouse rather than a brokerage firm, bank or other financial\ninstitution. Cleared swaps are submitted for clearing through each party’s FCM, which must be a member of the clearinghouse that\nserves as the central counterparty. Transactions executed on a swap execution facility (“SEF”) may increase market transparency\nand liquidity but may require the Fund to incur increased expenses to access the same types of swaps that it has used in the past. When\nthe COMB Fund enters into a cleared swap, it must deliver to the central counterparty (via the FCM) an amount referred to as “initial\nmargin.” Initial margin requirements are determined by the central counterparty, and are typically calculated as an amount equal\nto the volatility in market value of the cleared swap over a fixed period, but an FCM may require additional initial margin above the\namount required by the central counterparty. During the term of the swap agreement, a “variation margin” amount may also\nbe required to be paid by the COMB Fund or may be received by the COMB Fund in accordance with margin controls set for such accounts.\nIf the value of the COMB Fund’s cleared swap declines, the COMB Fund will be required to make additional “variation margin”\npayments to the FCM to settle the change in value. Conversely, if the market value of the Fund’s position increases, the FCM will\npost additional “variation margin” to the COMB Fund’s account. At the conclusion of the term of the swap agreement,\nif the Fund has a loss equal to or greater than the margin amount, the margin amount is paid to the FCM along with any loss in excess\nof the margin amount. If the COMB Fund has a loss of less than the margin amount, the excess margin is returned to the Fund. If the COMB\nFund has a gain, the full margin amount and the amount of the gain is paid to the Fund.

Total\nreturn swaps. Generally, a total return swap is an agreement between two parties, pursuant to which one pays (and the other receives)\nan amount equal to the total return (including, typically, income and capital gains distributions, principal prepayment or credit losses)\nof an underlying reference asset (e.g., a note, bond or securities index) in exchange for a regular payment, at a floating rate based\non LIBOR, or alternatively at a fixed rate or the total rate of return on another financial instrument. The COMB Fund may take either\nposition in a total return swap (i.e., the COMB Fund may receive or pay the total return on the underlying reference asset). A fixed\nincome total return swap may be written on many different kinds of underlying reference assets, and may include different indices for\nvarious kinds of debt securities (e.g., U.S. investment grade bonds, high yield bonds or emerging market bonds). A fixed income total\nreturn swap is similar to other swaps, such as interest rate swaps where payment streams are exchanged between the COMB Fund and the\ncounterparty.

Risks\nof swaps generally. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks\ndifferent from those associated with ordinary portfolio securities transactions. Whether a Fund will be successful in using swap agreements\nto achieve its investment goal depends on the ability of the Adviser correctly to predict which types of investments are likely to produce\ngreater returns. If the Adviser, in using swap agreements, is incorrect in its forecasts of market values, interest rates, inflation,\ncurrency exchange rates or other applicable factors, the investment performance of the Fund will be less than its performance would have\nbeen if it had not used the swap agreements.

The\nrisk of loss to the COMB Fund for swap transactions that are entered into on a net basis depends on which party is obligated to pay the\nnet amount to the other party. If the counterparty is obligated to pay the net amount to the Fund, the risk of loss to the COMB Fund\nis loss of the entire amount that the Fund is entitled to receive. If the Fund is obligated to pay the net amount, the COMB Fund’s\nrisk of loss is generally limited to that net amount. If the swap agreement involves the exchange of the entire principal value of a\nsecurity, the entire principal value of that security is subject to the risk that the other party to the swap will default on its contractual\ndelivery obligations. In addition, the COMB Fund’s risk of loss also includes any margin at risk in the event of default by the\ncounterparty (in an uncleared swap) or the central counterparty or FCM (in a cleared swap), plus any transaction costs.

Because\nbilateral swap agreements are structured as two-party contracts and may have terms of greater than seven days, these swaps may be considered\nto be illiquid and, therefore, subject to the COMB Funds’ limitation on investments in illiquid securities. If a swap transaction\nis particularly large or if the relevant market is illiquid, the COMB Fund may not be able to establish or liquidate a position at an\nadvantageous time or price, which may result in significant losses. Participants in the swap markets are not required to make continuous\nmarkets in the swap contracts they trade. Participants could refuse to quote prices for swap contracts or quote prices with an unusually\nwide spread between the price at which they are prepared to buy and the price at which they are prepared to sell. Some swap agreements\nentail complex terms and may require a greater degree of subjectivity in their valuation. Central clearing and the trading of cleared\nswaps on public facilities are intended to increase liquidity. The Adviser, under the supervision of the Board, is responsible for determining\nand monitoring the liquidity of the COMB Fund’s swap transactions.

Rules\nadopted under the Dodd-Frank Act require centralized reporting of detailed information about many swaps, whether cleared or uncleared.\nThis information is available to regulators and also, to a more limited extent and on an anonymous basis, to the public. Reporting of\nswap data is intended to result in greater market transparency. This may be beneficial to funds that use swaps in their trading strategies.\nHowever, public reporting imposes additional recordkeeping burdens on these funds, and the safeguards established to protect anonymity\nare not yet tested and may not provide protection of funds’ identities as intended.

Certain\nInternal Revenue Service (“IRS”) positions may limit the COMB Fund’s ability to use swap agreements in a desired tax\nstrategy. It is possible that developments in the swap markets and/or the laws relating to swap agreements, including potential government\nregulation, could adversely affect the COMB Fund’s ability to benefit from using swap agreements, or could have adverse tax consequences.\nFor more information about potentially changing regulation, see “Developing government regulation of derivatives” below.

Risks\nof uncleared swaps. Uncleared swaps are typically executed bilaterally with a swap dealer rather than traded on exchanges. As a result,\nswap participants may not be as protected as participants on organized exchanges. Performance of a swap agreement is the responsibility\nonly of the swap counterparty and not of any exchange or clearinghouse. As a result, the COMB Fund is subject to the risk that a counterparty\nwill be unable or will refuse to perform under such agreement, including because of the counterparty’s bankruptcy or insolvency.\nThe COMB Fund risks the loss of the accrued but unpaid amounts under a swap agreement, which could be substantial, in the event of a\ndefault, insolvency or bankruptcy by a swap counterparty. In such an event, the Fund will have contractual remedies pursuant to the swap\nagreements, but bankruptcy and insolvency laws could affect the Fund’s rights as a creditor. If the counterparty’s creditworthiness\ndeclines, the value of a swap agreement would likely decline, potentially resulting in losses.

Risks\nof cleared swaps. As noted above, under recent financial reforms, certain types of swaps are, and others eventually are expected\nto be, required to be cleared through a central counterparty, which may affect counterparty risk and other risks faced by the COMB Fund.

Central\nclearing is designed to reduce counterparty credit risk and increase liquidity compared to uncleared swaps because central clearing interposes\nthe central clearinghouse as the counterparty to each participant’s swap, but it does not eliminate those risks completely. There\nis also a risk of loss by the COMB Fund of the initial and variation margin deposits in the event of bankruptcy of the FCM with which\nthe COMB Fund has an open position or the central counterparty in a swap contract. The assets of the Fund may not be fully protected\nin the event of the bankruptcy of the FCM or central counterparty because the COMB Fund might be limited to recovering only a pro rata\nshare of all available funds and margin segregated on behalf of an FCM’s customers. If the FCM does not provide accurate reporting,\nthe Fund is also subject to the risk that the FCM could use the COMB Fund’s assets, which are held in an omnibus account with assets\nbelonging to the FCM’s other customers, to satisfy its own financial obligations or the payment obligations of another customer\nto the central counterparty. Credit risk of cleared swap participants is concentrated in a few clearinghouses, and the consequences of\ninsolvency of a clearinghouse are not clear.

With\ncleared swaps, the COMB Fund may not be able to obtain as favorable terms as it would be able to negotiate for a bilateral, uncleared\nswap. In addition, an FCM may unilaterally amend the terms of its agreement with the Fund, which may include the imposition of position\nlimits or additional margin requirements with respect to the Fund’s investment in certain types of swaps. Central counterparties\nand FCMs can require termination of existing cleared swap transactions upon the occurrence of certain events, and can also require increases\nin margin above the margin that is required at the initiation of the swap agreement.

Currently,\ndepending on a number of factors, the margin required under the rules of the clearinghouse and FCM may be in excess of the collateral\nrequired to be posted by a Fund to support its obligations under a similar uncleared swap. However, regulators have proposed and are\nexpected to adopt rules imposing certain margin requirements on uncleared swaps in the near future, which are likely to impose higher\nmargin requirements on uncleared swaps.

Finally,\nthe COMB Fund is subject to the risk that, after entering into a cleared swap with an executing broker, no FCM or central counterparty\nis willing or able to clear the transaction. In such an event, the COMB Fund may be required to break the trade and make an early termination\npayment to the executing broker.

Developing\ngovernment regulation of derivatives. The regulation of cleared and uncleared swaps, as well as other derivatives, is a rapidly changing\narea of law and is subject to modification by government and judicial action. In addition, the SEC, CFTC and the exchanges are authorized\nto take extraordinary actions in the event of a market emergency, including, for example, the implementation or reduction of speculative\nposition limits, the implementation of higher margin requirements, the establishment of daily price limits and the suspension of trading.

It\nis not possible to predict fully the effects of current or future regulation. However, it is possible that developments in government\nregulation of various types of derivative instruments, such as speculative position limits on certain types of derivatives, or limits\nor restrictions on the counterparties with which the COMB Fund engages in derivative transactions, may limit or prevent the COMB Fund\nfrom using or limit the COMB Fund’s use of these instruments effectively as a part of its investment strategy, and could adversely\naffect the COMB Fund’s ability to achieve its investment goals. The Adviser will continue to monitor developments in the area,\nparticularly to the extent regulatory changes affect the COMB Fund’s ability to enter into desired swap agreements. New requirements,\neven if not directly applicable to the COMB Fund, may increase the cost of the COMB Fund’s investments and cost of doing business.

Equity\nSecurities

The\nHIPS Fund and the DRUP Fund may invest in equity securities subject to any restrictions set forth in the Funds’ prospectus and\nthis SAI. These securities may include securities listed on any domestic or foreign securities exchange and securities traded in the\nOTC market. Equity securities, such as the common stocks of an issuer, are subject to stock market fluctuations and therefore may experience\nvolatile changes in value as market conditions, consumer sentiment or the financial condition of the issuers change. A decrease in value\nof the equity securities in the Fund’s portfolio may also cause the value of the HIPS Fund or the DRUP Fund’s Shares to decline.

An\ninvestment in the Funds should be made with an understanding of the risks inherent in an investment in equity securities, including the\nrisk that the financial condition of issuers may become impaired or that the general condition of the stock market may deteriorate (either\nof which may cause a decrease in the value of the HIPS Fund or the DRUP Fund’s portfolio securities and therefore a decrease in\nthe value of Shares of the Fund). Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases\nin value as market confidence and perceptions change. These investor perceptions are based on various and unpredictable factors, including\nexpectations regarding government, economic, monetary and fiscal policies; inflation and interest rates; economic expansion or contraction;\nand global or regional political, economic or banking crises.

Holders\nof common stocks incur more risk than holders of preferred stocks and debt obligations because common stockholders, as owners of the\nissuer, generally have inferior rights to receive payments from the issuer in comparison with the rights of creditors or holders of debt\nobligations or preferred stocks. Further, unlike debt securities, which typically have a stated principal amount payable at maturity\n(whose value, however, is subject to market fluctuations prior thereto), or preferred stocks, which typically have a liquidation preference\nand which may have stated optional or mandatory redemption provisions, common stocks have neither a fixed principal amount nor a maturity.\nCommon stock values are subject to market fluctuations as long as the common stock remains outstanding.

When-Issued\nSecurities. A when-issued security is one whose terms are available and for which a market exists, but which has not been issued.\nWhen the HIPS Fund or the DRUP Fund engages in when-issued transactions, it relies on the other party to consummate the sale. If the\nother party fails to complete the sale, a Fund may miss the opportunity to obtain the security at a favorable price or yield.

When\npurchasing a security on a when-issued basis, the HIPS Fund and the DRUP Fund assumes the rights and risks of ownership of the security,\nincluding the risk of price and yield changes. At the time of settlement, the value of the security may be more or less than the purchase\nprice. The yield available in the market when the delivery takes place also may be higher than those obtained in the transaction itself.\nBecause the Funds do not pay for the security until the delivery date, these risks are in addition to the risks associated with its other\ninvestments.

Decisions\nto enter into “when-issued” transactions will be considered on a case-by-case basis when necessary to maintain continuity\nin a company’s index membership. The HIPS Fund and the DRUP Fund will segregate cash or liquid securities equal in value to commitments\nfor the when-issued transactions. The HIPS Fund and the DRUP Fund will segregate additional liquid assets daily so that the value of\nsuch assets is equal to the amount of the commitments. More information on the various types of equity investments in which the HIPS\nFund and the DRUP Fund may invest appears below.

Common\nStocks. Common stocks are securities that represent units of ownership in a company. The HIPS Fund and the DRUP Fund’s\ntransactions in common stock represent “long” transactions where the Funds own the securities being sold or will own the\nsecurities being purchased. Prices of common stock will rise and fall due to a variety of factors, which include changing economic, political\nor market conditions that affect particular industries or companies. Common stocks usually carry voting rights and earn dividends. Unlike\npreferred stocks, which are described below, dividends on common stocks are not fixed but are declared at the discretion of the company’s\nboard of directors.

Convertible\nSecurities. The DRUP Fund may purchase convertible securities. A convertible security is a bond, debenture, note, preferred stock\nor other security that may be converted into or exchanged for a prescribed amount of common stock of the same or a different issuer within\na particular period of time at a specified price or formula. A convertible security entitles the holder to receive interest paid or accrued\non debt or the dividend paid on preferred stock until the convertible security matures or is redeemed, converted or exchanged. Before\nconversion, convertible securities ordinarily provide a stable stream of income with generally higher yields than those of common stocks\nof the same or similar issuers, but lower than the yield on non-convertible debt. Convertible securities are usually subordinated to\ncomparable tier non-convertible securities but rank senior to common stock in a corporation’s capital structure.

The\nvalue of a convertible security is a function of (1) its yield in comparison with the yields of other securities of comparable maturity\nand quality that do not have a conversion privilege and (2) its worth, at market value, if converted into the underlying common stock.\nConvertible securities are typically issued by smaller capitalized companies, whose stock prices may be volatile. The price of a convertible\nsecurity often reflects such variations in the price of the underlying common stock in a way that non-convertible debt does not. A convertible\nsecurity may be subject to redemption at the option of the issuer at a price established in the convertible security’s governing\ninstrument, which could have an adverse effect on the DRUP Fund’s ability to achieve its investment objective.

Initial\nPublic Offerings (“IPOs”). The DRUP Fund may purchase securities in IPOs. These securities are subject to many of\nthe same risks as investing in companies with smaller market capitalizations. Securities issued in IPOs have no trading history, and\ninformation about the companies may be available for very limited periods. The prices of securities sold in IPOs may be highly volatile.\nAt any particular time or from time to time, the DRUP Fund may not be able to invest in securities issued in IPOs, or invest to the extent\ndesired, because, for example, only a small portion (if any) of the securities being offered in an IPO may be made available to the DRUP\nFund. In addition, under certain market conditions, a relatively small number of companies may issue securities in IPOs. Similarly, as\nthe number of funds to which IPO securities are allocated increases, the number of securities issued to any one fund may decrease. The\ninvestment performance of the DRUP Fund during periods when it is unable to invest significantly or at all in IPOs may be lower than\nduring periods when the DRUP Fund is able to do so. In addition, as the DRUP Fund increases in size, the impact of IPOs on the DRUP Fund’s\nperformance will generally decrease.

Preferred\nStocks: The HIPS Fund and the DRUP Fund may purchase preferred stocks. Preferred stocks are also units of ownership in a company.\nPreferred stocks normally have preference over common stock in the payment of dividends and the liquidation of the company. However,\nin all other respects, preferred stocks are subordinated to the liabilities of the issuer. Unlike common stocks, preferred stocks are\ngenerally not entitled to vote on corporate matters. Types of preferred stocks include adjustable-rate preferred stock, fixed dividend\npreferred stock, perpetual preferred stock, and sinking fund preferred stock.

Generally,\nthe market values of preferred stock with a fixed dividend rate and no conversion element vary inversely with interest rates and perceived\ncredit risk.

Rights\nand Warrants. The HIPS Fund may invest in rights and warrants. A right is a privilege granted to existing shareholders of a corporation\nto subscribe to shares of a new issue of common stock before it is issued. Rights normally have a short life of usually two to four weeks,\nare freely transferable and entitle the holder to buy the new common stock at a lower price than the public offering price. Warrants\nare securities that are usually issued together with a debt security or preferred stock and that give the holder the right to buy proportionate\namount of common stock at a specified price. Warrants are freely transferable and are traded on major exchanges. Unlike rights, warrants\nnormally have a life that is measured in years and entitles the holder to buy common stock of a company at a price that is usually higher\nthan the market price at the time the warrant is issued. Corporations often issue warrants to make the accompanying debt security more\nattractive.

An\ninvestment in warrants and rights may entail greater risks than certain other types of investments. Generally, rights and warrants do\nnot carry the right to receive dividends or exercise voting rights with respect to the underlying securities, and they do not represent\nany rights in the assets of the issuer. In addition, their value does not necessarily change with the value of the underlying securities,\nand they cease to have value if they are not exercised on or before their expiration date. Investing in rights and warrants increases\nthe potential profit or loss to be realized from the investment as compared with investing the same amount in the underlying securities.

Exchange-Traded\nNotes

The\nCOMB Fund may invest in exchange-traded notes (“ETNs”). ETNs are a type of unsecured, unsubordinated debt security that have\ncharacteristics and risks similar to those of fixed income securities and trade on a major exchange similar to shares of ETFs. This type\nof debt security differs, however, from other types of bonds and notes because ETN returns are based upon the performance of a market\nindex, minus applicable fees; no period coupon payments are distributed and no principal protections exist. The purpose of ETNs is to\ncreate a type of security that combines the aspects of both bonds and ETFs.

Risks\nof ETNs. The value of an ETN may be influenced by time to maturity, level of supply and demand, volatility and lack of liquidity\nin underlying commodities markets, changes in the applicable interest rates, changes in the issuer’s credit rating and other economic,\nlegal, political or geographic events. If the COMB Fund must sell some or all of its ETN holdings and the secondary market is weak, it\nmay have to sell such holdings at a discount. If the COMB Fund holds its investment in an ETN until maturity, the issuer will give the\nCOMB Fund a cash amount that would be equal to principal amount (subject to the day’s index factor). ETNs also are subject to credit\nrisk, whereby the COMB Fund could lose money if the issuer of a note is unable to pay interest or repay principal when it is due.

ETNs\nmay trade at a premium or a discount to their indicative value. For example, an ETN might trade at a premium to its indicative value\nif the issuer suspends issuance of new notes. Paying a premium relative to the indicative value to purchase the ETN in the secondary\nmarket, and then selling the ETN when the market price no longer reflects the premium, could lead to significant losses for the COMB\nFund.

Fixed\nIncome Securities

The\nHIPS Fund may invest in closed-end funds (“CEFs”) that invest in fixed income securities, such as corporate debt and bonds,\nor invest in fixed income securities directly. Fixed income securities change in value in response to interest rate changes and other\nfactors, such as the perception of the issuer’s creditworthiness. For example, the value of fixed income securities will generally\ndecrease when interest rates rise, which may cause the value of the investing CEF, and the HIPS Fund, to decrease. In addition, investments\nin fixed income securities with longer maturities will fluctuate more in response to interest rate changes.

Fixed\nincome securities include a broad array of short-, medium-, and long-term obligations issued by the U.S. or foreign governments, government\nor international agencies and instrumentalities, and corporate and private issuers of various types. The maturity date is the date on\nwhich a fixed income security matures. This is the date on which the borrower must pay back the borrowed amount, which is known as the\nprincipal. Some fixed income securities represent uncollateralized obligations of their issuers; in other cases, the securities may be\nbacked by specific assets (such as mortgages or other receivables) that have been set aside as collateral for the issuer’s obligation.\nFixed income securities generally involve an obligation of the issuer to pay interest or dividends on either a current basis or at the\nmaturity of the security, as well as the obligation to repay the principal amount of the security at maturity. The rate of interest on\nfixed income securities may be fixed, floating, or variable. Some securities pay a higher interest rate than the current market rate.\nAn investor may have to pay more than the security’s principal to compensate the seller for the value of the higher interest rate.\nThis additional payment is a premium.

Fixed\nincome securities are subject to credit risk, market risk, and interest rate risk. Except to the extent values are affected by other\nfactors such as developments relating to a specific issuer, generally the value of a fixed income security can be expected to rise when\ninterest rates decline and, conversely, the value of such a security can be expected to fall when interest rates rise. Some fixed income\nsecurities also involve prepayment or call risk. This is the risk that the issuer will repay the HIPS Fund the principal on the security\nbefore it is due, thus depriving the HIPS Fund of a favorable stream of future interest or dividend payments. The HIPS Fund could buy\nanother security, but that other security might pay a lower interest rate. In addition, many fixed income securities contain call or\nbuy-back features that permit their issuers to call or repurchase the securities from their holders. Such securities may present risks\nbased on payment expectations. Although the Fund would typically receive a premium if an issuer were to redeem a security, if an issuer\nwere to exercise a call option and redeem the security during times of declining interest rates, the HIPS Fund may realize a capital\nloss on its investment if the security was purchased at a premium and the HIPS Fund may be forced to replace the called security with\na lower yielding security.

Changes\nby nationally recognized securities rating organizations (“NRSROs”) in their ratings of any fixed income security or the\nissuer of a fixed income security and changes in the ability of an issuer to make payments of interest and principal may also affect\nthe value of these investments. Changes in the value of portfolio securities generally will not affect income derived from these securities,\nbut will affect the Fund’s NAV.

Duration\nis an estimate of how much a bond’s price will fluctuate in response to a change in interest rates. In general, the value of a\nfixed income security with positive duration will generally decline if interest rates increase, whereas the value of a security with\nnegative duration will generally decline if interest rates decrease. If interest rates rise by one percentage point, the price of debt\nsecurities with an average duration of five years would be expected to decline by about 5%. If rates decrease by a percentage point,\nthe price of debt securities with an average duration of five years would be expected to rise by about 5%. The greater the duration of\na bond (whether positive or negative), the greater its percentage price volatility. Only a pure discount bond – that is, one with\nno coupon or sinking-fund payments – has a duration equal to the remaining maturity of the bond, because only in this case does\nthe present value of the final redemption payment represent the entirety of the present value of the bond. For all other bonds, duration\nis less than maturity.

Future\nDevelopments

The\nBoard may, in the future, authorize the DRUP Fund to invest in securities contracts and investments, other than those listed in this\nSAI and in the Prospectus, provided they are consistent with the DRUP Fund’s investment objective and do not violate any of its\ninvestment restrictions or policies.

Government\nSecurities

Each\nFund may invest in U.S. government securities. Securities issued or guaranteed by the U.S. government or its agencies or instrumentalities\ninclude U.S. Treasury securities, which are backed by the full faith and credit of the U.S. Treasury and which differ only in their interest\nrates, maturities, and times of issuance. U.S. Treasury bills have initial maturities of one-year or less; U.S. Treasury notes have initial\nmaturities of one to ten years; and U.S. Treasury bonds generally have initial maturities of greater than ten years. Certain U.S. government\nsecurities are issued or guaranteed by agencies or instrumentalities of the U.S. government including, but not limited to, obligations\nof U.S. government agencies or instrumentalities such as the Federal National Mortgage Association (“Fannie Mae”), the Government\nNational Mortgage Association (“Ginnie Mae”), the Small Business Administration, the Federal Farm Credit Administration,\nthe Federal Home Loan Banks, the Federal Land Banks, the Federal Intermediate Credit Banks, the Tennessee Valley Authority, the Export-Import\nBank of the United States, the Commodity Credit Corporation, the Federal Financing Bank, the National Credit Union Administration and\nthe Federal Agricultural Mortgage Corporation (“Farmer Mac”).

Some\nobligations issued or guaranteed by U.S. government agencies and instrumentalities, including, for example, Ginnie Mae pass-through certificates,\nare supported by the full faith and credit of the U.S. Treasury. Other obligations issued by or guaranteed by federal agencies, such\nas those securities issued by Fannie Mae, are supported by the discretionary authority of the U.S. government to purchase certain obligations\nof the federal agency but are not backed by the full faith and credit of the U.S. government, while other obligations issued by or guaranteed\nby federal agencies, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Treasury.\nWhile the U.S. government provides financial support to the U.S. government-sponsored federal agencies and instrumentalities described\nabove, no assurance can be given that the U.S. government will always do so, since the U.S. government is not so obligated by law. As\na result, there is a risk that these entities will default on a financial obligation. For instance, on September 6, 2008, the Federal\nHousing Finance Agency (“FHFA”) placed Fannie Mae and Freddie Mac into conservatorship. As the conservator, FHFA succeeded\nto all rights, titles, powers and privileges of Fannie Mae and Freddie Mac and of any stockholder, officer or director of Fannie Mae\nand Freddie Mac. FHFA selected a new chief executive officer and chairman of the board of directors for each of Fannie Mae and Freddie\nMac. Also, the U.S. Treasury entered into a Senior Preferred Stock Purchase Agreement imposing various covenants that severely limit\neach enterprise’s operations.

Fannie\nMae and Freddie Mac continue to operate as going concerns while in conservatorship, and each remains liable for all of its obligations,\nincluding its guaranty obligations associated with its mortgage-backed securities. The FHFA has the power to repudiate any contract entered\ninto by Fannie Mae and Freddie Mac prior to FHFA’s appointment as conservator or receiver, including the guaranty obligations of\nFannie Mae and Freddie Mac.

Types\nof Government Securities

U.S.\nTreasury Obligations. U.S. Treasury obligations consist of bills, notes and bonds issued by the U.S. Treasury and separately traded\ninterest and principal component parts of such obligations that are transferable through the federal book-entry system known as Separately\nTraded Registered Interest and Principal Securities (“STRIPS”).

STRIPS\nare sold as zero coupon securities, that is, fixed income securities that have been stripped of their unmatured interest coupons. Zero\ncoupon securities are sold at a (usually substantial) discount and redeemed at face value at their maturity date without interim cash\npayments of interest or principal. The amount of this discount is accreted over the life of the security, and the accretion constitutes\nthe income earned on the security for both accounting and tax purposes. Because of these features, the market prices of zero coupon securities\nare generally more volatile than the market prices of securities that have similar maturity but that pay interest periodically. Zero\ncoupon securities are likely to respond to a greater degree to interest rate changes than are non-zero coupon securities with similar\nmaturity and credit qualities.

U.S.\nGovernment Agencies. Some obligations issued or guaranteed by agencies of the U.S. government are supported by the full faith and\ncredit of the U.S. Treasury, others are supported by the right of the issuer to borrow from the U.S. Treasury, while still others are\nsupported only by the credit of the instrumentality. Guarantees of principal by agencies or instrumentalities of the U.S. government\nmay be a guarantee of payment at the maturity of the obligation, so that in the event of a default prior to maturity, there might not\nbe a market, and thus no means of realizing on the obligation prior to maturity. Guarantees as to the timely payment of principal and\ninterest do not extend to the value or yield of these securities nor to the value of the COMB Fund and DRUP Fund’s Shares.

High\nYield and Unrated Securities

The\nHIPS Fund may invest in CEFs that invest in high yield securities and unrated securities of similar credit quality (commonly known as\n“junk bonds”). High yield securities generally pay higher yields (greater income) than investment in higher quality securities;\nhowever, high yield securities may be subject to greater levels of interest rate, credit and liquidity risk than funds that do not invest\nin such securities, and are considered predominantly speculative with respect to an issuer’s continuing ability to make principal\nand interest payments. Successful investment in high yield securities and unrated securities of similar quality involves greater investment\nrisk and is highly dependent on the applicable investment adviser’s credit analysis. The value of these securities often fluctuates\nin response to company, political or economic developments and declines significantly over short periods of time or during periods of\ngeneral economic difficulty. An economic downturn or period of rising interest rates could adversely affect the market for these securities\nand reduce the ability to sell these securities (liquidity risk). These securities can also be thinly traded or have restrictions on\nresale, making them difficult to sell at an acceptable price. Because objective pricing data may be less available, judgment may play\na greater role in the valuation process. If the issuer of a security is in default with respect to interest or principal payments, the\ninvesting CEF may lose its entire investment.

Illiquid\nSecurities

Each\nFund may invest up to an aggregate amount of 15% of its net assets in illiquid securities. Illiquid securities include securities subject\nto contractual or other restrictions on resale and other instruments that lack readily available markets. The inability of a Fund to\ndispose of illiquid or not readily marketable investments readily or at a reasonable price could impair such Fund’s ability to\nraise cash for redemptions or other purposes. The liquidity of securities purchased by a Fund which are eligible for resale pursuant\nto Rule 144A, except for certain 144A bonds, will be monitored by such Fund on an ongoing basis. In the event that such a security is\ndeemed to be no longer liquid, a Fund’s holdings will be reviewed to determine what action, if any, is required to ensure that\nthe retention of such security does not result in a Fund having more than 15% of its net assets invested in illiquid or not readily marketable\nsecurities.

Investment\nCompanies

Each\nFund may invest in the securities of other investment companies, including money market funds, subject to applicable limitations under\nSection 12(d)(1) of the 1940 Act. Pursuant to Section 12(d)(1), the Fund may invest in the securities of another investment company (the\n“acquired company”) provided that the Fund, immediately after such purchase or acquisition, does not own in the aggregate:\n(i) more than 3% of the total outstanding voting stock of the acquired company; (ii) securities issued by the acquired company having\nan aggregate value in excess of 5% of the value of the total assets of the Fund; or (iii) securities issued by the acquired company and\nall other investment companies (other than treasury stock of the Fund) having an aggregate value in excess of 10% of the value of the\ntotal assets of the Fund. To the extent allowed by law or regulation, the Fund may invest its assets in securities of investment companies\nthat are money market funds in excess of the limits discussed above.

If\na Fund invests in and, thus, is a shareholder of, another investment company, the Fund’s shareholders will indirectly bear the\nFund’s proportionate share of the fees and expenses paid by such other investment company, including advisory fees, in addition\nto both the management fees payable directly by the Fund to the Fund’s own investment adviser and the other expenses that the Fund\nbears directly in connection with the Fund’s own operations.

Section\n12(d)(1) of the 1940 Act restricts investments by registered investment companies in securities of other registered investment companies,\nincluding the Funds. The acquisition of the Funds’ Shares by registered investment companies is subject to the restrictions of\nSection 12(d)(1) of the 1940 Act, except as may be permitted by exemptive rules under the 1940 Act or as may at some future time be permitted\nby an exemptive order that permits registered investment companies to invest in the Funds beyond the limits of Section 12(d)(1), subject\nto certain terms and conditions, including that the registered investment company enter into an agreement with the Fund regarding the\nterms of the investment.

The\nFunds may rely on Section 12(d)(1)(F) and Rule 12d1-3 of the 1940 Act, which provide an exemption from Section 12(d)(1) that allows the\nFunds to invest all of its assets in other registered funds, including ETFs, if, among other conditions: (a) the Funds, together with\nits affiliates, acquires no more than three percent of the outstanding voting stock of any acquired fund, and (b) the sales load charged\non the Funds’ Shares is no greater than the limits set forth in Rule 2830 of the Conduct Rules of the Financial Industry Regulatory\nAuthority, Inc. (“FINRA”).

Investment\nin Loans

The\nHIPS Fund may invest in CEFs that invest in loans, such as syndicated bank loans, senior floating rate loans, secured and unsecured loans,\nsecond lien or more junior loans, bridge loans and unfunded commitments. Such loans may incur some of the same risks as other debt securities,\nsuch as prepayment risk, credit risk, interest rate risk, liquidity risk and risks found with high yield securities. Although some loans\nare secured by collateral, the collateral may be difficult to liquidate and the value of the collateral can decline or be insufficient\nto meet the obligation of the borrower. A CEF investing in loans could also have its interest subordinated to other indebtedness of the\nobligor. As a result, a loan may not be fully collateralized and can decline significantly in value, which may result in the CEF not\nreceiving payments to which it is entitled.

Loans\nmay offer a fixed rate or floating rate of interest. Loans may decline in value if their interest rates do not rise as much or as fast\nas interest rates in general.

Loans\nare subject to the risk that the scheduled interest or principal payments will not be paid. Lower-rated loans and debt securities (those\nof less than investment grade quality), involve greater risk of default on interest and principal payments than higher-rated loans and\nsecurities. In the event that a non-payment occurs, the value of that obligation likely will decline. Debt securities rated below “BBB”\ncategory by S&P or “Baa” category by Moody’s are considered to have speculative characteristics and are commonly\nreferred to as “junk bonds.” Junk bonds entail default and other risks greater than those associated with higher-rated securities.

Loans\nare vulnerable to market sentiment such that economic conditions or other events may reduce the demand for loans and cause their value\nto decline rapidly and unpredictably. Furthermore, while the resale, or secondary, market for loans is growing, it is currently limited.\nThere is no organized exchange or board of trade on which loans are traded. Loans often trade in large denominations (typically $1 million\nand higher), and trades can be infrequent. The market has limited transparency so that information about actual trades may be difficult\nto obtain. Accordingly, some of the loans in which a CEF may invest will be relatively illiquid. Certain loans may be subject to restrictions\non resale or assignment. A CEF may have difficulty in disposing of loans in a timely fashion, which could result in losses to the CEF\nand the value of the HIPS Fund’s investment in such CEF.

Loans\nmay be issued in connection with highly leveraged transactions, such as restructurings, leveraged buyouts, leveraged recapitalizations\nand other types of acquisition financing. In such highly leveraged transactions, the borrower assumes large amounts of debt in order\nto have the financial resources to attempt to achieve its business objectives. As such, such loans may be part of highly leveraged transactions\nand involve a significant risk that the borrower may default or go into bankruptcy.

The\nHIPS Fund and any CEF in which it invests values its assets daily. However, because the secondary market for loans is limited, they may\nbe difficult to value. Market quotations may not be readily available for some loans or may be volatile and/or subject to large spreads\nbetween bid and ask prices, and valuation may require more research than for other securities. In addition, elements of judgment may\nplay a greater role in valuation than for securities with a more active secondary market, because there is less reliable, objective market\nvalue data available.

CEF\ninvesting in loans may be in possession of material non-public information about a borrower as a result of its ownership of a loan and/or\ncorporate debt security of a borrower. Because U.S. laws and regulations generally prohibit trading in securities of issuers while in\npossession of material, non-public information, the CEF might be unable to trade securities of such a borrower when it would otherwise\nbe advantageous to do so and, as such, could incur a loss, which may reduce the value of the HIPS Fund’s investment in such CEF.

Master\nLimited Partnerships (“MLPs”)

The\nHIPS Fund may purchase MLPs. MLPs are limited partnerships in which the ownership units are publicly traded. MLP units are registered\nwith the SEC and are freely traded on a securities exchange or in the OTC market. MLPs often own several properties or businesses (or\nown interests) that are related to real estate development and oil and gas industries, but they also may finance motion pictures, research\nand development and other projects. Generally, a MLP is operated under the supervision of one or more managing general partners. Limited\npartners are not involved in the day-to-day management of the partnership.

The\nrisks of investing in a MLP are generally those involved in investing in a partnership as opposed to a corporation. For example, state\nlaw governing partnerships is often less restrictive than state law governing corporations. Accordingly, there may be fewer protections\nafforded investors in a MLP than investors in a corporation. Additional risks involved with investing in a MLP are risks associated with\nthe specific industry or industries in which the partnership invests, such as the risks of investing in real estate, or oil and gas industries.

MLPs\nare generally treated as partnerships for U.S. federal income tax purposes. When the HIPS Fund invests in the equity securities of an\nMLP or any other entity that is treated as a partnership for U.S. federal income tax purposes, the HIPS Fund will be treated as a partner\nin the entity for federal income tax purposes. Accordingly, in calculating the HIPS Fund’s taxable income, it will be required\nto take into account its allocable share of the income, gains, losses, deductions, and credits recognized by each such entity, regardless\nof whether the entity distributes cash to the Fund. Distributions from such an entity to the HIPS Fund are not generally taxable unless\nthe cash amount (or, in certain cases, the fair market value of marketable securities) distributed to the HIPS Fund exceeds the Fund’s\nadjusted tax basis in its interest in the entity. In general, the HIPS Fund’s allocable share of such an entity’s net income\nwill increase the Fund’s adjusted tax basis in its interest in the entity, and distributions to the HIPS Fund from such an entity\nand the HIPS Fund’s allocable share of the entity’s net losses will decrease the Fund’s adjusted basis in its interest\nin the entity, but not below zero. The HIPS Fund may receive cash distributions from such an entity in excess of the net amount of taxable\nincome the Fund is allocated from its investment in the entity. In other circumstances, the net amount of taxable income the HIPS Fund\nis allocated from its investment in such an entity may exceed cash distributions received from the entity. Thus, the HIPS Fund’s\ninvestments in such an entity may lead the Fund to make distributions in excess of its earnings and profits, or the HIPS Fund may be\nrequired to sell investments, including when not otherwise advantageous to do so, in order to satisfy the distribution requirements applicable\nto RICs under the Code.

Depreciation\nor other cost recovery deductions passed through to the HIPS Fund from any investments in MLPs in a given year will generally reduce\nthe HIPS Fund’s taxable income, but those deductions may be recaptured in the HIPS Fund’s income in one or more subsequent\nyears. When recognized and distributed, recapture income will generally be taxable to the HIPS Fund’s shareholders at the time\nof the distribution at ordinary income tax rates, even though those shareholders might not have held shares in the HIPS Fund at the time\nthe deductions were taken, and even though those shareholders may not have corresponding economic gain on their shares at the time of\nthe recapture. In order to distribute recapture income or to fund redemption requests, the HIPS Fund may need to liquidate investments,\nwhich may lead to additional taxable income.

Money\nMarket Instruments

The\nHIPS Fund may invest a portion of its assets in high-quality money market instruments on an ongoing basis to provide liquidity or for\nother reasons. The instruments in which the HIPS Fund may invest include: (i) short-term obligations issued by the U.S. Government; (ii)\nnegotiable certificates of deposit (“CDs”), fixed time deposits and bankers’ acceptances of U.S. and foreign banks\nand similar institutions; (iii) commercial paper rated at the date of purchase “Prime-1” by Moody’s or “A-1+”\nor “A-1” by S&P Global Ratings (“S&P”) or, if unrated, of comparable quality as determined by the HIPS\nFund; and (iv) repurchase agreements. CDs are short-term negotiable obligations of commercial banks. Time deposits are non-negotiable\ndeposits maintained in banking institutions for specified periods of time at stated interest rates. Banker’s acceptances are time\ndrafts drawn on commercial banks by borrowers, usually in connection with international transactions.

Mortgage-Backed\nand Asset-Backed Securities

The\nHIPS Fund may invest in CEFs that invest in mortgage-backed and asset-backed securities. Mortgage-backed securities are mortgage-related\nsecurities issued or guaranteed by the U.S. government, its agencies and instrumentalities, or issued by nongovernment entities. Mortgage-related\nsecurities represent ownership in pools of mortgage loans assembled for sale to investors by various government agencies such as the\nGovernment National Mortgage Association (GNMA) and government-related organizations such as the Federal National Mortgage Association\n(FNMA) and the Federal Home Loan Mortgage Corporation (FHLMC), as well as by nongovernment issuers such as commercial banks, savings\nand loan institutions, mortgage bankers and private mortgage insurance companies. Although certain mortgage-related securities are guaranteed\nby a third party or otherwise similarly secured, the market value of the security, which may fluctuate, is not so secured. These securities\ndiffer from conventional bonds in that the principal is paid back to the investor as payments are made on the underlying mortgages in\nthe pool. Accordingly, the investing CEF receives monthly scheduled payments of principal and interest along with any unscheduled principal\nprepayments on the underlying mortgages. Because these scheduled and unscheduled principal payments must be reinvested at prevailing\ninterest rates, mortgage-backed securities do not provide an effective means of locking in long-term interest rates for the investor.

In\naddition, there are a number of important differences among the agencies and instrumentalities of the U.S. government that issue mortgage-related\nsecurities and among the securities they issue. Mortgage-related securities issued by GNMA include GNMA Mortgage Pass-Through Certificates\n(also known as Ginnie Maes) which are guaranteed as to the timely payment of principal and interest. That guarantee is backed by the\nfull faith and credit of the U.S. Treasury. GNMA is a corporation wholly owned by the U.S. government within the Department of Housing\nand Urban Development. Mortgage-related securities issued by FNMA include FNMA Guaranteed Mortgage Pass-Through Certificates (also known\nas Fannie Maes) and are guaranteed as to payment of principal and interest by FNMA itself and backed by a line of credit with the U.S.\nTreasury. FNMA is a government-sponsored entity wholly owned by public stockholders. Mortgage-related securities issued by FHLMC include\nFHLMC Mortgage Participation Certificates (also known as Freddie Macs) guaranteed as to payment of principal and interest by FHLMC itself\nand backed by a line of credit with the U.S. Treasury. FHLMC is a government-sponsored entity wholly owned by public stockholders.

In\nSeptember 2008, the Federal Housing Finance Agency (FHFA) placed FNMA and FHLMC into conservatorship, and FHFA succeeded to all rights,\ntitles, powers and privileges of FNMA and FHLMC. The U.S. Treasury entered into a Senior Preferred Stock Purchase Agreement with each\nof FNMA and FHLMC pursuant to which the U.S. Treasury will disburse up to an aggregate of $200 billion to each of FNMA and FHLMC to maintain\na positive net worth in each enterprise; this agreement contains various covenants that severely limit each enterprise’s operation.\nThe U.S. Treasury also announced the creation of a new secured lending facility that is available to FNMA and FHLMC as a liquidity backstop\nand announced the creation of a temporary program to purchase mortgage-backed securities issued by FNMA and FHLMC. FHFA has the power\nto repudiate any contract entered into by FNMA or FHLMC prior to FHFA’s appointment if FHFA determines that performance of the\ncontract is burdensome and the repudiation of the contract promotes the orderly administration of FNMA’s or FHLMC’s affairs.\nFHFA has indicated that it has no intention to repudiate the guaranty obligations of FNMA or FHLMC. FHFA also has the right to transfer\nor sell any asset or liability of FNMA or FHLMC without any approval, assignment or consent, although FHFA has stated that is has no\npresent intention to do so. In addition, holders of mortgage-backed securities issued by FNMA and FHLMC may not enforce certain rights\nrelated to such securities against FHFA, or the enforcement of such rights may be delayed, during the conservatorship. While the actions\nof the U.S. Treasury are intended to support the operations of FNMA and FHLMC, there is no guarantee that such actions will be successful.\nFurthermore, the U.S. Congress has considered proposals to wind down or restructure the operations of both FNMA and FHLMC. The passage\nof any such proposal has the potential to impact the value of securities issued by FNMA or FHLMC, which could adversely affect the investing\nCEF.

Asset-backed\nsecurities are structured like mortgage-backed securities, but instead of mortgage loans or interests in mortgage loans, the underlying\nassets may include such items as motor vehicle installment sales contracts or installment loan contracts, leases of various types of\nreal and personal property, and receivables from credit card agreements and from sales of personal property. Regular payments received\non asset-backed securities include both interest and principal. Asset-backed securities typically have no U.S. government backing. Additionally,\nthe ability of an issuer of asset-backed securities to enforce its security interest in the underlying assets may be limited.

If\nthe investing CEF purchases a mortgage-backed or other asset-backed security at a premium, the premium may be lost if there is a decline\nin the market value of the security whether resulting from changes in interest rates or prepayments in the underlying collateral. As\nwith other interest-bearing securities, the prices of such securities are inversely affected by changes in interest rates. Although the\nvalue of a mortgage-backed or other asset-backed security may decline when interest rates rise, the converse is not necessarily true,\nsince in periods of declining interest rates the mortgages and loans underlying the securities are prone to prepayment, thereby shortening\nthe average life of the security and shortening the period of time over which income at the higher rate is received. When interest rates\nare rising, the rate of prepayment tends to decrease, thereby lengthening the period of time over which income at the lower rate is received.\nFor these and other reasons, a mortgage-backed or other asset-backed security’s average maturity may be shortened or lengthened\nas a result of interest rate fluctuations and, therefore, it is not possible to predict accurately the security’s return. In addition,\nwhile the trading market for short-term mortgages and asset-backed securities is ordinarily quite liquid, in times of financial stress\nthe trading market for these securities may become restricted.

New\nCompanies

The\nDRUP Fund may invest its assets in the securities of companies with continuous operations of less than three years (“new companies”).\nInvestments in new companies involve considerations that are not applicable to investing in securities of established, larger-capitalization\nissuers, including reduced and less reliable information about issuers and markets, less stringent financial disclosure requirements\nand accounting standards, illiquidity of securities and markets, higher brokerage commissions and fees and greater market risk in general.\nIn addition, securities of new companies may involve greater risks since these securities may have limited marketability and, thus, may\nbe more volatile. Because such companies normally have fewer shares outstanding than larger companies, it may be more difficult for the\nDRUP Fund to buy or sell significant amounts of such shares without an unfavorable impact on prevailing prices. These companies may have\nlimited product lines, markets or financial resources and may lack management depth. In addition, these companies are typically subject\nto a greater degree of changes in business prospects than are larger, more established companies. There is typically less publicly available\ninformation concerning these companies than for larger, more established ones.

Although\ninvesting in securities of these companies offers potential for above-average returns if the companies are successful, the risk exists\nthat the companies will not succeed, and the prices of the companies’ shares could significantly decline in value. Therefore, an\ninvestment in the Fund may involve a greater degree of risk than an investment in other mutual funds that seek capital appreciation by\ninvesting in more established, larger companies.

Non-U.S.\nSecurities

Each\nFund may invest in non-U.S. securities. Investments in non-U.S. securities involve certain risks that may not be present in investments\nin U.S. securities. For example, non-U.S. securities may be subject to currency risks or to political or economic instability. There\nmay be less information publicly available about a non-U.S. issuer than about a U.S. issuer, and a foreign issuer may or may not be subject\nto uniform accounting, auditing and financial reporting standards and practices comparable to those in the U.S. Investments in non-U.S.\nsecurities may be subject to withholding or other taxes and may be subject to additional trading, settlement, custodial, and operational\nrisks. Other risks of investing in such securities include political or economic instability in the country involved, the difficulty\nof predicting international trade patterns and the possibility of imposition of exchange controls. The prices of such securities may\nbe more volatile than those of domestic securities. With respect to certain foreign countries, there is a possibility of expropriation\nof assets or nationalization, imposition of withholding taxes on dividend or interest payments, difficulty in obtaining and enforcing\njudgments against foreign entities or diplomatic developments which could affect investment in these countries. Losses and other expenses\nmay be incurred in converting between various currencies in connection with purchases and sales of foreign securities. Since foreign\nexchanges may be open on days when a Fund does not price its shares, the value of the securities in such Fund’s portfolio may change\non days when shareholders will not be able to purchase or sell such Fund’s shares. Conversely, Shares may trade on days when foreign\nexchanges are closed. Each of these factors can make investments in a Fund more volatile and potentially less liquid than other types\nof investments.

Investments\nin Emerging Markets. Each Fund may invest in emerging market securities. Investments in securities listed and traded in emerging\nmarkets are subject to additional risks that may not be present for U.S. investments or investments in more developed non-U.S. markets.\nSuch risks may include: (i) greater market volatility, (ii) lower trading volume, (iii) greater social, political and economic uncertainty,\n(iv) governmental controls on foreign investments and limitations on repatriation of invested capital, (v) the risk that companies may\nbe held to lower disclosure, corporate governance, auditing and financial reporting standards than companies in more developed markets,\nand (vi) the risk that there may be less protection of property rights than in other countries. Emerging markets are generally less liquid\nand less efficient than developed securities markets.

Investments\nin Europe. Most developed countries in Western Europe are members of the European Union (EU), and many are also members of the\nEuropean Monetary Union (EMU), which requires compliance with restrictions on inflation rates, deficits, and debt levels. Certain European\nnations recently have experienced historically high levels of unemployment and/or significant debt problems. These conditions can significantly\naffect every European country and their economic partners. The euro is the official currency of the EU. A Fund’s investments in\nEurope may have significant exposure to the euro and events affecting the euro. Recent market events affecting several of the EU member\ncountries have adversely affected the sovereign debt issued by those countries, and ultimately may lead to a decline in the value of\nthe euro. A significant decline in the value of the euro may produce unpredictable effects on trade and commerce generally and could\nlead to increased volatility in financial markets worldwide. In addition, the future of the EU is uncertain. In a June 2016 referendum,\nthe United Kingdom (the “UK”) officially withdrew from the EU and the two sides entered into a transition phase that is scheduled\nto conclude on December 31, 2020, during which the UK effectively remains in the EU from an economic perspective but no longer has any\npolitical representation in the EU parliament. During the transition phase, the UK and the EU will seek to negotiate and finalize a new\ntrade deal. It is possible that the transition date could be extended for up to two years. If no deal is agreed to, the UK may exit the\nEU through a “hard Brexit.” The impact of a hard Brexit on the UK and the EU and the broader global economy is unknown but\ncould be significant and could result in increased volatility and illiquidity and potentially lower economic growth. Brexit may have\na negative impact on the economy and currency of the UK and EU as a result of anticipated, perceived or actual changes to the UK’s\neconomic and political relations with the EU. Brexit may also have a destabilizing impact on the EU to the extent other member states\nsimilarly seek to withdraw from the union. Any further exits from the EU, or the possibility of such exits, would likely cause additional\nmarket disruption globally and introduce new legal and regulatory uncertainties. Any or all of these challenges may affect the value\nof a Fund’s investments that are economically tied to the UK or the EU, and could have an adverse impact on a Fund’s performance.

Qualified\nFinancial Contracts

Regulations\nadopted by prudential regulators require that certain qualified financial contracts (as defined below) entered into with certain counterparties\nthat are U.S. banks or are part of a U.S. or foreign banking organization designated as a global-systemically important banking organization\nto include contractual provisions that delay or restrict the rights of counterparties, such as the Funds (to the extent transacting in\nsuch contracts), to exercise certain close-out, cross-default and similar rights under certain conditions. Qualified financial contracts\nare subject to an automatic one-day stay during which counterparties, such as the Funds, will be prevented from closing out a qualified\nfinancial contract if the counterparty is subject to resolution proceedings and prohibit the Funds from exercising default rights due\nto a receivership or similar proceeding of an affiliate of the counterparty. Implementation of these requirements may increase credit\nand other risks to the Funds. “Qualified financial contracts” include securities contracts, swaps, currency forwards and\nother derivatives and related agreements as well as repurchase agreements and securities lending agreements.

Real\nEstate Investment Trusts (“REITs”)

The\nHIPS Fund may purchase REITS. A REIT is a corporation or business trust (that would otherwise be taxed as a corporation for U.S. federal\nincome tax purposes) which meets the definitional requirements of the Code. The Code permits a qualifying REIT to deduct from taxable\nincome the dividends paid, thereby effectively eliminating corporate level federal income tax. To meet the definitional requirements\nof the Code, a REIT must, among other things: invest substantially all of its assets in interests in real estate (including mortgages\nand other REITs), cash and government securities; derive most of its income from rents from real property or interest on loans secured\nby mortgages on real property; and, in general, distribute annually 90% or more of its taxable income (other than net capital gains)\nto shareholders.

REITs\nare sometimes informally characterized as Equity REITs and Mortgage REITs. An Equity REIT invests primarily in the fee ownership or leasehold\nownership of land and buildings (e.g., commercial equity REITs and residential equity REITs); a Mortgage REIT invests primarily in mortgages\non real property, which may secure construction, development or long-term loans.

REITs\nmay be affected by changes in underlying real estate values, which may have an exaggerated effect to the extent that REITs in which the\nFund invests may concentrate investments in particular geographic regions or property types. Additionally, rising interest rates may\ncause investors in REITs to demand a higher annual yield from future distributions, which may in turn decrease market prices for equity\nsecurities issued by REITs. Rising interest rates also generally increase the costs of obtaining financing, which could cause the value\nof the HIPS Fund’s investments to decline. During periods of declining interest rates, certain Mortgage REITs may hold mortgages\nthat the mortgagors elect to prepay, which prepayment may diminish the yield on securities issued by such Mortgage REITs. In addition,\nMortgage REITs may be affected by the ability of borrowers to repay when due the debt extended by the REIT and Equity REITs may be affected\nby the ability of tenants to pay rent.

Certain\nREITs have relatively small market capitalization, which may tend to increase the volatility of the market price of securities issued\nby such REITs. Furthermore, REITs are dependent upon specialized management skills, have limited diversification and are, therefore,\nsubject to risks inherent in operating and financing a limited number of projects. By investing in REITs indirectly through the HIPS\nFund, a shareholder will bear not only his or her proportionate share of the expenses of the HIPS Fund, but also, indirectly, similar\nexpenses of the REITs. REITs depend generally on their ability to generate cashflow to make distributions to shareholders.

In\naddition to these risks, Equity REITs may be affected by changes in the value of the underlying property owned by the trusts, while Mortgage\nREITs may be affected by the quality of any credit extended. Further, Equity and Mortgage REITs are dependent upon management skills\nand generally may not be diversified. Equity and Mortgage REITs are also subject to heavy cashflow dependency defaults by borrowers and\nself-liquidation. In addition, Equity and Mortgage REITs could possibly fail to qualify for the favorable U.S. federal income tax treatment\ngenerally available to REITs under the Code or fail to maintain their exemptions from registration under the 1940 Act. The above factors\nmay also adversely affect a borrower’s or a lessee’s ability to meet its obligations to the REIT. In the event of default\nby a borrower or lessee, the REIT may experience delays in enforcing its rights as a mortgagee or lessor and may incur substantial costs\nassociated with protecting its investments.

Short-Term\nInstruments

Each\nFund may invest in short-term instruments, including short-term Treasuries and money market instruments, on an ongoing basis to provide\nliquidity or for other reasons. Money market instruments are generally short-term investments that may include but are not limited to:\n(i) shares of money market funds; (ii) obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities (including\ngovernment-sponsored enterprises); (iii) negotiable certificates of deposit (“CDs”), bankers’ acceptances, fixed time\ndeposits and other obligations of U.S. and foreign banks (including foreign branches) and similar institutions; (iv) commercial paper\nrated at the date of purchase “Prime-1” by Moody’s or “A-1” by S&P, or if unrated, of comparable quality\nas determined by the Adviser; (v) non-convertible corporate debt securities (e.g., bonds and debentures) with remaining maturities at\nthe date of purchase of not more than 397 days and that satisfy the rating requirements set forth in Rule 2a-7 under the 1940 Act; and\n(vi) short-term U.S. dollar-denominated obligations of foreign banks (including U.S. branches) that, in the opinion of the Adviser, are\nof comparable quality to obligations of U.S. banks which may be purchased by a Fund. Any of these instruments may be purchased on a current\nor a forward-settled basis. Time deposits are non-negotiable deposits maintained in banking institutions for specified periods of time\nat stated interest rates. Bankers’ acceptances are time drafts drawn on commercial banks by borrowers, usually in connection with\ninternational transactions.

A\ndescription of certain other types of short-term instruments and/or cash equivalents that may be purchased by a Fund appears below.

Repurchase\nAgreements. In a repurchase agreement, a Fund buys a security from a bank or a broker-dealer that has agreed to repurchase the\nsame security at a mutually agreed-upon date and price. The resale price normally reflects the purchase price plus a mutually agreed-upon\ninterest rate. This interest rate is effective for the period of time a Fund is invested in the agreement and is not related to the coupon\nrate on the underlying security. The period of these repurchase agreements will be short, and generally a Fund will not enter into a\nrepurchase agreement for a period of more than seven (7) days.

Repurchase\nagreements are subject to certain risks that may adversely affect a Fund. If a seller defaults, a Fund may incur a loss if the value\nof the collateral securing the repurchase agreement declines and may incur disposition costs in connection with liquidating the collateral.\nIn addition, if bankruptcy proceedings are commenced with respect to a seller of the security, a Fund’s ability to dispose of the\ncollateral may be delayed or limited.

Short-Term\nCorporate Debt Securities. Short-term corporate debt securities include bills, notes, debentures, money market instruments and\nsimilar instruments and securities, and are generally used by corporations and other issuers to borrow money from investors for such\npurposes as working capital or capital expenditures. The issuer pays the investor a variable or fixed rate of interest and normally must\nrepay the amount borrowed on or before maturity. The investment return of corporate debt securities reflects interest earnings and changes\nin the market value of the security. The market value of a corporate debt obligation may be expected to rise and fall inversely with\ninterest rates generally. In addition to interest rate risk, corporate debt securities also involve the risk that the issuers of the\nsecurities may not be able to meet their obligations on interest or principal payments at the time called for by an instrument. The rate\nof return or return of principal on some debt obligations may be linked or indexed to the level of exchange rates between the U.S. dollar\nand a foreign currency or currencies.

SOFR\n

SOFR\nis intended to be a broad measure of the cost of borrowing funds overnight in transactions that are collateralized by U.S. Treasury securities.\nSOFR is calculated based on transaction-level repo data collected from various sources. For each trading day, SOFR is calculated as a\nvolume-weighted median rate derived from such data. SOFR is calculated and published by the Federal Reserve Bank of New York (“FRBNY”).\nIf data from a given source required by the FRBNY to calculate SOFR is unavailable for any day, then the most recently available data\nfor that segment will be used, with certain adjustments. If errors are discovered in the transaction data or the calculations underlying\nSOFR after its initial publication on a given day, SOFR may be republished at a later time that day. Rate revisions will be effected\nonly on the day of initial publication and will be republished only if the change in the rate exceeds one basis point.

Tracking\nStocks

The\nHIPS Fund and the DRUP Fund may invest in tracking stocks. A tracking stock is a separate class of common stock whose value is linked\nto a specific business unit or operating division within a larger company and which is designed to “track” the performance\nof such business unit or division. The tracking stock may pay dividends to shareholders independent of the parent company. The parent\ncompany, rather than the business unit or division, generally is the issuer of tracking stock. However, holders of the tracking stock\nmay not have the same rights as holders of the company’s common stock.

Wholly-Owned\nSubsidiary

The\nCOMB Fund may invest up to 25% of its total assets in the Subsidiary. The Subsidiary invests primarily in commodity-linked derivatives\n(including commodity futures and swap contracts). The Subsidiary may also invest in certain fixed income securities and other investments\nthat may serve as margin or collateral for its derivatives positions.

Since\nthe COMB Fund may invest a substantial portion of its assets in the Subsidiary, which may hold certain of the investments described in\nthe COMB Fund’s Prospectus and this SAI, the COMB Fund may be considered to be investing indirectly in those investments through\nits Subsidiary. Therefore, references in the COMB Fund’s Prospectus and in this SAI to investments by the COMB Fund also may be\ndeemed to include the COMB Fund’s indirect investments through the Subsidiary.

Risks\nof Investing in the Subsidiary. The Subsidiary is not registered under the 1940 Act and is not subject to its investor protections.\nThe COMB Fund, as the sole shareholder of the Subsidiary, does not have all of the protections offered by the 1940 Act. However, the\nSubsidiary is wholly-owned and controlled by the COMB Fund and managed by the Adviser. Therefore, the COMB Fund’s ownership and\ncontrol of the Subsidiary make it unlikely that the Subsidiary would take action contrary to the interests of the COMB Fund or its shareholders.\nThe Board has oversight responsibility for the investment activities of the COMB Fund, including its investment in the Subsidiary, and\nthe COMB Fund’s role as the sole shareholder of the Subsidiary.

Changes\nin the laws of the United States (where the Funds are organized) and/or the Cayman Islands (where the Subsidiary is incorporated), could\nprevent the COMB Fund and/or the Subsidiary from operating as described in the COMB Fund’s Prospectus and this SAI and could negatively\naffect the COMB Fund and its shareholders. For example, the Cayman Islands currently does not impose certain taxes on the Subsidiary,\nincluding income and capital gains tax, among others. If Cayman Islands laws were changed to require the Subsidiary to pay Cayman Islands\ntaxes, the investment returns of the COMB Fund would likely decrease.

Special\nConsiderations and Risks

A\ndiscussion of the risks associated with an investment in each Fund is contained in the Prospectus. The discussion below supplements,\nand should be read in conjunction with, the Prospectus.

General

Investment\nin a Fund should be made with an understanding that the value of the Fund’s portfolio investments may fluctuate in accordance with\nchanges in the financial condition of the issuers thereof, the value of financial instruments generally and other factors.

An\ninvestment in the Fund should also be made with an understanding of the risks inherent in an investment in securities and derivatives,\nincluding the risk that the financial condition of issuers may become impaired or that the general condition of the securities and derivatives\nmarkets may deteriorate (either of which may cause a decrease in the value of the portfolio investments and thus in the value of Shares).\nSecurities are susceptible to general market fluctuations and to volatile increases and decreases in value as market confidence in and\nperceptions of their issuers change. These investor perceptions are based on various and unpredictable factors including expectations\nregarding government, economic, monetary and fiscal policies, inflation and interest rates, economic expansion or contraction, and global\nor regional political, economic and banking crises.

Cyber\nSecurity

The\nFunds, their service providers, the Exchange, and Authorized Participants are susceptible to cyber security risks that include, among\nother things, theft, unauthorized monitoring, release, misuse, loss, destruction or corruption of confidential and highly restricted\ndata; denial of service attacks; unauthorized access to relevant systems, compromises to networks or devices that the Funds and their\nservice providers use to service the Funds’ operations; or operational disruption or failures in the physical infrastructure or\noperating systems that support the Funds and their service providers. Cyber-attacks against or security breakdowns of the Funds, their\nservice providers, the Exchange, or Authorized Participants may adversely impact the Funds and their shareholders, potentially resulting\nin, among other things, financial losses; the inability of Fund shareholders to transact business and the Funds to process transactions;\ninability to calculate the Funds’ NAVs; violations of applicable privacy and other laws; regulatory fines, penalties, reputational\ndamage, reimbursement or other compensation costs; and/or additional compliance costs. The Funds may incur additional costs for cyber\nsecurity risk management and remediation purposes. In addition, cyber security risks may also impact issuers of securities in which the\nFunds invest, which may cause the Funds’ investment in such issuers to lose value. There can be no assurance that the Funds, their\nservice providers, the Exchange, or Authorized Participants will not suffer losses relating to cyber-attacks or other information security\nbreaches in the future.

Tax\nRisks

As\nwith any investment, you should consider how your investment in Shares of a Fund will be taxed. The federal income tax information in\nthe Prospectus and this SAI is provided as general information. You should consult your own tax professional about the tax consequences\nof an investment in Shares of a Fund.

Unless\nyour investment in Shares is made through a tax-exempt entity or tax-advantaged retirement account, such as an individual retirement\naccount, you need to be aware of the possible tax consequences when the Fund makes distributions or you sell Shares.

Investment\nRestrictions

The\nTrust has adopted the following investment restrictions as fundamental policies with respect to each Fund. These restrictions cannot\nbe changed with respect to a Fund without the approval of the holders of a majority of the Fund’s outstanding voting securities.\nFor the purposes of the 1940 Act, a “majority of outstanding shares” means the vote of the lesser of: (1) 67% or more of\nthe voting securities of the Fund present at the meeting if the holders of more than 50% of the Fund’s outstanding voting securities\nare present or represented by proxy; or (2) more than 50% of the outstanding voting securities of the Fund. Except with the approval\nof a majority of the outstanding voting securities, a Fund may not:

\n \n \n \n \n \n \n \n \n \n \n \n \n

	1.	Concentrate\nits investments in an industry or group of industries (i.e., hold 25% or more of its net assets in the securities of a particular industry\nor group of industries). For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities),\nand securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry.

		Notwithstanding\n the foregoing, the HIPS Fund will concentrate to approximately the same extent that the HIPS Index concentrates in the stocks of\n such particular industry or group of related industries.

\n \n \n \n \n

Borrow\n money or issue senior securities (as defined under the 1940 Act), except to the extent permitted under the 1940 Act, the rules and\n regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time\n to time.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	3.	Lend\n any security or make any other loan except to the extent permitted under the 1940 Act the rules and regulations thereunder or any\n exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time.

	4.	Purchase\n or sell commodities or real estate, except to the extent permitted under the 1940 Act, the rules and regulations thereunder or any\n exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time.

	5.	Underwrite\n securities issued by other persons, except to the extent permitted under the 1940 Act, the rules and regulations thereunder or any\n exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time.

	6.	For\n each of the HIPS Fund and the DRUP Fund, with respect to 75% of its total assets, purchase the securities of any one issuer if, immediately\n after and as a result of such purchase, (a) the value of the Fund’s holdings in the securities of such issuer exceeds 5% of\n the value of the Fund’s total assets, or (b) the Fund owns more than 10% of the outstanding voting securities of the issuer\n (with the exception that this restriction does not apply to the Fund’s investments in the securities of the U.S. Government,\n or its agencies or instrumentalities, or other investment companies).

		Notwithstanding\n the foregoing, the DRUP Fund may become “non-diversified” as defined in the 1940 Act, with respect to investments in\n an issuer or several issuers to the extent necessary to approximate the composition of the DRUP Index to the extent permitted by\n applicable law or regulatory relief or guidance.

In\naddition to the investment restrictions adopted as fundamental policies as set forth above, each Fund observes the following restrictions,\nwhich may be changed without a shareholder vote.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	1.	The\n Fund will not invest in illiquid assets in excess of 15% of its net assets. An illiquid asset is any asset which may not be sold\n or disposed of in the ordinary course of business within seven days at approximately the value at which the Fund has valued the investment.

	2.	For\n the HIPS Fund, the HIPS Fund invests, under normal circumstances, at least 80% of its total assets (exclusive of collateral held\n from securities lending) in the component securities of the HIPS Index.

	3.	The\n DRUP Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its assets (exclusive\n of collateral held from securities lending) in the securities included in the DRUP Index.

The\ninvestment objective of each Fund is a non-fundamental policy that can be changed by the Board without approval by shareholders.

If\na percentage limitation is adhered to at the time of investment or contract, a later increase or decrease in percentage resulting from\nany change in value or total or net assets will not result in a violation of such restriction, except that the percentage limitations\nwith respect to the borrowing of money and illiquid securities will be observed continuously.

During\ntimes of adverse market, economic, political or other conditions, a Fund may depart temporarily from its principal investment strategies\n(such as by maintaining a significant uninvested cash position) for defensive purposes. Doing so could help the Fund avoid losses, but\nmay mean lost investment opportunities. During these periods, the Fund may not achieve its investment objective.

Exchange\nListing and Trading

A\ndiscussion of exchange listing and trading matters associated with an investment in a Fund is contained in the summary section of the\nFund’s Prospectus under the “PURCHASE AND SALE OF FUND SHARES” and in the statutory Prospectus under “BUYING\nAND SELLING SHARES.” The discussion below supplements, and should be read in conjunction with, such sections of the Prospectus.

The\nShares of each Fund are approved for listing and trading on the Exchange, subject to notice of issuance. The Shares trade on the Exchange\nat prices that may differ to some degree from their NAV. There can be no assurance that the requirements of the Exchange necessary to\nmaintain the listing of Shares of a Fund will continue to be met.

The\nExchange may, but is not required to, remove the Shares of a Fund from listing if: (i) following the initial twelve-month period beginning\nupon the commencement of trading of the Fund, there are fewer than 50 beneficial holders of the Shares for 30 or more consecutive trading\ndays; (ii) the value of its Benchmark or portfolio of securities on which the Fund is based is no longer calculated or available; (iii)\nthe “indicative optimized portfolio value” (“IOPV”) of the Fund is no longer calculated or available; or (iv)\nsuch other event shall occur or condition exists that, in the opinion of the Exchange, makes further dealings on the Exchange inadvisable.\nIn addition, the Exchange will remove a Fund’s Shares from listing and trading upon termination of the Trust or the Fund.

The\nExchange or market data vendors or other information providers will disseminate, every fifteen seconds during the regular trading day,\nan IOPV relating to each Fund. The IOPV calculations are estimates of the value of a Fund’s NAV per Share using market data converted\ninto U.S. dollars at the current currency rates. The IOPV price is based on quotes and closing prices from the securities local market\nand may not reflect events that occur subsequent to the local market’s close. Premiums and discounts between the IOPV and the market\nprice may occur. This should not be viewed as a “real-time” update of the NAV per Share of a Fund, which is calculated only\nonce a day. Neither the Funds or the Adviser, nor any of their affiliates is involved in, or responsible for, the calculation or dissemination\nof such IOPVs and make no warranty as to their accuracy.

The\nTrust reserves the right to adjust the Share price of a Fund in the future to maintain convenient trading ranges for investors. Any adjustments\nwould be accomplished through stock splits or reverse stock splits, which would have no effect on the net assets of the Fund.

As\nin the case of other publicly traded securities, brokers’ commissions on transactions will be based on negotiated commission rates\nat customary levels.

The\nbase and trading currencies of each Fund is the U.S. dollar. The base currency is the currency in which a Fund’s NAV per Share\nis calculated and the trading currency is the currency in which Shares of the Fund are listed and traded on the Exchange.

There\ncan be no assurance that the Funds will continue to meet the requirements of the Exchange necessary to maintain the listing of Shares.\nThe Exchange may, but is not required to, remove the Shares from listing if: (i) following the initial 12-month period beginning at the\ncommencement of trading of the Funds, there are fewer than 50 beneficial owners of the Shares for 30 or more consecutive trading days;\n(ii) the value of the Fund’s Index no longer is calculated or available; or (iii) such other event shall occur or condition shall\nexist that, in the opinion of the Exchange, makes further dealings on the Exchange inadvisable. The Exchange will remove the Shares from\nlisting and trading upon termination of the Fund.

The\nTrust reserves the right to adjust the price levels of the Shares in the future to help maintain convenient trading ranges for investors.\nAny adjustments would be accomplished through stock splits or reverse stock splits, which would have no effect on the net assets of the\nFund.

To\nprovide additional information regarding the indicative value of Shares, the Exchange or a market data vendor disseminates information\nevery 15 seconds through the facilities of the Consolidated Tape Association or other widely disseminated means an updated “intraday\nindicative value” (“IIV”) for each Fund as calculated by an information provider or market data vendor. The Trust is\nnot involved in or responsible for any aspect of the calculation or dissemination of the IIVs and makes no representation or warranty\nas to the accuracy of the IIVs

Management\nof the Trust

The\nfollowing information supplements and should be read in conjunction with the section in the Prospectus entitled “Fund Management.”

Trustees\nand Officers of the Trust

Board\nResponsibilities. The management and affairs of the Trust and each Fund described in this SAI are overseen by the Board. The Board\nelects the officers of the Trust who are responsible for administering the day-to-day operations of the Trust and the Funds. The Board\nhas approved contracts, as described below, under which certain companies provide essential services to the Trust.

Like\nmost registered investment companies, the day-to-day business of the Trust, including the management of risk, is performed by third party\nservice providers, such as the Adviser or the Administrator (as defined below). The Board is responsible for overseeing the Trust’s\nservice providers and, thus, has oversight responsibility with respect to risk management performed by those service providers. Risk\nmanagement seeks to identify and address risks, i.e., events or circumstances that could have material adverse effects on the business,\noperations, shareholder services, investment performance or reputation of a Fund. Each Fund and its service providers employ a variety\nof processes, procedures and controls to identify various of those possible events or circumstances, to lessen the probability of their\noccurrence and/or to mitigate the effects of such events or circumstances if they do occur. Each service provider is responsible for\none or more discrete aspects of the Trust’s business (e.g., the Adviser is responsible for the day-to-day management of the Fund’s\nportfolio investments) and, consequently, for managing the risks associated with that business. The Board has emphasized to the Funds’\nservice providers the importance of maintaining vigorous risk management.

The\nrole of the members of the Board (the “Trustees”) in risk oversight begins before the inception of a Fund, at which time\ncertain of the Fund’s service providers present the Board with information concerning the investment objectives, strategies and\nrisks of the Fund as well as proposed investment limitations for the Fund. Additionally, the Adviser provides the Board with an overview\nof, among other things, its investment philosophy, brokerage practices and compliance infrastructure.

Thereafter,\nthe Board continues its oversight function as various personnel, including the CCO, as well as personnel of the Adviser and other service\nproviders such as the Fund’s independent accountants, make periodic reports to the Audit Committee or to the Board with respect\nto various aspects of risk management. The Board and the Audit Committee oversee efforts by management and service providers to manage\nrisks to which the Fund may be exposed.

The\nBoard is responsible for overseeing the nature, extent and quality of the services provided to each Fund by the Adviser and receives\ninformation about those services at its regular meetings. In addition, on an annual basis, in connection with its consideration of whether\nto renew the Funds’ investment advisory agreements with the Adviser, the Board meets with the Adviser to review such services.\nAmong other things, the Board regularly considers the Adviser’s adherence to the Funds’ investment restrictions and compliance\nwith various Fund policies and procedures and with applicable securities regulations. The Board also reviews information about the Funds’\nperformance and the Funds’ investments, including, for example, portfolio holdings schedules.

The\nCCO reports regularly to the Board to review and discuss compliance issues and Fund and Adviser risk assessments. At least annually,\nthe CCO provides the Board with a report reviewing the adequacy and effectiveness of the Trust’s policies and procedures and those\nof its service providers, including the Adviser. The report addresses the operation of the policies and procedures of the Trust and each\nservice provider since the date of the last report; any material changes to the policies and procedures since the date of the last report;\nany recommendations for material changes to the policies and procedures; and any material compliance matters since the date of the last\nreport.

The\nBoard receives reports from the Funds’ service providers regarding operational risks and risks related to the valuation and liquidity\nof portfolio securities. The Board has also established a Valuation Committee that is responsible for implementing the Trust’s\nvaluation procedures and providing reports to the Board concerning investments for which market quotations are not readily available.\nAnnually, the independent registered public accounting firm reviews with the Audit Committee its audit of the Funds’ financial\nstatements, focusing on major areas of risk encountered by the Funds and noting any significant deficiencies or material weaknesses in\nthe Funds’ internal controls. Additionally, in connection with its oversight function, the Board oversees Fund management’s\nimplementation of disclosure controls and procedures, which are designed to ensure that information required to be disclosed by the Trust\nin its periodic reports with the SEC are recorded, processed, summarized, and reported within the required time periods. The Board also\noversees the Trust’s internal controls over financial reporting, which comprise policies and procedures designed to provide reasonable\nassurance regarding the reliability of the Trust’s financial reporting and the preparation of the Trust’s financial statements.

From\ntheir review of these reports and discussions with the Adviser, the CCO, the independent registered public accounting firm and other\nservice providers, the Board and the Audit Committee learn in detail about the material risks of the Funds, thereby facilitating a dialogue\nabout how management and service providers identify and mitigate those risks.

The\nBoard recognizes that not all risks that may affect the Funds can be identified and/or quantified, that it may not be practical or cost-effective\nto eliminate or mitigate certain risks, that it may be necessary to bear certain risks (such as investment-related risks) to achieve\neach Fund’s goals, and that the processes, procedures and controls employed to address certain risks may be limited in their effectiveness.\nMoreover, reports received by the Trustees as to risk management matters are typically summaries of the relevant information. Most of\na Fund’s investment management and business affairs are carried out by or through the Adviser and other service providers, each\nof which has an independent interest in risk management but whose policies and the methods by which one or more risk management functions\nare carried out may differ from the Fund’s and each other’s in the setting of priorities, the resources available or the\neffectiveness of relevant controls. As a result of the foregoing and other factors, the Board’s ability to monitor and manage risk,\nas a practical matter, is subject to limitations.

Members\nof the Board and Officers

There\nare three members of the Board, two of whom are not interested persons of the Trust, as that term is defined in the 1940 Act (“Independent\nTrustees”). William Rhind, an interested person of the Trust, serves as Chairman of the Board. The Trust does not have a lead Independent\nTrustee. The Board is comprised of 66% Independent Trustees. There is an Audit Committee of the Board that is chaired by an Independent\nTrustee and comprised solely of Independent Trustees. The Audit Committee chair presides at the Audit Committee meetings, participates\nin formulating agendas for Audit Committee meetings, and coordinates with management to serve as a liaison between the Independent Trustees\nand management on matters within the scope of responsibilities of the Audit Committee as set forth in its Board-approved charter. Because\nof the ease of communication arising from the relatively small size of the Board and the small number of Independent Trustees, the Board\nhas determined not to designate a lead Independent Trustee at this time.

The\nTrust has determined its leadership structure is appropriate given the specific characteristics and circumstances of the Trust. The Trust\nmade this determination in consideration of, among other things, the fact that the Independent Trustees constitute 66% of the Board,\nthe number of Independent Trustees that constitute the Board, the amount of assets under management in the Trust, and the number of funds\noverseen by the Board. The Board also believes that its leadership structure facilitates the orderly and efficient flow of information\nto the Independent Trustees from Fund management.

The\nBoard has three standing committees: the Audit Committee, Nominating Committee and Valuation Committee. The Audit Committee and Nominating\nCommittee are chaired by an Independent Trustee and composed of the Independent Trustees.

Set\nforth below are the names, birth years, positions with the Trust, length of term of office, the number of portfolios in the Fund Complex\n(defined below) overseen, and the principal occupations and other directorships held during at least the last five years of each of the\npersons currently serving as a Trustee, as well as information about each officer of the Trust. The business address of each Trustee\nand officer of the Trust is 250 Broadway, 24^th Floor, New York, New York 10007. The “Fund Complex”\nincludes all open-and closed-end funds (including all of their portfolios) advised by the Adviser. As of the date of this SAI, the Fund\nComplex consists of 271 funds.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Name\n and Year \n of Birth	Position(s)\n Held with \n the Trust, Term of \n Office and Length of \n Time Served	Principal\n Occupation(s) \n During Past 5 Years	Number\n of \n Portfolios in \n Fund \n Complex \n Overseen By \n Trustee \n and/or \n Officer	Other \n Directorships \n Held \n by Trustee During \n Past 5 Years
*Interested\n Trustees and Officers*
William\n Rhind \n 1979	Trustee,\n Chairman of the Board, Treasurer and Secretary, President of the Trust \n (since 2016)⁽¹⁾	CEO,\n World Gold Trust Services LLC (sponsor of SPDR Gold Trust) \n (2013-2016) \n \n Managing\n Director, ETF Securities (asset manager) \n (2007-2013)	271	Director,\n University of Bath Foundation (charitable organization)

Theodore\n J. Uhl \n 1974	Chief\n Compliance Officer of the Trust \n (since 2021)	Mr.\n Uhl joined ALPS in October 2006, and is currently Deputy Compliance Officer of ALPS. Prior to his current role, Mr. Uhl served as\n Senior Risk Manager for ALPS from October 2006 until June 2010. Before joining ALPS, Mr. Uhl served as Sr. Analyst with Enenbach\n and Associates (RIA), and a Sr. Financial Analyst at Sprint. Mr. Uhl is also CCO of Financial Investors Trust, Centre Funds, and\n ALPS Interval Series Trust.	271	None

\n \n \n \n

(1)	William\n Rhind is an interested trustee due to his ownership of shares of, and his position as CEO of GraniteShares, Inc., the owner of the\n Adviser.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

*Independent\n Trustees*
Steven\n James Smyser \n 1973	Independent\n Trustee of the Trust (since 2017)	Director\n of Finance MerchantPlus (started in 2025) \n \n CFO,\n Packet Host, Inc. (information technology firm) (2014-2023) \n \n Founder,\n Silver Horse Capital Partners, LLC (hedge fund) (2013- present) \n \n Director,\n Citi (1999-2013)	271	None

Seddik\n Meziani \n 1952	Independent\n Trustee of the Trust (since 2017)	Professor,\n Montclair State University, New Jersey (1999- present)	271	Member\n of the Research Advisory Board, ETF Global, LLC (market data and research provider)

Individual\nTrustee Qualifications. The Trust has concluded that each of the Trustees should serve on the Board because of their ability to review\nand understand information about the Funds provided to them by management, to identify and request other information they may deem relevant\nto the performance of their duties, to question management and other service providers regarding material factors bearing on the management\nand administration of the Funds, and to exercise their business judgment in a manner that serves the best interests of the Funds’\nshareholders. The Trust has concluded that each of the Trustees should serve as a Trustee based on their own experience, qualifications,\nattributes and skills as described below.

William\nRhind is the founder and CEO of GraniteShares, Inc., an independent ETF company based in New York. Prior to GraniteShares, Mr. Rhind\nwas CEO of World Gold Trust Services LLC, part of the World Gold Council. Prior to joining the World Gold Council in 2013, Mr. Rhind\nwas a senior executive at ETF Securities, from 2007 to 2013. He was also formerly a Principal at iShares. Mr. Rhind is a graduate of\nthe University of Bath, in England.

Steven\nSmyser is the Director of finance at MerchantPlus, a company that offers electronic payment solutions for Internet businesses. Previously\nMr. Smyser was the CFO at Packet Host, Inc., a company that offers cloud storage and computing solutions. He is also the founder of Silver\nHorse Capital Partners, LLC. Mr. Smyser worked as a Director at Citi trading equity derivatives until 2013. In this role, he covered\na collection of the largest customers of the firm and was responsible for various proprietary stock and option trading strategies. During\nhis 14-year tenure at Citi, Mr. Smyser also held various risk management roles in both the Fixed Income and Equities divisions. Prior\nto joining Citi, he worked at Freddie Mac on the mortgage-backed securities trading desk. Mr. Smyser graduated Magna Cum Laude from James\nMadison University with a B.B.A. in International Business and a minor in Economics and French.

Seddik\nMeziani is a professor of finance at Montclair State University, NJ, and the Soliciting Editor of The Journal of Index Investing. He\nreceived a Ph.D. from Rensselaer Polytechnic Institute and an MBA from New York University. He has authored three ETF books and authored\nor coauthored 32 peer reviewed articles, along with editorials, commentaries and other articles in newspapers, magazines and trade journals.\nDr. Meziani is also a consultant and speaker. He is frequently quoted by the media on ETF topics and speaks regularly at industry conferences.

Board\nCommittees

The\nBoard has established the following standing committees:

Audit\nCommittee. The Board has a standing Audit Committee that is composed of 100% of the Independent Trustees of the Trust. The Audit\nCommittee operates under a written charter approved by the Board. The principal responsibilities of the Audit Committee include: recommending\nwhich firm to engage as the Fund’s independent registered public accounting firm and whether to terminate this relationship; reviewing\nthe independent registered public accounting firm’s compensation, the proposed scope and terms of its engagement, and the firm’s\nindependence; pre-approving audit and non-audit services provided by the Funds’ independent registered public accounting firm to\nthe Trust and certain other affiliated entities; serving as a channel of communication between the independent registered public accounting\nfirm and the Trustees; reviewing the results of each external audit, including any qualifications in the independent registered public\naccounting firm’s opinion, any related management letter, management’s responses to recommendations made by the independent\nregistered public accounting firm in connection with the audit, reports submitted to the Committee by the internal auditing department\nof the Trust’s Administrator (as defined below) that are material to the Trust as a whole, if any, and management’s responses\nto any such reports; reviewing the Funds’ audited financial statements and considering any significant disputes between the Trust’s\nmanagement and the independent registered public accounting firm that arose in connection with the preparation of those financial statements;\nconsidering, in consultation with the independent registered public accounting firm and the Trust’s senior internal accounting\nexecutive, if any, the independent registered public accounting firms’ report on the adequacy of the Trust’s internal financial\ncontrols; reviewing, in consultation with the Funds’ independent registered public accounting firm, major changes regarding auditing\nand accounting principles and practices to be followed when preparing the Funds’ financial statements; and other audit related\nmatters. All of the Independent Trustees currently serve as members of the Audit Committee. The Audit Committee also acts as the Trust’s\nqualified legal compliance committee. The Audit Committee held 2 meetings during the fiscal year ended June 30, 2026.

Nominating\nCommittee. The Board has a standing Nominating Committee that is composed of 100% of the Independent Trustees of the Trust. The Nominating\nCommittee operates under a written charter approved by the Board. The principal responsibility of the Nominating Committee is to consider,\nrecommend and nominate candidates to fill vacancies on the Trust’s Board, if any. The Nominating Committee generally will not consider\nnominees recommended by shareholders. All of the Independent Trustees currently serve as members of the Nominating Committee. The Nominating\nCommittee did not hold meetings during the fiscal year ended June 30, 2026.

Valuation\nCommittee. The Board also has established a Valuation Committee that may be comprised of representatives from the Adviser, representatives\nfrom the Administrator (as defined below), counsel to the Funds, and/or members of the Board. The Valuation Committee operates under\nprocedures approved by the Board. The Valuation Committee is responsible for the valuation and revaluation of any portfolio investments\nfor which market quotations or prices are not readily available. The members of the Valuation Committee are William Rhind and two representatives\nfrom the Adviser: Benoit Autier and Jeff Klearman. The Valuation Committee did not hold meetings during the fiscal year ended June 30,\n2026. Benoit Autier acts as chief compliance officer for the Adviser.

Ownership\nof Shares

The\nfollowing table shows the dollar amount ranges of each Trustee’s “beneficial ownership” of Shares of the Funds and\nin all registered investment companies in the Fund Complex as of June 30, 2026. Dollar amount ranges disclosed are established\nby the SEC. “Beneficial ownership” is determined in accordance with Rule 16a-1(a)(2) under the Securities Exchange Act of\n1934 (the “Exchange Act”). The Trustees and officers of the Trust own less than 1% of the outstanding Shares of the Trust\nas of September 30, 2026.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Name	Dollar\n Range of Shares	Aggregate\n Dollar Range of Shares \n (All Funds in the Complex)
*Interested\n Trustees*
William\n Rhind	None	None
*Independent\n Trustees*
Steven\n James Smyser	None	None
Seddik\n Meziani	None	None

Compensation\nof the Trustees

The\nTrustees received the following compensation, paid by the Adviser, during the fiscal year ended June 30, 2026.

Name	Aggregate \n Compensation		Pension\n or \n Retirement \n Benefits \n Accrued as \n Part of Fund \n Expenses			Estimated \n Annual \n Benefits \n Upon \n Retirement		Total \n Compensation \n from\n the \n Trust\n and \n Fund \n Complex
	*Interested\n Trustees*
William\n Rhind	$	0		$	0		$	0	$	0
		*Independent\n Trustees*
Steven\n James Smyser	$	35,000		$	0		$	0	$	35,000
Seddik\n Meziani	$	35,000		$	0		$	0	$	35,000
Total	$	70,000		$	0		$	0	$	70,000

Officers\nwho are employed by the Adviser receive no compensation or expense reimbursement from the Trust. Pursuant to the Funds’ unitary\nfee arrangements, the Funds do not pay any Trustee fees. The Trustee fees are paid by the Adviser.

Codes\nof Ethics

The\nTrust and the Adviser have each adopted codes of ethics applicable to their businesses pursuant to Rule 17j-1 under the 1940 Act. These\ncodes of ethics are designed to prevent affiliated persons of the Trust and the Adviser from engaging in deceptive, manipulative or fraudulent\nactivities in connection with securities held or to be acquired by the Funds (which may also be held by persons subject to the codes\nof ethics). There can be no assurance that the codes of ethics will be effective in preventing such activities. The Adviser code of ethics\npermits personnel of the Adviser to invest in securities that may be purchased or held by the Funds, subject to pre-clearance approval.

Each\ncode of ethics has been filed with the SEC and may be examined on the Internet at the SEC’s website at http://www.sec.gov.

Proxy\nVoting Policies

The\nTrust has delegated to the Adviser the authority and responsibility for voting proxies on the portfolio securities held by the Funds.\nThe Adviser has engaged the services of Glass, Lewis & Co. (“Glass Lewis”), a third party proxy advisory service, to\nanalyze proxy voting issues and make vote recommendations on those issues. While the Adviser will consider Glass Lewis’ recommendations,\nit is not obligated to follow such recommendations and will vote all proxies in accordance with the Adviser’s proxy voting guidelines\ndescribed below (the “Guidelines”).

The\nGuidelines include many specific examples of voting decisions for the types of proposals that are most frequently presented:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	1.	Board\n of Directors: The Adviser supports an independent board of directors, and prefers that key committees such as audit, nominating,\n and compensation committees be comprised of independent directors. The Adviser generally votes against management efforts to classify\n a board and generally supports proposals to declassify the board of directors. The Adviser considers withholding votes from directors\n with an unsatisfactory attendance record. While generally in favor of separating Chairman and CEO positions, the Adviser will review\n this issue on a case-by-case basis, considering other factors, including the company’s corporate governance guidelines and\n performance. It evaluates proposals to restore or provide for cumulative voting on a case-by-case basis and considers such factors\n as corporate governance provisions as well as relative performance.

	2.	Ratification\n of Auditors: In light of several high profile accounting scandals, the Adviser closely scrutinizes the role and performance of auditors.\n On a case-by-case basis, the Adviser examines proposals relating to non-audit relationships and non-audit fees. It considers, on\n a case-by-case basis, proposals to rotate auditors, and votes against the ratification of auditors when there is clear and compelling\n evidence of accounting irregularities or negligence attributable to the auditors.

	3.	Management\n & Director Compensation: The Adviser evaluates plans on a case-by-case basis by considering several factors to determine whether\n the plan is fair and reasonable. The Adviser generally opposes plans that have the potential to be excessively dilutive. It generally\n supports employee stock option plans. Severance compensation arrangements are reviewed on a case-by-case basis, although the Adviser\n generally opposes “golden parachutes” that are considered excessive. It normally supports proposals that require a percentage\n of director compensation be in the form of common stock, as it aligns their interests with those of the shareholders. The Adviser\n reviews on a case-by-case basis any shareholder proposals to adopt policies on expensing stock option plans, and continues to monitor\n future developments in this area.

	4.	Anti-Takeover\n Mechanisms and Related Issues: The Adviser generally opposes anti-takeover measures since they tend to reduce shareholder rights.\n However, as with all proxy issues, it conducts an independent review of each anti-takeover proposal. Occasionally, the Adviser may\n vote with management when the research analyst has concluded that the proposal is not onerous and would not harm Client interests\n as stockholders. The Adviser generally supports proposals that require shareholder rights plans (“poison pills”) to be\n subject to a shareholder vote. It evaluates shareholder rights plans on a case-by-case basis to determine whether they warrant support.\n The Adviser generally votes against any proposal to issue stock that has unequal or subordinate voting rights. Additionally, it generally\n opposes any supermajority voting requirements as well as the payment of “greenmail.” “Fair price” provisions\n and confidential voting is generally supported.

\n \n \n \n \n \n \n \n \n \n \n \n \n

	5.	Changes\n to Capital Structure: The Adviser will carefully review, on a case-by-case basis, proposals by companies to increase authorized shares\n and the purpose for the increase. It generally votes against dual-class capital structures to increase the number of authorized shares\n where that class of stock would have superior voting rights. The Adviser generally votes in favor of the issuance of preferred stock\n in cases where the company specifies the voting, dividend, conversion and other rights of such stock and the terms of the preferred\n stock issuance are deemed reasonable. The Adviser reviews proposals seeking preemptive rights on a case-by-case basis.

	6.	Social\n and Corporate Policy Issues: The Adviser generally gives management discretion with regard to social, environmental and ethical issues,\n although it may vote in favor of those issues that are believed to have significant economic benefits or implications.

Although\nthe Guidelines are followed as a general policy, certain issues are considered on a case-by-case basis based on the relevant facts and\ncircumstances.

Because\nof the limited scope of the business of the Adviser and its affiliates, the Adviser does not expect conflicts between the interests of\nthe Adviser and those of its clients with respect to voting proxies to arise frequently. In situations where there may be a conflict\nof interest in the voting of proxies due to business or personal relationships that the Adviser maintains with persons having an interest\nin the outcome of certain votes, the Adviser takes appropriate steps to ensure that its proxy voting decisions are made in the best interest\nof its clients and are not the product of such conflict. When the Adviser becomes aware of any vote that presents a conflict, the conflict\nwill be reported to the Adviser’s chief compliance officer. The Adviser’s chief compliance officer will work with senior\nmanagement to identify the source of the conflict and implement measures to address the conflict. If a material conflict exists, the\nAdviser will address the voting issue through objective means such as voting in a manner consistent with a pre-determined voting policy\nor receiving an independent third party voting recommendation.

The\nTrust is required to disclose annually each Fund’s complete proxy voting record on Form N-PX covering the period July 1 through\nJune 30 and file it with the SEC no later than August 31. Information on how each Fund voted proxies relating to portfolio securities\nduring the most recent 12-month period is available (i) without charge, upon request, by calling 1-844-764-6825 and (ii) on the SEC’s\nwebsite at www.sec.gov.

Investment\nAdvisory and Other Services

GraniteShares\nAdvisors LLC, a Delaware limited liability company located at 250 Broadway, 24^th Floor, New York, New York 10007,\nserves as the investment adviser to the Funds. William Rhind, a Trustee, Chairman of the Board, and officer of the Trust, controls the\nAdviser due to his ownership of shares of, and his position as CEO of, GraniteShares, Inc., the owner of the Adviser.

The\nTrust and the Adviser have entered into an investment advisory agreement (the “Advisory Agreement”) with respect to the Funds.\nUnder the Advisory Agreement, the Adviser serves as the investment adviser, makes investment decisions for the Funds, and manages the\ninvestment portfolios of the Funds, subject to the supervision of, and policies established by, the Board. The Advisory Agreement provides\nthat the Adviser shall not be protected against any liability to the Trust or its shareholders by reason of willful misfeasance, bad\nfaith or gross negligence generally in the performance of its duties, or its reckless disregard of its obligation and duties, under the\nAdvisory Agreement.

After\nthe initial two-year term, the continuance of the Advisory Agreement must be specifically approved at least annually: (i) by the vote\nof the Trustees or by a vote of the shareholders of each Fund; and (ii) by the vote of a majority of the Trustees who are not parties\nto the Advisory Agreement or “interested persons” or of any party thereto, cast in person at a meeting called for the purpose\nof voting on such approval. The Advisory Agreement will terminate automatically in the event of its assignment, and is terminable at\nany time without penalty by the Trustees of the Trust or, with respect to a Fund, by a majority of the outstanding voting securities\nof the Fund, or by the Adviser on not more than 60 days’ nor less than 30 days’ written notice to the Trust. As used in the\nAdvisory Agreement, the terms “majority of the outstanding voting securities,” “interested persons” and “assignment”\nhave the same meaning as such terms in the 1940 Act.

For\nits services, the Adviser receives a fee that is equal to 0.25% per annum of the average daily net assets of the COMB Fund, 0.70% per\nannum of the average daily net assets of the HIPS Fund and 0.60% per annum of the average daily net assets of the DRUP Fund, in each\ncase calculated daily and paid monthly.

Pursuant\nto the Advisory Agreement, the Adviser has agreed to pay all expenses of the Funds, except for: (i) brokerage expenses and other fees,\ncharges, taxes, levies or expenses (such as stamp taxes) incurred in connection with the execution of portfolio transactions or in connection\nwith creation and redemption transactions; (ii) legal fees or expenses in connection with any arbitration, litigation or pending or threatened\narbitration or litigation, including any settlements in connection therewith; (iii) extraordinary expenses; (iv) distribution fees and\nexpenses paid by the Trust under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act; (v) interest and taxes of any\nkind or nature; (vi) any fees and expenses related to the provision of securities lending services; and (vii) the advisory fee payable\nto the Adviser under the Advisory Agreement.

Advisory\nFees Paid by the Funds for Services

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	Advisory Fee Accrued		Advisory Fees Waived			Net Advisory Fees Paid
	Fiscal Year Ended		Fiscal Year Ended			Fiscal Year Ended
	June 30		June 30			June 30
Fund	2026		2025			2024		2026	2025		2024			2026		2025	2024
COMB Fund	$	299,666		$	218,371		$	254,617	$	—		$	—		$	—	$	299,666	$	218,371	$	254,617
HIPS Fund	$	744,547		$	670,831		$	443,200	$	—		$			$	—	$	744,547	$	670,831	$	443,220
DRUP Fund	$	319,857		$	338,940		$	337,544	$	—		$	—		$	—	$	319,857	$	338,940	$	337,544

The\nPortfolio Managers

This\nsection includes information about the Funds’ portfolio managers, including information about other accounts they manage, the dollar\nrange of Shares they own, and how they are compensated.

Compensation

Jeff\nKlearman, Ryan Dofflemeyer and Jeroen Visser are the Fund’s portfolio managers (the “Portfolio Managers”). As of the\ndate of this SAI, each Portfolio Manager’s compensation generally includes a fixed base salary determined periodically (typically\nannually) and a discretionary annual bonus that is based on both objective and subjective criteria.

Each\nPortfolio Manager’s base salary is determined by level of responsibility and tenure at the Adviser. The level of the discretionary\nbonus is determined by the Adviser based upon a number of factors, including the Adviser’s profitability, the expansion work and\neffort of the Portfolio Manager, the involvement of the Portfolio Manager in the investment management functions of the Adviser, the\nPortfolio Manager’s role in the development of other investment professionals and the Portfolio Manager’s work relationship\nwith support staff, and the Portfolio Manager’s overall contribution to strategic planning.

Shares\nOwned by Portfolio Managers

Set\nforth in the table below is the dollar range of equity securities owned by the Funds’ portfolio managers as of September\n30, 2026.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	Name		Dollar\n Range of Shares Held in the Funds

	Jeff\n Klearman		B\n (COMB Fund)
			C\n (HIPS Fund)
			A\n (DRUP Fund)

	Ryan\n Dofflemeyer		A\n (COMB Fund)
			A\n (HIPS Fund)
			A\n (DRUP Fund)

	Jeroen\n Visser		A\n (COMB Fund)
			A\n (HIPS Fund)
			A\n (DRUP Fund)

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	Key\n to Dollar Ranges
	A	None
	B	$1\n - $10,000
	C	$10,001\n - $50,000
	D	$50,001\n - $100,000
	E	$100,001\n - $500,000
	F	$500,001\n - $1,000,000
	G	Over\n $1,000,000

Other\nAccounts

Other\nAccounts Managed (excluding the Funds)

Fund	Portfolio Manager	Number and Type of Account	Approximate Total Net Assets		Performance Based Accounts

COMB Fund	Jeff Klearman	1 RICs 0 PIVs 0 other accounts	$	0 N/A N/A		None
HIPS Fund

DRUP Fund

COMB Fund	Ryan Dofflemeyer	1 RICs 0 PIVs 0 other accounts	$	0 N/A N/A		None
HIPS Fund

DRUP Fund

COMB Fund	Jeroen Visser	1 RICs 0 PIVs 0 other accounts	$	0 N/A N/A		None
HIPS Fund

DRUP Fund

The\nAdviser and the Funds have adopted compliance policies and procedures that are designed to address various conflicts of interest that\nmay arise for the Adviser and the individuals that it employs. There is no guarantee, however, that the policies and procedures adopted\nby the Adviser and the Funds will be able to detect and/or prevent every situation in which an actual or potential conflict may appear.

These\npotential conflicts include:

Allocation\nof Limited Time and Attention. A portfolio manager who is responsible for managing multiple funds and/or accounts may devote unequal\ntime and attention to the management of those funds and/or accounts. As a result, the portfolio manager may not be able to formulate\nas complete a strategy or identify equally attractive investment opportunities for each of those accounts as might be the case if he\nor she were to devote substantially more attention to the management of a single fund. The effects of this potential conflict may be\nmore pronounced where funds and/or accounts overseen by a particular portfolio manager have different investment strategies.

Allocation\nof Limited Investment Opportunities. If a portfolio manager identifies a limited investment opportunity that may be suitable for\nmultiple funds and/or accounts, the opportunity may be allocated among these several funds or accounts, which may limit the fund’s\nability to take full advantage of the investment opportunity.

Pursuit\nof Differing Strategies. At times, a portfolio manager may determine that an investment opportunity may be appropriate for only some\nof the funds and/or accounts for which he exercises investment responsibility, or may decide that certain of the funds and/or accounts\nshould take differing positions with respect to a particular security. In these cases, the portfolio manager may place separate transactions\nfor one or more funds or accounts which may affect the market price of the security or the execution of the transaction, or both, to\nthe detriment or benefit of one or more other funds and/or accounts.

Selection\nof Brokers/Dealers. Portfolio managers may be able to select or influence the selection of the brokers and dealers that are used\nto execute securities transactions for the funds and/or account that they supervise. In addition to executing trades, some brokers and\ndealers provide portfolio managers with brokerage and research services (as those terms are defined in Section 28(e) of the Exchange\nAct, which may result in the payment of higher brokerage fees than might have otherwise been available. These services may be more beneficial\nto certain funds or accounts than to others. Although the payment of brokerage commissions is subject to the requirement that the portfolio\nmanager determine in good faith that the commissions are reasonable in relation to the value of the brokerage and research services provided\nto the fund, a portfolio manager’s decision as to the selection of brokers and dealers could yield disproportionate costs and benefits\namong the funds and/or accounts that he or she manages.

Variation\nin Compensation. A conflict of interest may arise where the financial or other benefits available to the portfolio manager differ\namong the funds and/or accounts that he manages. If the structure of the investment adviser’s management fee and/or the portfolio\nmanager’s compensation differs among funds and/or accounts (such as where certain funds or accounts pay higher management fees\nor performance-based management fees), the portfolio manager might be motivated to help certain funds and/or accounts over others. The\nportfolio manager might be motivated to favor funds and/or accounts in which he or she has an interest or in which the investment adviser\nand/or its affiliates have interests. Similarly, the desire to maintain or raise assets under management or to enhance the portfolio\nmanager’s performance record or to derive other rewards, financial or otherwise, could influence the portfolio manager to lend\npreferential treatment to those funds and/or accounts that could most significantly benefit the portfolio manager.

The\nDistributor

The\nTrust and the Distributor, ALPS Distributors, Inc. (the “Distributor”), are parties to a distribution agreement (the “Distribution\nAgreement”), whereby the Distributor acts as principal underwriter for the Funds. Shares are continuously offered by the Funds\nthrough the Distributor for sale only in Creation Units. Each Creation Unit is made up of 50,000 Shares. Generally, the Distributor will\nnot distribute Shares in amounts less than a Creation Unit. The principal business address of the Distributor is 1290 Broadway, Suite\n1000, Denver, CO 80203.

Under\nthe Distribution Agreement, the Distributor, as principal underwriter of the Trust, and upon direction from the Fund, may enter into\narrangements with Authorized Participants that place orders for purchases of Shares, provided that any subscriptions and orders will\nnot be binding on the Trust unless placed in accordance with proper procedures. (See “Purchase and Issuance of Shares in Creation\nUnits.”) The Distributor will deliver Prospectuses and, upon request, SAIs to Authorized Participants purchasing Creation Units.\nThe Distributor is a broker-dealer registered under the Exchange Act and a member of FINRA.

The\nDistribution Agreement will continue for two years from its effective date and is renewable thereafter. The continuance of the Distribution\nAgreement must be specifically approved at least annually (i) by the vote of the Trustees or by a vote of the shareholders of the Fund\nand (ii) by the vote of a majority of the Trustees who are not “interested persons” of the Trust and have no direct or indirect\nfinancial interest in the operations of the Distribution Agreement or any related agreement, cast in person at a meeting called for the\npurpose of voting on such approval. The Distribution Agreement is terminable without penalty by the Trust on 60 days’ written notice\nwhen authorized either by majority vote of its outstanding voting shares or by a vote of a majority of the Independent Trustees, or by\nthe Distributor on 60 days written notice, and will automatically terminate in the event of its assignment.

Distribution\nPlan. The Trust has adopted a Distribution Plan (the “Plan”) in accordance with the provisions of Rule 12b-1 under the\n1940 Act, which regulates circumstances under which an investment company may directly or indirectly bear expenses relating to the distribution\nof its shares. No distribution fees are currently charged to the Funds; there are no plans to impose these fees.

Continuance\nof the Plan must be approved annually by a majority of the Trustees of the Trust and by a majority of the Trustees who are not interested\npersons (as defined in the 1940 Act) of the Trust and have no direct or indirect financial interest in the Plan or in any agreements\nrelated to the Plan (“Qualified Trustees”). The Plan requires that quarterly written reports of amounts spent under the Plan\nand the purposes of such expenditures be furnished to and reviewed by the Trustees. The Plan may not be amended to increase materially\nthe amount that may be spent thereunder without approval by a majority of the outstanding Shares of any class of a Fund that is affected\nby such increase. All material amendments of the Plan will require approval by a majority of the Trustees of the Trust and of the Qualified\nTrustees.

The\nPlan provides that Shares of a Fund may pay the Distributor an annual fee of up to a maximum of 0.25% of the average daily net assets\nof the Shares. Under the Plan, the Distributor may make payments pursuant to written agreements to financial institutions and intermediaries\nsuch as banks, savings and loan associations and insurance companies including, without limitation, investment counselors, broker-dealers\nand the Distributor’s affiliates and subsidiaries as compensation for services and reimbursement of expenses incurred in connection\nwith distribution assistance. The Plan is characterized as a compensation plan since the distribution fee will be paid to the Distributor\nwithout regard to the distribution expenses incurred by the Distributor or the amount of payments made to other financial institutions\nand intermediaries. The Trust intends to operate the Plan in accordance with its terms and with FINRA rules concerning sales charges.

Under\nthe Plan, subject to the limitations of applicable law and regulations, a Fund is authorized to compensate the distributor or others,\nup to the maximum amount to finance any activity primarily intended to result in the sale of Creation Units of the Fund or for providing\nor arranging for others to provide shareholder services and for the maintenance of shareholder accounts. Such activities may include,\nbut are not limited to: (i) delivering copies of the Fund’s then current reports, prospectuses, notices, and similar materials,\nto prospective purchasers of Creation Units; (ii) marketing and promotional services, including advertising; (iii) paying the costs of\nand compensating others, including Authorized Participants for performing shareholder servicing on behalf of the Fund; (iv) compensating\ncertain Authorized Participants for providing assistance in distributing the Creation Units of the Fund, including the travel and communication\nexpenses and salaries and/or commissions of sales personnel in connection with the distribution of the Creation Units of the Fund; (v)\npayments to financial institutions and intermediaries such as banks, savings and loan associations, insurance companies and investment\ncounselors, broker-dealers, mutual fund supermarkets and the affiliates and subsidiaries of the Trust’s service providers as compensation\nfor services or reimbursement of expenses incurred in connection with distribution assistance; and (vi) facilitating communications with\nbeneficial owners of Shares, including the cost of providing (or paying others to provide) services to beneficial owners of Shares, including,\nbut not limited to, assistance in answering inquiries related to shareholder accounts.

The\nAdministrator

The\nTrust and ALPS Fund Services, Inc. (the “Administrator”) have entered into an administrative services agreement (the “Administration\nAgreement”), under which the Administrator provides the Trust with administrative services, including providing certain operational,\nclerical, recordkeeping and/or bookkeeping services. The principal business address of the Administrator is 1290 Broadway, Suite 1000,\nDenver, CO 80203.

The\nAdministration Agreement provides that the Administrator shall not be liable for any loss suffered by the Trust in connection with the\nmatters to which the Administration Agreement relates, except a loss resulting from bad faith, gross negligence or willful misconduct\non the part of the Administrator.

For\nits services under the Administration Agreement, the Administrator is entitled to a fee based on the average daily net assets of the\nFunds, and subject to a minimum annual fee.

The\nCustodian

Brown\nBrothers Harriman & Co. (the “Custodian”), 50 Post Office Square, Boston, MA 02110-1548, serves as the custodian of\nthe Funds under a custodian agreement with the Trust, as well as the custodian of each Fund’s Subsidiary under a custodian\nagreement with each such Subsidiary. The Custodian holds cash, securities and other assets of the Funds as required by the 1940 Act.\nEach Subsidiary complies with affiliated transactions and custody requirements set forth in Section 17 of the 1940 Act.

The\nTransfer Agent

Brown\nBrothers Harriman & Co. (the “Transfer Agent”), 50 Post Office Square, Boston, MA 02110-1548, serves as the Fund’s\ntransfer agent and dividend disbursing agent under a transfer agency agreement with the Trust.

Legal\nCounsel

Thompson\nHine LLP, with offices located at 41 South High Street, Suite 1700, Columbus, OH 43215, serves as legal counsel to the Trust.

Independent\nRegistered Public Accounting Firm

Tait\nWeller LLP, with offices located at 50 South 16th Street, Suite 2900, Philadelphia, PA 19102, serves as the independent registered public\naccounting firm for the Trust.

Description\nof Shares

The\nDeclaration of Trust establishing the Trust (the “Declaration of the Trust”) authorizes the issuance of an unlimited number\nof funds and shares of each fund. Each share of a fund represents an equal proportionate interest in that fund with each other share.\nShares are entitled upon liquidation to a pro rata share in the net assets of the fund. Shareholders have no preemptive rights. The Declaration\nof Trust provides that the Trustees of the Trust may create additional series or classes of shares. All consideration received by the\nTrust for shares of any additional funds and all assets in which such consideration is invested would belong to that fund and would be\nsubject to the liabilities related thereto. Share certificates representing shares will not be issued. Each fund’s shares, when\nissued, are fully paid and non-assessable.

Each\nshare has one vote with respect to matters upon which a shareholder vote is required consistent with the requirements of the 1940 Act\nand the rules promulgated thereunder. Shares of all funds vote together as a single class, except that if the matter being voted on affects\nonly a particular fund it will be voted on only by that fund, and if a matter affects a particular fund differently from other funds,\nthat fund will vote separately on such matter. As a Delaware statutory trust, the Trust is not required, and does not intend, to hold\nannual meetings of shareholders. Approval of shareholders will be sought, however, for certain changes in the operation of the Trust\nand for the election of Trustees under certain circumstances.

Under\nthe Declaration of Trust, the Trustees have the power to liquidate each fund without shareholder approval. While the Trustees have no\npresent intention of exercising this power, they may do so if any fund fails to reach a viable size within a reasonable amount of time\nor for such other reasons as may be determined by the Board.

Brokerage\nTransactions

The\npolicy of the Trust regarding purchases and sales of securities for the Funds is that primary consideration will be given to obtaining\nthe most favorable prices and efficient executions of transactions. Consistent with this policy, when securities transactions are effected\non a stock exchange, the Trust’s policy is to pay commissions, which are considered fair and reasonable, without necessarily determining\nthat the lowest possible commissions are paid in all circumstances. The Trust believes that a requirement always to seek the lowest possible\ncommission cost could impede effective portfolio management and preclude the Funds and the Adviser from obtaining a high quality of brokerage\nand research services. In seeking to determine the reasonableness of brokerage commissions paid in any transaction, the Adviser will\nrely upon its experience and knowledge regarding commissions generally charged by various brokers and on its judgment in evaluating the\nbrokerage services received from the broker effecting the transaction. Such determinations are necessarily subjective and imprecise,\nas in most cases, an exact dollar value for those services is not ascertainable. The Trust has adopted policies and procedures that prohibit\nthe consideration of sales of a Fund’s Shares as a factor in the selection of a broker or dealer to execute its portfolio transactions.

The\nAdviser owes a fiduciary duty to its clients to seek to provide best execution on trades effected. In selecting a broker/dealer for each\nspecific transaction, the Adviser chooses the broker/dealer deemed most capable of providing the services necessary to obtain the most\nfavorable execution. Best execution is generally understood to mean the most favorable cost or net proceeds reasonably obtainable under\nthe circumstances. The full range of brokerage services applicable to a particular transaction may be considered when making this judgment,\nwhich may include, but is not limited to: liquidity, price, commission, timing, aggregated trades, capable floor brokers or traders,\ncompetent block trading coverage, ability to position, capital strength and stability, reliable and accurate communications and settlement\nprocessing, use of automation, knowledge of other buyers or sellers, arbitrage skills, administrative ability, underwriting and provision\nof information on a particular security or market in which the transaction is to occur. The specific criteria will vary depending upon\nthe nature of the transaction, the market in which it is executed, and the extent to which it is possible to select from among multiple\nbroker/dealers. The Adviser will also use electronic crossing networks when appropriate.

The\nAdviser does not currently use the Funds’ assets for, or participate in, any third-party soft dollar arrangements, although it\nmay receive proprietary research from various full-service brokers, the cost of which is bundled with the cost of the broker’s\nexecution services. The Adviser does not “pay up” for the value of any such proprietary research.

The\nAdviser is responsible, subject to oversight by the Board, for placing orders on behalf of the Funds for the purchase or sale of portfolio\nsecurities. If purchases or sales of portfolio securities of a Fund and one or more other investment companies or clients supervised\nby the Adviser are considered at or about the same time, transactions in such securities are allocated among the several investment companies\nand clients in a manner deemed equitable and consistent with its fiduciary obligations to all by the Adviser. In some cases, this procedure\ncould have a detrimental effect on the price or volume of the security so far as a Fund is concerned. However, in other cases, it is\npossible that the ability to participate in volume transactions and to negotiate lower brokerage commissions will be beneficial to the\nFund. The primary consideration is prompt execution of orders at the most favorable net price.

The\nFunds may deal with affiliates in principal transactions to the extent permitted by exemptive order or applicable rule or regulation.

The\nfollowing chart reflects the aggregate amount of brokerage commissions paid by the Funds for the three most recently completed fiscal\nyears.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	Total Brokerage Commissions
	2026		2025			2024
COMB Fund	$	0		$	0		$	0
HIPS Fund	$	116,812		$	97,532		$	47,252
DRUP Fund	$	3,915		$	3,961		$	9,861

Brokerage\nwith Fund Affiliates. A Fund may execute brokerage or other agency transactions through registered broker-dealer affiliates of the\nFund, or the Adviser for a commission in conformity with the 1940 Act, the Exchange Act and rules promulgated by the SEC. These rules\nrequire that commissions paid to the affiliate by the Fund for exchange transactions not exceed “usual and customary” brokerage\ncommissions. The rules define “usual and customary” commissions to include amounts which are “reasonable and fair compared\nto the commission, fee or other remuneration received or to be received by other brokers in connection with comparable transactions involving\nsimilar securities being purchased or sold on a securities exchange during a comparable period of time.” The Trustees, including\nthe Independent Trustees, have adopted procedures for evaluating the reasonableness of commissions paid to affiliates and review these\nprocedures periodically.

Securities\nof “Regular Broker-Dealer.” Each Fund is required to identify any securities of its “regular brokers and dealers”\n(as such term is defined in the 1940 Act) which it may hold at the close of its most recent fiscal year. “Regular brokers or dealers”\nof the Trust are the ten brokers or dealers that, during the most recent fiscal year: (i) received the greatest dollar amounts of brokerage\ncommissions from the Trust’s portfolio transactions; (ii) engaged as principal in the largest dollar amounts of portfolio transactions\nof the Trust; or (iii) sold the largest dollar amounts of the Trust’s shares. As of June 30, 2026, the Funds did not hold the securities\nof their “regular broker dealers.”

Portfolio\nTurnover Rate

Portfolio\nturnover may vary from year to year, as well as within a year. High turnover rates are likely to result in comparatively greater brokerage\nexpenses. The overall reasonableness of brokerage commissions is evaluated by the Adviser based upon its knowledge of available information\nas to the general level of commissions paid by other institutional investors for comparable services. The table below shows the Funds’\nportfolio turnover rate for the fiscal years ended June 30, 2024, June 30, 2025, and June 30, 2026.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Fund	2026			2025		2024
COMB Fund		0	%		0	%	0	%
HIPS Fund		52	%		65	%	43	%
DRUP Fund		47	%		51	%	107	%

Book\nEntry Only System

DTC\nacts as securities depositary for the Shares. Shares of a Fund are represented by securities registered in the name of DTC or its nominee,\nCede & Co., and deposited with, or on behalf of, DTC. Except in limited circumstances set forth below, certificates will not be issued\nfor Shares.

DTC\nis a limited-purpose trust company that was created to hold securities of its participants (the “DTC Participants”) and to\nfacilitate the clearance and settlement of securities transactions among the DTC Participants in such securities through electronic book-entry\nchanges in accounts of the DTC Participants, thereby eliminating the need for physical movement of securities certificates. DTC Participants\ninclude securities brokers and dealers, banks, trust companies, clearing corporations and certain other organizations, some of whom (and/or\ntheir representatives) own DTC. More specifically, DTC is owned by a number of its DTC Participants and by the New York Stock Exchange\nand FINRA. Access to the DTC system is also available to others such as banks, brokers, dealers, and trust companies that clear through\nor maintain a custodial relationship with a DTC Participant, either directly or indirectly (the “Indirect Participants”).

Beneficial\nownership of Shares is limited to DTC Participants, Indirect Participants, and persons holding interests through DTC Participants and\nIndirect Participants. Ownership of beneficial interests in Shares (owners of such beneficial interests are referred to herein as “Beneficial\nOwners”) is shown on, and the transfer of ownership is effected only through, records maintained by DTC (with respect to DTC Participants)\nand on the records of DTC Participants (with respect to Indirect Participants and Beneficial Owners that are not DTC Participants). Beneficial\nOwners will receive from or through the DTC Participant a written confirmation relating to their purchase of Shares. The Trust recognizes\nDTC or its nominee as the record owner of all Shares for all purposes. Beneficial Owners of Shares are not entitled to have Shares registered\nin their names, and will not receive or be entitled to physical delivery of share certificates. Each Beneficial Owner must rely on the\nprocedures of DTC and any DTC Participant and/or Indirect Participant through which such Beneficial Owner holds its interests, to exercise\nany rights of a holder of Shares.

Conveyance\nof all notices, statements, and other communications to Beneficial Owners is effected as follows. DTC will make available to the Trust\nupon request and for a fee a listing of Shares held by each DTC Participant. The Trust shall obtain from each such DTC Participant the\nnumber of Beneficial Owners holding Shares, directly or indirectly, through such DTC Participant. The Trust shall provide each such DTC\nParticipant with copies of such notice, statement, or other communication, in such form, number and at such place as such DTC Participant\nmay reasonably request, in order that such notice, statement or communication may be transmitted by such DTC Participant, directly or\nindirectly, to such Beneficial Owners. In addition, the Trust shall pay to each such DTC Participant a fair and reasonable amount as\nreimbursement for the expenses attendant to such transmittal, all subject to applicable statutory and regulatory requirements.

Share\ndistributions shall be made to DTC or its nominee, Cede & Co., as the registered holder of all Shares. DTC or its nominee, upon receipt\nof any such distributions, shall credit immediately DTC Participants’ accounts with payments in amounts proportionate to their\nrespective beneficial interests in the applicable Fund as shown on the records of DTC or its nominee. Payments by DTC Participants to\nIndirect Participants and Beneficial Owners of Shares held through such DTC Participants will be governed by standing instructions and\ncustomary practices, as is now the case with securities held for the accounts of customers in bearer form or registered in a “street\nname,” and will be the responsibility of such DTC Participants.

The\nTrust has no responsibility or liability for any aspect of the records relating to or notices to Beneficial Owners, or payments made\non account of beneficial ownership interests in a Fund’s Shares, or for maintaining, supervising, or reviewing any records relating\nto such beneficial ownership interests, or for any other aspect of the relationship between DTC and the DTC Participants or the relationship\nbetween such DTC Participants and the Indirect Participants and Beneficial Owners owning through such DTC Participants.

DTC\nmay determine to discontinue providing its service with respect to a Fund at any time by giving reasonable notice to the Fund and discharging\nits responsibilities with respect thereto under applicable law. Under such circumstances, the Fund shall take action either to find a\nreplacement for DTC to perform its functions at a comparable cost or, if such replacement is unavailable, to issue and deliver printed\ncertificates representing ownership of Shares, unless the Trust makes other arrangements with respect thereto satisfactory to the Exchange.

Control\nPersons and Principal Holders of Securities

A\nprincipal shareholder is any person who owns of record or beneficially 5% or more of the outstanding Shares of a Fund. A control person\nis a shareholder that owns beneficially or through controlled companies more than 25% of the voting securities of a Fund or acknowledges\nthe existence of control. Shareholders owning voting securities in excess of 25% may determine the outcome of any matter affecting and\nvoted on by shareholders of a Fund.

As\nof September 30, 2026, the following persons were known to own of record or beneficially 5% or more of the outstanding securities\nof each Fund:

COMB\nFund

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

NAME AND ADDRESS	% OWNERSHIP OF FUND			NATURE OF OWNERSHIP

Charles Schwab & Co, Inc. San Francisco, CA		37.15	%		Record
NFS LLC Jersey City, NJ		18.90	%		Record
Apex Clearing Corporation New York, NY		13.10	%		Record
Wells Fargo Clearing Services LLC St. Louis, MO		8.14	%		Record
RBC Capital Markets LLC Jersey City, NJ		6.49	%		Record

HIPS\nFund

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

NAME AND ADDRESS	% OWNERSHIP OF FUND			NATURE OF OWNERSHIP

Charles Schwab & Co, Inc. San Francisco, CA		41.85	%		Record
NFS LLC Jersey City, NJ		23.40	%		Record
LPL Financial Oakhurst, CA		11.35	%		Record

DRUP\nFund

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

NAME AND ADDRESS	% OWNERSHIP OF FUND			NATURE OF OWNERSHIP

Charles Schwab & Co, Inc. San Francisco, CA		30.37	%		Record
NFS LLC Jersey City, NJ		16.75	%		Record
Morgan Stanley Smith Barney LLC Purchase, NY		13.28	%		Record
BOFA Securities Inc Jacksonville, FL		7.82	%		Record
LPL Financial Oakhurst, CA		5.03	%		Record

Purchase\nand Issuance of Shares in Creation Units

The\nTrust issues and sells Shares of the Funds only in Creation Units on a continuous basis through the Distributor, without a sales load\n(but subject to transaction fees), at their NAV per share next determined after receipt of an order, on any Business Day (as defined\nbelow), in proper form pursuant to the terms of each the Fund’s Prospectus. The NAV of each Fund’s Shares is calculated each\nbusiness day as of the close of regular trading on the Exchange, generally 4:00 p.m., Eastern time. A Fund will not issue fractional\nCreation Units. A Business Day is any day on which the Exchange is open for business. Notwithstanding the foregoing, the Trust may, but\nis not required to, permit Orders until 4:00 p.m., Eastern time, or until the market close (in the event the Exchange closes early or\nthere is an earlier order window cut-off time).

FUND\nDEPOSIT. The consideration for purchase of a Creation Unit of a Fund generally consists of (i) the in-kind deposit of a designated portfolio\nof securities (the “Deposit Securities”) per each Creation Unit, and (ii) the Cash Component (defined below), computed as\ndescribed below. Notwithstanding the foregoing, the Trust reserves the right to permit or require the substitution of a “cash in\nlieu” amount (“Deposit Cash”) to be added to the Cash Component to replace any Deposit Security. When accepting purchases\nof Creation Units for all or a portion of Deposit Cash, the Fund may incur additional costs associated with the acquisition of Deposit\nSecurities that would otherwise be provided by an in-kind purchaser.

Together,\nthe Deposit Securities or Deposit Cash, as applicable, and the Cash Component constitute the “Fund Deposit,” which represents\nthe minimum initial and subsequent investment amount for a Creation Unit of a Fund. The “Cash Component” is an amount equal\nto the difference between the NAV of the Shares (per Creation Unit) and the market value of the Deposit Securities or Deposit Cash, as\napplicable. If the Cash Component is a positive number (i.e., the NAV per Creation Unit exceeds the market value of the Deposit Securities\nor Deposit Cash, as applicable), the Cash Component shall be such positive amount. If the Cash Component is a negative number (i.e.,\nthe NAV per Creation Unit is less than the market value of the Deposit Securities or Deposit Cash, as applicable), the Cash Component\nshall be such negative amount, and the creator will be entitled to receive cash in an amount equal to the Cash Component. The Cash Component\nserves the function of compensating for any differences between the NAV per Creation Unit and the market value of the Deposit Securities\nor Deposit Cash, as applicable. Computation of the Cash Component excludes any stamp duty or other similar fees and expenses payable\nupon transfer of beneficial ownership of the Deposit Securities, if applicable, which shall be the sole responsibility of the Authorized\nParticipant.

Each\nFund, through the National Securities Clearing Corporation (the “NSCC”), makes available on each Business Day, immediately\nprior to the opening of business on the Exchange (currently 9:30 a.m., Eastern time), the list of the names and the required number of\nshares of each Deposit Security or the required amount of Deposit Cash, as applicable, to be included in the current Fund Deposit (based\non information at the end of the previous Business Day) for the Fund. Such Fund Deposit is subject to any applicable adjustments as described\nbelow, in order to effect purchases of Creation Units of a Fund until such time as the next-announced composition of the Deposit Securities\nor the required amount of Deposit Cash, as applicable, is made available.

The\nidentity and number of shares of the Deposit Securities or the amount of Deposit Cash, as applicable, required for the Fund Deposit for\na Fund changes as rebalancing adjustments and corporate action events are reflected from time to time by the Adviser with a view to the\ninvestment objective of the Fund. The composition of the Deposit Securities may also change in response to adjustments to the weighting\nor composition of the component securities of the Fund’s Benchmark.

The\nTrust reserves the right to permit or require the substitution of Deposit Cash in situations where a Deposit Security: (i) may not be\navailable in sufficient quantity for delivery; (ii) may not be eligible for transfer through the systems of DTC for corporate securities\nand municipal securities; (iii) may not be eligible for trading by an Authorized Participant or the investor for which it is acting;\n(iv) would be restricted under the securities laws or where the delivery of the Deposit Security to the Authorized Participant would\nresult in the disposition of the Deposit Security by the Authorized Participant becoming restricted under the securities laws; or (v)\nin certain other situations. The Trust also reserves the right to include or remove Deposit Securities from the basket in anticipation\nof Benchmark rebalancing changes. The adjustments described above will reflect changes, known to the Adviser on the date of announcement\nto be in effect by the time of delivery of the Fund Deposit, in the composition of the subject Benchmark being tracked by the applicable\nFund or resulting from certain corporate actions.

PROCEDURES\nFOR PURCHASE OF CREATION UNITS. To be an Authorized Participant eligible to place orders to purchase a Creation Unit of a Fund, an entity\nmust be a “Participating Party”, i.e., a broker-dealer or other participant in the clearing process through the Continuous\nNet Settlement System of the NSCC (the “Clearing Process”), a clearing agency that is registered with the SEC, or a DTC Participant\n(see “BOOK ENTRY ONLY SYSTEM”). In addition, each Authorized Participant must execute a Participant Agreement with respect\nto purchases and redemptions of Creation Units. Each Authorized Participant will agree, pursuant to the terms of a Participant Agreement,\non behalf of itself or any investor on whose behalf it will act, to certain conditions, including that it will pay to the Trust an amount\nof cash sufficient to pay the Cash Component together with the Creation Transaction Fee (defined below) and any other applicable fees\nand taxes. The Adviser may retain all or a portion of the Creation Transaction Fee to the extent the Adviser bears the expenses that\notherwise would be borne by the Trust in connection with the purchase of a Creation Unit, which the Creation Transaction Fee is designed\nto cover.

All\norders to purchase Shares directly from a Fund must be placed for one or more Creation Units and in the manner and by the time set forth\nin the Participant Agreement and/or applicable order form. The date on which an order to purchase Creation Units (or an order to redeem\nCreation Units, as set forth below) is received and accepted is referred to as the “Order Placement Date.”

An\nAuthorized Participant may require an investor to make certain representations or enter into agreements with respect to the order, (e.g.,\nto provide for payments of cash, when required). Investors should be aware that their particular broker may not have executed a Participant\nAgreement and that, therefore, orders to purchase Shares directly from a Fund in Creation Units have to be placed by the investor’s\nbroker through an Authorized Participant that has executed a Participant Agreement. In such cases there may be additional charges to\nsuch investor. At any given time, there may be only a limited number of broker-dealers that have executed a Participant Agreement and\nonly a small number of such Authorized Participants may have international capabilities.

On\ndays when the Exchange closes earlier than normal, a Fund may require orders to create Creation Units to be placed earlier in the day.\nIn addition, if a market or markets on which a Fund’s investments are primarily traded is closed, the Fund will also generally\nnot accept orders on such day(s). Orders must be transmitted by an Authorized Participant by a transmission method acceptable to the\nTransfer Agent. With respect to the applicable Fund, the Transfer Agent will notify the Custodian of such order. The Custodian will then\nprovide such information to the appropriate local sub-custodian(s). Those placing orders through an Authorized Participant should allow\nsufficient time to permit proper submission of the purchase order by the cut-off time on such Business Day. Economic or market disruptions\nor changes, or telephone or other communication failure may impede the ability to reach the Distributor the Funds, the Transfer Agent\nor an Authorized Participant.

Fund\nDeposits must be delivered by an Authorized Participant through the Federal Reserve System (for cash) or through DTC (for corporate securities)\nand/or through such other arrangements allowed by the Trust or its agents. With respect to foreign Deposit Securities, the Custodian\nshall cause the sub-custodian of the applicable Fund to maintain an account into which the Authorized Participant shall deliver, on behalf\nof itself or the party on whose behalf it is acting, such Deposit Securities (or Deposit Cash for all or a part of such securities, as\npermitted or required), with any appropriate adjustments as advised by the Trust. Foreign Deposit Securities must be delivered to an\naccount maintained at the applicable local sub-custodian. The Fund Deposit transfer must be ordered by the Authorized Participant in\na timely fashion so as to ensure the delivery of the requisite number of Deposit Securities or Deposit Cash, as applicable, to the account\nof the Fund or its agents by no later than the Settlement Date. The “Settlement Date” for a Fund is generally the third Business\nDay after the Order Placement Date. All questions as to the number of Deposit Securities or Deposit Cash to be delivered, as applicable,\nand the validity, form and eligibility (including time of receipt) for the deposit of any tendered securities or cash, as applicable,\nwill be determined by the Trust, whose determination shall be final and binding. The amount of cash represented by the Cash Component\nmust be transferred directly to the Custodian through the Federal Reserve Bank wire transfer system or through DTC in a timely manner\nso as to be received by the Custodian no later than the Settlement Date. If the Cash Component and the Deposit Securities or Deposit\nCash, as applicable, are not received by the Custodian in a timely manner by the Settlement Date, the creation order may be cancelled.\nUpon written notice, such canceled order may be resubmitted the following Business Day using the Fund Deposit as newly constituted to\nreflect the then current NAV of the applicable Fund.

An\norder shall be deemed to be received on the Business Day on which the order is placed, provided that the order is placed in proper form\nprior to the applicable cut-off time and federal funds in the appropriate amount are deposited by 2:00 p.m. or 3:00 p.m. Eastern time\n(as set forth on the applicable order form), with the Custodian on the Settlement Date. If the order is not placed in proper form as\nrequired, or federal funds in the appropriate amount are not received by 2:00 p.m. or 3:00 p.m. Eastern time (as set forth on the applicable\norder form) on the Settlement Date, then the order may be deemed to be rejected, and the Authorized Participant shall be liable to the\napplicable Fund for losses, if any, resulting therefrom. A creation request is considered to be in “proper form” if all procedures\nset forth in the Participant Agreement, order form and this SAI are properly followed.

ISSUANCE\nOF A CREATION UNIT. Except as provided herein, Creation Units will not be issued until the transfer of good title to the Trust of the\nDeposit Securities or payment of Deposit Cash, as applicable, and the payment of the Cash Component have been completed. When the sub-custodian\nhas confirmed to the Custodian that the required Deposit Securities (or the cash value thereof) have been delivered to the account of\nthe relevant sub-custodian or sub-custodians, the Transfer Agent and the Adviser shall be notified of such delivery, and the Trust will\nissue and cause the delivery of the Creation Units. The delivery of Creation Units so created generally will occur no later than the\nthird Business Day following the day on which the purchase order is deemed received. The Authorized Participant shall be liable to the\napplicable Fund for losses, if any, resulting from unsettled orders.

Creation\nUnits may be purchased in advance of receipt by the Trust of all or a portion of the applicable Deposit Securities as described below.\nIn these circumstances, the initial deposit will have a value greater than the NAV of the Shares on the date the order is placed in proper\nform since, in addition to available Deposit Securities, cash must be deposited in an amount equal to the sum of (i) the Cash Component,\nplus (ii) an additional amount of cash equal to a percentage of the market value, as set forth in the Participant Agreement, of the undelivered\nDeposit Securities (the “Additional Cash Deposit”), which shall be maintained in a separate non-interest bearing collateral\naccount. An additional amount of cash shall be required to be deposited with the Trust, pending delivery of the missing Deposit Securities,\nto the extent necessary to maintain the Additional Cash Deposit with the Trust in an amount at least equal to the applicable percentage,\nas set forth in the Participant Agreement, of the daily marked-to-market value of the missing Deposit Securities. The Participant Agreement\nwill permit the Trust to buy the missing Deposit Securities at any time. Authorized Participants will be liable to the Trust for the\ncosts incurred by the Trust in connection with any such purchases. These costs will be deemed to include the amount by which the actual\npurchase price of the Deposit Securities exceeds the market value of such Deposit Securities on the day the purchase order was deemed\nreceived, plus the brokerage and related transaction costs associated with such purchases. The Trust will return any unused portion of\nthe Additional Cash Deposit once all of the missing Deposit Securities have been properly received by the Custodian or purchased by the\nTrust and deposited into the Trust. In addition, a transaction fee as set forth below under “Creation Transaction Fee” will\nbe charged in all cases. The delivery of Creation Units so created generally will occur no later than the Settlement Date.

ACCEPTANCE\nOF ORDERS OF CREATION UNITS. The Trust reserves the right to reject an order for Creation Units in respect of a Fund including, without\nlimitation, if (a) the order is not in proper form; (b) the Deposit Securities or Deposit Cash, as applicable, delivered by the Authorized\nParticipant are not as disseminated through the facilities of the NSCC for that date by the Custodian; (c) the investor(s), upon obtaining\nthe Shares ordered, would own 80% or more of the currently outstanding Shares of the Fund; (d) acceptance of the Deposit Securities would\nhave certain adverse tax consequences to the Fund; (e) the acceptance of the Fund Deposit would, in the opinion of counsel, be unlawful;\n(f) the acceptance of the Fund Deposit would otherwise, in the discretion of the Trust or the Adviser, have an adverse effect on the\nTrust or the rights of beneficial owners; (g) the acceptance or receipt of the order for a Creation Unit would, in the opinion of counsel\nto the Trust, be unlawful; or (h) in the event that circumstances outside the control of the Trust, the Custodian, the Transfer Agent,\nor the Adviser make it for all practical purposes not feasible to process orders for Creation Units.

Examples\nof such circumstances include acts of God or public service or utility problems such as fires, floods, extreme weather conditions and\npower outages resulting in telephone, telecopy and computer failures; market conditions or activities causing trading halts; systems\nfailures involving computer or other information systems affecting the Trust, the Distributor, the Custodian, a sub-custodian, the Transfer\nAgent, DTC, NSCC, Federal Reserve System, or any other participant in the creation process, and other extraordinary events. The Trust\nor its designee shall notify a prospective creator of a Creation Unit and/or the Authorized Participant acting on behalf of the creator\nof a Creation Unit of its rejection of the order of such person. The Trust, the Transfer Agent, the Custodian, any sub-custodian and\nthe Distributor are under no duty, however, to give notification of any defects or irregularities in the delivery of Fund Deposits, nor\nshall any of them incur any liability for the failure to give any such notification. The Trust, the Transfer Agent, the Custodian and\nthe Distributor shall not be liable for the rejection of any purchase order for Creation Units.

All\nquestions as to the number of shares of each security in the Deposit Securities and the validity, form, eligibility and acceptance for\ndeposit of any securities to be delivered shall be determined by the Trust, and the Trust’s determination shall be final and binding.

CREATION\nTRANSACTION FEE. A purchase (i.e., creation) transaction fee is imposed for the transfer and other transaction costs associated with\nthe purchase of Creation Units (the “Creation Transaction Fee”), and investors will be required to pay a Creation Transaction\nFee regardless of the number of Creation Units created in the transaction. The Funds may adjust the Creation Transaction Fee from time\nto time based upon actual experience. The standard fixed Creation Transaction Fee for each of the COMB Fund and the HIPS Fund will be\n$500, and the standard fixed Creation Transaction Fee for the DRUP Fund will be $500. Investors who use the services of a broker or other\nsuch intermediary may be charged a fee for such services. Investors are responsible for the fixed costs of transferring the securities\nconstituting the Deposit Securities to the account of the Trust.

RISKS\nOF PURCHASING CREATION UNITS. There are certain legal risks unique to investors purchasing Creation Units directly from a Fund. Because\nthe Fund’s Shares may be issued on an ongoing basis, a “distribution” of Shares could be occurring at any time. Certain\nactivities that a shareholder performs as a dealer could, depending on the circumstances, result in the shareholder being deemed a participant\nin the distribution in a manner that could render the shareholder a statutory underwriter and subject to the prospectus delivery and\nliability provisions of the Securities Act. For example, a shareholder could be deemed a statutory underwriter if it purchases Creation\nUnits from the Fund, breaks them down into the constituent Shares, and sells those Shares directly to customers, or if a shareholder\nchooses to couple the creation of a supply of new Shares with an active selling effort involving solicitation of secondary-market demand\nfor Shares. Whether a person is an underwriter depends upon all of the facts and circumstances pertaining to that person’s activities,\nand the examples mentioned here should not be considered a complete description of all the activities that could cause you to be deemed\nan underwriter.

Dealers\nwho are not “underwriters” but are participating in a distribution (as opposed to engaging in ordinary secondary-market transactions),\nand thus dealing with a Fund’s Shares as part of an “unsold allotment” within the meaning of Section 4(3)(C) of the\nSecurities Act, will be unable to take advantage of the prospectus delivery exemption provided by Section 4(3) of the Securities Act.

REDEMPTION.\nShares may be redeemed only in Creation Units at their NAV next determined after receipt of a redemption request in proper form by the\napplicable Fund through the Distributor, and only on a Business Day. EXCEPT UPON LIQUIDATION OF THE FUND, THE TRUST WILL NOT REDEEM SHARES\nIN AMOUNTS LESS THAN CREATION UNITS.

Investors\nmust accumulate enough Shares in the secondary market to constitute a Creation Unit in order to have such Shares redeemed by the Trust.\nThere can be no assurance, however, that there will be sufficient liquidity in the public trading market at any time to permit assembly\nof a Creation Unit. Investors should expect to incur brokerage and other costs in connection with assembling a sufficient number of Shares\nto constitute a redeemable Creation Unit.

With\nrespect to each Fund, the Custodian, through the NSCC, makes available immediately prior to the opening of business on the Exchange (currently\n9:30 a.m. Eastern time) on each Business Day, the list of the names and share quantities of the Fund’s portfolio securities that\nwill be applicable (subject to possible amendment or correction) to redemption requests received in proper form (as defined below) on\nthat day (“Fund Securities”). Fund Securities received on redemption may not be identical to Deposit Securities.

Redemption\nproceeds for a Creation Unit are paid either in-kind or in cash, or combination thereof, as determined by the Trust. With respect to\nin-kind redemptions of the Fund, redemption proceeds for a Creation Unit will consist of Fund Securities, as announced by the Custodian\non the Business Day of the request for redemption received in proper form, plus cash in an amount equal to the difference between the\nNAV of the Shares being redeemed, as next determined after a receipt of a request in proper form, and the value of the Fund Securities\n(the “Cash Redemption Amount”), less a fixed redemption transaction fee, as set forth below. In the event that the Fund Securities\nhave a value greater than the NAV of the Shares, a compensating cash payment equal to the differential is required to be made by or through\nan Authorized Participant by the redeeming shareholder. Notwithstanding the foregoing, at the Trust’s discretion, an Authorized\nParticipant may receive the corresponding cash value of the securities in lieu of the in-kind securities value representing one or more\nFund Securities.

REDEMPTION\nTRANSACTION FEE. A redemption transaction fee is imposed for the transfer and other transaction costs associated with the redemption\nof Creation Units, and investors will be required to pay a fixed redemption transaction fee regardless of the number of Creation Units\ncreated in the transaction. The redemption transaction fee is the same no matter how many Creation Units are being redeemed pursuant\nto any one redemption request. The Funds may adjust the redemption transaction fee from time to time based upon actual experience. The\nstandard fixed redemption transaction fee for each of the COMB Fund and the HIPS Fund will be $500 and the standard fixed redemption\ntransaction fee for the DRUP Fund will be $500. Investors who use the services of a broker or other such intermediary may be charged\na fee for such services. Investors are responsible for the fixed costs of transferring the Fund Securities from the Trust to their account\nor on their order.

PROCEDURES\nFOR REDEMPTION OF CREATION UNITS. Orders to redeem Creation Units must be submitted in proper form prior to the time as set forth in\nthe Participant Agreement. A redemption request is considered to be in “proper form” if (i) an Authorized Participant has\ntransferred or caused to be transferred to the Transfer Agent the Creation Unit(s) being redeemed through the book-entry system of DTC\nso as to be effective by the time as set forth in the Participant Agreement and (ii) a request in form satisfactory to the Trust is received\nby the Transfer Agent from the Authorized Participant on behalf of itself or another redeeming investor within the time periods specified\nin the Participant Agreement, or order form, as the case may be. If the Transfer Agent does not receive the investor’s Shares through\nDTC’s facilities by the times and pursuant to the other terms and conditions set forth in the Participant Agreement, the redemption\nrequest shall be rejected.

The\nAuthorized Participant must transmit the request for redemption, in the form required by the Trust, to the Transfer Agent in accordance\nwith procedures set forth in the Prospectus. Investors should be aware that their particular broker may not have executed a Participant\nAgreement, and that, therefore, requests to redeem Creation Units may have to be placed by the investor’s broker through an Authorized\nParticipant who has executed a Participant Agreement. Investors making a redemption request should be aware that such request must be\nin the form specified by such Authorized Participant. Investors making a request to redeem Creation Units should allow sufficient time\nto permit proper submission of the request by an Authorized Participant and transfer of the Shares to the Transfer Agent; such investors\nshould allow for the additional time that may be required to effect redemptions through their banks, brokers or other financial intermediaries\nif such intermediaries are not Authorized Participants.

ADDITIONAL\nREDEMPTION PROCEDURES. In connection with taking delivery of Fund Securities upon redemption of Creation Units, the Authorized Participant\nmust maintain appropriate custody arrangements with a qualified broker-dealer, bank or other custody providers in each jurisdiction in\nwhich any of the Fund Securities are customarily traded, to which account such Fund Securities will be delivered. Deliveries of redemption\nproceeds generally will be made within three business days of the trade date.

A\nFund may, in its sole discretion, upon request of a shareholder, provide such redeemer a portfolio of securities that differs from the\nexact composition of the Fund Securities but does not differ in NAV.

Redemptions\nof Shares for Fund Securities will be subject to compliance with applicable federal and state securities laws and each Fund (whether\nor not it otherwise permits cash redemptions) reserves the right to redeem Creation Units for cash to the extent that the Trust could\nnot lawfully deliver specific Fund Securities upon redemptions or could not do so without first registering the Fund Securities under\nsuch laws. An Authorized Participant or an investor for which it is acting subject to a legal restriction with respect to a particular\nsecurity included in the Fund Securities applicable to the redemption of Creation Units may be paid an equivalent amount of cash. The\nAuthorized Participant may request the redeeming investor of the Shares to complete an order form or to enter into agreements with respect\nto such matters as compensating cash payment. Further, an Authorized Participant that is not a “qualified institutional buyer”\n(“QIB”), as such term is defined under Rule 144A of the Securities Act, will not be able to receive Fund Securities that\nare restricted securities eligible for resale under Rule 144A. An Authorized Participant may be required by the Trust to provide a written\nconfirmation with respect to QIB status in order to receive Fund Securities.

The\nright of redemption may be suspended or the date of payment postponed with respect to a Fund (i) for any period during which the Exchange\nis closed (other than customary weekend and holiday closings); (ii) for any period during which trading on the Exchange is suspended\nor restricted; (iii) for any period during which an emergency exists as a result of which disposal of the Shares of the Fund or determination\nof the NAV of the Shares is not reasonably practicable; or (iv) in such other circumstance as is permitted by the SEC.

REQUIRED\nEARLY ACCEPTANCE OF ORDERS. Notwithstanding the foregoing, as described in the Participant Agreement and/or applicable order form, a\nFund may require orders to be placed up to one or more Business Days prior to the trade date, as described in the Participant Agreement\nor the applicable order form, in order to receive the trade date’s NAV. Authorized Participants may be notified that the cut-off\ntime for an order may be earlier on a particular business day, as described in the Participant Agreement and the order form.

Determination\nof Net Asset Value

NAV\nper Share for each Fund is computed by dividing the value of the net assets of the Fund (i.e., the value of its total assets less total\nliabilities) by the total number of Shares outstanding, rounded to the nearest cent. Expenses and fees, including the management fees,\nare accrued daily and taken into account for purposes of determining NAV. The NAV of each Fund is calculated by the Custodian and determined\nat the close of the regular trading session on the Exchange (ordinarily 4:00 p.m. Eastern time) on each day that the Exchange is open,\nprovided that fixed income assets may be valued as of the announced closing time for trading in fixed income instruments on any day that\nthe Securities Industry and Financial Markets Association (“SIFMA”) announces an early closing time.

In\ncalculating the Fund’s NAV per Share, the Fund’s investments are generally valued using market valuations. A market valuation\ngenerally means a valuation (i) obtained from an exchange, a pricing service, or a major market maker (or dealer), (ii) based on a price\nquotation or other equivalent indication of value supplied by an exchange, a pricing service, or a major market maker (or dealer) or\n(iii) based on amortized cost. In the case of shares of other funds that are not traded on an exchange, a market valuation means such\nfund’s published NAV per share. The Adviser may use various pricing services, or discontinue the use of any pricing service, as\napproved by the Board from time to time. A price obtained from a pricing service based on such pricing service’s valuation matrix\nmay be considered a market valuation. Any assets or liabilities denominated in currencies other than the U.S. dollar are converted into\nU.S. dollars at the current market rates on the date of valuation as quoted by one or more sources.

In\nthe event that current market valuations are not readily available or such valuations do not reflect current market value, the Trust’s\nprocedures require the Valuation Committee to determine a security’s fair value if a market price is not readily available. In\ndetermining such value, the Valuation Committee may consider, among other things, (i) price comparisons among multiple sources, (ii)\na review of corporate actions and news events, and (iii) a review of relevant financial indicators (e.g., movement in interest rates,\nmarket indices, and prices from the COMB Benchmark provider, the HIPS Index Provider or the DRUP Index Provider). In these cases, the\nFund’s NAV may reflect certain portfolio securities’ fair values rather than their market prices. Fair value pricing involves\nsubjective judgments, and it is possible that the fair value determination for a security is materially different than the value that\ncould be realized upon the sale of the security. In addition, fair value pricing could result in a difference between the prices used\nto calculate the Fund’s NAV and the prices used by the COMB Benchmark provider, the HIPS Index Provider or the DRUP Index Provider.\nThis may result in a difference between the Fund’s performance and the performance of the COMB Fund’s Benchmark or the HIPS\nFund or DRUP Fund’s Index provider.

Dividends\nand Distributions

The\nfollowing information supplements and should be read in conjunction with the section in the Prospectus entitled “Dividends, Distributions,\nand Taxes.”

General\nPolicies. Dividends from net investment income, if any, are declared and paid at least annually by the COMB Fund, monthly by the\nHIPS Fund and quarterly by the DRUP Fund. Distributions of net realized capital gains, if any, generally are declared and paid once a\nyear, but a Fund may make distributions on a more frequent basis in a manner consistent with the provisions of the 1940 Act.

Dividends\nand other distributions on Shares are distributed, as described below, on a pro rata basis to Beneficial Owners of such Shares. Dividend\npayments are made through DTC Participants and Indirect Participants to Beneficial Owners then of record with proceeds received from\nthe applicable Fund.

A\nFund may make additional distributions to the extent necessary (i) to distribute the entire annual taxable income of the Fund, plus any\nnet capital gains and (ii) to avoid imposition of the excise tax imposed by Section 4982 of the Code.

Management\nof the Trust reserves the right to declare special dividends if, in its reasonable discretion, such action is necessary or advisable\nto preserve the status of a Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income.

Dividend\nReinvestment Service. The Trust will not make the DTC book-entry dividend reinvestment service available for use by Beneficial Owners\nfor reinvestment of their cash proceeds, but certain individual broker-dealers may make available the DTC book-entry Dividend Reinvestment\nService for use by Beneficial Owners of a Fund through DTC Participants for reinvestment of their dividends and distributions. Investors\nshould contact their brokers to ascertain the availability and description of these services. Beneficial Owners should be aware that\neach broker may require investors to adhere to specific procedures and timetables in order to participate in the dividend reinvestment\nservice, and investors should ascertain from their brokers such necessary details. If this service is available and used, dividend distributions\nof both income and realized gains will be automatically reinvested in additional whole Shares issued by the Trust of the applicable Fund\nat NAV per share. Distributions reinvested in additional Shares of the Fund will nevertheless be taxable to Beneficial Owners acquiring\nsuch additional Shares to the same extent as if such distributions had been received in cash.

Federal\nIncome Taxes

The\nfollowing is only a summary of certain additional federal income tax considerations generally affecting each Fund and its shareholders.\nNo attempt is made to present a comprehensive explanation of the federal, state, local or foreign tax treatment of a Fund or its shareholders,\nand the discussion here and in the Prospectus is not intended to be a substitute for careful tax planning.

The\nfollowing general discussion of certain federal income tax consequences is based on provisions of the Code, and the regulations issued\nthereunder as in effect on the date of this SAI. New legislation, as well as administrative changes or court decisions, may significantly\nchange the conclusions expressed herein, and may have a retroactive effect with respect to the transactions contemplated herein.

Shareholders\nare urged to consult their own tax advisers regarding the application of the provisions of tax law described in this SAI in light of\nthe particular tax situations of the shareholders and regarding specific questions as to federal, state, or local taxes.

Regulated\nInvestment Company (“RIC”) Status. Each Fund will seek to qualify for treatment as a RIC under the Code. Provided that\nfor each tax year a Fund: (i) meets the requirements to be treated as a RIC (as discussed below); and (ii) distributes at least an amount\nequal to the sum of 90% of the Fund’s investment company taxable income for such year (which includes, the excess of net realized\nshort-term capital gains over net long-term capital losses) determined without regard to the deductions for dividends paid and 90% of\nthe Fund’s net tax-exempt interest, the Fund itself will not be subject to U.S. federal income tax to the extent the Fund’s\nincome and gains, if any, are distributed to the Fund’s shareholders. One of several requirements for RIC qualification is that\na Fund must receive at least 90% of the Fund’s gross income each year from dividends, interest, payments with respect to certain\nsecurities loans, gains from the sale or other disposition of stock, securities or foreign currencies, or other income derived with respect\nto the Fund’s business of investing in stock, securities or foreign currencies and net income from interests in qualified publicly\ntraded partnerships (the “90% Test”). A second requirement for qualification as a RIC is that a Fund must diversify its holdings\nso that, at the end of each quarter of the Fund’s taxable year: (i) at least 50% of the market value of the Fund’s total\nassets is represented by cash and cash items, U.S. government securities, securities of other RICs, and other securities, with these\nother securities limited, in respect to any one issuer, to an amount not greater than 5% of the value of the Fund’s total assets\nor 10% of the outstanding voting securities of such issuer; and (ii) not more than 25% of the value of its total assets are invested\nin the securities (other than U.S. government securities or securities of other RICs) of any one issuer, the securities (other than securities\nof other RICs) of two or more issuers which the Fund controls and which are engaged in the same, similar, or related trades or businesses,\nor the securities of one or more qualified publicly traded partnerships (the “Asset Diversification Test”).

Under\nthe Asset Diversification Test, a Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the\nvalue of the Fund’s total assets would be invested in (i) issuers in which the Fund has, in each case, invested more than 5% of\nthe Fund’s total assets and (ii) issuers more than 10% of whose outstanding voting securities are owned by the Fund.

To\nthe extent a Fund makes investments that may generate income that is not qualifying income, the Fund will seek to restrict the resulting\nincome from such investments so that the Fund’s non-qualifying income does not exceed 10% of its gross income.

Each\nFund similarly intends to limit its investments in qualified publicly traded partnerships (“QPTPs”), such as MLPs, to no\nmore than 25% of its total assets to satisfy the Asset Diversification Test. Although net income from QPTPs is qualifying income, if\nan entity intending to qualify as a QPTP fails to qualify as a QPTP, the income generated from a Fund’s investment in the entity\nmay not be qualifying income. There can be no guarantee that any entity will be successful in qualifying as a QPTP. In addition, there\nis little regulatory guidance concerning the application of the rules governing qualification as a QPTP, and it is possible that future\nguidance may adversely affect the qualification of entities as QPTPs.

Although\neach Fund intends to distribute substantially all of its net investment income and may distribute its capital gains for any taxable year,\na Fund will be subject to U.S. federal income taxation to the extent any such income or gains are not distributed. Each Fund is treated\nas a separate corporation for U.S. federal income tax purposes. Each Fund therefore is considered to be a separate entity in determining\nits treatment under the rules for RICs described herein.

If\na Fund fails to satisfy the 90% Test or the Asset Diversification Test, the Fund may be eligible for relief provisions if the failures\nare due to reasonable cause and not willful neglect, and if a penalty tax is paid with respect to each failure to satisfy the applicable\nrequirements. Additionally, relief is provided for certain de minimis failures of the Asset Diversification Test. In order to qualify\nfor relief provisions for a failure to meet the Asset Diversification Test, the Fund may be required to dispose of certain assets. If\nthe Fund fails to qualify for treatment as a RIC for any year, and the relief provisions are not available, all of its taxable income\nwill be subject to U.S. federal income tax at regular corporate rates without any deduction for distributions to shareholders. In such\ncase, its shareholders would be taxed as if they received ordinary dividends, although the dividends could be eligible for the dividends\nreceived deduction for corporate shareholders, and the dividends may be eligible for the lower tax rates available to non-corporate shareholders\non qualified dividend income. To requalify for treatment as a RIC in a subsequent taxable year, the Fund would be required to satisfy\nthe RIC qualification requirements for that year and to distribute any earnings and profits from any taxable year for which the Fund\nfailed to qualify for tax treatment as a RIC. If the Fund failed to qualify as a RIC for a period greater than two taxable years, the\nFund would generally be required to pay a Fund-level tax on any net built-in gains recognized with respect to certain of its assets upon\na disposition of such assets within five years of qualifying as a RIC in a subsequent year. The Board reserves the right not to maintain\nthe qualification of a Fund for treatment as a RIC if it determines such course of action to be beneficial to shareholders. If a Fund\ndetermines that it will not qualify for treatment as a RIC, the Fund will establish procedures to reflect the anticipated tax liability\nin the Fund’s NAV.

A\nFund may elect to treat part or all of any “qualified late year loss” as if it had been incurred in the succeeding taxable\nyear in determining the Fund’s taxable income, net capital gain, net short-term capital gain, and earnings and profits. A “qualified\nlate year loss” generally includes net capital loss, net long-term capital loss, or net short-term capital loss incurred after\nOctober 31 of the current taxable year and certain other late-year losses.

Capital\nlosses in excess of capital gains (“net capital losses”) are not permitted to be deducted against a RIC’s net investment\nincome. Instead, for U.S. federal income tax purposes, potentially subject to certain limitations, a Fund may carry a net capital loss\nfrom any taxable year forward indefinitely to offset its capital gains, if any, in years following the year of the loss. To the extent\nsubsequent capital gains are offset by such losses, they will not result in U.S. federal income tax liability to the Fund and may not\nbe distributed as capital gains to its shareholders. Generally, a Fund may not carry forward any losses other than net capital losses.\nThe carryover of capital losses may be limited under general loss limitation rules, including, for example, if a Fund experiences an\nownership change as defined in the Code.

As\nof June 30, 2026:

\n \n \n \n \n \n \n \n \n \n \n \n \n

	-	the\n COMB Fund had short-term and long-term capital loss carryforwards in the amount of $940,212 and $6,125 respectively, which\n were not subject to expiration.
	-	the\n HIPS Fund had short-term and long-term capital loss carryforwards in the amount of $8,152,780 and $11,780,845 respectively,\n which were not subject to expiration.
	-	the\n DRUP Fund had short-term and long-term capital loss carryforwards in the amount of $6,448,138 and $6,758,958 respectively,\n which were not subject to expiration.

Each\nFund will generally be subject to a non-deductible 4% federal excise tax to the extent it fails to distribute by the end of any calendar\nyear at least the sum of 98% of its ordinary income for the year, 98.2% of its capital gain net income for the one-year period ending\non October 31 of that year, and certain other amounts. Each Fund intends to make sufficient distributions, or deemed distributions, to\navoid imposition of the excise tax, but can make no assurances that all such tax liability will be eliminated.

Taxation\nof Fund Investments. Gains from direct investments in commodities and income from certain commodity-linked derivative instruments\ndo not constitute qualifying income for purposes of the 90% Test. The U.S. federal income tax treatment of commodity-linked notes and\ncertain other derivative instruments in which the COMB Fund may invest is not certain, in particular with respect to whether income and\ngains from such instruments constitutes qualifying income. If the COMB Fund treats income from a particular instrument as qualifying\nincome and the income is later determined not to constitute qualifying income, and, together with any other non-qualifying income, causes\nthe Fund’s non-qualifying income to exceed 10% of its gross income in any taxable year, the COMB Fund will fail to qualify as a\nRIC unless it is eligible to and does pay a tax at the Fund level. To the extent the COMB Fund seeks to invest in commodities, the Fund\nmay gain exposure to the commodity market by investing a portion of its assets in its Subsidiary.

A\nforeign corporation, such as the Subsidiary, will generally not be subject to U.S. federal income taxation unless it is deemed to be\nengaged in a U.S. trade or business. It is expected that the Subsidiary will conduct its activities in a manner so as to meet the requirements\nof a safe harbor under Section 864(b)(2) of the Code under which the Subsidiary may engage in trading in stocks or securities or certain\ncommodities without being deemed to be engaged in a U.S. trade or business. However, if the Subsidiary’s activities were determined\nnot to be of the type described in the safe harbor, then the activities of the Subsidiary may constitute a U.S. trade or business, and\nbe subject to U.S. federal income tax.

In\ngeneral, a foreign corporation, such as the Subsidiary, that does not conduct a U.S. trade or business is nonetheless subject to tax\nat a flat rate of 30% (or lower tax treaty rate), generally payable through withholding, on the gross amount of certain U.S.-source income\nthat is not effectively connected with a U.S. trade or business, subject to certain exemptions, including among others, exemptions for\ncapital gains, portfolio interest and income from notional principal contracts. There is presently no tax treaty in force between the\nU.S. and the Cayman Islands that would reduce this rate of withholding tax. It is not expected that a material amount of the Subsidiary’s\nincome will be subject to such withholding tax. In addition, the Subsidiary intends to properly certify its status as a non-U.S. person\nto each custodian and withholding agent to avoid the U.S. backup withholding requirements discussed below.

For\nfederal income tax purposes, the Subsidiary will be treated as a controlled foreign corporation (“CFC”) and the COMB Fund\nwill be treated as a “U.S. shareholder” of the Subsidiary. As a result, the COMB Fund will be required to include in gross\nincome for U.S. federal income tax purposes all of the Subsidiary’s “subpart F income,” whether or not such income\nis distributed by the Subsidiary. It is expected that all or substantially all of the Subsidiary’s income will be “subpart\nF income.” The COMB Fund’s recognition of the Subsidiary’s “subpart F income” will increase the COMB Fund’s\nbasis in its shares of the Subsidiary. Distributions by the Subsidiary to the COMB Fund will be tax-free, to the extent of its previously\nundistributed “subpart F income,” and will correspondingly reduce the COMB Fund’s basis in its shares of the Subsidiary.\n“Subpart F income” is generally treated as ordinary income, regardless of the character of the Subsidiary’s underlying\nincome. Therefore, the COMB Fund’s investment in the Subsidiary may cause the COMB Fund to realize more ordinary income than would\nbe the case if the COMB Fund invested directly in the investments held by the Subsidiary. If a net loss is realized by the Subsidiary,\nsuch loss is not generally available to offset other income earned by the COMB Fund.

The\nFund’s investments may be subject to special provisions of the Code that may, among other things, (i) disallow, suspend or otherwise\nlimit the allowance of certain losses or deductions, (ii) convert lower taxed long-term capital gains into higher taxed short-term capital\ngains or ordinary income, (iii) convert an ordinary loss or a deduction into a capital loss, (iv) cause the Fund to recognize income\nor gain without a corresponding receipt of cash and/or (v) adversely alter the characterization of certain Fund investments or distributions.

As\nnoted above, to qualify as a RIC, a Fund must derive at least 90% of its gross income each taxable year from certain specified sources.\nIncome from direct investments in commodities and certain commodity-linked derivatives generally does not constitute qualifying income.\nThe Internal Revenue Service (the “IRS”) has issued regulations under which the subpart F income of a RIC attributable to\nthe RIC’s investment in a CFC is qualifying income to the RIC to the extent that such income is derived with respect to the RIC’s\nbusiness of investing in stock, securities or currencies. The COMB Fund expects its subpart F income attributable to its investment in\nthe Subsidiary to be derived with respect to the Fund’s business of investing in stock, securities or currencies. Accordingly,\nthe COMB Fund expects its subpart F income attributable to its investment in the Subsidiary to be treated as qualifying income. The IRS,\nhowever, may assert that the COMB Fund’s income attributable to the Subsidiary is not qualifying income. In such a case, the COMB\nFund could fail to qualify as a RIC, could be limited in its ability to implement its current investment strategies and may need to significantly\nchange its investment strategies, which could adversely affect the Fund.

If\na Fund invests in certain positions, such as zero coupon securities, deferred interest securities or, in general, any other securities\nwith original issue discount (or with market discount if the Fund elects to include market discount in income currently), the Fund must\naccrue income on such investments for each taxable year, which generally will be prior to the receipt of the corresponding cash payments.\nHowever, a Fund must distribute, at least annually, all or substantially all of its net investment income, including such accrued income,\nto shareholders to avoid U.S. federal income and excise taxes. Therefore, a Fund may have to dispose of its portfolio securities under\ndisadvantageous circumstances to generate cash, or may have to leverage itself by borrowing the cash, to satisfy these distribution requirements.

The\nFunds may acquire market discount bonds. A market discount bond is a security acquired in the secondary market at a price below its redemption\nvalue (or its adjusted issue price if it is also an original issue discount bond). If a Fund invests in a market discount bond, it will\nbe required to treat any gain recognized on the disposition of such market discount bond as ordinary income (instead of capital gain)\nto the extent of the accrued market discount unless the Fund elects to include the market discount in income as it accrues, as discussed\nabove.

A\nFund’s investment in lower-rated or unrated debt securities may present issues for the Fund if the issuers of these securities\ndefault on their obligations because the federal income tax consequences to a holder of such securities are not certain.

A\nFund’s transactions in certain forward and futures contracts, hedged investments and options will be subject to special provisions\nof the Code that, among other things, may affect the character of gain or loss realized by the Fund (i.e., may affect whether gain or\nloss is ordinary or capital), accelerate recognition of income to the Fund, defer Fund losses, and affect the determination of whether\ncapital gain and loss is characterized as long-term or short-term capital gain or loss. These rules could therefore affect the character,\namount and timing of distributions to shareholders. For example, at the end of each year, certain investments held by a Fund must be\n“marked to market” for federal income tax purposes; that is, they are treated as having been sold at their fair market value,\nwhich may cause the Fund to recognize income without receiving cash with which to make distributions in amounts necessary to satisfy\nthe distribution requirement for avoiding income and excise taxes.

Generally,\nthe character of the income or capital gains that a Fund receives from another investment company will pass through to the Fund’s\nshareholders as long as the Fund and the other investment company each qualify as RICs. However, to the extent that another investment\ncompany that qualifies as a RIC realizes net losses on its investments for a given taxable year, a Fund will not be able to recognize\nits share of those losses until it disposes of shares of such investment company. Moreover, even when a Fund does make such a disposition,\na portion of its loss may be recognized as a long-term capital loss. As a result of the foregoing rules, and certain other special rules,\nit is possible that the amounts of net investment income and net capital gains that a Fund will be required to distribute to shareholders\nwill be greater than such amounts would have been had the Fund invested directly in the securities held by the investment companies in\nwhich it invests, rather than investing in shares of the investment companies. For similar reasons, the character of distributions from\na Fund (e.g., long-term capital gain, qualified dividend income, etc.) will not necessarily be the same as it would have been had the\nFund invested directly in the securities held by the investment companies in which it invests.

Shareholder\nTaxation. Each Fund intends to distribute substantially all its income and gains to shareholders, at least annually. The distribution\nof income and gains generally will be taxable to Fund shareholders regardless of whether a shareholder elects to receive these distributions\nin cash or in additional Shares.

Each\nFund (or your broker) will report to shareholders annually the amounts of dividends paid from ordinary income, the amount of distributions\nof net capital gain, the portion of dividends which may qualify for the dividends-received deduction for corporations, and the portion\nof dividends which may qualify for treatment as qualified dividend income, which is taxable to noncorporate shareholders at rates of\nup to 20%. It is not expected that dividends paid by the HIPS or COMB Funds will qualify for the dividends-received deduction for corporations.\nIt is also not expected that the dividends paid by the HIPS or COMB Funds will qualify for the favorable U.S. federal income tax rate\navailable to noncorporate shareholders on “qualified dividend income.”

Qualified\ndividend income includes, in general, subject to certain holding period and other requirements, dividend income from taxable domestic\ncorporations and certain foreign corporations. Subject to certain limitations, eligible foreign corporations include those incorporated\nin possessions of the United States, those incorporated in certain countries with comprehensive income tax treaties with the United States,\nand other foreign corporations if the stock with respect to which the dividends are paid is readily tradable on an established securities\nmarket in the United States. Dividends received by a Fund from an ETF or an underlying fund taxable as a RIC or a REIT may be treated\nas qualified dividend income generally only to the extent so reported by such ETF, underlying fund or REIT. If 95% or more of a Fund’s\ngross income (calculated without taking into account net capital gain derived from sales or other dispositions of stock or securities)\nconsists of qualified dividend income, the Fund may report all distributions of such income as qualified dividend income.

Fund\ndividends will not be treated as qualified dividend income if the Fund does not meet holding period and other requirements with respect\nto dividend paying stocks in its portfolio, and the shareholder does not meet holding period and other requirements with respect to the\nFund Shares on which the dividends were paid. Distributions by a Fund of its net short-term capital gains will be taxable as ordinary\nincome. Distributions from a Fund’s net capital gain (the excess of net long-term capital gains over net short-term capital losses)\nwill be taxable to shareholders at long-term capital gains rates, regardless of how long shareholders have held their Shares. Distributions\nmay be subject to state and local taxes.

In\nthe case of corporate shareholders, certain dividends received by a Fund from U.S. corporations (generally, dividends received by the\nFund in respect of any share of stock (1) with a tax holding period of at least 46 days during the 91-day period beginning on the date\nthat is 45 days before the date on which the stock becomes ex-dividend as to that dividend and (2) that is held in an unleveraged position)\nand distributed and appropriately so reported by the Fund may be eligible for the 50% dividends-received deduction. Certain preferred\nstock must have a holding period of at least 91 days during the 181-day period beginning on the date that is 90 days before the date\non which the stock becomes ex-dividend as to that dividend in order to be eligible. Capital gain dividends distributed to a Fund from\nother RICs are not eligible for the dividends-received deduction. In order to qualify for the deduction, corporate shareholders must\nmeet the minimum holding period requirement stated above with respect to their Shares, taking into account any holding period reductions\nfrom certain hedging or other transactions or positions that diminish their risk of loss with respect to their Shares, and, if they borrow\nto acquire or otherwise incur debt attributable to Shares, they may be denied a portion of the dividends-received deduction with respect\nto those Shares.

A\nFund may determine not to distribute, or determine to defer the distribution of, some portion of its income in non-routine circumstances.\nIf a Fund retains for investment an amount equal to all or a portion of its net long-term capital gains in excess of its net short-term\ncapital losses (including any available capital loss carryovers), it will be subject to a corporate tax on the amount retained. In that\nevent, the Fund will designate such retained amounts as undistributed capital gains in a notice to its shareholders who (i) will be required\nto include in income for U.S. federal income tax purposes, as long-term capital gains, their proportionate shares of the undistributed\namount, (ii) will be entitled to credit their proportionate shares of the income tax paid by the Fund on the undistributed amount against\ntheir U.S. federal income tax liabilities, if any, and to claim refunds to the extent their credits exceed their liabilities, if any,\nand (iii) will be entitled to increase their tax basis, for U.S. federal income tax purposes, in their Shares by an amount equal to the\nexcess of the amount of undistributed net capital gain included in their respective income over their respective income tax credits.\nOrganizations or persons not subject to U.S. federal income tax on such capital gains will be entitled to a refund of their pro rata\nshare of such taxes paid by the Fund upon timely filing appropriate returns or claims for refund with the IRS.

Although\ndividends generally will be treated as distributed when paid, any dividend declared by a Fund in October, November or December and payable\nto shareholders of record in such a month that is paid during the following January will be treated for U.S. federal income tax purposes\nas received by shareholders on December 31 of the calendar year in which it was declared.

U.S.\nindividuals with income exceeding $200,000 ($250,000 if married and filing jointly) are subject to an additional 3.8% Medicare contribution\ntax on their “net investment income,” including interest, dividends, and capital gains (including capital gains realized\non the sale or exchange of Shares of a Fund). This 3.8% tax also applies to all or a portion of the undistributed net investment income\nof certain shareholders that are estates and trusts.

Shareholders\nwho have held Fund Shares for less than a full year should be aware that a Fund may report and distribute, as ordinary dividends or capital\ngain dividends, a percentage of income that is not equal to the percentage of the Fund’s total ordinary income or net capital gain,\nrespectively, actually earned during the period of investment in the Fund.

If\na Fund’s distributions for a taxable year exceed its current and accumulated earnings and profits, all or a portion of the distributions\nmade for the taxable year may be recharacterized as a return of capital to shareholders. A return of capital distribution will generally\nnot be taxable, but will reduce each shareholder’s cost basis in the Fund and generally result in a higher reported capital gain\nor lower reported capital loss when those Shares on which the distribution was received are sold. After a shareholder’s basis in\nFund shares has been reduced to zero, distributions in excess of earnings and profits will be treated as a gain from the sale of the\nshares.

A\nsale or exchange of Shares in a Fund may give rise to a capital gain or loss. In general, any capital gain or loss realized upon a taxable\ndisposition of Shares will be treated as long-term capital gain or loss if the Shares have been held for more than 12 months. Otherwise,\nthe capital gain or loss on the taxable disposition of Shares will be treated as short-term capital gain or loss. Any loss realized upon\na taxable disposition of Shares held for six months or less will be treated as long-term, rather than short-term, to the extent of any\nlong-term capital gain distributions received (or deemed received) by the shareholder with respect to the Shares. All or a portion of\nany loss realized upon a taxable disposition of Shares will be disallowed if substantially identical stock or securities are purchased\n(through reinvestment of dividends or otherwise) within 30 days before or after the disposition. In such a case, the basis of the newly\npurchased stock or securities will be adjusted to reflect the disallowed loss. Shareholders may be limited in their ability to utilize\ncapital losses.

An\nAuthorized Participant who exchanges securities for Creation Units generally will recognize a gain or a loss. The gain or loss will be\nequal to the difference between the market value of the Creation Units at the time and the sum of the exchanger’s aggregate basis\nin the securities surrendered, plus the amount of cash paid for such Creation Units. A person who redeems Creation Units will generally\nrecognize a gain or loss equal to the difference between the exchanger’s basis in the Creation Units and the sum of the aggregate\nmarket value of any securities received, plus the amount of any cash received for such Creation Units. The IRS, however, may assert that\na loss realized upon an exchange of securities for Creation Units cannot be deducted currently under the rules governing “wash\nsales,” or on the basis that there has been no significant change in economic position.

Any\ncapital gain or loss realized upon the creation of Creation Units will generally be treated as long-term capital gain or loss if the\nsecurities exchanged for such Creation Units have been held for more than one year. Any capital gain or loss realized upon the redemption\nof Creation Units will generally be treated as long-term capital gain or loss if the Shares comprising the Creation Units have been held\nfor more than one year. Otherwise, such capital gains or losses will be treated as short-term capital gains or losses.

The\nTrust, on behalf of a Fund, has the right to reject an order for a purchase of Shares of the Trust if the purchaser (or group of purchasers)\nwould, upon obtaining the Shares so ordered, own 80% or more of the outstanding Shares of the Fund and if, pursuant to Section 351 of\nthe Code, the Fund would have a basis in the securities different from the market value of such securities on the date of deposit. The\nTrust also has the right to require information necessary to determine beneficial share ownership for purposes of the 80% determination.\nThe Trust reserves the right to reject an order for Creation Units if acceptance of the securities to be exchanged for the Creation Units\nwould have certain adverse tax consequences to the applicable Fund.

Persons\npurchasing or redeeming Creation Units should consult their own tax advisors with respect to the tax treatment of any creation or redemption\ntransaction.

Foreign\nInvestments. Income received by a Fund from sources within foreign countries (including, for example, dividends or interest on stock\nor securities of non-U.S. issuers) may be subject to withholding and other taxes imposed by such countries. Tax treaties between such\ncountries and the U.S. may reduce or eliminate such taxes in some cases. If as of the end of a Fund’s taxable year more than 50%\nof the value of the Fund’s total assets consist of the securities of foreign corporations, the Fund may elect to permit shareholders\nwho are U.S. citizens, resident aliens, or U.S. corporations to claim a foreign tax credit or deduction (but not both) on their income\ntax returns for their pro rata portions of qualified taxes paid by the Fund during that taxable year to foreign countries in respect\nof foreign securities the Fund has held for at least the minimum period specified in the Code. In such a case, shareholders will include\nin gross income from foreign sources their pro rata shares of such taxes. A shareholder’s ability to claim a foreign tax credit\nor deduction in respect of foreign taxes paid by the Fund may be subject to certain limitations imposed by the Code, which may result\nin the shareholder not getting a full credit or deduction for the amount of such taxes. Shareholders who do not itemize on their federal\nincome tax returns may claim a credit, but not a deduction, for such foreign taxes.

Back-Up\nWithholding. A Fund or your broker will be required to withhold (as “backup withholding”) on distributions paid to any\nshareholder, as well as the proceeds of any redemptions of Creation Units paid to a shareholder or Authorized Participant, who (i) fails\nto provide a correct taxpayer identification number certified under penalty of perjury; (ii) is subject to withholding by the IRS for\nfailure to properly report all payments of interest or dividends; (iii) fails to provide a certified statement that he, she, or it is\nnot subject to “backup withholding;” or (iv) fails to provide a certified statement that he, she, or it is a U.S. person\n(including a U.S. resident alien). The backup withholding rate is currently 24%. Backup withholding is not an additional tax and any\namounts withheld may be credited against the shareholder’s ultimate U.S. tax liability.

Foreign\nShareholders. Foreign shareholders (i.e., nonresident alien individuals and foreign corporations, partnerships, trusts and estates)\nare generally subject to U.S. withholding tax at the rate of 30% (or a lower tax treaty rate) on distributions derived from net investment\nincome and short-term capital gains. A Fund may, under certain circumstances, report all or a portion of a dividend as an “interest-related\ndividend” or a “short-term capital gain dividend,” which would generally be exempt from this 30% U.S. withholding tax,\nprovided certain other requirements are met. A Fund may choose not to designate such amounts. Gains realized by foreign shareholders\nfrom the sale or other disposition of Shares of a Fund generally are not subject to U.S. taxation, unless the recipient is an individual\nwho either (i) meets the Code’s definition of “resident alien” or (ii) is physically present in the U.S. for 183 days\nor more per year. Different tax consequences may result if the foreign shareholder is engaged in a trade or business within the United\nStates. In addition, the tax consequences to a foreign shareholder entitled to claim the benefits of a tax treaty may be different than\nthose described above.

The\nForeign Account Tax Compliance Act (“FATCA”) generally requires a Fund to obtain information sufficient to identify the status\nof each of its shareholders. If a shareholder fails to provide this information or otherwise fails to comply with FATCA, a Fund may be\nrequired to withhold under FATCA at a rate of 30% with respect to that shareholder on Fund dividends and distributions and redemption\nproceeds. Pursuant to recently proposed regulations, the Treasury Department has indicated its intent to eliminate the requirements under\nFATCA of withholding on gross proceeds from the sale, exchange, maturity or other disposition of relevant financial instruments (including\nredemption of shares of a RIC). The Treasury Department has indicated that taxpayers may rely on these proposed regulations pending their\nfinalization. The Fund may disclose the information that it receives from (or concerning) its shareholders to the IRS, non-U.S. taxing\nauthorities or other parties as necessary to comply with FATCA, related intergovernmental agreements or other applicable law or regulation.\nEach investor is urged to consult its tax advisor regarding the applicability of FATCA and any other reporting requirements with respect\nto the investor’s own situation, including investments through an intermediary.

In\norder for a foreign investor to qualify for an exemption from backup withholding, the foreign investor must comply with special certification\nand filing requirements. Foreign investors in a Fund should consult their tax advisors in this regard.

Tax-Exempt\nShareholders. Certain tax-exempt shareholders, including qualified pension plans, individual retirement accounts, salary deferral\narrangements, 401(k) plans, and other tax-exempt entities, generally are exempt from federal income taxation except with respect to their\nunrelated business taxable income (“UBTI”). Under current law, the Fund generally serves to block UBTI from being realized\nby its tax-exempt shareholders with respect to their shares of Fund income. However, notwithstanding the foregoing, tax-exempt shareholders\ncould realize UBTI by virtue of their investment in the Fund if, for example, (i) the Fund invests in residual interests of Real Estate\nMortgage Investment Conduits (“REMICs”), (ii) the Fund invests in a REIT that is a taxable mortgage pool (“TMP”)\nor that has a subsidiary that is a TMP or that invests in the residual interest of a REMIC, or (iii) Shares in the Fund constitute debt-financed\nproperty in the hands of the tax-exempt shareholders within the meaning of Section 514(b) of the Code. Charitable remainder trusts are\nsubject to special rules and should consult their tax advisers. The IRS has issued guidance with respect to these issues and prospective\nshareholders, especially charitable remainder trusts, are strongly encouraged to consult with their tax advisers regarding these issues.

Certain\nPotential Tax Reporting Requirements. Under U.S. Treasury regulations, if a shareholder recognizes a loss on disposition of a Fund’s\nShares of $2 million or more for an individual shareholder or $10 million or more for a corporate shareholder (or certain greater amounts\nover a combination of years), the shareholder must file with the IRS a disclosure statement on IRS Form 8886. Significant penalties may\nbe imposed for the failure to comply with the reporting requirements. The fact that a loss is reportable under these regulations does\nnot affect the legal determination of whether the taxpayer’s treatment of the loss is proper. Shareholders should consult their\ntax advisors to determine the applicability of these regulations in light of their individual circumstances.

Additional\nTax Information Concerning REITs and MLPs. Each Fund may invest in entities treated as REITs or as MLPs for U.S. federal income tax\npurposes. A Fund’s investments in REIT or MLP equity securities may at times result in the Fund’s receipt of cash distributions\nin excess of the REIT’s or MLP’s earnings; if the Fund distributes these amounts, these distributions could constitute a\nreturn of capital to Fund shareholders for federal income tax purposes. Dividends received by a Fund from a REIT, and distributions received\nby a Fund from an MLP, generally will not constitute qualified dividend income. MLPs and other partnerships in which a Fund may invest\nwill deliver Form K-1s to the Fund to report its share of income, gains, losses, deductions and credits of the MLP or other partnership.\nThese Form K-1s may be delayed and may not be received until after the time that a Fund issues its tax reporting statements. As a result,\na Fund may at times find it necessary to reclassify the amount and character of its distributions to you after it issues you your tax\nreporting statement.

For\ntaxable years beginning after December 31, 2017 and before January 1, 2026, qualified REIT dividends (i.e., REIT dividends other than\ncapital gain dividends and portions of REIT dividends designated as qualified dividend income) are eligible for a 20% federal income\ntax deduction in the case of individuals, trusts and estates. If a Fund receives qualified REIT dividends, it may elect to pass the special\ncharacter of this income through to its shareholders. To be eligible to treat distributions from a Fund as qualified REIT dividends,\na shareholder must hold shares of the Fund for more than 45 days during the 91-day period beginning on the date that is 45 days before\nthe date on which the shares become ex dividend with respect to such dividend and the shareholder must not be under an obligation (whether\npursuant to a short sale or otherwise) to make related payments with respect to positions in substantially similar or related property.\nIf a Fund does not elect to pass the special character of this income through to shareholders or if a shareholder does not satisfy the\nabove holding period requirements, the shareholder will not be entitled to the 20% deduction for the shareholder’s share of the\nFund’s qualified REIT dividend income while direct investors in REITs may be entitled to the deduction. A similar deduction is\navailable for qualified publicly traded partnership income. However, RICs currently cannot pass the special character of this income\nthrough to shareholders. As a result, direct investors in MLPs may be entitled to this deduction while investors who invest in the Fund\nwill not be entitled to this deduction with respect to the Fund’s qualified publicly traded partnership income.

Special\nrules apply to foreign persons who receive distributions from a Fund that are attributable to gain from “United States real property\ninterests” (“USRPIs”). The Code defines USRPIs to include direct holdings of U.S. real property and any interest (other\nthan an interest solely as a creditor) in a “United States real property holding corporation” or a former United States real\nproperty holding corporation. The Code defines a United States real property holding corporation as any corporation whose USRPIs make\nup 50% or more of the fair market value of its USRPIs, its interests in real property located outside the United States, plus any other\nassets it uses in a trade or business. In general, if a Fund is a United States real property holding corporation (determined without\nregard to certain exceptions), distributions by the Fund that are attributable to (i) gains realized on the disposition of USPRIs by\nthe Fund and (ii) distributions received by the Fund from a lower-tier RIC or REIT that the Fund is required to treat as USRPI gain in\nits hands will retain their character as gains realized from USRPIs in the hands of the foreign persons and will be subject to U.S. federal\nwithholding tax. In addition, such distributions could result in the foreign shareholder being required to file a U.S. tax return and\npay tax on the distributions at regular U.S. federal income tax rates. The consequences to a non-U.S. shareholder, including the rate\nof such withholding and character of such distributions (e.g., ordinary income or USRPI gain) will vary depending on the extent of the\nnon-U.S. shareholder’s current and past ownership of the Fund.

In\naddition, if a Fund is a United States real property holding corporation or former United States real property holding corporation, the\nFund may be required to withhold U.S. tax upon a redemption of shares by a greater-than-5% shareholder that is a foreign person, and\nthat shareholder would be required to file a U.S. income tax return for the year of the disposition of the USRPI and pay any additional\ntax due on the gain. However, no such withholding is generally required with respect to amounts paid in redemption of shares of a fund\nif the fund is a domestically controlled qualified investment entity, or, in certain other limited cases, if a fund (whether or not domestically\ncontrolled) holds substantial investments in RICs that are domestically controlled qualified investment entities.

Other\nIssues. In those states which have income tax laws, the tax treatment of a Fund and of Fund shareholders with respect to distributions\nby the Fund may differ from federal income tax treatment. Shares held in a tax-qualified retirement account will generally not be subject\nto federal taxation on income and capital gains distributions from a Fund until a shareholder begins receiving payments from their retirement\naccount. Because each shareholder’s tax situation is different, shareholders should consult their tax advisor about the tax implications\nof an investment in a Fund.

Shareholders\nare advised to consult their tax advisors concerning their specific situations and the application of state, local and foreign taxes.

Financial\nStatements

The\naudited financial statements and related report of Tait Weller LLP, independent registered public accounting firm, contained in the Trust’s\nForm N-CSR for the fiscal year ended June 30, 2026, are hereby incorporated herein by reference. The financial statements of the COMB\nFund’s Subsidiary are consolidated with the COMB Fund’s financial statements in the Trust’s Form N-CSR for the fiscal\nyear ended June 30, 2026. The audited financial statements in the Trust’s Form N-CSR for the fiscal year ended June 30, 2026 have\nbeen incorporated herein by reference in reliance upon such report given upon the authority of such firm as experts in accounting and\nauditing. A copy of the Trust’s Annual Report may be obtained upon request and without charge by calling 844-GRN-TSHR (844-476-8747)\nduring normal business hours. No other portions of the Trust’s Form N-CSR for the fiscal year ended June 30, 2026 are incorporated\nherein by reference.

PART\nC

OTHER\nINFORMATION

GraniteShares\nETF Trust

Item\n28. Exhibits

(a)(1)		Certificate of Trust of GraniteShares ETF Trust, incorporated by reference to the Registrant’s Registration Statement on Form N-1A (File No. 333-214796 and 811-23214) filed with the Securities and Exchange Commission on November 23, 2016.

(a)(2)		Declaration of Trust of GraniteShares ETF Trust, incorporated by reference to the Registrant’s Registration Statement on Form N-1A (File No. 333-214796 and 811-23214) filed with the Securities and Exchange Commission on November 23, 2016.

(b)		Bylaws of GraniteShares ETF Trust, incorporated by reference to Pre-Effective Amendment No. 2 to the Registrant’s Registration Statement on Form N-1A (File No. 333-214796 and 811-23214) filed with the Securities and Exchange Commission on May 5, 2017.

(c)		Not\n Applicable

(d)(1)		Amended and Restated Investment Advisory Agreement between GraniteShares ETF Trust and GraniteShares Advisors LLC, incorporated by reference to Post-Effective Amendment No. 7 to the Registrant’s Registration Statement on Form N-1A (File No. 333-214796 and 811-23214) filed with the Securities and Exchange Commission on October 26, 2018.

(d)(2)		Amendment No. 1 to Amended and Restated Investment Advisory Agreement between GraniteShares ETF Trust and GraniteShares Advisors LLC, incorporated by reference to Post-Effective Amendment No. 8 to the Registrant’s Registration Statement on Form N-1A (File No. 333-214796 and 811-23214) filed with the Securities and Exchange Commission on January 24, 2019.

(d)(3)		Amendment No. 2 to Amended and Restated Investment Advisory Agreement between GraniteShares ETF Trust and GraniteShares Advisors LLC, incorporated by reference to Post-Effective Amendment No. 12 to the Registrant’s Registration Statement on Form N-1A (File No. 333-021476 and 811-23214 filed with the Securities and Exchange Commission on October 28, 2019.

(d)(4)		Amendment No. 3 to Amended and Restated Investment Advisory Agreement between GraniteShares ETF Trust and GraniteShares Advisors LLC, incorporated by reference to Post-Effective Amendment No. 33 to the Registrant’s Registration Statement on Form N-1A (File No. 333-021476 and 811-23214 filed with the Securities and Exchange Commission on July 28, 2022.

(d)(5)		Amendment No. 4 to Amended and Restated Investment Advisory Agreement between GraniteShares ETF Trust and GraniteShares Advisors LLC, incorporated by reference to Post-Effective Amendment No. 33 to the Registrant’s Registration Statement on Form N-1A (File No. 333-021476 and 811-23214 filed with the Securities and Exchange Commission on July 28, 2022.

(d)(6)		Amendment No. 5 to Amended and Restated Investment Advisory Agreement between GraniteShares ETF Trust and GraniteShares Advisors LLC.

(d)(7)		Amendment No. 6 to Amended and Restated Investment Advisory Agreement between GraniteShares ETF Trust and GraniteShares Advisors LLC.

(d)(8)		Amendment No. 7 to Amended and Restated Investment Advisory Agreement between GraniteShares ETF Trust and GraniteShares Advisors LLC.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

(d)(9)		Amendment No. 8 to Amended and Restated Investment Advisory Agreement between GraniteShares ETF Trust and GraniteShares Advisors LLC.

(d)(10)		Amendment No. 9 to Amended and Restated Investment Advisory Agreement between GraniteShares ETF Trust and GraniteShares Advisors LLC.

(d)(11)		Amendment No. 10 to Amended and Restated Investment Advisory Agreement between GraniteShares ETF Trust and GraniteShares Advisors LLC.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

(d)(12)		Amendment No. 11 to Amended and Restated Investment Advisory Agreement between GraniteShares ETF Trust and GraniteShares Advisors LLC.

(d)(13)		Amendment No. 12 to Amended and Restated Investment Advisory Agreement between GraniteShares ETF Trust and GraniteShares Advisors LLC.

(d)(14)		Amendment No. 13 to Amended and Restated Investment Advisory Agreement between GraniteShares ETF Trust and GraniteShares Advisors LLC.

(d)(16)		Amendment No. 14 to Amended and Restated Investment Advisory Agreement between GraniteShares ETF Trust and GraniteShares Advisors LLC.

(d)(17)		Amendment No. 15 to Amended and Restated Investment Advisory Agreement between GraniteShares ETF Trust and GraniteShares Advisors LLC.

(d)(18)		Amendment No. 16 to Amended and Restated Investment Advisory Agreement between GraniteShares ETF Trust and GraniteShares Advisors LLC.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

(e)(1)		Distribution Agreement between GraniteShares ETF Trust and Distributor, incorporated by reference to Post-Effective Amendment No.16 to the Registrant’s Registration Statement on Form N-1A (File No. 333-021476 and 811-23214 filed with the Securities and Exchange Commission on October 28, 2021.

(e)(2)		Amendment to the Distribution agreement between GraniteShares ETF Trust and Distributor, incorporated by reference to Post-Effective Amendment No. 33 to the Registrant’s Registration Statement on Form N-1A (File No. 333-021476 and 811-23214 filed with the Securities and Exchange Commission on July 28, 2022.

(e)(3)		Form of Authorized Participant Agreement, incorporated by reference to Post-Effective Amendment No.16 to the Registrant’s Registration Statement on Form N-1A (File No. 333-021476 and 811-23214 filed with the Securities and Exchange Commission on October 28, 2021.

(f)		Not\n applicable

(g)(1)		Custody and Transfer Agent Agreement between GraniteShares ETF Trust and Custodian, incorporated by reference to Post-Effective Amendment No.16 to the Registrant’s Registration Statement on Form N-1A (File No. 333-021476 and 811-23214 filed with the Securities and Exchange Commission on October 28, 2021.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

(g)(2)		Amendment to the Custody and Transfer Agent Agreement, incorporated by reference to Post-Effective Amendment No. 33 to the Registrant’s Registration Statement on Form N-1A (File No. 333-021476 and 811-23214 filed with the Securities and Exchange Commission on July 28, 2022.

(h)(1)		Services Agreement between GraniteShares ETF Trust and Administrator, incorporated by reference to Post-Effective Amendment No.16 to the Registrant’s Registration Statement on Form N-1A (File No. 333-021476 and 811-23214 filed with the Securities and Exchange Commission on October 28, 2021.

(h)(2)		Amendment to the Service Agreement between GraniteShares ETF Trust and Administrator

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

(h)(3)		Expense Limitation Agreement between the Trust and the Adviser, incorporated by reference to Post-Effective Amendment No. 33 to the Registrant’s Registration Statement on Form N-1A (File No. 333-021476 and 811-23214 filed with the Securities and Exchange Commission on July 28, 2022.

(h)(4)		Amendment No.1 to the Expense Limitation Agreement between the Trust and the Adviser, incorporated by reference to Post-Effective Amendment No. 33 to the Registrant’s Registration Statement on Form N-1A (File No. 333-021476 and 811-23214 filed with the Securities and Exchange Commission on July 28, 2022.

(h)(5)		Amendment No.2 to the Expense Limitation Agreement between the Trust and the Adviser

(h)(6)		Amendment No.3 to the Expense Limitation Agreement between the Trust and the Adviser

(h)(7)		Amendment No.4 to the Expense Limitation Agreement between the Trust and the Adviser

(h)(8)		Amendment No.5 to the Expense Limitation Agreement between the Trust and the Adviser

(h)(9)		Amendment No.6 to the Expense Limitation Agreement between the Trust and the Adviser

(h)(10)		Amendment No.7 to the Expense Limitation Agreement between the Trust and the Adviser

(h)(11)		Amendment No.8 to the Expense Limitation Agreement between the Trust and the Adviser

(h)(12)		Amendment No.9 to the Expense Limitation Agreement between the Trust and the Adviser

(i)		Opinion and Consent of Counsel

(j)		Consent of Independent Registered Public Accounting Firm

(k)		Not\n applicable.

(l)		Form of Initial Capital Agreement, incorporated by reference to Pre-Effective Amendment No. 2 to the Registrant’s Registration Statement on Form N-1A (File No. 333-214796 and 811-23214) filed with the Securities and Exchange Commission on May 5, 2017.

(m)		Form of Distribution and Service Plan, incorporated by reference to Pre-Effective Amendment No. 2 to the Registrant’s Registration Statement on Form N-1A (File No. 333-214796 and 811-23214) filed with the Securities and Exchange Commission on May 5, 2017.

(n)		Not\n applicable

(o)		Reserved

(p)(1)		Code of Ethics of GraniteShares ETF Trust, incorporated by reference to Pre-Effective Amendment No. 2 to the Registrant’s Registration Statement on Form N-1A (File No. 333-214796 and 811-23214) filed with the Securities and Exchange Commission on May 5, 2017.

(p)(2)		Code of Ethics of the GraniteShares Advisors LLC, incorporated by reference to Pre-Effective Amendment No. 2 to the Registrant’s Registration Statement on Form N-1A (File No. 333-214796 and 811-23214) filed with the Securities and Exchange Commission on May 5, 2017.

(p)(3)		Code of Ethics of Distributor, incorporated by reference to Post-Effective Amendment No.16 to the Registrant’s Registration Statement on Form N-1A (File No. 333-021476 and 811-23214 filed with the Securities and Exchange Commission on October 28, 2021.

(q)		Powers of Attorney, dated October 27, 2017, incorporated by reference to Post-Effective Amendment No. 4 to the Registrant’s Registration Statement on Form N-1A (File No. 333-214796 and 811-23214) filed with the Securities and Exchange Commission on December 18, 2017.

Item\n29. Persons Controlled By or Under Common Control with Registrant

Not\napplicable.

Item\n30. Indemnification

Reference\nis made to Article Nine of the Registrant’s Declaration of Trust, which is incorporated by reference herein. The general effect\nof the indemnification available to an officer or trustee may be to reduce the circumstances under which the officer or trustee is required\nto bear the economic burden of liabilities and expenses related to actions taken by the individual in his or her capacity as an officer\nor trustee.

The\nRegistrant (sometimes referred to as the “Trust”) is organized as a Delaware statutory trust and is operated pursuant to\na Declaration of Trust that permits the Registrant to indemnify every person who is, or has been, a trustee, officer, or employee of\nthe Trust, including persons who serve at the request of the Trust as directors, trustees, officers, or employees of another organization\nin which the Trust has an interest as a shareholder, creditor or otherwise (each, a “Covered Person”). Each Covered Person\nis indemnified by the Trust to the fullest extent permitted by law against liability and against all expenses reasonably incurred or\npaid by him or her in connection with any claim, action, suit or proceeding in which he or she becomes involved as a party or otherwise\nby virtue of his or her being or having been such a director, trustee, officer, employee or agent and against amounts paid or incurred\nby him in settlement thereof. This indemnification is subject to the following conditions:

No\nindemnification is provided to a Covered Person:

(a)\nFor a liability to the Trust or its shareholders arising out of a final adjudication by the court or other body before which the proceeding\nwas brought that the Covered Person engaged in willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved\nin the conduct of his or her office;

(b)\nWith respect to any matter as to which the Covered Person has been finally adjudicated not to have acted in good faith in the reasonable\nbelief that his or her action was in the best interests of the Trust; or

(c)\nIn the event of a settlement or other disposition not involving a final adjudication (as provided in paragraph (a) or (b) above) and\nresulting in a payment by a Covered Person, unless there has been either a determination that such Covered Person did not engage in willful\nmisfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office by the court\nor other body approving the settlement or other disposition, or a reasonable determination, based on a review of readily available facts\n(as opposed to a full trial-type inquiry), that he or she did not engage in such conduct, such determination being made by: (i) a vote\nof a majority of the Disinterested Trustees (as such term is defined in the Declaration of Trust) acting on the matter (provided that\na majority of Disinterested Trustees then in office act on the matter); or (ii) a written opinion of independent legal counsel.

The\nrights of indemnification under the Declaration of Trust may be insured against by policies maintained by the Trust; are severable; will\nnot affect any other rights to which any Covered Person is entitled; will continue as to a person who has ceased to be a Covered Person;\nand will inure to the benefit of the heirs, executors and administrators of such a person. Nothing contained in the Declaration of Trust\nwill affect any rights to indemnification to which Trust personnel other than Covered Persons may be entitled by contract or otherwise\nunder law.

Expenses\nof preparation and presentation of a defense to any claim, action, suit or proceeding subject to a claim for indemnification under Article\n9 of the Declaration of Trust will be advanced by the Trust prior to final disposition thereof upon receipt of an undertaking by or on\nbehalf of the recipient to repay such amount if it is ultimately determined that he or she is not entitled to indemnification under Article\n9 of the Declaration of Trust, provided that either:

(a)\nSuch undertaking is secured by a surety bond or some other appropriate security or the Trust is insured against losses arising out of\nany such advances; or

(b)\nA majority of the Disinterested Trustees acting on the matter (provided that a majority of the Disinterested Trustees then in office\nact on the matter) or independent legal counsel in a written opinion determines, based upon a review of the readily available facts (as\nopposed to the facts available upon a full trial), that there is reason to believe that the recipient ultimately will be found entitled\nto indemnification.

Insofar\nas indemnification for liabilities arising under the Securities Act of 1933 may be permitted to trustees, officers and controlling persons\nof the Registrant by the Registrant pursuant to the Declaration of Trust or otherwise, the Registrant is aware that in the opinion of\nthe Securities and Exchange Commission, such indemnification is against public policy as expressed in the Securities Act of 1933, and\ntherefore, is unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant\nof expenses incurred or paid by trustees, officers or controlling persons of the Registrant in connection with the successful defense\nof any act, suit or proceeding) is asserted by such trustees, officers or controlling persons in connection with the shares being registered,\nthe Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of\nappropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act\nof 1933 and will be governed by the final adjudication of such issues.

Item\n31. Business and Other Connections of the Investment Advisor

Reference\nis made to the caption “Management” in the Prospectus constituting Part A of this Registration Statement.

The\ninformation as to the directors and officers of the GraniteShares Advisors LLC set forth in GraniteShares Advisors LLC’s Form ADV\nfiled with the SEC (Reference No. 801-110093), and amended through the date hereof, is incorporated herein by reference.

Item\n32. Principal Underwriters. ALPS Distributors, Inc.

\n \n \n \n

(a)	ALPS\n Distributors, Inc. acts as the distributor for the Registrant and the following investment companies:

1290\n Funds

1WS\nCredit Income Fund

Aberdeen\nIncome Credit Strategies Fund

abrdn\nETFs

abrdn\nFunds

abrdn\nGlobal Dynamic Dividend Fund

abrdn\nGlobal Premier Properties Fund

abrdn\nIncome Credit Strategies Fund

abrdn\nTotal Dynamic Dividend Fund

Accordant\nODCE Index Fund

Alpha\nAlternative Assets Fund

ALPS\nSeries Trust

Apollo\nDiversified Credit Fund

Apollo\nDiversified Real Estate Fund

AQR\nFunds

Arrowmark\nFinancial Corp.

Axonic\nAlternative Income Fund

Axonic\nFunds

BBH\nTrust

Bluerock\nHigh Income Institutional Credit Fund

Bridge\nBuilder Trust

Cambria\nETF Trust

CION\n Ares Diversified Credit Fund

CION\nGrosvenor Infrastructure Fund

CoinShares\nETF Trust (formerly Valkyrie ETF Trust II)

Columbia\nETF Trust

Columbia\nETF Trust I

Columbia\nETF Trust II

Columbia\nSeligman Premium Technology Growth Fund, Inc.

CRM\nMutual Fund Trust

DBX\nETF Trust

Diameter\nDynamic Credit Fund

Eagle\nPoint Defensive Income Trust

Eagle\nPoint Enhanced Income Trust

EA\nSeries Trust (Cambria Series)

ETF\nSeries Solutions (Vident Series)

Financial\nInvestors Trust

Firsthand\nFunds

FS\nCredit Income Fund

FS\nCredit Opportunities Corp.

FS\nMVP Private Markets Fund

Gemcorp\nCommodities Alternative Products Fund

Goehring\n& Rozencwajg Investment Funds

Goldman\nSachs ETF Trust

Goldman\nSachs ETF Trust II

GraniteShares\nETF Trust

Hartford\nFunds Exchange-Traded Trust

Heartland\nGroup, Inc.

iM\nGlobal Partner Funds (formerly Litman Gregory Funds Trust)

Investment\nManagers Series Trust II (AXS-Advised Funds)

Investment\nManagers Series Trust II (Alternative Access-Advised Fund)

Janus\nDetroit Street Trust

Lattice\nStrategies Trust

Longleaf\nPartners Funds Trust

Manager\nDirected Portfolios (Spyglass Growth Fund)

Meridian\nFund, Inc.

Natixis\nETF Trust

Natixis\nETF Trust II

NYLIM\nActive ETF Trust

NYLIM\nETF Trust

Opportunistic\nCredit Interval Fund

Principal\nExchange-Traded Funds

RiverNorth\nFunds

RiverNorth\nOpportunities Fund, Inc.

RiverNorth/DoubleLine\nStrategic Opportunity Fund, Inc.

RiverNorth\nOpportunistic Municipal Income Fund, Inc.

RiverNorth\nManaged Duration Municipal Income Fund, Inc.

RiverNorth\nFlexible Municipal Income Fund, Inc.

RiverNorth\nCapital and Income Fund, Inc.

RiverNorth\n Flexible Municipal Income Fund II, Inc.

RiverNorth\nManaged Duration Municipal Income Fund II, Inc.

State\nStreet® SPDR® Dow Jones® Industrial Average℠ ETF Trust

State\nStreet® SPDR® S&P 500® ETF Trust

State\nStreet® SPDR® S&P MIDCAP 400® ETF Trust

Sprott\nFunds Trust

The\nArbitrage Funds

Themes\nETF Trust

Tidal\nTrust II (Cambria Series)

Thornburg\nETF Trust

Thornburg\nInvestment Trust (Thornburg American Opportunities Fund ETF Class Shares and Thornburg Focus Growth Fund ETF Class Shares)

Thrivent\nETF Trust

Trust\nfor Professional Managers (PT Asset Management Series)

USCF\nETF Trust

Wasatch\nFunds Trust

Wilmington\nFunds

X-Square\nBalanced Fund

(b)\nTo the best of Registrant’s knowledge, the directors and executive officers of ALPS Distributors, Inc., are as follows:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Name*	Position\n with Underwriter	Positions\n with Fund
Stephen\n J. Kyllo	President,\n Chief Operating Officer, Director, Chief Compliance Officer	None
Brian\n Schell **	Vice\n President & Treasurer	None
Eric\n Parsons	Vice\n President, Controller and Assistant Treasurer	None
Jason\n White***\t	Secretary	None
Richard\n C. Noyes	Senior\n Vice President, General Counsel, Assistant Secretary	None
Eric\n Theroff^	Assistant\n Secretary	None
Adam\n Girard^^	Tax\n Officer	None
Liza\n Price	Vice\n President, Managing Counsel	None
Jed\n Stahl\t	Vice\n President, Managing Counsel	None
James\n Stegall	Vice\n President	None
Hilary\n Quinn	Vice\n President	None

*\nExcept as otherwise noted, the principal business address for each of the above directors and executive officers is 1290 Broadway, Suite\n1000, Denver, Colorado 80203.

**\nThe principal business address for Mr. Schell is 100 South Wacker Drive, 19th Floor, Chicago, IL 60606.

***\nThe principal business address for Mr. White is 4 Times Square, New York, NY 10036.

^\nThe principal business address for Mr. Theroff is 1055 Broadway Boulevard, Kansas City, MO 64105

^^\nThe principal business address for Mr. Girard is 80 Lamberton Road, Windsor, CT 06095

Item\n33. Location of Accounts and Records

All\naccounts, books and other documents required by Section 31(a) of the Investment Company Act of 1940, as amended, and the rules thereunder\nare maintained at:

GraniteShares\nAdvisors LLC

250\nBroadway, 24^th Floor

New\nYork, New York 10038

Item\n34. Management Services

Not\napplicable.

Item\n35. Undertakings

Not\napplicable.

SIGNATURES

Pursuant\nto the requirements of the Securities Act of 1933, as amended, and Investment Company Act of 1940, as amended, the Registrant has met\nall of the requirements for effectiveness of this registration statement under Rule 485(b) under the Securities Act and the Registrant\nhas duly caused this amendment to the Registration Statement on Form N-1A to be signed on its behalf by the undersigned, duly authorized\nin the City of New York, and State of New York on this 28^th day of October, 2026.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	GRANITESHARES\n ETF TRUST

	By:	/s/\n William Rhind
		William\n Rhind
		President

Pursuant\nto the requirements of the Securities Act of 1933, the following persons in the capacities and on the dates indicated have signed the\nRegistration Statement below.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Signatures	Title	Date

/s/\n William Rhind	Trustee,\n President	October\n 28, 2026
William\n Rhind	(Principal\n Executive Officer)
	and\n Chief Financial Officer \n (Principal\n Financial and Accounting Officer)

/s/\n Seddik Meziani*	Independent\n Trustee	October\n 28, 2026
Seddik\n Meziani

/s/\n Steven Smyser*	Independent\n Trustee	October\n 28, 2026
Steven\n Smyser

\n \n \n \n \n \n \n \n \n \n \n \n \n

*By	/s/\n Benoit Autier
	Benoit\n Autier
	Attorney-in-Fact

Pursuant\nto Powers of Attorney, dated October 27, 2017, incorporated herein by reference to Exhibit (q) to Post-Effective Amendment No. 4, filed\nDecember 18, 2017.

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