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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

\n \n \n \n \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. 688	☒

and/or

REGISTRATION\n STATEMENT UNDER	☒
THE\n INVESTMENT COMPANY ACT OF 1940
Amendment\n No. 691

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 10007

(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 Offering:

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 28, 2026

GRANITESHARES\n FUNDS		TICKER\n SYMBOL
GraniteShares Autocallable AAPL ETF		ATA
GraniteShares Autocallable AMD ETF		DAU
GraniteShares Autocallable AMZN ETF		ZNA
GraniteShares Autocallable APP ETF		ATP
GraniteShares Autocallable AVGO ETF		ATV
GraniteShares Autocallable BABA ETF		ATB
GraniteShares Autocallable COIN ETF		ATC
GraniteShares Autocallable CRCL ETF		CCA
GraniteShares Autocallable CRWV ETF		ATW
GraniteShares Autocallable GOOGL ETF		ATG
GraniteShares Autocallable HIMS ETF		HMA
GraniteShares Autocallable HOOD ETF		AHD
GraniteShares Autocallable INTC ETF		INA
GraniteShares Autocallable IONQ ETF		ATQ
GraniteShares Autocallable MARA ETF		MRA
GraniteShares Autocallable META ETF		MEA
GraniteShares Autocallable MRVL ETF		ATL
GraniteShares Autocallable MSFT ETF		AMF
GraniteShares Autocallable MSTR ETF		MSR
GraniteShares Autocallable NBIS ETF		NBA
GraniteShares Autocallable NFLX ETF		ATX
GraniteShares Autocallable NVDA ETF		ANV
GraniteShares Autocallable ORCL ETF		OCA
GraniteShares Autocallable PLTR ETF		PLA
GraniteShares Autocallable QBTS ETF		QBA
GraniteShares Autocallable RDDT ETF		ARD
GraniteShares Autocallable RGTI ETF		ATT
GraniteShares Autocallable SMCI ETF		SCA
GraniteShares Autocallable SMR ETF		SRA
GraniteShares Autocallable TSLA ETF		TLA
GraniteShares Autocallable UPST ETF		ATU

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.

An\ninvestment in a Fund is not an investment in the corresponding Underlying Asset. However, each Fund’s performance may be\nsignificantly dependent on the return of its corresponding Underlying Asset, especially in periods of market volatility.

Investors\nwho do not understand the Funds, or do not intend to monitor their investments, should not buy the Funds.

There\nis no assurance that any Fund will achieve its investment objective and an investment in a Fund could lose money. No single Fund is a\ncomplete investment program.

TABLE\nOF CONTENTS

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

	Page
GraniteShares Autocallable AAPL ETF	1

GraniteShares Autocallable AMD ETF	13

GraniteShares\n Autocallable AMZN ETF	24

GraniteShares Autocallable APP ETF	36

GraniteShares Autocallable\n AVGO ETF	48

GraniteShares Autocallable BABA ETF	60

GraniteShares Autocallable COIN ETF	72

GraniteShares Autocallable CRCL ETF	84

GraniteShares Autocallable CRWV ETF	95

GraniteShares Autocallable GOOGL ETF	107

GraniteShares Autocallable HIMS ETF	118

GraniteShares Autocallable HOOD ETF	130

GraniteShares Autocallable INTC ETF	141

GraniteShares Autocallable IONQ ETF	153

GraniteShares Autocallable MARA ETF	165

GraniteShares Autocallable META ETF	177

GraniteShares Autocallable MRVL ETF	189

GraniteShares Autocallable MSFT ETF	201

GraniteShares Autocallable MSTR ETF	213

GraniteShares Autocallable NBIS ETF	227

GraniteShares Autocallable NFLX ETF	238

GraniteShares Autocallable NVDA ETF	250

GraniteShares Autocallable ORCL ETF	262

GraniteShares Autocallable PLTR ETF	274

GraniteShares Autocallable QBTS ETF	286

GraniteShares Autocallable RDDT ETF	298

GraniteShares Autocallable RGTI ETF	310

GraniteShares Autocallable SMCI ETF	322

GraniteShares Autocallable SMR ETF	334

GraniteShares Autocallable TSLA ETF	346

GraniteShares Autocallable UPST ETF	358

Additional Information about the Funds’ Investment Objectives, Strategies and Risks	370

Fund Website and Disclosure of Portfolio Holdings	384

Fund Management	385

Buying and Selling Shares	386

Dividends, Distributions, and Taxes	387

Distribution of Fund Shares	390

Premium/Discount Information	390

Fund Service Providers	390

Financial Highlights	391

GraniteShares ETF Trust	400

GraniteShares\nAUTOCALLABLE AAPL ETF

Investment\nObjective

The\nFund’s primary investment objective is to generate income while providing limited downside protection by getting exposure to\nautocallables that reference the price of the common stock of Apple Inc. (NASDAQ: AAPL) (the “Underlying Asset”).

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

Management\n Fee	-	%
Annual\n Fund Operating Expenses \n (expenses\n that you pay each year as a percentage of the value of your investment)
Management\n Fee	0.99	%
Distribution\n and/or Service (12b-1) Fees	0.00	%
Other\n Expenses ⁽¹⁾	0.08	%
Acquired\n Fund Fees and Expenses ⁽²⁾	0.03	%
Total\n Annual Fund Operating Expenses	1.10	%
Fee\n Waiver/Reimbursements ⁽³⁾	0.00	%
Net\nAnnual Fund Operating Expenses After Fee Waiver/Reimbursements ^{(1), (2), (3)}	1.10	%

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

(1)	Other\n Expenses are estimated for the Fund’s initial fiscal year.
(2)	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. The amounts\n are estimated for the Fund’s initial fiscal year.
(3)	GraniteShares\n Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual\n fund operating expenses (excluding interest, taxes, brokerage commissions, expenses related to short sales, other expenditures\n which are capitalized in accordance with generally accepted accounting principles, other extraordinary expenses not incurred in the\n ordinary course of a Fund’s business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1\n under the 1940 Act) will not exceed 1.15%. This agreement is effective until December 31, 2027, and it may be terminated\n before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived\n fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement\n will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense\n payment and the expense limitation in place at the time of the recoupment.

Example

This\nExample is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded\nfunds.

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 \n \n \n \n

1\n Year			3\n Years
$	112			$	350

Portfolio\nTurnover

The\nFund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher\nportfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account.\nThese costs, which are not reflected in the total annual fund operating expenses or in the expense example above, affect the Fund’s\nperformance. Because the Fund is newly organized, portfolio turnover information is not yet available.

Principal\nInvestment Strategies

The\nFund is an actively managed exchange-traded fund (“ETF”) that seeks current income by getting exposure to a portfolio of\nautocallables that reference the price of the common stock of Apple Inc. (NASDAQ: AAPL) (the “Underlying Asset”).\nThe parameters of the autocallables the Fund will get exposure to are detailed in the section “Fund Exposure to the Autocallables”\nwith the aim to make monthly distributions.

The\nFund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in derivatives contracts that utilize the\nautocallable on the Underlying Asset as their reference asset. For purposes of compliance with this investment policy, derivative contracts\nwill be valued at their notional value.

The\nFund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds\nissued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper\nand other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral\nfor the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the\nFund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time\nand price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security\nexchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate\ndebt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment\ngrade for the purposes of entering into swap agreements with the Fund’s swap counterparties, and/or; (7) and in the securities\nof one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”),\nwhich is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral\nstrategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference\nassets.

The\nFund is classified as “non-diversified” under the Investment Company Act of 1940, as amended (the “1940 Act”).

The\nFund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivatives\nportfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary\nto make adjustments to the Fund’s investment strategy and the Fund may not achieve its investment objective.

The\nFund’s investment objective has not been adopted as a fundamental investment policy and therefore the Fund’s\ninvestment objective along with its respective 80% investment policy may be changed without the consent of the Fund’s shareholders\nupon approval by the Board of Trustees (the “Board”) of GraniteShares ETF Trust (the “Trust”) and 60 days’\nwritten notice to shareholders.

There\nis no guarantee that the Fund’s investment strategy will be properly implemented or pay monthly distributions, and an investor\nmay lose some or all of its investment. Even when the Fund makes a distribution it could be fiscally treated as return of capital (see\n“Distribution Risk” under the section “Principal Risks of Investing in the Fund”).

An\ninvestment in the Fund is not an investment in the Underlying Asset.

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

	-	The\n ability of an autocallable, and by extension the Fund, to make distributions is subject\n to the performance of the Underlying Asset,
	-	The\n Fund’s strategy is exposed to all potential losses if the Underlying Asset’s\n trading price declines, subject to a limited downside protection.
	-	The\n Fund does not invest directly in the Underlying Asset,
	-	Fund\n shareholders are not entitled to any distribution paid by Underlying Asset.

Description\nof Autocallable

An\nautocallable is a derivative instrument combining a series of options that is designed to pay a percentage of the notional amount\nallocated to that autocallable at certain set observation dates (e.g., monthly, noting the monthly observation dates are specific to\neach autocallable) (a “Coupon”), provided that the Underlying Asset remains within certain predefined levels. If on specified\nmonthly observation dates the Underlying Asset reaches or exceeds a certain level (the “Autocallable Barrier”) then the autocallable\nwill automatically mature. The Coupon is intended to be paid even when the Underlying Asset experiences a certain amount of negative\nperformance, but only down to a certain predetermined level (the “Coupon Barrier”). If the performance of the Underlying\nAsset is below the Coupon Barrier on any observation date no Coupon is paid for that then-ended observation period.

An\nautocallable may be subject to a non-callable period from the date of issuance (the “Non-Callable Period”). Each autocallable\nincorporates a principal protection feature so that, if the Underlying Asset has not reached or exceeded the Autocallable Barrier before\nthe scheduled maturity date, any negative performance below the Autocallable Barrier as at the maturity date will not have any negative\nimpact on the return of principal under the autocallable, provided the Underlying Asset is not below a certain predetermined level at\nmaturity (the “Maturity Barrier”). Only if the Underlying Asset is below that Maturity Barrier at maturity will the autocallable,\nand in turn investors, be exposed to the full downside performance of the Underlying Asset at maturity. Therefore, while autocallables\nmay preserve capital in certain negative market conditions (i.e., if the Underlying Asset remains above the Maturity Barrier), adverse\nmarket conditions in the equity market can lead to negative returns for the Fund. The upside performance of an autocallable is capped\nin the form of coupon payments that may or may not be made at each observation date. The notional amount of an autocallable used to calculate\nthe Coupon does not increase or decrease based on the return of the Underlying Asset.

Before\nmaturity, the following outcomes will happen on each coupon observation date (assuming an observation date occurs on each coupon payment\ndate and the absence of Non-Callable Period):

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

Outcome\n 1: the Underlying Asset trades below both the Autocallable Barrier and the Coupon Barrier

No\n coupon payment is made

\n \n

The\n autocallable does not mature

Outcome\n 2: the Underlying Asset trades above the Coupon Barrier but below the Autocallable Barrier

A\n coupon payment is made

\n \n

The\n autocallable does not mature

Outcome\n 3: the Underlying Asset trades above both the Coupon Barrier and the Autocallable Barrier

A\n coupon payment is made

\n \n

The\n autocallable matures

At\nmaturity, the following outcomes will happen:

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

Outcome\n 1: The Underlying Asset trades above the Maturity Barrier

A\n final coupon payment is made

Outcome\n 2: the Underlying Asset trades below the Maturity Barrier but above the Coupon Barrier

A\n Final coupon payment is made.

\n \n

The\n autocallable is exposed to the full downside performance of the Underlying Asset resulting in loss of part or all of principal

Outcome\n 3: the Underlying Asset trades below the Maturity Barrier and below the Coupon Barrier

No\n coupon payment is made.

\n \n

The\n autocallable is exposed to the full downside performance of the Underlying Asset resulting in loss of part or all of principal

The\nexamples below are based on an autocallable with the following parameters:

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

Tenor\n (maturity)	3\n months
Observation\n Frequency	Monthly\n
Autocallable\n Notional Value	$10
Monthly\n coupon	$1
Price\n Underlying Asset at inception	$50
Coupon\n Barrier	$45\n (or 80% of the Initial Reference Price)
Autocallable\n Barrier	$55\n (or 110% of the Initial Reference Price)
Maturity\n Barrier	$40\n (or 80% of the Initial Reference Price)

Example\n1 – Favorable scenario

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

Observation\n date	\n Price\n of the Underlying Asset at each observation date \n (%\n change against Initial Reference Price) \n	Outcome
Month\n 1	$54\n (+8%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) \n \n ð A\n $1 coupon is paid \n
Month\n 2	$52\n (+4%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) \n \n ð A\n $1 coupon is paid \n
Month\n 3	$47\n (-6%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) and above the Maturity Barrier ($45) \n \n ð A\n $1 coupon is paid \n

Example\n2 – Medium scenario

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

Observation\n date	\n Price\n of the Underlying Asset at observation date \n (%\n change against Initial Reference Price) \n	Outcome
Month\n 1	$54\n (+8%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) \n \n ð A\n $1 coupon is paid \n
Month\n 2	$56\n (+12%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) and above the Autocallable\n Barrier ($55) \n \n ð A\n $1 coupon is paid \n \n ð The\n autocallable matures \n
\n Month\n 3		\n \n N/A \n

Example\n3 – Unfavorable scenario

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

\n Observation\n date \n	Price\n of the Underlying Asset at observation date	Outcome
Month\n 1	$39\n (-22%)	\n The\n Underlying Asset trades below the Coupon Barrier ($45) and below the Autocallable Barrier\n ($55) \n \n ð No\n coupon payment is made \n \n ð The\n product is not terminated \n
Month\n 2	$37\n (-26%)	\n The\n Underlying Asset trades below the Coupon Barrier ($45) and below the Autocallable Barrier\n ($55) \n \n ð No\n coupon payment is made \n \n ð The\n product is not terminated \n
Month\n 3	$32\n (-36%)	\n The\n Underlying Asset trades below the Coupon Barrier ($45), below the Autocallable Barrier ($55)\n and below the Maturity Barrier ($40) \n \n ð No\n coupon payment is made \n \n ð Exposure\n to the full downside performance of the Underlying \n Asset,\n resulting in loss of $3.60 ($10 * -36%) \n

The\ncomparison between examples shows that the best outcome (example 1) occurs when the price of the Reference Asset remains stable over\nthe tenor of the autocallable and stays within the Autocallable Barrier, the Coupon Barrier and the Maturity Barrier. Example 2 shows\nthat when the Reference Asset performs well the autocallable will face an early termination and investors are subject to reinvestment\nrisk, that is reinvesting at lower rates if market yields have declined. Example 3 shows that in the worst-case scenario the autocallable\nwill not make coupon payments and expose the investor to a full downside risk.

Fund\nExposure to the Autocallables

Autocallables can be\nwrapped in different financial instruments, such as notes, options and swaps. The Fund expects to obtain exposure to autocallables\nthrough swaps and options only, and in each case the financial instrument performance will settle in cash only. The Fund allocation\nbetween swaps and options will be made with the aim of minimizing the Fund operational constraints. Autocallables derive their liquidity\nfrom the Underlying Asset to which they provide exposure to. Autocallables held by the Fund will only reference highly liquid Underlying\nAssets.

Swaps:

The Fund may enter into\none or more swap agreements with major financial institutions against autocallable with the parameters detailed in the table below\nwhereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized\non the autocallable. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional\namount,” e.g., the return on or change in value of a particular dollar amount representing the autocallable on the Underlying Asset.

Options:

Depending on market\nconditions, market liquidity and operational constraints, the Fund may gain exposure to autocallable with the parameters detailed in\nthe table below through over-the-counter options provided by major financial institutions.

The financial instruments\nheld by the Fund will reference autocallables that have the key parameters disclosed in the table below, with the aim of achieving at\nthe beginning of each month an average tenor ranging between 12 and 24 months. The other parameters will be market dependent and determined\nwith the aim of supporting the Fund’s monthly distributions and capital preservation.

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

Direct\n link to the performance of \n	The\n Underlying Asset
Currency\n Denomination \n	US\n dollar
Tenor\n (Maturity) \n	Between\n 1 month and 48 months
Non-Callable\n Period \n	Between\n 0 to 12 months
Autocallable\n Barrier ¹ \n	Between\n 95% and 105%
Coupon\n Barrier ¹ \n	Between\n 50% and 95%
Maturity\n Barrier ¹ \n	Between\n 50% and 95%
Coupon\n Frequency \n	Monthly\n or quarterly
Callability\n Frequency \n	Monthly\n or quarterly
Call\n Feature	Upon\n the expiration of each autocallable’s Non-Callable Period, the autocallable will automatically\n be called prior to its scheduled maturity date if the Underlying Asset reaches or exceeds\n the Autocallable Barrier on the callability observation date (see Callability Frequency). \n
Contingent\n Coupon	The\n coupon is paid if, on the observation date (see Coupon Frequency), the performance of the\n Underlying Asset is at or above the Coupon Barrier. If the Underlying Asset falls below the\n Coupon Barrier on an observation date, no coupon will be paid for that period. \n
Contingent\n Principal Protection	If\n an autocallable is not called prior to its Tenor, the initial principal is fully protected\n if the Underlying Asset’s level is above the Maturity Barrier at maturity. If the Underlying\n Asset closes below the Maturity Barrier, principal loss for that autocallable will be equivalent\n to the negative performance of the Underlying Asset measured over the life of the autocallable. \n

^1\nExpressed as a percentage of the Underlying Asset initial reference price

Industry\nConcentration

Due\nto the Fund’s investment exposure to the Underlying Asset, the Fund’s investment exposure is concentrated in the computer\nindustry.

Apple\nInc. designs, manufactures and markets smartphones, personal computers, tablets, wearables and accessories and sells a range of related\nservices. AAPL is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided\nto or filed with the Securities and Exchange Commission by AAPL pursuant to the Exchange Act can be located by reference to the Securities\nand Exchange Commission file number 001-36743 through the Securities and Exchange Commission’s website at www.sec.gov. In addition,\ninformation regarding AAPL may be obtained from other sources including, but not limited to, press releases, newspaper articles and other\npublicly disseminated documents.

THE\nFUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING ASSET.

This\nprospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Apple Inc.\nThe common stock of Apple Inc. (AAPL) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).\nInformation provided to or filed with the Securities and Exchange Commission by Apple Inc. pursuant to the Exchange Act can be located\nat the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Apple Inc. may be obtained\nfrom other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.

PRINCIPAL\nRISKS OF INVESTING IN THE FUND

The\nprincipal risks of investing in the Fund are summarized below. As with any investment, there is a risk that you could lose all or a portion\nof your investment in the Fund. Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless\nof the order in which it appears. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”),\ntrading price, yield, total return and/or ability to meet its investment objectives. For more information about the risks of investing\nin the Fund, see the section in the Fund’s Prospectus titled “Additional Information About the Fund — Principal Risks\nof Investing in the Fund.”

Underlying\nAsset Risk. The performance of the Underlying Asset, and consequently the Fund’s performance, is subject to the risks of the\ncomputer industry. The Underlying Asset is subject to many risks that can negatively impact its revenue and viability including, but\nare not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk,\noperations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Asset performance\nmay be affected by global markets and demand for Apple’s products and services, its ability to develop new products and services,\ninventory levels, supply chain issues, the performance of third-party software developers, system and network failures, privacy and cybersecurity\nbreaches and changes in international and government regulations. Information technology companies are heavily dependent on patent and\nintellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information\ntechnology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel.\nThe Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Asset.

Derivatives\nRisk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds,\nor funds, interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those\nassociated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation\nwith underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.\nThe use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated\nwith ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing\nin securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of the Underlying Asset\nand the derivative, which may prevent the Fund from achieving its investment objectives. Because derivatives often require only a limited\ninitial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. In addition,\nthe Fund’s investments in derivatives are subject to the following risks:

Options\nContracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio\nsecurities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes\nin the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and\nby national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until\nthe expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it\ninvests is substantially influenced by the value of the Underlying Asset. Selling put options exposes the Fund to the risk of\npotential loss if the market value of the Underlying Asset falls below the strike price before the option expires. The Fund may\nexperience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As\nan option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However,\nprior to such date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There\nmay at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there\nmay at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined\nbased on market quotations or other recognized pricing methods. Additionally, the Fund’s practice of “rolling” may\ncause the Fund to experience losses if the expiring contracts do not generate proceeds enough to cover the costs of entering into new\noptions contracts. Rolling refers to the practice of closing out one options position and opening another with a different expiration\ndate and/or a different strike price. Further, if an option is exercised, the seller (writer) of a put option is obligated to purchase\nthe underlying asset at the strike price, which can result in significant financial and regulatory obligations for the Fund if the market\nvalue of the asset has fallen substantially. Furthermore, when the Fund seeks to trade out of puts, especially near expiration, there\nis an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure\nto physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions.

Swap\nRisk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge\nor replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s\nlosses. The swap agreements may reference standardized exchange-traded, FLEX, European Style or American Style put options contracts\nthat are based on the values of the price returns of the Underlying Asset. that generate specific risks.

Counterparty\nRisk. Counterparty risk is the risk that a counterparty to a financial instrument held by the Fund or by a special purpose or structured\nvehicle invested in by the Fund may become insolvent or otherwise fail to perform its obligations, and the Fund may obtain no or limited\nrecovery of its investment, and any recovery may be significantly delayed.

Over-the-Counter\nMarket Risk. Securities and options traded in over-the-counter markets may trade less frequently and in limited volumes and thus\nexhibit more volatility and liquidity risk, and the prices paid by the Fund in over-the-counter transactions may include an undisclosed\ndealer markup. The Fund is also exposed to default by the over-the-counter option writer who may be unwilling or unable to perform its\ncontractual obligations to the Fund.

In\naddition, a counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to\na transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement\npayments, or otherwise honor its obligations.

Autocallable\nStructure Risk. The Fund’s returns are correlated to the performance of a theoretical portfolio of autocallables. Autocallables\nhave specific structural features that may be unfamiliar to many investors:

Contingent\nIncome Risk. Coupon payments from autocallables are not guaranteed and will not be made if the Underlying Asset falls below the Coupon\nBarrier on observation dates. This means the Fund may generate significantly less income than anticipated during market downturns. The\nexpected absence of future coupon payments over the term of an autocallable could materially affect its value.

Early\nRedemption Risk. Autocallables may be called before their scheduled maturity if the Underlying Asset reaches or exceeds the Autocallable\nBarrier on observation dates. This automatic early redemption could force reinvestment of that portion of the portfolio at lower rates\nif market yields have declined.

Barrier\nRisk. If the Underlying Asset falls below the Maturity Barrier at the maturity of an autocallable, that portion of the portfolio\nwill be fully exposed to the negative performance of the Underlying Asset from its initial level. For example, if the Underlying Asset\nhas declined 45% at maturity of a particular autocallable, the portfolio allocated to that autocallable would lose 45% of its value.\nThis conditional protection creates a binary outcome that can result in sudden, significant losses if barriers are breached.

Calculation\nMethodology Risk. Autocallables rely on complex calculation methodologies that may not perform as expected under certain market conditions.

Distribution\nRisk. As part of the Fund’s investment objective, the Fund seeks to provide current monthly income. There is no assurance that\nthe Fund will make a distribution in any given month. If the Fund makes distributions, the amounts of such distributions will likely\nvary greatly from one distribution to the next. Additionally, the monthly distributions, if any, may consist of returns of capital, which\nwould decrease the Fund’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment.

NAV\nErosion Risk Due to Distributions. When the Fund makes a distribution, the Fund’s NAV will typically drop by the amount of\nthe distribution on the related ex-dividend date. The repeated payment of distributions by the Fund, if any, may significantly erode\nthe Fund’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment.

Option\nMarket Liquidity Risk. Liquidity risk exists when particular investments are difficult to purchase or sell. The Fund’s investments\nin illiquid investments may reduce the returns of the Fund because it may be unable to sell the illiquid investments at an advantageous\ntime or price.

Laddered\nPortfolio Risk. A laddered portfolio strategy may not perform as expected if market conditions remain unfavorable over an extended\nperiod, multiple autocallable instruments may experience losses simultaneously and/or the reallocation across autocallable instruments\nmay result in suboptimal entry points during rapidly changing markets. A portfolio of autocallables providing exposure to the same\nUnderlying Asset may not be homogeneously affected by a change in that Underlying Asset price as the impact of such change may depend\non the tenor of each autocallable. Depending on market conditions, requests to create and/or redeem shares in the Fund may result in\nthe average tenor of the portfolio of autocallables held by the Fund to deviate from the average tenor the Fund intends to achieve.

Concentration\nRisk. To the extent that the Underlying Asset concentrates its investments in a particular industry, the Fund will be subject\nto the risks associated with that industry.

ETF\nRisks.

Authorized\nParticipants, Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions\nthat are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”).\nThere are a limited number of financial institutions that post collateral for certain trades on an agency basis (i.e. on behalf of other\nmarket participants). In such circumstances, the Fund’s\nmarket price may be significantly different than its underlying net asset value. In addition, there may be a limited number of market\nmakers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material\ndiscount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption\norders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or\nsignificantly reduce their business activities and no other entities step forward to perform their functions.

Cash\nRedemption Risk. The Fund currently expects to effect a significant portion of its creations and redemptions for cash, rather than\nin-kind securities. Paying redemption proceeds in cash rather than through in-kind delivery of portfolio securities may require the Fund\nto dispose of or sell portfolio securities or other assets at an inopportune time to obtain the cash needed to meet redemption orders.\nThis may cause the Fund to sell a security and recognize a capital gain or loss that might not have been incurred if it had made a redemption\nin-kind. As a result, the Fund may pay out higher or lower annual capital gains distributions than ETFs that redeem in-kind. The use\nof cash creations and redemptions may also cause the Fund’s Shares to trade in the market at greater bid-ask spreads or greater\npremiums or discounts to the Fund’s NAV. Furthermore, the Fund may not be able to execute cash transactions for creation and redemption\npurposes at the same price used to determine the Fund’s NAV. To the extent that the maximum additional charge for creation or redemption\ntransactions is insufficient to cover the execution shortfall, the Fund’s performance could be negatively impacted.

Costs\nof Buying or Selling Shares. Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and\nbid-ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable\nfor investors who anticipate regularly making small investments.

Shares\nMay Trade at Prices Other Than NAV. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although\nit is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares\nis more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods\nof market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there\nis limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.

Trading.\nAlthough Shares are listed on a national securities exchange, such as The Nasdaq Stock Market, LLC (the “Exchange”),\nand may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active trading market for the Shares will\ndevelop or be maintained or that the Shares will trade with any volume, or at all, on any stock exchange. This risk may be greater for\nthe Fund as it seeks to have exposure to a single underlying stock as opposed to a more diverse portfolio like a traditional pooled investment.\nIn stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings,\nwhich can be significantly less liquid than Shares. Shares trade on the Exchange at a market price that may be below, at or above the\nFund’s NAV. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange,\nmake trading in Shares inadvisable. In addition, trading in Shares on the Exchange is subject to trading halts caused by extraordinary\nmarket volatility pursuant to the Exchange “circuit breaker” rules. There can be no assurance that the requirements of the\nExchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. In the event of an unscheduled\nmarket close for options contracts that reference a single stock, such as the Underlying Asset’s securities being halted or\na market wide closure, settlement prices will be determined by the procedures of the listing exchange of the options contracts. As a\nresult, the Fund could be adversely affected and be unable to implement its investment strategies in the event of an unscheduled closing.

High\nPortfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings. A\nhigh portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses. Frequent trading may also cause\nadverse tax consequences for investors in the Fund due to an increase in short-term capital gains.

Inflation\nRisk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases\nthe value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

Liquidity\nRisk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during\ntimes of market turmoil. This risk is greater for the Fund as it will hold options contracts on a single security, and not a broader\nrange of options contracts. Markets for securities or financial instruments could be disrupted by a number of events, including, but\nnot limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the\nUnited States. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to sell\nan illiquid security at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions,\nsuch as market rules related to short sales, may prevent the Fund from limiting losses, realizing gains or achieving a high correlation\nwith the Underlying Asset. There is no assurance that a security that is deemed liquid when purchased will continue to be liquid.\nMarket illiquidity may cause losses for the Fund.

Management\nRisk. The Fund is subject to management risk because it is an actively managed portfolio. In managing the Fund’s investment\nportfolio, the portfolio managers will apply investment techniques and risk analyses that may not produce the desired result. There can\nbe no guarantee that the Fund will meet its investment objective.

Money\nMarket Instrument Risk. The Fund may use a variety of money market instruments for cash management purposes, including money market\nfunds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities agrees to buy\nthe securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk related to the collateral\nsecuring the repurchase agreement. Money market instruments, including money market funds, may lose money through fees or other means.

New\nFund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors\ndo not have a track record or history on which to base their investment decisions.

Non-Diversification\nRisk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a\nsingle issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment\nin a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the\nFund held a more diversified portfolio.

Operational\nRisk. The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing\nand communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes\nand technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure\nrelating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although\nthe Fund and the Adviser seek to reduce these operational risks through controls and procedures, there is no\nway to completely protect against such risks.

Recent\nMarket Events Risk. U.S. and international markets have experienced significant periods of volatility in recent years due to a number\nof economic, political and global macro factors, including uncertainty regarding interest rates and inflation, rising government\ndebt in the U.S. and elsewhere, political events, changes in trade policy and armed conflict. Public health emergencies, such as the\nCOVID-19 pandemic, have in the past caused, and may in the future cause, disruptions to business operations and supply chains,\nreduced consumer demand and significant market volatility. Armed conflict, including the conflict between Russia and\nUkraine and conflicts in the Middle East, has caused, and could continue to cause, loss of life and severe adverse effects\non regional and global economies and on the markets for certain securities and commodities. The U.S., the European Union\nand other countries have imposed, and may impose additional, sanctions and other restrictive measures on certain countries,\nindividuals and companies, which could adversely affect the issuers, markets and economies concerned. In addition, the U.S. has\nimposed, and may continue to impose, tariffs and other trade barriers, and other countries have imposed or may impose retaliatory\nmeasures. Trade disputes between the U.S. and other countries could result in additional tariffs, trade barriers and/or investment\nrestrictions. These and other events could adversely affect the Fund’s performance, and their duration and full effects cannot\nbe predicted.

Single\nIssuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment\nvehicle which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security (the Underlying\nAsset), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the\nvalue of a traditional pooled investment or the market as a whole.

Tax\nRisk. The Fund intends to elect and to qualify each year to be treated as a RIC under Subchapter M of the Code. As a RIC, the Fund\nwill not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to\nShareholders, provided that it satisfies certain requirements of the Code. If the Fund does not qualify as a RIC for any taxable year\nand certain relief provisions are not available, the Fund’s taxable income will be subject to tax at the Fund level and to a further\ntax at the shareholder level when such income is distributed. To comply with the asset diversification test applicable to a RIC, the\nFund will attempt to ensure that the value of the derivatives it holds never exceed 25% of the total value of Fund assets at the\nclose of any quarter. If the Fund’s investments in the derivatives were to exceed 25% of the Fund’s total assets at the end\nof a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no\nlonger be eligible to be treated as a RIC. In addition, distributions received by the Fund from the Underlying Asset may generate “bad\nincome” that could prevent the Fund from meeting the “Income Requirement” of Subchapter M of the Code, which may cause\nthe Fund to fail to qualify as a RIC. The Fund intends to treat any income it may derive from the options and swap contracts as “qualifying\nincome” under the provisions of the Code applicable to RICs. If the income is not qualifying income the Fund may lose its status\nas a RIC. The Fund will, for each year, distribute substantially all of its net investment income and net capital gains.

Investing\nin U.S. Equities Risk. Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic\nrisks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial\nmarkets, may have an adverse effect on U.S. issuers.

Affiliated ETFs Risk. The Fund may invest\nin equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may\narise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment\nrisks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated\nETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will\npurchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value\nper share.

Box Spread ETF Risk. The Fund may invest\nin LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral\nbox spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic\noptions positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed\nto be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk,\ncounterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges\nfrom prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G)\nof the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly,\nthe Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating\nFund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.”

U.S.\nGovernment and U.S. Agency Obligations Risk. The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities.\nU.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies\nor instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the\nfull faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In\nthe latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate\nrepayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial\nsupport to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so.

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

	-	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 will\n fail to make timely payments of interest or principal or go bankrupt, or that the value of the securities will decline because of\n 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 years, interest rates in the United States rose significantly from historically low levels, and the U.S. Federal Reserve\n has adjusted, and may continue to adjust, its monetary policy in response to changing economic conditions. Significant or\n rapid changes in interest rates may magnify interest rate risk. Changes in government intervention may have adverse effects\n 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.

Performance

Performance:\nBecause the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented\nin this section of this Prospectus. Updated performance information, when available, will be available online at www.graniteshares.com\nor by calling 844-476-8747.

Portfolio\nManagers: Jeff Klearman, Ryan Dofflemeyer and Jeroen Visser have been portfolio managers of the Fund since the Fund’s\ninception.

Purchase\nand Sale of Fund Shares: The Fund is an ETF. Individual Shares of the Fund may only be bought and sold in the secondary market (i.e.,\non a national securities exchange) through a broker-dealer at a market price. Because ETF shares trade at market prices rather than at\nNAV, Shares may trade at a price greater than NAV (at a premium), at NAV or less than NAV (at a discount). An investor may incur costs\nattributable to the difference between the highest price a buyer is willing to pay to purchase Shares of the Fund (bid) and the lowest\nprice a seller is willing to accept for Shares of the Fund (ask) when buying or selling Shares in the secondary market (the “bid-ask\nspread”). The bid-ask spread varies over time for Shares based on trading volume and market liquidity, and is generally lower if\nthe Fund’s Shares have more trading volume and market liquidity and higher if the Fund’s Shares have little trading volume\nand market liquidity. Recent information regarding the Fund, including its NAV, market price, premiums and discounts, and bid/ask spreads,\nis available on the Fund’s website at www.graniteshares.com.

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

Payments\nto Broker-Dealers and Other Financial Intermediaries: If you purchase Shares of the Fund through a broker-dealer or other financial\nintermediary (such as a bank) (an “Intermediary”), the Adviser and/or its related companies may pay the Intermediary for\nthe sale of Shares and related services. These payments may create a conflict of interest by influencing the Intermediary and your salesperson\nto recommend the Fund over another investment. Any such arrangements do not result in increased Fund expenses. Ask your salesperson or\nvisit the Intermediary’s website for more information.

GraniteShares\nAUTOCALLABLE AMD ETF

Investment\nObjective

The\nFund’s primary investment objective is to generate income while providing limited downside protection by getting exposure to\nautocallables that reference the price of the common stock of Advanced Micro Devices, Inc. (NASDAQ: AMD) (the “Underlying Asset”).

Fund\nFees and Expenses

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

Management\n Fee	0.99	%
Annual\n Fund Operating Expenses \n (expenses\n that you pay each year as a percentage of the value of your investment)
Management\n Fee	0.99	%
Distribution\n and/or Service (12b-1) Fees	0.00	%
Other\n Expenses ⁽¹⁾	0.08	%
Acquired\n Fund Fees and Expenses ⁽²⁾	0.03	%
Total\n Annual Fund Operating Expenses	1.10	%
Fee\n Waiver/Reimbursements ⁽³⁾	0.00	%
Net\n Annual Fund Operating Expenses After Fee Waiver/Reimbursements ^{(1), (2), (3)}	1.10	%

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

(1)	Other\n Expenses are estimated for the Fund’s initial fiscal year.
(2)	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. The amounts\n are estimated for the Fund’s initial fiscal year.
(3)	GraniteShares\n Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual\n fund operating expenses (excluding interest, taxes, brokerage commissions, expenses related to short sales, other expenditures\n which are capitalized in accordance with generally accepted accounting principles, other extraordinary expenses not incurred in the\n ordinary course of a Fund’s business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1\n under the 1940 Act) will not exceed 1.15%. This agreement is effective until December 31, 2027, and it may be terminated\n before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived\n fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement\n will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense\n payment and the expense limitation in place at the time of the recoupment.

Example

This\nExample is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded\nfunds.

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 \n \n \n \n

1\n Year			3\n Years
$	112			$	350

Portfolio\nTurnover

Principal\nInvestment Strategies

The Fund is an actively\nmanaged exchange-traded fund (“ETF”) that seeks current income by getting exposure to a portfolio of autocallables\nthat reference the price of the common stock of Advanced Micro Devices, Inc. (NASDAQ: AMD) (the “Underlying Asset”). The\nparameters of the autocallables the Fund will get exposure to are detailed in the section “Fund Exposure to the Autocallables”\nwith the aim to make monthly distributions.

The\nFund is classified as “non-diversified” under the Investment Company Act of 1940, as amended (the “1940 Act”).

An\ninvestment in the Fund is not an investment in the Underlying Asset.

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

	-	The\n ability of an autocallable, and by extension the Fund, to make distributions is subject\n to the performance of the Underlying Asset,
	-	The\n Fund’s strategy is exposed to all potential losses if the Underlying Asset’s\n trading price declines, subject to a limited downside protection.
	-	The\n Fund does not invest directly in the Underlying Asset,
	-	Fund\n shareholders are not entitled to any distribution paid by Underlying Asset.

Description\nof Autocallable

Before\nmaturity, the following outcomes will happen on each coupon observation date (assuming an observation date occurs on each coupon payment\ndate and the absence of Non-Callable Period):

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

Outcome\n 1: the Underlying Asset trades below both the Autocallable Barrier and the Coupon Barrier

No\n coupon payment is made

\n \n

The\n autocallable does not mature

Outcome\n 2: the Underlying Asset trades above the Coupon Barrier but below the Autocallable Barrier

A\n coupon payment is made

\n \n

The\n autocallable does not mature

Outcome\n 3: the Underlying Asset trades above both the Coupon Barrier and the Autocallable Barrier

A\n coupon payment is made

\n \n

The\n autocallable matures

At\nmaturity, the following outcomes will happen:

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

Outcome\n 1: The Underlying Asset trades above the Maturity Barrier

A\n final coupon payment is made

Outcome\n 2: the Underlying Asset trades below the Maturity Barrier but above the Coupon Barrier

A\n Final coupon payment is made.

\n \n \n\n

The autocallable is exposed to the full downside performance of the\nUnderlying Asset resulting in loss of part or all of principal

\n\n

Outcome\n 3: the Underlying Asset trades below the Maturity Barrier and below the Coupon Barrier

No\n coupon payment is made.

\n \n

The\n autocallable is exposed to the full downside performance of the Underlying Asset resulting in loss of part or all of principal

The\nexamples below are based on an autocallable with the following parameters:

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

Tenor\n (maturity)	3\n months
Observation\n Frequency	Monthly\n
Autocallable\n Notional Value	$10
Monthly\n coupon	$1
Price\n Underlying Asset at inception	$50
Coupon\n Barrier	$45\n (or 80% of the Initial Reference Price)
Autocallable\n Barrier	$55\n (or 110% of the Initial Reference Price)
Maturity\n Barrier	$40\n (or 80% of the Initial Reference Price)

Example\n1 – Favorable scenario

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

Observation\n date	\n Price\n of the Underlying Asset at each observation date \n (%\n change against Initial Reference Price) \n	Outcome
Month\n 1	$54\n (+8%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) \n \n ð A\n $1 coupon is paid \n
Month\n 2	$52\n (+4%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) \n \n ð A\n $1 coupon is paid \n
Month\n 3	$47\n (-6%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) and above the Maturity Barrier ($45) \n \n ð A\n $1 coupon is paid \n

Example\n2 – Medium scenario

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

Observation\n date	\n Price\n of the Underlying Asset at observation date \n (%\n change against Initial Reference Price) \n	Outcome
Month\n 1	$54\n (+8%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) \n \n ð A\n $1 coupon is paid \n
Month\n 2	$56\n (+12%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) and above the Autocallable\n Barrier ($55) \n \n ð A\n $1 coupon is paid \n \n ð The\n autocallable matures \n
\n Month\n 3		\n \n N/A \n

Example\n3 – Unfavorable scenario

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

\n Observation\n date \n	Price\n of the Underlying Asset at observation date	Outcome
Month\n 1	$39\n (-22%)	\n The\n Underlying Asset trades below the Coupon Barrier ($45) and below the Autocallable Barrier\n ($55) \n \n ð No\n coupon payment is made \n \n ð The\n product is not terminated \n
Month\n 2	$37\n (-26%)	\n The\n Underlying Asset trades below the Coupon Barrier ($45) and below the Autocallable Barrier\n ($55) \n \n ð No\n coupon payment is made \n \n ð The\n product is not terminated \n
Month\n 3	$32\n (-36%)	\n The\n Underlying Asset trades below the Coupon Barrier ($45), below the Autocallable Barrier ($55)\n and below the Maturity Barrier ($40) \n \n ð No\n coupon payment is made \n \n ð Exposure\n to the full downside performance of the Underlying \n Asset,\n resulting in loss of $3.60 ($10 * -36%) \n

Fund\nExposure to the Autocallables

Autocallables can be wrapped in different financial\ninstruments, such as notes, options and swaps.

The\nFund expects to obtain exposure to autocallables through swaps and options only, and in each case the financial instrument performance\nwill settle in cash only. The Fund allocation between swaps and options will be made with the aim of minimizing the Fund operational\nconstraints. Autocallables derive their liquidity from the Underlying Asset to which they provide exposure to. Autocallables held by\nthe Fund will only reference highly liquid Underlying Assets.

Swaps:

The\nFund may enter into one or more swap agreements with major financial institutions against autocallable with the parameters detailed in\nthe table below whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return)\nearned or realized on the autocallable. The gross return to be exchanged or “swapped” between the parties is calculated with\nrespect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the autocallable\non the Underlying Asset.

Options:

Depending\non market conditions, market liquidity and operational constraints, the Fund may gain exposure to autocallable with the parameters detailed\nin the table below through over-the-counter options provided by major financial institutions.

The\nfinancial instruments held by the Fund will reference autocallables that have the key parameters disclosed in the table below, with the\naim of achieving an average tenor ranging between 12 and 24 months at the beginning of each month. The other parameters will be market\ndependent and determined with the aim of supporting the Fund’s monthly distributions and capital preservation.

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

Direct\n link to the performance of \n	The\n Underlying Asset
Currency\n Denomination \n	US\n dollar
Tenor\n (Maturity) \n	Between\n 1 month and 48 months
Non-Callable\n Period \n	Between\n 0 to 12 months
Autocallable\n Barrier ¹ \n	Between\n 95% and 105%
Coupon\n Barrier ¹ \n	Between\n 50% and 95%
Maturity\n Barrier ¹ \n	Between\n 50% and 95%
Coupon\n Frequency \n	Monthly\n or quarterly
Callability\n Frequency \n	Monthly\n or quarterly
Call\n Feature	Upon\n the expiration of each autocallable’s Non-Callable Period, the autocallable will automatically\n be called prior to its scheduled maturity date if the Underlying Asset reaches or exceeds\n the Autocallable Barrier on the callability observation date (see Callability Frequency). \n
Contingent\n Coupon	The\n coupon is paid if, on the observation date (see Coupon Frequency), the performance of the\n Underlying Asset is at or above the Coupon Barrier. If the Underlying Asset falls below the\n Coupon Barrier on an observation date, no coupon will be paid for that period. \n
Contingent\n Principal Protection	If\n an autocallable is not called prior to its Tenor, the initial principal is fully protected\n if the Underlying Asset’s level is above the Maturity Barrier at maturity. If the Underlying\n Asset closes below the Maturity Barrier, principal loss for that autocallable will be equivalent\n to the negative performance of the Underlying Asset measured over the life of the autocallable. \n

^1\nExpressed as a percentage of the Underlying Asset initial reference price

Industry\nConcentration

Due\nto the Fund’s investment exposure to the Underlying Asset, the Fund’s investment exposure is concentrated in the semi-conductor\nindustry.

Advanced\nMicro Devices, Inc. is a global semi-conductor company. It operates through four segments: data center, client, gaming, and embedded.\nAMD is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or\nfiled with the Securities and Exchange Commission by AMD pursuant to the Exchange Act can be located by reference to the Securities and\nExchange Commission file number 001-07882 through the Securities and Exchange Commission’s website at www.sec.gov. In addition,\ninformation regarding AMD may be obtained from other sources including, but not limited to, press releases, newspaper articles and other\npublicly disseminated documents.

THE\nFUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING ASSET.

This\nprospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Advanced\nMicro Devices, Inc. The common stock of Advanced Micro Devices, Inc. (AMD) is registered under the Securities Exchange Act of 1934, as\namended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Advanced Micro\nDevices, Inc. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In\naddition, information regarding Advanced Micro Devices, Inc. may be obtained from other sources including, but not limited to, press\nreleases, newspaper articles and other publicly disseminated documents.

PRINCIPAL\nRISKS OF INVESTING IN THE FUND

Underlying\nAsset Risk. The performance of the Underlying Asset, and consequently the Fund’s performance, is subject to the risks of the\nsemiconductor sector. The Underlying Asset is subject to many risks that can negatively impact its revenue and viability including, but\nare not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk,\noperations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Asset performance\nmay be affected by the company’s significant customer losses, its inability to develop and implement new technologies, its reliance\non third-party distributors and platforms, cybersecurity attacks, its inability to protect its intellectual property rights and global\nlaws and regulations affecting privacy, data protection and technology protections. The semiconductor industry may also be affected by\nrisks that affect the broader technology sector, including: government regulation; dramatic and often unpredictable changes in growth\nrates and competition for qualified personnel; and a small number of companies representing a large portion of the technology sector\nas a whole. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying\nAsset.

Calculation\nMethodology Risk. Autocallables rely on complex calculation methodologies that may not perform as expected under certain market conditions.

Concentration\nRisk. To the extent that the Underlying Asset concentrates its investments in a particular industry, the Fund will be subject\nto the risks associated with that industry.

ETF\nRisks.

Trading.\nAlthough Shares are listed on a national securities exchange, such as The Nasdaq Stock Market, LLC (the “Exchange”),\nand may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active trading market for the Shares will\ndevelop or be maintained or that the Shares will trade with any volume, or at all, on any stock exchange. This risk may be greater for\nthe Fund as it seeks to have exposure to a single underlying stock as opposed to a more diverse portfolio like a traditional pooled investment.\nIn stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings,\nwhich can be significantly less liquid than Shares. Shares trade on the Exchange at a market price that may be below, at or above the\nFund’s NAV. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange,\nmake trading in Shares inadvisable. In addition, trading in Shares on the Exchange is subject to trading halts caused by extraordinary\nmarket volatility pursuant to the Exchange “circuit breaker” rules. There can be no assurance that the requirements of the\nExchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. In the event of an unscheduled\nmarket close for options contracts that reference a single stock, such as the Underlying Asset’s securities being halted\nor a market wide closure, settlement prices will be determined by the procedures of the listing exchange of the options contracts. As\na result, the Fund could be adversely affected and be unable to implement its investment strategies in the event of an unscheduled closing.

Recent\nMarket Events Risk. U.S. and international markets have experienced significant periods of volatility in recent years due to a number\nof economic, political and global macro factors, including uncertainty regarding interest rates and inflation, rising government\ndebt in the U.S. and elsewhere, political events, changes in trade policy and armed conflict. Public health emergencies, such as the\nCOVID-19 pandemic, have in the past caused, and may in the future cause, disruptions to business operations and supply chains,\nreduced consumer demand and significant market volatility. Armed conflict, including the conflict between Russia and\nUkraine and conflicts in the Middle East, has caused, and could continue to cause, loss of life and severe adverse effects on regional\nand global economies and on the markets for certain securities and commodities. The U.S., the European Union\nand other countries have imposed, and may impose additional, sanctions and other restrictive measures on certain\ncountries, individuals and companies, which could adversely affect the issuers, markets and economies concerned. In addition,\nthe U.S. has imposed, and may continue to impose, tariffs and other trade barriers, and other countries have imposed or\nmay impose retaliatory measures. Trade disputes between the U.S. and other countries could result in additional tariffs, trade\nbarriers and/or investment restrictions. These and other events could adversely affect the Fund’s performance, and their duration\nand full effects cannot be predicted.

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

	-	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 will\n fail to make timely payments of interest or principal or go bankrupt, or that the value of the securities will decline because of\n 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 years, interest rates in the United States rose significantly from historically low levels, and the U.S. Federal Reserve\n has adjusted, and may continue to adjust, its monetary policy in response to changing economic conditions. Significant\n or rapid changes in interest rates may magnify interest rate risk. Changes in government intervention may have adverse effects\n 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.

Performance

Portfolio\nManagers: Jeff Klearman, Ryan Dofflemeyer and Jeroen Visser have been portfolio managers of the Fund since the\nFund’s inception.

GraniteShares\nAUTOCALLABLE AMZN ETF

Investment\nObjective

The\nFund’s primary investment objective is to generate income while providing limited downside protection by getting exposure to\nautocallables that reference the price of the common stock of Amazon.com, Inc. (NASDAQ: AMZN) (the “Underlying Asset”).

Fund\nFees and Expenses

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

Management\n Fee	-	%
Annual\n Fund Operating Expenses (expenses\n that you pay each year as a percentage of the value of your investment)
Management\n Fee	0.99	%
Distribution\n and/or Service (12b-1) Fees	0.00	%
Other\n Expenses ⁽¹⁾	0.08	%
Acquired\n Fund Fees and Expenses ⁽²⁾	0.03	%
Total\n Annual Fund Operating Expenses	1.10	%
Fee\n Waiver/Reimbursements ⁽³⁾	0.00	%
Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements ^{(1), (2), (3)} \n	1.10	%

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

(1)	Other\n Expenses are estimated for the Fund’s initial fiscal year.
(2)	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. The amounts\n are estimated for the Fund’s initial fiscal year.
(3)	GraniteShares\n Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual\n fund operating expenses (excluding interest, taxes, brokerage commissions, expenses related to short sales, other expenditures\n which are capitalized in accordance with generally accepted accounting principles, other extraordinary expenses not incurred in the\n ordinary course of a Fund’s business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1\n under the 1940 Act) will not exceed 1.15%. This agreement is effective until December 31, 2027, and it may be terminated\n before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived\n fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement\n will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense\n payment and the expense limitation in place at the time of the recoupment.

Example

This\nExample is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded\nfunds.

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 \n \n \n \n

1\n Year			3\n Years
$	112			$	350

Portfolio\nTurnover

Principal\nInvestment Strategies

The\nFund is an actively managed exchange-traded fund (“ETF”) that seeks current income by getting exposure to a portfolio of\nautocallables that reference the price of the common stock of Amazon.com, Inc. (NASDAQ: AMZN) (the “Underlying Asset”). The\nparameters of the autocallables the Fund will get exposure to are detailed in the section “Fund Exposure to the Autocallables”\nwith the aim to make monthly distributions.

The\nFund is classified as “non-diversified” under the Investment Company Act of 1940, as amended (the “1940 Act”).

An\ninvestment in the Fund is not an investment in the Underlying Asset.

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

	-	The\n ability of an autocallable, and by extension the Fund, to make distributions is subject\n to the performance of the Underlying Asset,
	-	The\n Fund’s strategy is exposed to all potential losses if the Underlying Asset’s\n trading price declines, subject to a limited downside protection.
	-	The\n Fund does not invest directly in the Underlying Asset,
	-	Fund\n shareholders are not entitled to any distribution paid by Underlying Asset.

Description\nof Autocallable

An autocallable is a\nderivative instrument combining a series of options that is designed to pay a percentage of the notional amount allocated to that\nautocallable at certain set observation dates (e.g., monthly, noting the monthly observation dates are specific to each autocallable)\n(a “Coupon”), provided that the Underlying Asset remains within certain predefined levels. If on specified monthly observation\ndates the Underlying Asset reaches or exceeds a certain level (the “Autocallable Barrier”) then the autocallable will automatically\nmature. The Coupon is intended to be paid even when the Underlying Asset experiences a certain amount of negative performance, but only\ndown to a certain predetermined level (the “Coupon Barrier”). If the performance of the Underlying Asset is below the Coupon\nBarrier on any observation date no Coupon is paid for that then-ended observation period.

Before\nmaturity, the following outcomes will happen on each coupon observation date (assuming an observation date occurs on each coupon payment\ndate and the absence of Non-Callable Period):

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

Outcome\n 1: the Underlying Asset trades below both the Autocallable Barrier and the Coupon Barrier

No\n coupon payment is made

\n \n

The\n autocallable does not mature

Outcome\n 2: the Underlying Asset trades above the Coupon Barrier but below the Autocallable Barrier

A\n coupon payment is made

\n \n

The\n autocallable does not mature

Outcome\n 3: the Underlying Asset trades above both the Coupon Barrier and the Autocallable Barrier

A\n coupon payment is made

\n \n

The\n autocallable matures

At\nmaturity, the following outcomes will happen:

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

Outcome\n 1: The Underlying Asset trades above the Maturity Barrier

A\n final coupon payment is made

Outcome\n 2: the Underlying Asset trades below the Maturity Barrier but above the Coupon Barrier

A\n Final coupon payment is made.

\n \n \n\n

The autocallable is exposed to the full downside performance\nof the Underlying Asset resulting in loss of part or all of principal

\n\n

Outcome\n 3: the Underlying Asset trades below the Maturity Barrier and below the Coupon Barrier

No\n coupon payment is made.

\n \n \n\n

The autocallable is exposed to the full downside performance\nof the Underlying Asset resulting in loss of part or all of principal

\n\n

The\nexamples below are based on an autocallable with the following parameters:

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

Tenor\n (maturity)	3\n months
Observation\n Frequency	Monthly\n
Autocallable\n Notional Value	$10
Monthly\n coupon	$1
Price\n Underlying Asset at inception	$50
Coupon\n Barrier	$45\n (or 80% of the Initial Reference Price)
Autocallable\n Barrier	$55\n (or 110% of the Initial Reference Price)
Maturity\n Barrier	$40\n (or 80% of the Initial Reference Price)

Example\n1 – Favorable scenario

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

Observation\n date	\n Price\n of the Underlying Asset at each observation date \n (%\n change against Initial Reference Price) \n	Outcome
Month\n 1	$54\n (+8%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) \n \n ð A\n $1 coupon is paid \n
Month\n 2	$52\n (+4%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) \n \n ð A\n $1 coupon is paid \n
Month\n 3	$47\n (-6%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) and above the Maturity Barrier ($45) \n \n ð A\n $1 coupon is paid \n

Example\n2 – Medium scenario

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

Observation\n date	\n Price\n of the Underlying Asset at observation date \n (%\n change against Initial Reference Price) \n	Outcome
Month\n 1	$54\n (+8%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) \n \n ð A\n $1 coupon is paid \n
Month\n 2	$56\n (+12%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) and above the Autocallable\n Barrier ($55) \n \n ð A\n $1 coupon is paid \n \n ð The\n autocallable matures \n
\n Month\n 3		\n \n N/A \n

Example\n3 – Unfavorable scenario

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

\n Observation\n date \n	Price\n of the Underlying Asset at observation date	Outcome
Month\n 1	$39\n (-22%)	\n The\n Underlying Asset trades below the Coupon Barrier ($45) and below the Autocallable Barrier\n ($55) \n \n ð No\n coupon payment is made \n \n ð The\n product is not terminated \n
Month\n 2	$37\n (-26%)	\n The\n Underlying Asset trades below the Coupon Barrier ($45) and below the Autocallable Barrier\n ($55) \n \n ð No\n coupon payment is made \n \n ð The\n product is not terminated \n
Month\n 3	$32\n (-36%)	\n The\n Underlying Asset trades below the Coupon Barrier ($45), below the Autocallable Barrier ($55)\n and below the Maturity Barrier ($40) \n \n ð No\n coupon payment is made \n \n ð Exposure\n to the full downside performance of the Underlying \n Asset,\n resulting in loss of $3.60 ($10 * -36%) \n

Fund\nExposure to the Autocallables

Autocallables can be\nwrapped in different financial instruments, such as notes, options and swaps. The Fund expects to obtain exposure to autocallables through\nswaps and options only, and in each case the financial instrument performance will settle in cash only. The Fund allocation between swaps\nand options will be made with the aim of minimizing the Fund operational constraints. Autocallables derive their liquidity from the Underlying\nAsset to which they provide exposure to. Autocallables held by the Fund will only reference highly liquid Underlying Assets.

Swaps:

The Fund may enter into\none or more swap agreements with major financial institutions against autocallable with the parameters detailed in the table below whereby\nthe Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on\nthe autocallable. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional\namount,” e.g., the return on or change in value of a particular dollar amount representing the autocallable on the Underlying Asset.

Options:

The financial instruments\nheld by the Fund will reference autocallables that have the key parameters disclosed in the table below, with the aim of achieving an\naverage tenor ranging between 12 and 24 months at the beginning of each month. The other parameters will be market dependent and determined\nwith the aim of supporting the Fund’s monthly distributions and capital preservation.

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

Direct\n link to the performance of \n	The\n Underlying Asset
Currency\n Denomination \n	US\n dollar
Tenor\n (Maturity) \n	Between\n 1 month and 48 months
Non-Callable\n Period \n	Between\n 0 to 12 months
Autocallable\n Barrier ¹ \n	Between\n 95% and 105%
Coupon\n Barrier ¹ \n	Between\n 50% and 95%
Maturity\n Barrier ¹ \n	Between\n 50% and 95%
Coupon\n Frequency \n	Monthly\n or quarterly
Callability\n Frequency \n	Monthly\n or quarterly
Call\n Feature	Upon\n the expiration of each autocallable’s Non-Callable Period, the autocallable will automatically\n be called prior to its scheduled maturity date if the Underlying Asset reaches or exceeds\n the Autocallable Barrier on the callability observation date (see Callability Frequency). \n
Contingent\n Coupon	The\n coupon is paid if, on the observation date (see Coupon Frequency), the performance of the\n Underlying Asset is at or above the Coupon Barrier. If the Underlying Asset falls below the\n Coupon Barrier on an observation date, no coupon will be paid for that period. \n
Contingent\n Principal Protection	If\n an autocallable is not called prior to its Tenor, the initial principal is fully protected\n if the Underlying Asset’s level is above the Maturity Barrier at maturity. If the Underlying\n Asset closes below the Maturity Barrier, principal loss for that autocallable will be equivalent\n to the negative performance of the Underlying Asset measured over the life of the Autocallable. \n

^1\nExpressed as a percentage of the Underlying Asset initial reference price

Industry\nConcentration

Due\nto the Fund’s investment exposure to the Underlying Asset, the Fund’s investment exposure is concentrated in the online retail\nindustry.

Amazon.com,\nInc. (AMZN) provides a range of products and services to customers. The products offered through its stores include merchandise and content\nit has purchased for resale and products offered by third-party sellers. AMZN is registered under the Securities Exchange Act of 1934,\nas amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by AMZN pursuant\nto the Exchange Act can be located by reference to the Securities and Exchange Commission file number 000-22513 through the Securities\nand Exchange Commission’s website at www.sec.gov. In addition, information regarding AMZN may be obtained from other sources including,\nbut not limited to, press releases, newspaper articles and other publicly disseminated documents.

THE\nFUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING ASSET.

This\nprospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Amazon.com,\nInc. The common stock of Amazon.com, Inc. (AMZN) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange\nAct”). Information provided to or filed with the Securities and Exchange Commission by Amazon.com, Inc. pursuant to the Exchange\nAct can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Amazon.com,\nInc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated\ndocuments.

PRINCIPAL\nRISKS OF INVESTING IN THE FUND

Underlying\nAsset Risk. The performance of the Underlying Asset, and consequently the Fund’s performance, is subject to the risks of the\nonline retail industry. Companies that operate in the online marketplace and retail segments are subject to fluctuating consumer demand.\nUnlike traditional brick and mortar retailers, online marketplaces and retailers must assume shipping costs or pass such costs to consumers.\nConsumer access to price information for the same or similar products may cause companies that operate in the online marketplace and\nretail segments to reduce profit margins in order to compete. Due to the nature of their business models, companies that operate in the\nonline marketplace and retail segments may also be subject to heightened cyber security risk, including the risk of theft or damage to\nvital hardware, software and information systems. The loss or public dissemination of sensitive customer information or other proprietary\ndata may negatively affect the financial performance of such companies to a greater extent than traditional brick and mortar retailers.\nAs a result of such companies being web-based and the fact that they process, store, and transmit large amounts of data, including personal\ninformation, for their customers, failure to prevent or mitigate data loss or other security breaches, including breaches of vendors’\ntechnology and systems, could expose companies that operate in the online marketplace and retail segments or their customers to a risk\nof loss or misuse of such information, adversely affect their operating results, result in litigation or potential liability, and otherwise\nharm their businesses.

Derivatives\nRisk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds,\nor funds, interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those\nassociated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation\nwith underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.\nThe use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated\nwith ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing\nin securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of the Underlying Asset and\nthe derivative, which may prevent the Fund from achieving its investment objectives. Because derivatives often require only a limited\ninitial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. In addition,\nthe Fund’s investments in derivatives are subject to the following risks:

Calculation\nMethodology Risk. Autocallables rely on complex calculation methodologies that may not perform as expected under certain market conditions.

Laddered\nPortfolio Risk. A laddered portfolio strategy may not perform as expected if market conditions remain unfavorable over an extended\nperiod, multiple autocallable instruments may experience losses simultaneously and/or the reallocation across autocallable instruments\nmay result in suboptimal entry points during rapidly changing markets. A portfolio of autocallables providing exposure to the same Underlying\nAsset may not be homogeneously affected by a change in that Underlying Asset price as the impact of such change may depend on the tenor\nof each autocallable. Depending on market conditions, requests to create and/or redeem shares in the Fund may result in the average tenor\nof the portfolio of autocallables held by the Fund to deviate from the average tenor the Fund intends to achieve.

Concentration\nRisk. To the extent that the Underlying Asset concentrates its investments in a particular industry, the Fund will be subject\nto the risks associated with that industry.

ETF\nRisks.

Trading.\nAlthough Shares are listed on a national securities exchange, such as The Nasdaq Stock Market, LLC (the “Exchange”),\nand may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active trading market for the Shares will\ndevelop or be maintained or that the Shares will trade with any volume, or at all, on any stock exchange. This risk may be greater for\nthe Fund as it seeks to have exposure to a single underlying stock as opposed to a more diverse portfolio like a traditional pooled investment.\nIn stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings,\nwhich can be significantly less liquid than Shares. Shares trade on the Exchange at a market price that may be below, at or above the\nFund’s NAV. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange,\nmake trading in Shares inadvisable. In addition, trading in Shares on the Exchange is subject to trading halts caused by extraordinary\nmarket volatility pursuant to the Exchange “circuit breaker” rules. There can be no assurance that the requirements of the\nExchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. In the event of an unscheduled\nmarket close for options contracts that reference a single stock, such as the Underlying Asset’s securities being halted\nor a market wide closure, settlement prices will be determined by the procedures of the listing exchange of the options contracts. As\na result, the Fund could be adversely affected and be unable to implement its investment strategies in the event of an unscheduled closing.

Recent\nMarket Events Risk. U.S. and international markets have experienced significant periods of volatility in recent years due to a number\nof economic, political and global macro factors, including uncertainty regarding interest rates and inflation, rising government\ndebt in the U.S. and elsewhere, political events, changes in trade policy and armed conflict. Public health emergencies, such as the\nCOVID-19 pandemic, have in the past caused, and may in the future cause, disruptions to business operations and supply chains,\nreduced consumer demand and significant market volatility. Armed conflict, including the conflict between Russia and\nUkraine and conflicts in the Middle East, has caused, and could continue to cause, loss of life and severe adverse effects on regional\nand global economies and on the markets for certain securities and commodities. The U.S., the European Union\nand other countries have imposed, and may impose additional, sanctions and other restrictive measures on certain\ncountries, individuals and companies, which could adversely affect the issuers, markets and economies concerned. In addition,\nthe U.S. has imposed, and may continue to impose, tariffs and other trade barriers, and other countries have imposed or\nmay impose retaliatory measures. Trade disputes between the U.S. and other countries could result in additional tariffs, trade\nbarriers and/or investment restrictions. These and other events could adversely affect the Fund’s performance, and their duration\nand full effects cannot be predicted.

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

	-	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 will\n fail to make timely payments of interest or principal or go bankrupt, or that the value of the securities will decline because of\n 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 years, interest rates in the United States rose significantly from historically low levels, and the U.S. Federal Reserve\n has adjusted, and may continue to adjust, its monetary policy in response to changing economic conditions. Significant\n or rapid changes in interest rates may magnify interest rate risk. Changes in government intervention may have adverse effects\n 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.

Performance

Portfolio\nManagers: Jeff Klearman, Ryan Dofflemeyer and Jeroen Visser have been portfolio managers of the Fund since the\nFund’s inception.

GraniteShares\nAUTOCALLABLE APp ETF

Investment\nObjective

The\nFund’s primary investment objective is to generate income while providing limited downside protection by getting exposure to\nautocallables that reference the price of the common stock of AppLovin Corporation (NASDAQ: APP) (the “Underlying Asset”).

Fund\nFees and Expenses

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

Management\n Fee	0.99	%
Annual\n Fund Operating Expenses \n (expenses\n that you pay each year as a percentage of the value of your investment)
Management\n Fee	0.99	%
Distribution\n and/or Service (12b-1) Fees	0.00	%
Other\n Expenses ⁽¹⁾	0.08	%
Acquired\n Fund Fees and Expenses ⁽²⁾	0.03	%
Total\n Annual Fund Operating Expenses	1.10	%
Fee\n Waiver/Reimbursements ⁽³⁾	0.00	%
Net\n Annual Fund Operating Expenses After Fee Waiver/Reimbursements ^{(1), (2), (3)}	1.10	%

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

(1)	Other\n Expenses are estimated for the Fund’s initial fiscal year.
(2)	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. The amounts\n are estimated for the Fund’s initial fiscal year.
(3)	GraniteShares\n Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual\n fund operating expenses (excluding interest, taxes, brokerage commissions, expenses related to short sales, other expenditures\n which are capitalized in accordance with generally accepted accounting principles, other extraordinary expenses not incurred in the\n ordinary course of a Fund’s business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1\n under the 1940 Act) will not exceed 1.15%. This agreement is effective until December 31, 2027, and it may be terminated\n before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived\n fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement\n will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense\n payment and the expense limitation in place at the time of the recoupment.

Example

This\nExample is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded\nfunds.

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 \n \n \n \n

1\n Year			3\n Years
$	112			$	350

Portfolio\nTurnover

Principal\nInvestment Strategies

The Fund is an actively managed exchange-traded fund\n(“ETF”) that seeks current income by getting exposure to a portfolio of autocallables that reference the price of\nthe common stock of AppLovin Corporation (NASDAQ: APP) (the “Underlying Asset”). The parameters of the autocallables the\nFund will get exposure to are detailed in the section “Fund Exposure to the Autocallables” with the aim\nto make monthly distributions.

The\nFund is classified as “non-diversified” under the Investment Company Act of 1940, as amended (the “1940 Act”).

An\ninvestment in the Fund is not an investment in the Underlying Asset.

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

	-	The\n ability of an autocallable, and by extension the Fund, to make distributions is subject\n to the performance of the Underlying Asset,
	-	The\n Fund’s strategy is exposed to all potential losses if the Underlying Asset’s\n trading price declines, subject to a limited downside protection.
	-	The\n Fund does not invest directly in the Underlying Asset,
	-	Fund\n shareholders are not entitled to any distribution paid by Underlying Asset.

Description\nof Autocallable

An\nautocallable is a derivative instrument combining a series of options that\nis designed to pay a percentage of the notional amount allocated to that autocallable at certain set observation dates (e.g., monthly,\nnoting the monthly observation dates are specific to each autocallable) (a “Coupon”), provided that the Underlying Asset\nremains within certain predefined levels. If on specified monthly observation dates the Underlying Asset reaches or exceeds a certain\nlevel (the “Autocallable Barrier”) then the autocallable will automatically mature. The Coupon is intended to be paid even\nwhen the Underlying Asset experiences a certain amount of negative performance, but only down to a certain predetermined level (the “Coupon\nBarrier”). If the performance of the Underlying Asset is below the Coupon Barrier on any observation date no Coupon is paid for\nthat then-ended observation period.

Before\nmaturity, the following outcomes will happen on each coupon observation date (assuming an observation date occurs on each coupon payment\ndate and the absence of Non-Callable Period):

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

Outcome\n 1: the Underlying Asset trades below both the Autocallable Barrier and the Coupon Barrier

No\n coupon payment is made

\n \n

The\n autocallable does not mature

Outcome\n 2: the Underlying Asset trades above the Coupon Barrier but below the Autocallable Barrier

A\n coupon payment is made

\n \n

The\n autocallable does not mature

Outcome\n 3: the Underlying Asset trades above both the Coupon Barrier and the Autocallable Barrier

A\n coupon payment is made

\n \n

The\n autocallable matures

At\nmaturity, the following outcomes will happen:

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

Outcome\n 1: The Underlying Asset trades above the Maturity Barrier

A\n final coupon payment is made

Outcome\n 2: the Underlying Asset trades below the Maturity Barrier but above the Coupon Barrier

A\n final coupon payment is made.

\n \n

The\n autocallable is exposed to the full downside performance of the Underlying Asset resulting in loss of part or all of principal

Outcome\n 3: the Underlying Asset trades below the Maturity Barrier and below the Coupon Barrier

No\n coupon payment is made.

\n \n

The\n autocallable is exposed to the full downside performance of the Underlying Asset resulting in loss of part or all of principal

The\nexamples below are based on an autocallable with the following parameters:

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

Tenor\n (maturity)	3\n months
Observation\n Frequency	Monthly\n
Autocallable\n Notional Value	$10
Monthly\n coupon	$1
Price\n Underlying Asset at inception	$50
Coupon\n Barrier	$45\n (or 80% of the Initial Reference Price)
Autocallable\n Barrier	$55\n (or 110% of the Initial Reference Price)
Maturity\n Barrier	$40\n (or 80% of the Initial Reference Price)

Example\n1 – Favorable scenario

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

Observation\n date	\n Price\n of the Underlying Asset at each observation date \n (%\n change against Initial Reference Price) \n	Outcome
Month\n 1	$54\n (+8%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) \n \n ð A\n $1 coupon is paid \n
Month\n 2	$52\n (+4%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) \n \n ð A\n $1 coupon is paid \n
Month\n 3	$47\n (-6%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) and above the Maturity Barrier ($45) \n \n ð A\n $1 coupon is paid \n

Example\n2 – Medium scenario

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

Observation\n date	\n Price\n of the Underlying Asset at observation date \n (%\n change against Initial Reference Price) \n	Outcome
Month\n 1	$54\n (+8%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) \n \n ð A\n $1 coupon is paid \n
Month\n 2	$56\n (+12%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) and above the Autocallable\n Barrier ($55) \n \n ð A\n $1 coupon is paid \n \n ð The\n autocallable matures \n
\n Month\n 3		\n \n N/A \n

Example\n3 – Unfavorable scenario

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

\n Observation\n date \n	Price\n of the Underlying Asset at observation date	Outcome
Month\n 1	$39\n (-22%)	\n The\n Underlying Asset trades below the Coupon Barrier ($45) and below the Autocallable Barrier\n ($55) \n \n ð No\n coupon payment is made \n \n ð The\n product is not terminated \n
Month\n 2	$37\n (-26%)	\n The\n Underlying Asset trades below the Coupon Barrier ($45) and below the Autocallable Barrier\n ($55) \n \n ð No\n coupon payment is made \n \n ð The\n product is not terminated \n
Month\n 3	$32\n (-36%)	\n The\n Underlying Asset trades below the Coupon Barrier ($45), below the Autocallable Barrier ($55)\n and below the Maturity Barrier ($40) \n \n ð No\n coupon payment is made \n \n ð Exposure\n to the full downside performance of the Underlying \n Asset,\n resulting in loss of $3.60 ($10 * -36%) \n

Fund\nExposure to the Autocallables

Swaps:

Options:

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

Direct\n link to the performance of \n	The\n Underlying Asset
Currency\n Denomination \n	US\n dollar
Tenor\n (Maturity) \n	Between\n 1 month and 48 months
Non-Callable\n Period \n	Between\n 0 to 12 months
Autocallable\n Barrier ¹ \n	Between\n 95% and 105%
Coupon\n Barrier ¹ \n	Between\n 50% and 95%
Maturity\n Barrier ¹ \n	Between\n 50% and 95%
Coupon\n Frequency \n	Monthly\n or quarterly
Callability\n Frequency \n	Monthly\n or quarterly
Call\n Feature	Upon\n the expiration of each autocallable’s Non-Callable Period, the autocallable will automatically\n be called prior to its scheduled maturity date if the Underlying Asset reaches or exceeds\n the Autocallable Barrier on the callability observation date (see Callability Frequency). \n
Contingent\n Coupon	The\n coupon is paid if, on the observation date (see Coupon Frequency), the performance of the\n Underlying Asset is at or above the Coupon Barrier. If the Underlying Asset falls below the\n Coupon Barrier on an observation date, no coupon will be paid for that period. \n
Contingent\n Principal Protection	If\n an autocallable is not called prior to its Tenor, the initial principal is fully protected\n if the Underlying Asset’s level is above the Maturity Barrier at maturity. If the Underlying\n Asset closes below the Maturity Barrier, principal loss for that autocallable will be equivalent\n to the negative performance of the Underlying Asset measured over the life of the Autocallable. \n

^1\nExpressed as a percentage of the Underlying Asset initial reference price

Industry\nConcentration

Due\nto the Fund’s investment exposure to the Underlying Asset, the Fund’s investment exposure is concentrated in the software\nand information technology industry.

AppLovin\nCorporation provides end-to-end artificial intelligence-powered (AI) advertising solutions for businesses to reach, monetize and grow\ntheir global audience. The Company also has a globally diversified portfolio of apps, free-to-play mobile games that it operates through\nits owned or partner studios. AppLovin Corporation is registered under the Securities Exchange Act of 1934, as amended (the “Exchange\nAct”). Information provided to or filed with the Securities and Exchange Commission by AppLovin Corporation pursuant to the Exchange\nAct can be located by reference to the Securities and Exchange Commission file number 001-40325 through the Securities and Exchange\nCommission’s website at www.sec.gov. In addition, information regarding AppLovin Corporation may be obtained from other sources\nincluding, but not limited to, press releases, newspaper articles and other publicly disseminated documents.

THE\nFUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING ASSET.

This\nprospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of AppLovin\nCorporation. The common stock of AppLovin Corporation is registered under the Securities Exchange Act of 1934, as amended (the “Exchange\nAct”). Information provided to or filed with the Securities and Exchange Commission by AppLovin Corporation pursuant to the Exchange\nAct can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding AppLovin\nCorporation may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated\ndocuments.

PRINCIPAL\nRISKS OF INVESTING IN THE FUND

Underlying\nAsset Risk. The performance of the Underlying Asset, and consequently the Fund’s performance, is subject to the risks of the\nsoftware and information technology industry. The Underlying Asset is subject to many risks that can negatively impact its revenue and\nviability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk,\nsupply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying\nAsset performance may be affected by global markets and demand for its products and services, its ability to develop new products and\nservices, inventory levels, supply chain issues, the performance of third-party software developers, system and network failures, privacy\nand cybersecurity breaches and changes in international and government regulations. Information technology companies are heavily dependent\non patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies\nin the information technology industry may face dramatic and often unpredictable changes in growth rates and competition for the services\nof qualified personnel. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility\nof the Underlying Asset.

Calculation\nMethodology Risk. Autocallables rely on complex calculation methodologies that may not perform as expected under certain market conditions.

Concentration\nRisk. To the extent that the Underlying Asset concentrates its investments in a particular industry, the Fund will be subject\nto the risks associated with that industry.

ETF\nRisks.

Trading.\nAlthough Shares are listed on a national securities exchange, such as The Nasdaq Stock Market, LLC (the “Exchange”),\nand may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active trading market for the Shares will\ndevelop or be maintained or that the Shares will trade with any volume, or at all, on any stock exchange. This risk may be greater for\nthe Fund as it seeks to have exposure to a single underlying stock as opposed to a more diverse portfolio like a traditional pooled investment.\nIn stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings,\nwhich can be significantly less liquid than Shares. Shares trade on the Exchange at a market price that may be below, at or above the\nFund’s NAV. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange,\nmake trading in Shares inadvisable. In addition, trading in Shares on the Exchange is subject to trading halts caused by extraordinary\nmarket volatility pursuant to the Exchange “circuit breaker” rules. There can be no assurance that the requirements of the\nExchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. In the event of an unscheduled\nmarket close for options contracts that reference a single stock, such as the Underlying Asset’s securities being halted\nor a market wide closure, settlement prices will be determined by the procedures of the listing exchange of the options contracts. As\na result, the Fund could be adversely affected and be unable to implement its investment strategies in the event of an unscheduled closing.

Recent\nMarket Events Risk. U.S. and international markets have experienced significant periods of volatility in recent years due to a number\nof economic, political and global macro factors, including uncertainty regarding interest rates and inflation, rising government\ndebt in the U.S. and elsewhere, political events, changes in trade policy and armed conflict. Public health emergencies, such as the\nCOVID-19 pandemic, have in the past caused, and may in the future cause, disruptions to business operations and supply chains,\nreduced consumer demand and significant market volatility. Armed conflict, including the conflict between Russia and\nUkraine and conflicts in the Middle East, has caused, and could continue to cause, loss of life and severe adverse effects on regional\nand global economies and on the markets for certain securities and commodities. The U.S., the European Union\nand other countries have imposed, and may impose additional, sanctions and other restrictive measures on certain\ncountries, individuals and companies, which could adversely affect the issuers, markets and economies concerned. In addition,\nthe U.S. has imposed, and may continue to impose, tariffs and other trade barriers, and other countries have imposed or\nmay impose retaliatory measures. Trade disputes between the U.S. and other countries could result in additional tariffs, trade\nbarriers and/or investment restrictions. These and other events could adversely affect the Fund’s performance, and their duration\nand full effects cannot be predicted.

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

	-	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 will\n fail to make timely payments of interest or principal or go bankrupt, or that the value of the securities will decline because of\n 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 years, interest rates in the United States rose significantly from historically low levels, and the U.S. Federal Reserve\n has adjusted, and may continue to adjust, its monetary policy in response to changing economic conditions. Significant\n or rapid changes in interest rates may magnify interest rate risk. Changes in government intervention may have adverse effects\n 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.

Performance

Portfolio\nManagers: Jeff Klearman, Ryan Dofflemeyer and Jeroen Visser have been portfolio managers of the Fund since the Fund’s\ninception.

GraniteShares\nAUTOCALLABLE AVGO ETF

Investment\nObjective

The Fund’s primary\ninvestment objective is to generate income while providing limited downside protection by getting exposure to autocallables that reference\nthe price of the common stock of Broadcom Inc. (NASDAQ: AVGO) (the “Underlying Asset”).

Fund\nFees and Expenses

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

Management\n Fee	-	%
Annual\n Fund Operating Expenses \n (expenses\n that you pay each year as a percentage of the value of your investment)
Management\n Fee	0.99	%
Distribution\n and/or Service (12b-1) Fees	0.00	%
Other\n Expenses ⁽¹⁾	0.08	%
Acquired\n Fund Fees and Expenses ⁽²⁾	0.03	%
Total\n Annual Fund Operating Expenses	1.10	%
Fee\n Waiver/Reimbursements ⁽³⁾	0.00	%
Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements ^{(1), (2), (3)} \n	1.10	%

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

(1)	Other\n Expenses are estimated for the Fund’s initial fiscal year.
(2)	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. The amounts\n are estimated for the Fund’s initial fiscal year.
(3)	GraniteShares\n Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual\n fund operating expenses (excluding interest, taxes, brokerage commissions, expenses related to short sales, other expenditures\n which are capitalized in accordance with generally accepted accounting principles, other extraordinary expenses not incurred in the\n ordinary course of a Fund’s business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1\n under the 1940 Act) will not exceed 1.15%. This agreement is effective until December 31, 2027, and it may be terminated\n before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived\n fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement\n will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense\n payment and the expense limitation in place at the time of the recoupment.

Example

This\nExample is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded\nfunds.

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 \n \n \n \n

1\n Year			3\n Years
$	112			$	350

Portfolio\nTurnover

Principal\nInvestment Strategies

The Fund is an actively\nmanaged exchange-traded fund (“ETF”) that seeks current income by getting exposure to a portfolio of autocallables that reference\nthe price of the common stock of Broadcom Inc. (NASDAQ: AVGO) (the “Underlying Asset”). The parameters of the autocallables\nthe Fund will get exposure to are detailed in the section “Fund Exposure to the Autocallables” with the aim to make monthly\ndistributions.

The\nFund is classified as “non-diversified” under the Investment Company Act of 1940, as amended (the “1940 Act”).

An\ninvestment in the Fund is not an investment in the Underlying Asset.

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

	-	The\n ability of an autocallable, and by extension the Fund, to make distributions is subject\n to the performance of the Underlying Asset,
	-	The\n Fund’s strategy is exposed to all potential losses if the Underlying Asset’s\n trading price declines, subject to a limited downside protection.
	-	The\n Fund does not invest directly in the Underlying Asset,
	-	Fund\n shareholders are not entitled to any distribution paid by Underlying Asset.

Description\nof Autocallable

Before\nmaturity, the following outcomes will happen on each coupon observation date (assuming an observation date occurs on each coupon payment\ndate and the absence of Non-Callable Period):

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

Outcome\n 1: the Underlying Asset trades below both the Autocallable Barrier and the Coupon Barrier

No\n coupon payment is made

\n \n

The\n autocallable does not mature

Outcome\n 2: the Underlying Asset trades above the Coupon Barrier but below the Autocallable Barrier

A\n coupon payment is made

\n \n

The\n autocallable does not mature

Outcome\n 3: the Underlying Asset trades above both the Coupon Barrier and the Autocallable Barrier

A\n coupon payment is made

\n \n

The\n autocallable matures

At\nmaturity, the following outcomes will happen:

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

Outcome\n 1: The Underlying Asset trades above the Maturity Barrier

A\n final coupon payment is made

Outcome\n 2: the Underlying Asset trades below the Maturity Barrier but above the Coupon Barrier

A\n final coupon payment is made.

\n \n

The autocallable is exposed to the full downside performance\n of the Underlying Asset resulting in loss of part or all of principal

\n\n

Outcome\n 3: the Underlying Asset trades below the Maturity Barrier and below the Coupon Barrier

No\n coupon payment is made.

\n \n

The\n autocallable is exposed to the full downside performance of the Underlying Asset resulting in loss of part or all of principal

The\nexamples below are based on an autocallable with the following parameters:

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

Tenor\n (maturity)	3\n months
Observation\n Frequency	Monthly\n
Autocallable\n Notional Value	$10
Monthly\n coupon	$1
Price\n Underlying Asset at inception	$50
Coupon\n Barrier	$45\n (or 80% of the Initial Reference Price)
Autocallable\n Barrier	$55\n (or 110% of the Initial Reference Price)
Maturity\n Barrier	$40\n (or 80% of the Initial Reference Price)

Example\n1 – Favorable scenario

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

Observation\n date	\n Price\n of the Underlying Asset at each observation date \n (%\n change against Initial Reference Price) \n	Outcome
Month\n 1	$54\n (+8%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) \n \n ð A\n $1 coupon is paid \n
Month\n 2	$52\n (+4%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) \n \n ð A\n $1 coupon is paid \n
Month\n 3	$47\n (-6%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) and above the Maturity Barrier ($45) \n \n ð A\n $1 coupon is paid \n

Example\n2 – Medium scenario

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

Observation\n date	\n Price\n of the Underlying Asset at observation date \n (%\n change against Initial Reference Price) \n	Outcome
Month\n 1	$54\n (+8%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) \n \n ð A\n $1 coupon is paid \n
Month\n 2	$56\n (+12%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) and above the Autocallable\n Barrier ($55) \n \n ð A\n $1 coupon is paid \n \n ð The\n autocallable matures \n
\n Month\n 3		\n \n N/A \n

Example\n3 – Unfavorable scenario

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

\n Observation\n date \n	Price\n of the Underlying Asset at observation date	Outcome
Month\n 1	$39\n (-22%)	\n The\n Underlying Asset trades below the Coupon Barrier ($45) and below the Autocallable Barrier\n ($55) \n \n ð No\n coupon payment is made \n \n ð The\n product is not terminated \n
Month\n 2	$37\n (-26%)	\n The\n Underlying Asset trades below the Coupon Barrier ($45) and below the Autocallable Barrier\n ($55) \n \n ð No\n coupon payment is made \n \n ð The\n product is not terminated \n
Month\n 3	$32\n (-36%)	\n The\n Underlying Asset trades below the Coupon Barrier ($45), below the Autocallable Barrier ($55)\n and below the Maturity Barrier ($40) \n \n ð No\n coupon payment is made \n \n ð Exposure\n to the full downside performance of the Underlying \n Asset,\n resulting in loss of $3.60 ($10 * -36%) \n

Fund\nExposure to the Autocallables

Autocallables\ncan be wrapped in different financial instruments, such as notes, options and swaps. The Fund expects to obtain exposure to autocallables\nthrough swaps and options only, and in each case the financial instrument performance will settle in cash only. The Fund allocation between\nswaps and options will be made with the aim of minimizing the Fund operational constraints. Autocallables derive their liquidity from\nthe Underlying Asset to which they provide exposure to. Autocallables held by the Fund will only reference highly liquid Underlying Assets.

Swaps:

Options:

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

Direct\n link to the performance of \n	The\n Underlying Asset
Currency\n Denomination \n	US\n dollar
Tenor\n (Maturity) \n	Between\n 1 month and 48 months
Non-Callable\n Period \n	Between\n 0 to 12 months
Autocallable\n Barrier ¹ \n	Between\n 95% and 105%
Coupon\n Barrier ¹ \n	Between\n 50% and 95%
Maturity\n Barrier ¹ \n	Between\n 50% and 95%
Coupon\n Frequency \n	Monthly\n or quarterly
Callability\n Frequency \n	Monthly\n or quarterly
Call\n Feature	Upon\n the expiration of each autocallable’s Non-Callable Period, the autocallable will automatically\n be called prior to its scheduled maturity date if the Underlying Asset reaches or exceeds\n the Autocallable Barrier on the callability observation date (see Callability Frequency). \n
Contingent\n Coupon	The\n coupon is paid if, on the observation date (see Coupon Frequency), the performance of the\n Underlying Asset is at or above the Coupon Barrier. If the Underlying Asset falls below the\n Coupon Barrier on an observation date, no coupon will be paid for that period. \n
Contingent\n Principal Protection	If\n an autocallable is not called prior to its Tenor, the initial principal is fully protected\n if the Underlying Asset’s level is above the Maturity Barrier at maturity. If the Underlying\n Asset closes below the Maturity Barrier, principal loss for that autocallable will be equivalent\n to the negative performance of the Underlying Asset measured over the life of the Autocallable. \n

^1\nExpressed as a percentage of the Underlying Asset initial reference price

Industry\nConcentration

Due\nto the Fund’s investment exposure to the Underlying Asset, the Fund’s investment exposure is concentrated in the semiconductor\nindustry.

Broadcom\nInc. is a global technology company that designs, develops, and supplies a broad range of semiconductor, enterprise software and security\nsolutions. AVGO is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided\nto or filed with the Securities and Exchange Commission by AVGO pursuant to the Exchange Act can be located by reference to the Securities\nand Exchange Commission file number 001-38449 through the Securities and Exchange Commission’s website at www.sec.gov. In addition,\ninformation regarding AVGO may be obtained from other sources including, but not limited to, press releases, newspaper articles and other\npublicly disseminated documents.

THE\nFUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING ASSET.

This\nprospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Broadcom\nInc. The common stock of Broadcom Inc. (AVGO) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange\nAct”). Information provided to or filed with the Securities and Exchange Commission by Broadcom Inc. pursuant to the Exchange Act\ncan be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Broadcom\nInc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated\ndocuments.

PRINCIPAL\nRISKS OF INVESTING IN THE FUND

Underlying\nAsset Risk. The performance of the Underlying Asset, and consequently the Fund’s performance, is subject to the risks of the\ninformation technology and semiconductor industries. The Underlying Asset is subject to many risks that can negatively impact its revenue\nand viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth\nrisk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters.\nThe Underlying Asset performance may be affected by global markets and demand for its products and services, its ability to develop new\nproducts and services, inventory levels, supply chain issues, the performance of third-party software developers, system and network\nfailures, privacy and cybersecurity breaches and changes in international and government regulations. Information technology companies\nare heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.\nAdditionally, companies in the information technology industry may face dramatic and often unpredictable changes in growth rates and\ncompetition for the services of qualified personnel.

Calculation\nMethodology Risk. Autocallables rely on complex calculation methodologies that may not perform as expected under certain market conditions.

Concentration\nRisk. To the extent that the Underlying Asset concentrates its investments in a particular industry, the Fund will be subject\nto the risks associated with that industry.

ETF\nRisks.

Trading.\nAlthough Shares are listed on a national securities exchange, such as The Nasdaq Stock Market, LLC (the “Exchange”),\nand may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active trading market for the Shares will\ndevelop or be maintained or that the Shares will trade with any volume, or at all, on any stock exchange. This risk may be greater for\nthe Fund as it seeks to have exposure to a single underlying stock as opposed to a more diverse portfolio like a traditional pooled investment.\nIn stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings,\nwhich can be significantly less liquid than Shares. Shares trade on the Exchange at a market price that may be below, at or above the\nFund’s NAV. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange,\nmake trading in Shares inadvisable. In addition, trading in Shares on the Exchange is subject to trading halts caused by extraordinary\nmarket volatility pursuant to the Exchange “circuit breaker” rules. There can be no assurance that the requirements of the\nExchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. In the event of an unscheduled\nmarket close for options contracts that reference a single stock, such as the Underlying Asset’s securities being halted\nor a market wide closure, settlement prices will be determined by the procedures of the listing exchange of the options contracts. As\na result, the Fund could be adversely affected and be unable to implement its investment strategies in the event of an unscheduled closing.

Management\nRisk. The Fund is subject to management risk because it is an actively managed portfolio. In managing the Fund’s\ninvestment portfolio, the portfolio managers will apply investment techniques and risk analyses that may not produce the desired result.\nThere can be no guarantee that the Fund will meet its investment objective.

Recent\nMarket Events Risk. U.S. and international markets have experienced significant periods of volatility in recent years due to a number\nof economic, political and global macro factors, including uncertainty regarding interest rates and inflation, rising government\ndebt in the U.S. and elsewhere, political events, changes in trade policy and armed conflict. Public health emergencies, such as the\nCOVID-19 pandemic, have in the past caused, and may in the future cause, disruptions to business operations and supply chains,\nreduced consumer demand and significant market volatility. Armed conflict, including the conflict between Russia and\nUkraine and conflicts in the Middle East, has caused, and could continue to cause, loss of life and severe adverse effects on regional\nand global economies and on the markets for certain securities and commodities. The U.S., the European Union\nand other countries have imposed, and may impose additional, sanctions and other restrictive measures on certain\ncountries, individuals and companies, which could adversely affect the issuers, markets and economies concerned. In addition,\nthe U.S. has imposed, and may continue to impose, tariffs and other trade barriers, and other countries have imposed or\nmay impose retaliatory measures. Trade disputes between the U.S. and other countries could result in additional tariffs, trade\nbarriers and/or investment restrictions. These and other events could adversely affect the Fund’s performance, and their duration\nand full effects cannot be predicted.

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

	-	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 will\n fail to make timely payments of interest or principal or go bankrupt, or that the value of the securities will decline because of\n 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 years, interest rates in the United States rose significantly from historically low levels, and the U.S. Federal Reserve\n has adjusted, and may continue to adjust, its monetary policy in response to changing economic conditions. Significant\n or rapid changes in interest rates may magnify interest rate risk. Changes in government intervention may have adverse effects\n 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.

Performance

Portfolio\nManagers: Jeff Klearman, Ryan Dofflemeyer and Jeroen Visser have been portfolio managers of the Fund since the Fund’s\ninception.

GraniteShares\nAUTOCALLABLE BABA ETF

Investment\nObjective

The\nFund’s primary investment objective is to generate income while providing limited downside protection by getting exposure to autocallables\nthat reference the price of the ADR of Alibaba Group Holding Ltd. (NYSE: BABA) (the “Underlying Asset”).

Fund\nFees and Expenses

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

Management\n Fee	-	%
Annual\n Fund Operating Expenses \n (expenses\n that you pay each year as a percentage of the value of your investment)
Management\n Fee	0.99	%
Distribution\n and/or Service (12b-1) Fees	0.00	%
Other\n Expenses ⁽¹⁾	0.08	%
Acquired\n Fund Fees and Expenses ⁽²⁾	0.03	%
Total\n Annual Fund Operating Expenses	1.10	%
Fee\n Waiver/Reimbursements ⁽³⁾	0.00	%
Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements ^{(1), (2), (3)} \n	1.10	%

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

(1)	Other\n Expenses are estimated for the Fund’s initial fiscal year.
(2)	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. The amounts\n are estimated for the Fund’s initial fiscal year.
(3)	GraniteShares\n Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual\n fund operating expenses (excluding interest, taxes, brokerage commissions, expenses related to short sales, other expenditures\n which are capitalized in accordance with generally accepted accounting principles, other extraordinary expenses not incurred in the\n ordinary course of a Fund’s business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1\n under the 1940 Act) will not exceed 1.15%. This agreement is effective until December 31, 2027, and it may be terminated\n before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived\n fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement\n will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense\n payment and the expense limitation in place at the time of the recoupment.

Example

This\nExample is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded\nfunds.

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 \n \n \n \n

1\n Year			3\n Years
$	112			$	350

Portfolio\nTurnover

Principal\nInvestment Strategies

The\nFund is an actively managed exchange-traded fund (“ETF”) that seeks current income by getting exposure to a portfolio of\nautocallables that reference the price of the ADR of Alibaba Group Holding Ltd. (NYSE: BABA) (the “Underlying Asset”).\nThe parameters of the autocallables the Fund will get exposure to are detailed in the section “Fund Exposure to the Autocallables”.

The\nFund is classified as “non-diversified” under the Investment Company Act of 1940, as amended (the “1940 Act”).

An\ninvestment in the Fund is not an investment in the Underlying Asset.

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

	-	The\n ability of an autocallable, and by extension the Fund, to make distributions is subject\n to the performance of the Underlying Asset,
	-	The\n Fund’s strategy is exposed to all potential losses if the Underlying Asset’s\n trading price declines, subject to a limited downside protection.
	-	The\n Fund does not invest directly in the Underlying Asset,
	-	Fund\n shareholders are not entitled to any distribution paid by Underlying Asset.

Description\nof Autocallable

Before\nmaturity, the following outcomes will happen on each coupon observation date (assuming an observation date occurs on each coupon payment\ndate and the absence of Non-Callable Period):

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

Outcome\n 1: the Underlying Asset trades below both the Autocallable Barrier and the Coupon Barrier

No\n coupon payment is made

\n \n

The\n autocallable does not mature

Outcome\n 2: the Underlying Asset trades above the Coupon Barrier but below the Autocallable Barrier

A\n coupon payment is made

\n \n

The\n autocallable does not mature

Outcome\n 3: the Underlying Asset trades above both the Coupon Barrier and the Autocallable Barrier

A\n coupon payment is made

\n \n

The\n autocallable matures

At\nmaturity, the following outcomes will happen:

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

Outcome\n 1: The Underlying Asset trades above the Maturity Barrier

A\n final coupon payment is made

Outcome\n 2: the Underlying Asset trades below the Maturity Barrier but above the Coupon Barrier

A\n final coupon payment is made.

\n \n

The autocallable is exposed to the full downside performance\n of the Underlying Asset resulting in loss of part or all of principal

\n\n

Outcome\n 3: the Underlying Asset trades below the Maturity Barrier and below the Coupon Barrier

No\n coupon payment is made.

\n \n \n\n

The autocallable is exposed to the full downside performance\nof the Underlying Asset resulting in loss of part or all of principal

\n\n

The\nexamples below are based on an autocallable with the following parameters:

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

Tenor\n (maturity)	3\n months
Observation\n Frequency	Monthly\n
Autocallable\n Notional Value	$10
Monthly\n coupon	$1
Price\n Underlying Asset at inception	$50
Coupon\n Barrier	$45\n (or 80% of the Initial Reference Price)
Autocallable\n Barrier	$55\n (or 110% of the Initial Reference Price)
Maturity\n Barrier	$40\n (or 80% of the Initial Reference Price)

Example\n1 – Favorable scenario

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

Observation\n date	\n Price\n of the Underlying Asset at each observation date \n (%\n change against Initial Reference Price) \n	Outcome
Month\n 1	$54\n (+8%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) \n \n ð A\n $1 coupon is paid \n
Month\n 2	$52\n (+4%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) \n \n ð A\n $1 coupon is paid \n
Month\n 3	$47\n (-6%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) and above the Maturity Barrier ($45) \n \n ð A\n $1 coupon is paid \n

Example\n2 – Medium scenario

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

Observation\n date	\n Price\n of the Underlying Asset at observation date \n (%\n change against Initial Reference Price) \n	Outcome
Month\n 1	$54\n (+8%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) \n \n ð A\n $1 coupon is paid \n
Month\n 2	$56\n (+12%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) and above the Autocallable\n Barrier ($55) \n \n ð A\n $1 coupon is paid \n \n ð The\n autocallable matures \n
\n Month\n 3		\n \n N/A \n

Example\n3 – Unfavorable scenario

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

\n Observation\n date \n	Price\n of the Underlying Asset at observation date	Outcome
Month\n 1	$39\n (-22%)	\n The\n Underlying Asset trades below the Coupon Barrier ($45) and below the Autocallable Barrier\n ($55) \n \n ð No\n coupon payment is made \n \n ð The\n product is not terminated \n
Month\n 2	$37\n (-26%)	\n The\n Underlying Asset trades below the Coupon Barrier ($45) and below the Autocallable Barrier\n ($55) \n \n ð No\n coupon payment is made \n \n ð The\n product is not terminated \n
Month\n 3	$32\n (-36%)	\n The\n Underlying Asset trades below the Coupon Barrier ($45), below the Autocallable Barrier ($55)\n and below the Maturity Barrier ($40) \n \n ð No\n coupon payment is made \n \n ð Exposure\n to the full downside performance of the Underlying \n Asset,\n resulting in loss of $3.60 ($10 * -36%) \n

Fund\nExposure to the Autocallables

Swaps:

Options:

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

Direct\n link to the performance of \n	The\n Underlying Asset
Currency\n Denomination \n	US\n dollar
Tenor\n (Maturity) \n	Between\n 1 month and 48 months
Non-Callable\n Period \n	Between\n 0 to 12 months
Autocallable\n Barrier ¹ \n	Between\n 95% and 105%
Coupon\n Barrier ¹ \n	Between\n 50% and 95%
Maturity\n Barrier ¹ \n	Between\n 50% and 95%
Coupon\n Frequency \n	Monthly\n or quarterly
Callability\n Frequency \n	Monthly\n or quarterly
Call\n Feature	Upon\n the expiration of each autocallable’s Non-Callable Period, the autocallable will automatically\n be called prior to its scheduled maturity date if the Underlying Asset reaches or exceeds\n the Autocallable Barrier on the callability observation date (see Callability Frequency). \n
Contingent\n Coupon	The\n coupon is paid if, on the observation date (see Coupon Frequency), the performance of the\n Underlying Asset is at or above the Coupon Barrier. If the Underlying Asset falls below the\n Coupon Barrier on an observation date, no coupon will be paid for that period. \n
Contingent\n Principal Protection	If\n an autocallable is not called prior to its Tenor, the initial principal is fully protected\n if the Underlying Asset’s level is above the Maturity Barrier at maturity. If the Underlying\n Asset closes below the Maturity Barrier, principal loss for that autocallable will be equivalent\n to the negative performance of the Underlying Asset measured over the life of the Autocallable. \n

^1\nExpressed as a percentage of the Underlying Asset initial reference price

Industry\nConcentration

Due\nto the Fund’s investment exposure to the Underlying Asset, the Fund’s investment exposure is concentrated in the business\nservices industry.

Alibaba\nGroup Holding Ltd. (BABA) provides technology infrastructure and marketing platforms. BABA is registered under the Securities\nExchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange\nCommission by BABA pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-36614\nthrough the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding BABA may be obtained\nfrom other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.

THE\nFUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING ASSET.

This\nprospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Alibaba\nGroup Holding Limited. The American Deposit Share of Alibaba Group Holding Limited (BABA) is registered under the Securities Exchange\nAct of 1933, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission\nby Alibaba Group Holding Limited pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website\nat www.sec.gov. In addition, information regarding Alibaba Group Holding Limited may be obtained from other sources including, but not\nlimited to, press releases, newspaper articles and other publicly disseminated documents.

PRINCIPAL\nRISKS OF INVESTING IN THE FUND

Underlying\nAsset Risk. The Underlying Asset is subject to many risks that can negatively impact its revenue and viability including, but are\nnot limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations\nrisk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Asset performance may be\naffected by trends in commerce, and cloud computing, changes in the economic conditions in China and globally, international trade policies,\nthe company’s investment transactions and changes in governmental regulations. The Fund’s daily returns may be affected by\nmany factors but will depend on the performance and volatility of the Underlying Asset.

Calculation\nMethodology Risk. Autocallables rely on complex calculation methodologies that may not perform as expected under certain market conditions.

Concentration\nRisk. To the extent that the Underlying Asset concentrates its investments in a particular industry, the Fund will be subject\nto the risks associated with that industry.

ETF\nRisks.

Trading.\nAlthough Shares are listed on a national securities exchange, such as The Nasdaq Stock Market, LLC (the “Exchange”),\nand may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active trading market for the Shares will\ndevelop or be maintained or that the Shares will trade with any volume, or at all, on any stock exchange. This risk may be greater for\nthe Fund as it seeks to have exposure to a single underlying stock as opposed to a more diverse portfolio like a traditional pooled investment.\nIn stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings,\nwhich can be significantly less liquid than Shares. Shares trade on the Exchange at a market price that may be below, at or above the\nFund’s NAV. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange,\nmake trading in Shares inadvisable. In addition, trading in Shares on the Exchange is subject to trading halts caused by extraordinary\nmarket volatility pursuant to the Exchange “circuit breaker” rules. There can be no assurance that the requirements of the\nExchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. In the event of an unscheduled\nmarket close for options contracts that reference a single stock, such as the Underlying Asset’s securities being halted\nor a market wide closure, settlement prices will be determined by the procedures of the listing exchange of the options contracts. As\na result, the Fund could be adversely affected and be unable to implement its investment strategies in the event of an unscheduled closing.

Recent\nMarket Events Risk. U.S. and international markets have experienced significant periods of volatility in recent years due to a number\nof economic, political and global macro factors, including uncertainty regarding interest rates and inflation, rising government\ndebt in the U.S. and elsewhere, political events, changes in trade policy and armed conflict. Public health emergencies, such as the\nCOVID-19 pandemic, have in the past caused, and may in the future cause, disruptions to business operations and supply chains,\nreduced consumer demand and significant market volatility. Armed conflict, including the conflict between Russia and\nUkraine and conflicts in the Middle East, has caused, and could continue to cause, loss of life and severe adverse effects on regional\nand global economies and on the markets for certain securities and commodities. The U.S., the European Union\nand other countries have imposed, and may impose additional, sanctions and other restrictive measures on certain\ncountries, individuals and companies, which could adversely affect the issuers, markets and economies concerned. In addition,\nthe U.S. has imposed, and may continue to impose, tariffs and other trade barriers, and other countries have imposed or\nmay impose retaliatory measures. Trade disputes between the U.S. and other countries could result in additional tariffs, trade\nbarriers and/or investment restrictions. These and other events could adversely affect the Fund’s performance, and their duration\nand full effects cannot be predicted.

Tax\nRisk. The Fund intends to elect and to qualify each year to be treated as a RIC under Subchapter M of the Code. As a RIC, the\nFund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it\ndistributes to Shareholders, provided that it satisfies certain requirements of the Code. If the Fund does not qualify as a RIC for\nany taxable year and certain relief provisions are not available, the Fund’s taxable income will be subject to tax at the Fund\nlevel and to a further tax at the shareholder level when such income is distributed. To comply with the asset diversification test\napplicable to a RIC, the Fund will attempt to ensure that the value of the derivatives it holds never exceed 25% of the\ntotal value of Fund assets at the close of any quarter. If the Fund’s investments in the derivatives were to exceed 25% of the\nFund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If\nthe Fund fails to timely cure, it may no longer be eligible to be treated as a RIC. In addition, distributions received by the Fund\nfrom the Underlying Asset may generate “bad income” that could prevent the Fund from meeting the “Income\nRequirement” of Subchapter M of the Code, which may cause the Fund to fail to qualify as a RIC. The Fund intends to treat any\nincome it may derive from the options and swap contracts as “qualifying income” under the provisions of the Code\napplicable to RICs. If the income is not qualifying income the Fund may lose its status as a RIC. The Fund will, for each year,\ndistribute substantially all of its net investment income and net capital gains.

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

	-	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 will\n fail to make timely payments of interest or principal or go bankrupt, or that the value of the securities will decline because of\n 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 years, interest rates in the United States rose significantly from historically low levels, and the U.S. Federal Reserve\n has adjusted, and may continue to adjust, its monetary policy in response to changing economic conditions. Significant\n or rapid changes in interest rates may magnify interest rate risk. Changes in government intervention may have adverse effects\n 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.

Performance

Portfolio\nManagers: Jeff Klearman, Ryan Dofflemeyer and Jeroen Visser have been portfolio managers of the Fund since the Fund’s\ninception.

GraniteShares\nAUTOCALLABLE COIN ETF

Investment\nObjective

The\nFund’s primary investment objective is to generate income while providing limited downside protection by getting exposure to\nautocallables that reference the price of the common stock of Coinbase Global, Inc. (NASDAQ: COIN) (the “Underlying Asset”).

Fund\nFees and Expenses

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

Management\n Fee	0.99	%
Annual\n Fund Operating Expenses \n (expenses\n that you pay each year as a percentage of the value of your investment)
Management\n Fee	0.99	%
Distribution\n and/or Service (12b-1) Fees	0.00	%
Other\n Expenses ⁽¹⁾	14.35	%
Acquired\n Fund Fees and Expenses ⁽²⁾	0.03	%
Total\n Annual Fund Operating Expenses	15.37	%
Fee\n Waiver/Reimbursements ⁽³⁾	-14.19	%
Net\n Annual Fund Operating Expenses After Fee Waiver/Reimbursements ^{(1), (2), (3)}	1.18	%

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

(1)	Other\n Expenses are based on actual amounts incurred during the Fund’s fiscal period ended June 30, 2026.
(2)	Acquired\n Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses\n reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because\n the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and\n Expenses. The amounts are estimated for the Fund’s fiscal year ending June 30, 2027.
(3)	GraniteShares\n Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual\n fund operating expenses (excluding interest, taxes, brokerage commissions, expenses related to short sales, other expenditures\n which are capitalized in accordance with generally accepted accounting principles, other extraordinary expenses not incurred in the\n ordinary course of a Fund’s business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1\n under the 1940 Act) will not exceed 1.15%. This agreement is effective until December 31, 2027, and it may be terminated\n before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived\n fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement\n will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense\n payment and the expense limitation in place at the time of the recoupment.

Example

This\nExample is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded\nfunds.

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

1\n Year			3\n Years			5 Years			10 Years
$	120			$	3,001			$	5,356			$	9,533

Portfolio\nTurnover

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

Principal\nInvestment Strategies

The Fund is an actively\nmanaged exchange-traded fund (“ETF”) that seeks current income by getting exposure to a portfolio of autocallables that reference\nthe price of the common stock of Coinbase Global, Inc. (NASDAQ: COIN) (the “Underlying Asset”). The parameters of the autocallables\nthe Fund will get exposure to are detailed in the section “Fund Exposure to the Autocallables” with the aim to make monthly\ndistributions.

The\nFund is classified as “non-diversified” under the Investment Company Act of 1940, as amended (the “1940 Act”).

The\nFund is subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivatives\nportfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary\nto make adjustments to the Fund’s investment strategy and the Fund may not achieve its investment objective.

An\ninvestment in the Fund is not an investment in the Underlying Asset.

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

	-	The\n ability of an autocallable, and by extension the Fund, to make distributions is subject\n to the performance of the Underlying Asset,
	-	The\n Fund’s strategy is exposed to all potential losses if the Underlying Asset’s\n trading price declines, subject to a limited downside protection.
	-	The\n Fund does not invest directly in the Underlying Asset,
	-	Fund\n shareholders are not entitled to any distribution paid by Underlying Asset.

Description\nof Autocallable

Before\nmaturity, the following outcomes will happen on each coupon observation date (assuming an observation date occurs on each coupon payment\ndate and the absence of Non-Callable Period):

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

Outcome\n 1: the Underlying Asset trades below both the Autocallable Barrier and the Coupon Barrier

No\n coupon payment is made

\n \n

The\n autocallable does not mature

Outcome\n 2: the Underlying Asset trades above the Coupon Barrier but below the Autocallable Barrier

A\n coupon payment is made

\n \n

The\n autocallable does not mature

Outcome\n 3: the Underlying Asset trades above both the Coupon Barrier and the Autocallable Barrier

A\n coupon payment is made

\n \n

The\n autocallable matures

At\nmaturity, the following outcomes will happen:

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

Outcome\n 1: The Underlying Asset trades above the Maturity Barrier

A\n final coupon payment is made

Outcome\n 2: the Underlying Asset trades below the Maturity Barrier but above the Coupon Barrier

A\n final coupon payment is made.

\n \n \n\n

The autocallable is exposed to the full downside performance\nof the Underlying Asset resulting in loss of part or all of principal

\n\n

Outcome\n 3: the Underlying Asset trades below the Maturity Barrier and below the Coupon Barrier

No\n coupon payment is made.

\n \n \n\n

The autocallable is exposed to the full downside performance\nof the Underlying Asset resulting in loss of part or all of principal

\n\n

The\nexamples below are based on an autocallable with the following parameters:

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

Tenor\n (maturity)	3\n months
Observation\n Frequency	Monthly\n
Autocallable\n Notional Value	$10
Monthly\n coupon	$1
Price\n Underlying Asset at inception	$50
Coupon\n Barrier	$45\n (or 80% of the Initial Reference Price)
Autocallable\n Barrier	$55\n (or 110% of the Initial Reference Price)
Maturity\n Barrier	$40\n (or 80% of the Initial Reference Price)

Example\n1 – Favorable scenario

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

Observation\n date	\n Price\n of the Underlying Asset at each observation date \n (%\n change against Initial Reference Price) \n	Outcome
Month\n 1	$54\n (+8%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) \n \n ð A\n $1 coupon is paid \n
Month\n 2	$52\n (+4%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) \n \n ð A\n $1 coupon is paid \n
Month\n 3	$47\n (-6%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) and above the Maturity Barrier ($45) \n \n ð A\n $1 coupon is paid \n

Example\n2 – Medium scenario

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

Observation\n date	\n Price\n of the Underlying Asset at observation date \n (%\n change against Initial Reference Price) \n	Outcome
Month\n 1	$54\n (+8%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) \n \n ð A\n $1 coupon is paid \n
Month\n 2	$56\n (+12%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) and above the Autocallable\n Barrier ($55) \n \n ð A\n $1 coupon is paid \n \n ð The\n autocallable matures \n
\n Month\n 3		\n \n N/A \n

Example\n3 – Unfavorable scenario

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

\n Observation\n date \n	Price\n of the Underlying Asset at observation date	Outcome
Month\n 1	$39\n (-22%)	\n The\n Underlying Asset trades below the Coupon Barrier ($45) and below the Autocallable Barrier\n ($55) \n \n ð No\n coupon payment is made \n \n ð The\n product is not terminated \n
Month\n 2	$37\n (-26%)	\n The\n Underlying Asset trades below the Coupon Barrier ($45) and below the Autocallable Barrier\n ($55) \n \n ð No\n coupon payment is made \n \n ð The\n product is not terminated \n
Month\n 3	$32\n (-36%)	\n The\n Underlying Asset trades below the Coupon Barrier ($45), below the Autocallable Barrier ($55)\n and below the Maturity Barrier ($40) \n \n ð No\n coupon payment is made \n \n ð Exposure\n to the full downside performance of the Underlying \n Asset,\n resulting in loss of $3.60 ($10 * -36%) \n

Fund\nExposure to the Autocallables

Swaps:

Options:

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

Direct\n link to the performance of \n	The\n Underlying Asset
Currency\n Denomination \n	US\n dollar
Tenor\n (Maturity) \n	Between\n 1 month and 48 months
Non-Callable\n Period \n	Between\n 0 to 12 months
Autocallable\n Barrier ¹ \n	Between\n 95% and 105%
Coupon\n Barrier ¹ \n	Between\n 50% and 95%
Maturity\n Barrier ¹ \n	Between\n 50% and 95%
Coupon\n Frequency \n	Monthly\n or quarterly
Callability\n Frequency \n	Monthly\n or quarterly
Call\n Feature	Upon\n the expiration of each autocallable’s Non-Callable Period, the autocallable will automatically\n be called prior to its scheduled maturity date if the Underlying Asset reaches or exceeds\n the Autocallable Barrier on the callability observation date (see Callability Frequency). \n
Contingent\n Coupon	The\n coupon is paid if, on the observation date (see Coupon Frequency), the performance of the\n Underlying Asset is at or above the Coupon Barrier. If the Underlying Asset falls below the\n Coupon Barrier on an observation date, no coupon will be paid for that period. \n
Contingent\n Principal Protection	If\n an autocallable is not called prior to its Tenor, the initial principal is fully protected\n if the Underlying Asset’s level is above the Maturity Barrier at maturity. If the Underlying\n Asset closes below the Maturity Barrier, principal loss for that autocallable will be equivalent\n to the negative performance of the Underlying Asset measured over the life of the Autocallable. \n

^1\nExpressed as a percentage of the Underlying Asset initial reference price

Industry\nConcentration

Due\nto the Fund’s investment exposure to the Underlying Asset, the Fund’s investment exposure is concentrated in the financial\nservices industry.

Coinbase\nGlobal, Inc. (COIN) is a financial technology company that provides end-to-end financial infrastructure and technology for the crypto\neconomy. COIN is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided\nto or filed with the Securities and Exchange Commission by COIN pursuant to the Exchange Act can be located by reference to the Securities\nand Exchange Commission file number 001-40289 through the Securities and Exchange Commission’s website at www.sec.gov. In addition,\ninformation regarding COIN may be obtained from other sources including, but not limited to, press releases, newspaper articles and other\npublicly disseminated documents.

THE\nFUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING ASSET.

This\nprospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Coinbase\nGlobal, Inc. The common stock of Coinbase Global, Inc. (COIN) is registered under the Securities Exchange Act of 1934, as amended (the\n“Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Coinbase Global, Inc. pursuant\nto the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information\nregarding Coinbase Global, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles\nand other publicly disseminated documents.

PRINCIPAL\nRISKS OF INVESTING IN THE FUND

Underlying\nAsset Risk. The performance of the Underlying Asset, and subsequently the Fund’s performance, is subject to the risks of the\ndigital asset and finance company industries. The Underlying Asset is subject to many risks that can negatively impact its revenue and\nviability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk,\nsupply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying\nAsset performance may be affected by the value of crypto assets, the volume of transactions on its platform, the overall development\nand growth of crypto assets, cyberattacks and security breaches affecting its platforms or third-party service providers, increased crypto\nplatform competition and government regulations affecting the crypto industry. Higher levels of regulation could increase costs and adversely\nimpact the current business models of the Underlying Asset and could severely impact its viability. The Fund’s daily returns may\nbe affected by many factors but will depend on the performance and volatility of the Underlying Asset.

Calculation\nMethodology Risk. Autocallables rely on complex calculation methodologies that may not perform as expected under certain market conditions.

Laddered\nPortfolio Risk. A laddered portfolio strategy may not perform as expected if market conditions remain unfavorable over an\nextended period, multiple autocallable instruments may experience losses simultaneously and/or the reallocation across autocallable\ninstruments may result in suboptimal entry points during rapidly changing markets. A portfolio of autocallables providing\nexposure to the same Underlying Asset may not be homogeneously affected by a change in that Underlying Asset price as the impact of\nsuch change may depend on the tenor of each autocallable. Depending on market conditions, requests to create and/or redeem shares in\nthe Fund may result in the average tenor of the portfolio of autocallables held by the Fund to deviate from the average tenor the\nFund intends to achieve.

Concentration\nRisk. To the extent that the Underlying Asset concentrates its investments in a particular industry, the Fund will be subject\nto the risks associated with that industry.

ETF\nRisks.

Trading.\nAlthough Shares are listed on a national securities exchange, such as The Nasdaq Stock Market, LLC (the “Exchange”),\nand may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active trading market for the Shares will\ndevelop or be maintained or that the Shares will trade with any volume, or at all, on any stock exchange. This risk may be greater for\nthe Fund as it seeks to have exposure to a single underlying stock as opposed to a more diverse portfolio like a traditional pooled investment.\nIn stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings,\nwhich can be significantly less liquid than Shares. Shares trade on the Exchange at a market price that may be below, at or above the\nFund’s NAV. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange,\nmake trading in Shares inadvisable. In addition, trading in Shares on the Exchange is subject to trading halts caused by extraordinary\nmarket volatility pursuant to the Exchange “circuit breaker” rules. There can be no assurance that the requirements of the\nExchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. In the event of an unscheduled\nmarket close for options contracts that reference a single stock, such as the Underlying Asset’s securities being halted\nor a market wide closure, settlement prices will be determined by the procedures of the listing exchange of the options contracts. As\na result, the Fund could be adversely affected and be unable to implement its investment strategies in the event of an unscheduled closing.

New\nFund Risk. The Fund is a recently organized management investment company with limited operating history. As a result, prospective\ninvestors do not have a track record or history on which to base their investment decisions.

Operational\nRisk. The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing\nand communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes\nand technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure\nrelating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although\nthe Fund and Adviser seek to reduce these operational risks through controls and procedures, there is no way\nto completely protect against such risks.

Recent\nMarket Events Risk. U.S. and international markets have experienced significant periods of volatility in recent years due to a number\nof economic, political and global macro factors, including uncertainty regarding interest rates and inflation, rising government\ndebt in the U.S. and elsewhere, political events, changes in trade policy and armed conflict. Public health emergencies, such as the\nCOVID-19 pandemic, have in the past caused, and may in the future cause, disruptions to business operations and supply chains,\nreduced consumer demand and significant market volatility. Armed conflict, including the conflict between Russia and\nUkraine and conflicts in the Middle East, has caused, and could continue to cause, loss of life and severe adverse effects on regional\nand global economies and on the markets for certain securities and commodities. The U.S., the European Union\nand other countries have imposed, and may impose additional, sanctions and other restrictive measures on certain\ncountries, individuals and companies, which could adversely affect the issuers, markets and economies concerned. In addition,\nthe U.S. has imposed, and may continue to impose, tariffs and other trade barriers, and other countries have imposed or\nmay impose retaliatory measures. Trade disputes between the U.S. and other countries could result in additional tariffs, trade\nbarriers and/or investment restrictions. These and other events could adversely affect the Fund’s performance, and their duration\nand full effects cannot be predicted.

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

	-	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 will\n fail to make timely payments of interest or principal or go bankrupt, or that the value of the securities will decline because of\n 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 years, interest rates in the United States rose significantly from historically low levels, and the U.S. Federal Reserve\n has adjusted, and may continue to adjust, its monetary policy in response to changing economic conditions. Significant\n or rapid changes in interest rates may magnify interest rate risk. Changes in government intervention may have adverse effects\n 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.

Performance

Performance:\nBecause\nthe Fund has not yet completed a full calendar year of investment operations, the performance section is omitted. In the future,\nperformance information will be presented in this section of this Prospectus. Updated\nperformance information, when available, will be available online at www.graniteshares.com\nor by calling 844-476-8747.

Portfolio\nManagers: Jeff Klearman, Ryan Dofflemeyer and Jeroen Visser have been portfolio managers of the Fund since the Fund’s\ninception.

GraniteShares\nAUTOCALLABLE CRCL ETF

Investment\nObjective

The\nFund’s primary investment objective is to generate income while providing limited downside protection by getting exposure to\nautocallables that reference the price of the common stock of Circle Internet Group, Inc. (NYSE: CRCL) (the “Underlying Asset”).

Fund\nFees and Expenses

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

Management\n Fee	-	%
Annual\n Fund Operating Expenses \n (expenses\n that you pay each year as a percentage of the value of your investment)
Management\n Fee	0.99	%
Distribution\n and/or Service (12b-1) Fees	0.00	%
Other\n Expenses ⁽¹⁾	0.08	%
Acquired\n Fund Fees and Expenses ⁽²⁾	0.03	%
Total\n Annual Fund Operating Expenses	1.10	%
Fee\n Waiver/Reimbursements ⁽³⁾	0.00	%
Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements ^{(1), (2), (3)} \n	1.10	%

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

(1)	Other\n Expenses are estimated for the Fund’s initial fiscal year.
(2)	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. The amounts\n are estimated for the Fund’s initial fiscal year.
(3)	GraniteShares\n Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual\n fund operating expenses (excluding interest, taxes, brokerage commissions, expenses related to short sales, other expenditures\n which are capitalized in accordance with generally accepted accounting principles, other extraordinary expenses not incurred in the\n ordinary course of a Fund’s business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1\n under the 1940 Act) will not exceed 1.15%. This agreement is effective until December 31, 2027, and it may be terminated\n before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived\n fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement\n will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense\n payment and the expense limitation in place at the time of the recoupment.

Example

This\nExample is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded\nfunds.

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 \n \n \n \n

1\n Year			3\n Years
$	112			$	350

Portfolio\nTurnover

Principal\nInvestment Strategies

The Fund is an actively managed exchange-traded\nfund (“ETF”) that seeks current income by getting exposure to a portfolio of autocallables that reference the price of the\ncommon stock of Circle Internet Group, Inc. (NYSE: CRCL) (the “Underlying Asset”). The parameters of the autocallables the\nFund will get exposure to are detailed in the section “Fund Exposure to the Autocallables” with the aim to make monthly distributions.

The\nFund is classified as “non-diversified” under the Investment Company Act of 1940, as amended (the “1940 Act”).

An\ninvestment in the Fund is not an investment in the Underlying Asset.

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

	-	The\n ability of an autocallable, and by extension the Fund, to make distributions is subject\n to the performance of the Underlying Asset,
	-	The\n Fund’s strategy is exposed to all potential losses if the Underlying Asset’s\n trading price declines, subject to a limited downside protection.
	-	The\n Fund does not invest directly in the Underlying Asset,
	-	Fund\n shareholders are not entitled to any distribution paid by Underlying Asset.

Description\nof Autocallable

Before\nmaturity, the following outcomes will happen on each coupon observation date (assuming an observation date occurs on each coupon payment\ndate and the absence of Non-Callable Period):

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

Outcome\n 1: the Underlying Asset trades below both the Autocallable Barrier and the Coupon Barrier

No\n coupon payment is made

\n \n

The\n autocallable does not mature

Outcome\n 2: the Underlying Asset trades above the Coupon Barrier but below the Autocallable Barrier

A\n coupon payment is made

\n \n

The\n autocallable does not mature

Outcome\n 3: the Underlying Asset trades above both the Coupon Barrier and the Autocallable Barrier

A\n coupon payment is made

\n \n

The\n autocallable matures

At\nmaturity, the following outcomes will happen:

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

Outcome\n 1: The Underlying Asset trades above the Maturity Barrier

A\n final coupon payment is made

Outcome\n 2: the Underlying Asset trades below the Maturity Barrier but above the Coupon Barrier

A\n final coupon payment is made.

\n \n

The autocallable is\n exposed to the full downside performance of the Underlying Asset resulting\n in loss of part or all of principal

Outcome\n 3: the Underlying Asset trades below the Maturity Barrier and below the Coupon Barrier

No\n coupon payment is made.

\n \n \n\n

The autocallable is exposed to the full downside performance\nof the Underlying Asset resulting in loss of part or all of principal

\n\n

The\nexamples below are based on an autocallable with the following parameters:

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

Tenor\n (maturity)	\n 3 months
Observation\n Frequency	Monthly\n
Autocallable\n Notional Value	$10
Monthly\n coupon	$1
Price\n Underlying Asset at inception	$50
Coupon\n Barrier	$45\n (or 80% of the Initial Reference Price)
Autocallable\n Barrier	$55\n (or 110% of the Initial Reference Price)
Maturity\n Barrier	$40\n (or 80% of the Initial Reference Price)

Example\n1 – Favorable scenario

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

Observation\n date	\n Price\n of the Underlying Asset at each observation date \n (%\n change against Initial Reference Price) \n	Outcome
Month\n 1	$54\n (+8%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) \n \n ð A\n $1 coupon is paid \n
Month\n 2	$52\n (+4%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) \n \n ð A\n $1 coupon is paid \n
Month\n 3	$47\n (-6%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) and above the Maturity Barrier ($45) \n \n ð A\n $1 coupon is paid \n

Example\n2 – Medium scenario

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

Observation\n date	\n Price\n of the Underlying Asset at observation date \n (%\n change against Initial Reference Price) \n	Outcome
Month\n 1	$54\n (+8%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) \n \n ð A\n $1 coupon is paid \n
Month\n 2	$56\n (+12%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) and above the Autocallable\n Barrier ($55) \n \n ð A\n $1 coupon is paid \n \n ð The\n autocallable matures \n
\n Month\n 3		\n \n N/A \n

Example\n3 – Unfavorable scenario

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

\n Observation\n date \n	Price\n of the Underlying Asset at observation date	Outcome
Month\n 1	$39\n (-22%)	\n The\n Underlying Asset trades below the Coupon Barrier ($45) and below the Autocallable Barrier\n ($55) \n \n ð No\n coupon payment is made \n \n ð The\n product is not terminated \n
Month\n 2	$37\n (-26%)	\n The\n Underlying Asset trades below the Coupon Barrier ($45) and below the Autocallable Barrier\n ($55) \n \n ð No\n coupon payment is made \n \n ð The\n product is not terminated \n
Month\n 3	$32\n (-36%)	\n The\n Underlying Asset trades below the Coupon Barrier ($45), below the Autocallable Barrier ($55)\n and below the Maturity Barrier ($40) \n \n ð No\n coupon payment is made \n \n ð Exposure\n to the full downside performance of the Underlying \n Asset,\n resulting in loss of $3.60 ($10 * -36%) \n

Fund\nExposure to the Autocallables

Autocallables can be wrapped in different\nfinancial instruments, such as notes, options and swaps. The Fund expects to obtain exposure to autocallables through swaps and options\nonly, and in each case the financial instrument performance will settle in cash only. The Fund allocation between swaps and options will\nbe made with the aim of minimizing the Fund operational constraints. Autocallables derive their liquidity from the Underlying Asset to\nwhich they provide exposure to. Autocallables held by the Fund will only reference highly liquid Underlying Assets.

Swaps:

The Fund may enter into one or more\nswap agreements with major financial institutions against autocallable with the parameters detailed in the table below whereby the Fund\nand the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the autocallable.\nThe gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,”\ne.g., the return on or change in value of a particular dollar amount representing the autocallable on the Underlying Asset.

Options:

Depending on market conditions, market liquidity\nand operational constraints, the Fund may gain exposure to autocallable with the parameters detailed in the table below through over-the-counter\noptions provided by major financial institutions.

The financial instruments held by the\nFund will reference autocallables that have the key parameters disclosed in the table below, with the aim of achieving an average tenor\nranging between 12 and 24 months at the beginning of each month. The other parameters will be market dependent and determined with the\naim of supporting the Fund’s monthly distributions and capital preservation.

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

Direct\n link to the performance of \n	The\n Underlying Asset
Currency\n Denomination \n	US\n dollar
Tenor\n (Maturity) \n	Between\n 1 month and 48 months
Non-Callable\n Period \n	Between\n 0 to 12 months
Autocallable\n Barrier ¹ \n	Between\n 95% and 105%
Coupon\n Barrier ¹ \n	Between\n 50% and 95%
Maturity\n Barrier ¹ \n	Between\n 50% and 95%
Coupon\n Frequency \n	Monthly\n or quarterly
Callability\n Frequency \n	Monthly\n or quarterly
Call\n Feature	Upon\n the expiration of each autocallable’s Non-Callable Period, the autocallable will automatically\n be called prior to its scheduled maturity date if the Underlying Asset reaches or exceeds\n the Autocallable Barrier on the callability observation date (see Callability Frequency). \n
Contingent\n Coupon	The\n coupon is paid if, on the observation date (see Coupon Frequency), the performance of the\n Underlying Asset is at or above the Coupon Barrier. If the Underlying Asset falls below the\n Coupon Barrier on an observation date, no coupon will be paid for that period. \n
Contingent\n Principal Protection	If\n an autocallable is not called prior to its Tenor, the initial principal is fully protected\n if the Underlying Asset’s level is above the Maturity Barrier at maturity. If the Underlying\n Asset closes below the Maturity Barrier, principal loss for that autocallable will be equivalent\n to the negative performance of the Underlying Asset measured over the life of the Autocallable. \n

^1\nExpressed as a percentage of the Underlying Asset initial reference price

Industry\nConcentration

Due\nto the Fund’s investment exposure to the Underlying Asset, the Fund’s investment exposure is concentrated in the information\ntechnology industry.

Circle\nInternet Group, Inc. is a peer-to-peer payments company that serves as the issuer of stablecoins. Stablecoin assets are digital currency\ntokens issued natively on blockchain networks and backed by reserves consisting of highly liquid, price-stable cash and cash equivalents.\nThe common stock of Circle Internet Group, Inc. (CRCL) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange\nAct”). Information provided to or filed with the Securities and Exchange Commission (“SEC”) by Circle Internet Group,\nInc. pursuant to the Exchange Act can be located by reference to the SEC file number 001-42671 through the SEC’s website\nat www.sec.gov. In addition, information regarding Circle Internet Group, Inc. may be obtained from other sources including, but not\nlimited to, press releases, newspaper articles and other publicly disseminated documents.

THE\nFUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING ASSET.

This\ndocument relates only to the securities offered hereby and does not relate to the shares of CRCL or other securities of CRCL. The Fund\nhas derived all disclosures contained in this document regarding Circle Internet Group, Inc. from the publicly available documents described\nabove. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the\nFund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly\navailable information regarding Circle Internet Group, Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance\nthat all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the\npublicly available documents described above) that would affect the trading price of CRCL have been publicly disclosed. Subsequent disclosure\nof any such events or the disclosure of, or failure to disclose, material future events concerning Circle Internet Group, Inc. could\naffect the value of the Fund’s investments with respect to CRCL and therefore the value of the Fund.

PRINCIPAL\nRISKS OF INVESTING IN THE FUND

Underlying\nAsset Risk. The performance of the Underlying Asset, and consequently the Fund’s performance, is subject to information technology\nindustry. The Underlying Asset is subject to many risks that can negatively impact its revenue and viability including, but are not limited\nto price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk,\nregulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Asset performance may be affected\nby global markets and demand for its products and services, its ability to develop new products and services, inventory levels, supply\nchain issues, the performance of third-party software developers, system and network failures, privacy and cybersecurity breaches and\nchanges in international and government regulations. Information technology companies are heavily dependent on patent and intellectual\nproperty rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology\nindustry may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel. The\nFund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Asset.

Stablecoin\nRisk. The Fund will have significant exposure to stablecoins, as a result of its concentrated exposure to Underlying Asset, an issuer\nof stablecoins. Although U.S. dollar- or Euro-pegged stablecoins are designed to maintain a stable value by being backed by fiat currency\nreserves or other liquid assets, there is no guarantee that the peg will be maintained or that the reserves will be sufficient, transparent\nor accessible in times of market stress. The issuer’s ability to honor redemptions on a 1:1 basis may be impaired by inadequate\nreserve management, limited oversight, insolvency or legal restrictions. Moreover, the stablecoin market is subject to an evolving regulatory\nenvironment. Any legislative or enforcement actions targeting stablecoin issuers, custodians or reserve assets could impact the stablecoin’s\nfunctionality, tradability or value. Even where reserves are fully collateralized, lack of independent audits, insufficient disclosures\nor concentration in a single custodian or asset type (e.g., short-term U.S. Treasuries) may expose investors to hidden vulnerabilities.\nAdditionally, stablecoins are typically reliant on blockchain infrastructure and smart contracts, which may be subject to bugs, outages\nor cyberattacks. A failure to maintain the peg or loss of confidence in the stablecoin could result in rapid redemptions, illiquidity,\nand significant losses to investors. Investors should not assume that exposure to a U.S. dollar- or Euro-pegged stablecoin is equivalent\nto holding U.S. dollars, Euros or risk-free assets.

Calculation\nMethodology Risk. Autocallables rely on complex calculation methodologies that may not perform as expected under certain market conditions.

Concentration\nRisk. To the extent that the Underlying Asset concentrates its investments in a particular industry, the Fund will be subject\nto the risks associated with that industry.

ETF\nRisks.

Trading.\nAlthough Shares are listed on a national securities exchange, such as The Nasdaq Stock Market, LLC (the “Exchange”),\nand may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active trading market for the Shares will\ndevelop or be maintained or that the Shares will trade with any volume, or at all, on any stock exchange. This risk may be greater for\nthe Fund as it seeks to have exposure to a single underlying stock as opposed to a more diverse portfolio like a traditional pooled investment.\nIn stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings,\nwhich can be significantly less liquid than Shares. Shares trade on the Exchange at a market price that may be below, at or above the\nFund’s NAV. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange,\nmake trading in Shares inadvisable. In addition, trading in Shares on the Exchange is subject to trading halts caused by extraordinary\nmarket volatility pursuant to the Exchange “circuit breaker” rules. There can be no assurance that the requirements of the\nExchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. In the event of an unscheduled\nmarket close for options contracts that reference a single stock, such as the Underlying Asset’s securities being halted\nor a market wide closure, settlement prices will be determined by the procedures of the listing exchange of the options contracts. As\na result, the Fund could be adversely affected and be unable to implement its investment strategies in the event of an unscheduled closing.

Recent\nMarket Events Risk. U.S. and international markets have experienced significant periods of volatility in recent years due to a number\nof economic, political and global macro factors, including uncertainty regarding interest rates and inflation, rising government\ndebt in the U.S. and elsewhere, political events, changes in trade policy and armed conflict. Public health emergencies, such as the\nCOVID-19 pandemic, have in the past caused, and may in the future cause, disruptions to business operations and supply chains,\nreduced consumer demand and significant market volatility. Armed conflict, including the conflict between Russia and\nUkraine and conflicts in the Middle East, has caused, and could continue to cause, loss of life and severe adverse effects on regional\nand global economies and on the markets for certain securities and commodities. The U.S., the European Union\nand other countries have imposed, and may impose additional, sanctions and other restrictive measures on certain\ncountries, individuals and companies, which could adversely affect the issuers, markets and economies concerned. In addition,\nthe U.S. has imposed, and may continue to impose, tariffs and other trade barriers, and other countries have imposed or\nmay impose retaliatory measures. Trade disputes between the U.S. and other countries could result in additional tariffs, trade\nbarriers and/or investment restrictions. These and other events could adversely affect the Fund’s performance, and their duration\nand full effects cannot be predicted.

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

	-	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 will\n fail to make timely payments of interest or principal or go bankrupt, or that the value of the securities will decline because of\n 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 years, interest rates in the United States rose significantly from historically low levels, and the U.S. Federal Reserve\n has adjusted, and may continue to adjust, its monetary policy in response to changing economic conditions. Significant\n or rapid changes in interest rates may magnify interest rate risk. Changes in government intervention may have adverse effects\n 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.

Performance

Portfolio\nManagers: Jeff Klearman, Ryan Dofflemeyer and Jeroen Visser have been portfolio managers of the Fund since the Fund’s\ninception.

GraniteShares\nAUTOCALLABLE cRWV ETF

Investment\nObjective

The Fund’s primary investment\nobjective is to generate income while providing limited downside protection by getting exposure to autocallables that reference the price\nof the common stock of CoreWeave, Inc. (NASDAQ: CRWV) (the “Underlying Asset”).

Fund\nFees and Expenses

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

Management\n Fee	0.99	%
Annual\n Fund Operating Expenses \n (expenses\n that you pay each year as a percentage of the value of your investment)
Management\n Fee	0.99	%
Distribution\n and/or Service (12b-1) Fees	0.00	%
Other\n Expenses ⁽¹⁾	0.08	%
Acquired\n Fund Fees and Expenses ⁽²⁾	0.03	%
Total\n Annual Fund Operating Expenses	1.10	%
Fee\n Waiver/Reimbursements ⁽³⁾	0.00	%
Net\n Annual Fund Operating Expenses After Fee Waiver/Reimbursements ^{(1), (2), (3)}	1.10	%

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

(1)	Other\n Expenses are estimated for the Fund’s initial fiscal year.
(2)	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. The amounts\n are estimated for the Fund’s initial fiscal year.
(3)	GraniteShares\n Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual\n fund operating expenses (excluding interest, taxes, brokerage commissions, expenses related to short sales, other expenditures\n which are capitalized in accordance with generally accepted accounting principles, other extraordinary expenses not incurred in the\n ordinary course of a Fund’s business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1\n under the 1940 Act) will not exceed 1.15%. This agreement is effective until December 31, 2027, and it may be terminated\n before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived\n fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement\n will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense\n payment and the expense limitation in place at the time of the recoupment.

Example

This\nExample is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded\nfunds.

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 \n \n \n \n

1\n Year			3\n Years
$	112			$	350

Portfolio\nTurnover

Principal\nInvestment Strategies

The Fund is an actively managed exchange-traded\nfund (“ETF”) that seeks current income by getting exposure to a portfolio of autocallables that reference the price of the\ncommon stock of CoreWeave, Inc. (NASDAQ: CRWV) (the “Underlying Asset”). The parameters of the autocallables the Fund will\nget exposure to are detailed in the section “Fund Exposure to the Autocallables”.

The\nFund is classified as “non-diversified” under the Investment Company Act of 1940, as amended (the “1940 Act”).

An\ninvestment in the Fund is not an investment in the Underlying Asset.

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

	-	The\n ability of an autocallable, and by extension the Fund, to make distributions is subject\n to the performance of the Underlying Asset,
	-	The\n Fund’s strategy is exposed to all potential losses if the Underlying Asset’s\n trading price declines, subject to a limited downside protection.
	-	The\n Fund does not invest directly in the Underlying Asset,
	-	Fund\n shareholders are not entitled to any distribution paid by Underlying Asset.

Description\nof Autocallable

Before\nmaturity, the following outcomes will happen on each coupon observation date (assuming an observation date occurs on each coupon payment\ndate and the absence of Non-Callable Period):

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

Outcome\n 1: the Underlying Asset trades below both the Autocallable Barrier and the Coupon Barrier

No\n coupon payment is made

\n \n

The\n autocallable does not mature

Outcome\n 2: the Underlying Asset trades above the Coupon Barrier but below the Autocallable Barrier

A\n coupon payment is made

\n \n

The\n autocallable does not mature

Outcome\n 3: the Underlying Asset trades above both the Coupon Barrier and the Autocallable Barrier

A\n coupon payment is made

\n \n

The\n autocallable matures

At\nmaturity, the following outcomes will happen:

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

Outcome 1: The Underlying Asset trades above the Maturity Barrier

A\n final coupon payment is made

Outcome\n 2: the Underlying Asset trades below the Maturity Barrier but above the Coupon Barrier

A\n final coupon payment is made.

\n \n \n\n

The autocallable is exposed to the full downside performance\nof the Underlying Asset resulting in loss of part or all of principal

\n\n

Outcome\n 3: the Underlying Asset trades below the Maturity Barrier and below the Coupon Barrier

No\n coupon payment is made.

\n \n \n\n

The autocallable is exposed to the full downside performance\nof the Underlying Asset resulting in loss of part or all of principal

\n\n

The\nexamples below are based on an autocallable with the following parameters:

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

Tenor\n (maturity)	3\n months
Observation\n Frequency	Monthly\n
Autocallable\n Notional Value	$10
Monthly\n coupon	$1
Price\n Underlying Asset at inception	$50
Coupon\n Barrier	$45\n (or 80% of the Initial Reference Price)
Autocallable\n Barrier	$55\n (or 110% of the Initial Reference Price)
Maturity\n Barrier	$40\n (or 80% of the Initial Reference Price)

Example\n1 – Favorable scenario

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

Observation\n date	\n Price\n of the Underlying Asset at each observation date \n (%\n change against Initial Reference Price) \n	Outcome
Month\n 1	$54\n (+8%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) \n \n ð A\n $1 coupon is paid \n
Month\n 2	$52\n (+4%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) \n \n ð A\n $1 coupon is paid \n
Month\n 3	$47\n (-6%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) and above the Maturity Barrier ($45) \n \n ð A\n $1 coupon is paid \n

Example\n2 – Medium scenario

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

Observation\n date	\n Price\n of the Underlying Asset at observation date \n (%\n change against Initial Reference Price) \n	Outcome
Month\n 1	$54\n (+8%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) \n \n ð A\n $1 coupon is paid \n
Month\n 2	$56\n (+12%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) and above the Autocallable\n Barrier ($55) \n \n ð A\n $1 coupon is paid \n \n ð The\n autocallable matures \n
\n Month\n 3		\n \n N/A \n

Example\n3 – Unfavorable scenario

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

\n Observation\n date \n	Price\n of the Underlying Asset at observation date	Outcome
Month\n 1	$39\n (-22%)	\n The\n Underlying Asset trades below the Coupon Barrier ($45) and below the Autocallable Barrier\n ($55) \n \n ð No\n coupon payment is made \n \n ð The\n product is not terminated \n
Month\n 2	$37\n (-26%)	\n The\n Underlying Asset trades below the Coupon Barrier ($45) and below the Autocallable Barrier\n ($55) \n \n ð No\n coupon payment is made \n \n ð The\n product is not terminated \n
Month\n 3	$32\n (-36%)	\n The\n Underlying Asset trades below the Coupon Barrier ($45), below the Autocallable Barrier ($55)\n and below the Maturity Barrier ($40) \n \n ð No\n coupon payment is made \n \n ð Exposure\n to the full downside performance of the Underlying \n Asset,\n resulting in loss of $3.60 ($10 * -36%) \n

Fund\nExposure to the Autocallables

Swaps:

Options:

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

Direct\n link to the performance of \n	The\n Underlying Asset
Currency\n Denomination \n	US\n dollar
Tenor\n (Maturity) \n	Between\n 1 month and 48 months
Non-Callable\n Period \n	Between\n 0 to 12 months
Autocallable\n Barrier ¹ \n	Between\n 95% and 105%
Coupon\n Barrier ¹ \n	Between\n 50% and 95%
Maturity\n Barrier ¹ \n	Between\n 50% and 95%
Coupon\n Frequency \n	Monthly\n or quarterly
Callability\n Frequency \n	Monthly\n or quarterly
Call\n Feature	Upon\n the expiration of each autocallable’s Non-Callable Period, the autocallable will automatically\n be called prior to its scheduled maturity date if the Underlying Asset reaches or exceeds\n the Autocallable Barrier on the callability observation date (see Callability Frequency). \n
Contingent\n Coupon	The\n coupon is paid if, on the observation date (see Coupon Frequency), the performance of the\n Underlying Asset is at or above the Coupon Barrier. If the Underlying Asset falls below the\n Coupon Barrier on an observation date, no coupon will be paid for that period. \n
Contingent\n Principal Protection	If\n an autocallable is not called prior to its Tenor, the initial principal is fully protected\n if the Underlying Asset’s level is above the Maturity Barrier at maturity. If the Underlying\n Asset closes below the Maturity Barrier, principal loss for that autocallable will be equivalent\n to the negative performance of the Underlying Asset measured over the life of the Autocallable. \n

^1\nExpressed as a percentage of the Underlying Asset initial reference price

Industry\nConcentration

Due\nto the Fund’s investment exposure to the Underlying Asset, the Fund’s investment exposure is concentrated in the computer\nsoftware industry.

CoreWeave,\nInc. is a cloud infrastructure technology company. The Company offers the CoreWeave Cloud Platform, which consists of software and cloud\nservices that deliver the automation and efficiency needed to manage complex artificial intelligence (AI) infrastructure. CoreWeave,\nInc. is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or\nfiled with the Securities and Exchange Commission by CoreWeave, Inc. pursuant to the Exchange Act can be located by reference to the\nSecurities and Exchange Commission file number 001-42563 through the Securities and Exchange Commission’s website at www.sec.gov.\nIn addition, information regarding CoreWeave, Inc. may be obtained from other sources including, but not limited to, press releases,\nnewspaper articles and other publicly disseminated documents.

THE\nFUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING ASSET.

This\nprospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of CoreWeave,\nInc. The common stock of CoreWeave, Inc. (CRWV) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange\nAct”). Information provided to or filed with the Securities and Exchange Commission by CoreWeave, Inc. pursuant to the Exchange\nAct can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding CoreWeave,\nInc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated\ndocuments.

100

PRINCIPAL\nRISKS OF INVESTING IN THE FUND

Underlying\nAsset Risk. The performance of the Underlying Asset, and consequently the Fund’s performance, is subject to the risks of the\ncomputer software industry. The Underlying Asset is subject to many risks that can negatively impact its revenue and viability including,\nbut are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk,\noperations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Asset performance\nmay be affected by competition in the microprocessor market, reliance on third-party manufacturers, the company’s ability to new\ndevelop new products, losses of significant customers, changes in customer demand for its products, risks associated with defective products\npolitical, legal and economic risks affecting the company’s global operations. The Fund’s daily returns may be affected by\nmany factors but will depend on the performance and volatility of the Underlying Asset.

101

Calculation\nMethodology Risk. Autocallables rely on complex calculation methodologies that may not perform as expected under certain market conditions.

102

Concentration\nRisk. To the extent that the Underlying Asset concentrates its investments in a particular industry, the Fund will be subject\nto the risks associated with that industry.

ETF\nRisks.

Trading.\nAlthough Shares are listed on a national securities exchange, such as The Nasdaq Stock Market, LLC (the “Exchange”),\nand may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active trading market for the Shares will\ndevelop or be maintained or that the Shares will trade with any volume, or at all, on any stock exchange. This risk may be greater for\nthe Fund as it seeks to have exposure to a single underlying stock as opposed to a more diverse portfolio like a traditional pooled investment.\nIn stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings,\nwhich can be significantly less liquid than Shares. Shares trade on the Exchange at a market price that may be below, at or above the\nFund’s NAV. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange,\nmake trading in Shares inadvisable. In addition, trading in Shares on the Exchange is subject to trading halts caused by extraordinary\nmarket volatility pursuant to the Exchange “circuit breaker” rules. There can be no assurance that the requirements of the\nExchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. In the event of an unscheduled\nmarket close for options contracts that reference a single stock, such as the Underlying Asset’s securities being halted\nor a market wide closure, settlement prices will be determined by the procedures of the listing exchange of the options contracts. As\na result, the Fund could be adversely affected and be unable to implement its investment strategies in the event of an unscheduled closing.

103

104

Recent\nMarket Events Risk. U.S. and international markets have experienced significant periods of volatility in recent years due to a number\nof economic, political and global macro factors, including uncertainty regarding interest rates and inflation, rising government\ndebt in the U.S. and elsewhere, political events, changes in trade policy and armed conflict. Public health emergencies, such as the\nCOVID-19 pandemic, have in the past caused, and may in the future cause, disruptions to business operations and supply chains,\nreduced consumer demand and significant market volatility. Armed conflict, including the conflict between Russia and\nUkraine and conflicts in the Middle East, has caused, and could continue to cause, loss of life and severe adverse effects on regional\nand global economies and on the markets for certain securities and commodities. The U.S., the European Union\nand other countries have imposed, and may impose additional, sanctions and other restrictive measures on certain\ncountries, individuals and companies, which could adversely affect the issuers, markets and economies concerned. In addition,\nthe U.S. has imposed, and may continue to impose, tariffs and other trade barriers, and other countries have imposed or\nmay impose retaliatory measures. Trade disputes between the U.S. and other countries could result in additional tariffs, trade\nbarriers and/or investment restrictions. These and other events could adversely affect the Fund’s performance, and their duration\nand full effects cannot be predicted.

105

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

	-	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 will\n fail to make timely payments of interest or principal or go bankrupt, or that the value of the securities will decline because of\n 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 years, interest rates in the United States rose significantly from historically low levels, and the U.S. Federal Reserve\n has adjusted, and may continue to adjust, its monetary policy in response to changing economic conditions. Significant\n or rapid changes in interest rates may magnify interest rate risk. Changes in government intervention may have adverse effects\n 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.

Performance

Portfolio\nManagers: Jeff Klearman, Ryan Dofflemeyer and Jeroen Visser have been portfolio managers of the Fund since the Fund’s\ninception.

106

GraniteShares\nAUTOCALLABLE GOOGL ETF

Investment\nObjective

The\nFund’s primary investment objective is to generate income while providing limited downside protection by getting exposure to autocallables\nthat reference the price of the common stock of Alphabet Class A (NASDAQ: GOOGL) (the “Underlying Asset”).

Fund\nFees and Expenses

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

Management\n Fee	-	%
Annual\n Fund Operating Expenses \n (expenses\n that you pay each year as a percentage of the value of your investment)
Management\n Fee	0.99	%
Distribution\n and/or Service (12b-1) Fees	0.00	%
Other\n Expenses ⁽¹⁾	0.08	%
Acquired\n Fund Fees and Expenses ⁽²⁾	0.03	%
Total\n Annual Fund Operating Expenses	1.10	%
Fee\n Waiver/Reimbursements ⁽³⁾	0.00	%
Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements ^{(1), (2), (3)} \n	1.10	%

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

(1)	Other\n Expenses are estimated for the Fund’s initial fiscal year.
(2)	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. The amounts\n are estimated for the Fund’s initial fiscal year.
(3)	GraniteShares\n Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual\n fund operating expenses (excluding interest, taxes, brokerage commissions, expenses related to short sales, other expenditures\n which are capitalized in accordance with generally accepted accounting principles, other extraordinary expenses not incurred in the\n ordinary course of a Fund’s business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1\n under the 1940 Act) will not exceed 1.15%. This agreement is effective until December 31, 2027, and it may be terminated\n before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived\n fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement\n will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense\n payment and the expense limitation in place at the time of the recoupment.

Example

This\nExample is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded\nfunds.

107

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 \n \n \n \n

1\n Year			3\n Years
$	112			$	350

Portfolio\nTurnover

Principal\nInvestment Strategies

The Fund is an actively managed exchange-traded\nfund (“ETF”) that seeks current income by getting exposure to a portfolio of autocallables that reference the price of the\ncommon stock of Alphabet Class A (NASDAQ: GOOGL) (the “Underlying Asset”). The parameters of the autocallables the Fund will\nget exposure to are detailed in the section “Fund Exposure to the Autocallables” with the aim to make monthly distributions.

The\nFund is classified as “non-diversified” under the Investment Company Act of 1940, as amended (the “1940 Act”).

108

An\ninvestment in the Fund is not an investment in the Underlying Asset.

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

	-	The\n ability of an autocallable, and by extension the Fund, to make distributions is subject\n to the performance of the Underlying Asset,
	-	The\n Fund’s strategy is exposed to all potential losses if the Underlying Asset’s\n trading price declines, subject to a limited downside protection.
	-	The\n Fund does not invest directly in the Underlying Asset,
	-	Fund\n shareholders are not entitled to any distribution paid by Underlying Asset.

Description\nof Autocallable

An autocallable is a derivative instrument\ncombining a series of options that is designed to pay a percentage of the notional amount allocated to that autocallable at certain\nset observation dates (e.g., monthly, noting the monthly observation dates are specific to each autocallable) (a “Coupon”),\nprovided that the Underlying Asset remains within certain predefined levels. If on specified monthly observation dates the Underlying\nAsset reaches or exceeds a certain level (the “Autocallable Barrier”) then the autocallable will automatically mature. The\nCoupon is intended to be paid even when the Underlying Asset experiences a certain amount of negative performance, but only down to a\ncertain predetermined level (the “Coupon Barrier”). If the performance of the Underlying Asset is below the Coupon Barrier\non any observation date no Coupon is paid for that then-ended observation period.

Before\nmaturity, the following outcomes will happen on each coupon observation date (assuming an observation date occurs on each coupon payment\ndate and the absence of Non-Callable Period):

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

Outcome\n 1: the Underlying Asset trades below both the Autocallable Barrier and the Coupon Barrier

No\n coupon payment is made

\n \n

The\n autocallable does not mature

Outcome\n 2: the Underlying Asset trades above the Coupon Barrier but below the Autocallable Barrier

A\n coupon payment is made

\n \n

The\n autocallable does not mature

Outcome\n 3: the Underlying Asset trades above both the Coupon Barrier and the Autocallable Barrier

A\n coupon payment is made

\n \n

The\n autocallable matures

At\nmaturity, the following outcomes will happen:

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

Outcome 1: The Underlying Asset trades above the Maturity Barrier

A\n final coupon payment is made

Outcome\n 2: the Underlying Asset trades below the Maturity Barrier but above the Coupon Barrier

A\n final coupon payment is made.

\n \n \n\n

The autocallable is exposed to the full downside performance\nof the Underlying Asset resulting in loss of part or all of principal

\n\n

Outcome\n 3: the Underlying Asset trades below the Maturity Barrier and below the Coupon Barrier

No\n coupon payment is made.

\n \n \n\n

The autocallable is exposed to the full downside performance\nof the Underlying Asset resulting in loss of part or all of principal

\n\n

109

The\nexamples below are based on an autocallable with the following parameters:

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

Tenor\n (maturity)	3\n months
Observation\n Frequency	Monthly\n
Autocallable\n Notional Value	$10
Monthly\n coupon	$1
Price\n Underlying Asset at inception	$50
Coupon\n Barrier	$45\n (or 80% of the Initial Reference Price)
Autocallable\n Barrier	$55\n (or 110% of the Initial Reference Price)
Maturity\n Barrier	$40\n (or 80% of the Initial Reference Price)

Example\n1 – Favorable scenario

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

Observation\n date	\n Price\n of the Underlying Asset at each observation date \n (%\n change against Initial Reference Price) \n	Outcome
Month\n 1	$54\n (+8%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) \n \n ð A\n $1 coupon is paid \n
Month\n 2	$52\n (+4%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) \n \n ð A\n $1 coupon is paid \n
Month\n 3	$47\n (-6%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) and above the Maturity Barrier ($45) \n \n ð A\n $1 coupon is paid \n

Example\n2 – Medium scenario

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

Observation\n date	\n Price\n of the Underlying Asset at observation date \n (%\n change against Initial Reference Price) \n	Outcome
Month\n 1	$54\n (+8%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) \n \n ð A\n $1 coupon is paid \n
Month\n 2	$56\n (+12%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) and above the Autocallable\n Barrier ($55) \n \n ð A\n $1 coupon is paid \n \n ð The\n autocallable matures \n
\n Month\n 3		\n \n N/A \n

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Example\n3 – Unfavorable scenario

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

\n Observation\n date \n	Price\n of the Underlying Asset at observation date	Outcome
Month\n 1	$39\n (-22%)	\n The\n Underlying Asset trades below the Coupon Barrier ($45) and below the Autocallable Barrier\n ($55) \n \n ð No\n coupon payment is made \n \n ð The\n product is not terminated \n
Month\n 2	$37\n (-26%)	\n The\n Underlying Asset trades below the Coupon Barrier ($45) and below the Autocallable Barrier\n ($55) \n \n ð No\n coupon payment is made \n \n ð The\n product is not terminated \n
Month\n 3	$32\n (-36%)	\n The\n Underlying Asset trades below the Coupon Barrier ($45), below the Autocallable Barrier ($55)\n and below the Maturity Barrier ($40) \n \n ð No\n coupon payment is made \n \n ð Exposure\n to the full downside performance of the Underlying \n Asset,\n resulting in loss of $3.60 ($10 * -36%) \n

Fund\nExposure to the Autocallables

Swaps:

Options:

Depending on market conditions, market\nliquidity and operational constraints, the Fund may gain exposure to autocallable with the parameters detailed in the table below through\nover-the-counter options provided by major financial institutions.

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

Direct\n link to the performance of \n	The\n Underlying Asset
Currency\n Denomination \n	US\n dollar
Tenor\n (Maturity) \n	Between\n 1 month and 48 months
Non-Callable\n Period \n	Between\n 0 to 12 months
Autocallable\n Barrier ¹ \n	Between\n 95% and 105%
Coupon\n Barrier ¹ \n	Between\n 50% and 95%
Maturity\n Barrier ¹ \n	Between\n 50% and 95%
Coupon\n Frequency \n	Monthly\n or quarterly
Callability\n Frequency \n	Monthly\n or quarterly
Call\n Feature	Upon\n the expiration of each autocallable’s Non-Callable Period, the autocallable will automatically\n be called prior to its scheduled maturity date if the Underlying Asset reaches or exceeds\n the Autocallable Barrier on the callability observation date (see Callability Frequency). \n
Contingent\n Coupon	The\n coupon is paid if, on the observation date (see Coupon Frequency), the performance of the\n Underlying Asset is at or above the Coupon Barrier. If the Underlying Asset falls below the\n Coupon Barrier on an observation date, no coupon will be paid for that period. \n
Contingent\n Principal Protection	If\n an autocallable is not called prior to its Tenor, the initial principal is fully protected\n if the Underlying Asset’s level is above the Maturity Barrier at maturity. If the Underlying\n Asset closes below the Maturity Barrier, principal loss for that autocallable will be equivalent\n to the negative performance of the Underlying Asset measured over the life of the Autocallable. \n

^1\nExpressed as a percentage of the Underlying Asset initial reference price

Industry\nConcentration

Due\nto the Fund’s investment exposure to the Underlying Asset, the Fund’s investment exposure is concentrated in the computer\nprogramming industry.

Alphabet\nInc.’s (GOOGL) segments include Google Services, Google Cloud, and Other Bets. GOOGL is registered\nunder the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities\nand Exchange Commission by GOOGL pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file\nnumber 001-37580 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding GOOGL\nmay be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated\ndocuments.

THE\nFUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING ASSET.

This\nprospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Alphabet\nInc. The common stock of Alphabet Inc. (GOOGL) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange\nAct”). Information provided to or filed with the Securities and Exchange Commission by Alphabet Inc. pursuant to the Exchange Act\ncan be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Alphabet\nInc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated\ndocuments.

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PRINCIPAL\nRISKS OF INVESTING IN THE FUND

Underlying\nAsset Risk. The Underlying Asset is subject to many risks that can negatively impact its revenue and viability including, but are\nnot limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations\nrisk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Asset performance may be\naffected by changes in advertising revenues, increased competition and ability to retain users and customers, its ability to enforce\nthe company’s intellectual property rights, manufacturing and supply chain risks, global market conditions, cyber-attacks and changes\nin regulatory oversight. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility\nof the Underlying Asset.

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Calculation\nMethodology Risk. Autocallables rely on complex calculation methodologies that may not perform as expected under certain market conditions.

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Concentration\nRisk. To the extent that the Underlying Asset concentrates its investments in a particular industry, the Fund will be subject\nto the risks associated with that industry.

ETF\nRisks.

Trading.\nAlthough Shares are listed on a national securities exchange, such as The Nasdaq Stock Market, LLC (the “Exchange”),\nand may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active trading market for the Shares will\ndevelop or be maintained or that the Shares will trade with any volume, or at all, on any stock exchange. This risk may be greater for\nthe Fund as it seeks to have exposure to a single underlying stock as opposed to a more diverse portfolio like a traditional pooled investment.\nIn stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings,\nwhich can be significantly less liquid than Shares. Shares trade on the Exchange at a market price that may be below, at or above the\nFund’s NAV. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange,\nmake trading in Shares inadvisable. In addition, trading in Shares on the Exchange is subject to trading halts caused by extraordinary\nmarket volatility pursuant to the Exchange “circuit breaker” rules. There can be no assurance that the requirements of the\nExchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. In the event of an unscheduled\nmarket close for options contracts that reference a single stock, such as the Underlying Asset’s securities being halted\nor a market wide closure, settlement prices will be determined by the procedures of the listing exchange of the options contracts. As\na result, the Fund could be adversely affected and be unable to implement its investment strategies in the event of an unscheduled closing.

114

115

Recent\nMarket Events Risk. U.S. and international markets have experienced significant periods of volatility in recent years due to a number\nof economic, political and global macro factors, including uncertainty regarding interest rates and inflation, rising government\ndebt in the U.S. and elsewhere, political events, changes in trade policy and armed conflict. Public health emergencies, such as the\nCOVID-19 pandemic, have in the past caused, and may in the future cause, disruptions to business operations and supply chains,\nreduced consumer demand and significant market volatility. Armed conflict, including the conflict between Russia and\nUkraine and conflicts in the Middle East, has caused, and could continue to cause, loss of life and severe adverse effects on regional\nand global economies and on the markets for certain securities and commodities. The U.S., the European Union\nand other countries have imposed, and may impose additional, sanctions and other restrictive measures on certain\ncountries, individuals and companies, which could adversely affect the issuers, markets and economies concerned. In addition,\nthe U.S. has imposed, and may continue to impose, tariffs and other trade barriers, and other countries have imposed or\nmay impose retaliatory measures. Trade disputes between the U.S. and other countries could result in additional tariffs, trade\nbarriers and/or investment restrictions. These and other events could adversely affect the Fund’s performance, and their duration\nand full effects cannot be predicted.

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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

	-	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 will\n fail to make timely payments of interest or principal or go bankrupt, or that the value of the securities will decline because of\n 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 years, interest rates in the United States rose significantly from historically low levels, and the U.S. Federal Reserve\n has adjusted, and may continue to adjust, its monetary policy in response to changing economic conditions. Significant\n or rapid changes in interest rates may magnify interest rate risk. Changes in government intervention may have adverse effects\n 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.

Performance

Portfolio\nManagers: Jeff Klearman, Ryan Dofflemeyer and Jeroen Visser have been portfolio managers of the Fund since the Fund’s\ninception.

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GraniteShares\nAUTOCALLABLE HIMS ETF

Investment\nObjective

The Fund’s primary investment\nobjective is to generate income while providing limited downside protection by getting exposure to autocallables that reference the price\nof the common stock of Hims & Hers Health, Inc. (NYSE: HIMS) (the “Underlying Asset”).

Fund\nFees and Expenses

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

Management\n Fee	0.99	%
Annual\n Fund Operating Expenses \n (expenses\n that you pay each year as a percentage of the value of your investment)
Management\n Fee	0.99	%
Distribution\n and/or Service (12b-1) Fees	0.00	%
Other\n Expenses ⁽¹⁾	0.08	%
Acquired\n Fund Fees and Expenses ⁽²⁾	0.03	%
Total\n Annual Fund Operating Expenses	1.10	%
Fee\n Waiver/Reimbursements ⁽³⁾	0.00	%
Net\n Annual Fund Operating Expenses After Fee Waiver/Reimbursements ^{(1), (2), (3)}	1.10	%

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

(1)	Other\n Expenses are estimated for the Fund’s initial fiscal year.
(2)	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. The amounts\n are estimated for the Fund’s initial fiscal year.
(3)	GraniteShares\n Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual\n fund operating expenses (excluding interest, taxes, brokerage commissions, expenses related to short sales, other expenditures\n which are capitalized in accordance with generally accepted accounting principles, other extraordinary expenses not incurred in the\n ordinary course of a Fund’s business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1\n under the 1940 Act) will not exceed 1.15%. This agreement is effective until December 31, 2027, and it may be terminated\n before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived\n fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement\n will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense\n payment and the expense limitation in place at the time of the recoupment.

Example

This\nExample is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded\nfunds.

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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 \n \n \n \n

1\n Year			3\n Years
$	112			$	350

Portfolio\nTurnover

Principal\nInvestment Strategies

The Fund is an actively managed exchange-traded\nfund (“ETF”) that seeks current income by getting exposure to a portfolio of autocallables that reference the price of the\ncommon stock of Hims & Hers Health, Inc. (NYSE: HIMS) (the “Underlying Asset”). The parameters of the autocallables the\nFund will get exposure to are detailed in the section “Fund Exposure to the Autocallables” with the aim to make monthly distributions.

The\nFund is classified as “non-diversified” under the Investment Company Act of 1940, as amended (the “1940 Act”).

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An\ninvestment in the Fund is not an investment in the Underlying Asset.

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

	-	The\n ability of an autocallable, and by extension the Fund, to make distributions is subject\n to the performance of the Underlying Asset,
	-	The\n Fund’s strategy is exposed to all potential losses if the Underlying Asset’s\n trading price declines, subject to a limited downside protection.
	-	The\n Fund does not invest directly in the Underlying Asset,
	-	Fund\n shareholders are not entitled to any distribution paid by Underlying Asset.

Description\nof Autocallable

Before\nmaturity, the following outcomes will happen on each coupon observation date (assuming an observation date occurs on each coupon payment\ndate and the absence of Non-Callable Period):

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

Outcome\n 1: the Underlying Asset trades below both the Autocallable Barrier and the Coupon Barrier

No\n coupon payment is made

\n \n

The\n autocallable does not mature

Outcome\n 2: the Underlying Asset trades above the Coupon Barrier but below the Autocallable Barrier

A\n coupon payment is made

\n \n

The\n autocallable does not mature

Outcome\n 3: the Underlying Asset trades above both the Coupon Barrier and the Autocallable Barrier

A\n coupon payment is made

\n \n

The\n autocallable matures

At\nmaturity, the following outcomes will happen:

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

Outcome 1: The Underlying Asset trades above the Maturity Barrier

A\n final coupon payment is made

Outcome\n 2: the Underlying Asset trades below the Maturity Barrier but above the Coupon Barrier

A\n final coupon payment is made.

\n \n \n\n

The autocallable is exposed to the full downside performance\nof the Underlying Asset resulting in loss of part or all of principal

\n\n

Outcome\n 3: the Underlying Asset trades below the Maturity Barrier and below the Coupon Barrier

No\n coupon payment is made.

\n \n \n\n

The autocallable is exposed to the full downside performance\nof the Underlying Asset resulting in loss of part or all of principal

\n\n

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The\nexamples below are based on an autocallable with the following parameters:

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

Tenor\n (maturity)	3\n months
Observation\n Frequency	Monthly\n
Autocallable\n Notional Value	$10
Monthly\n coupon	$1
Price\n Underlying Asset at inception	$50
Coupon\n Barrier	$45\n (or 80% of the Initial Reference Price)
Autocallable\n Barrier	$55\n (or 110% of the Initial Reference Price)
Maturity\n Barrier	$40\n (or 80% of the Initial Reference Price)

Example\n1 – Favorable scenario

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

Observation\n date	\n Price\n of the Underlying Asset at each observation date \n (%\n change against Initial Reference Price) \n	Outcome
Month\n 1	$54\n (+8%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) \n \n ð A\n $1 coupon is paid \n
Month\n 2	$52\n (+4%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) \n \n ð A\n $1 coupon is paid \n
Month\n 3	$47\n (-6%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) and above the Maturity Barrier ($45) \n \n ð A\n $1 coupon is paid \n

Example\n2 – Medium scenario

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

Observation\n date	\n Price\n of the Underlying Asset at observation date \n (%\n change against Initial Reference Price) \n	Outcome
Month\n 1	$54\n (+8%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) \n \n ð A\n $1 coupon is paid \n
Month\n 2	$56\n (+12%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) and above the Autocallable\n Barrier ($55) \n \n ð A\n $1 coupon is paid \n \n ð The\n autocallable matures \n
\n Month\n 3		\n \n N/A \n

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Example\n3 – Unfavorable scenario

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

\n Observation\n date \n	Price\n of the Underlying Asset at observation date	Outcome
Month\n 1	$39\n (-22%)	\n The\n Underlying Asset trades below the Coupon Barrier ($45) and below the Autocallable Barrier\n ($55) \n \n ð No\n coupon payment is made \n \n ð The\n product is not terminated \n
Month\n 2	$37\n (-26%)	\n The\n Underlying Asset trades below the Coupon Barrier ($45) and below the Autocallable Barrier\n ($55) \n \n ð No\n coupon payment is made \n \n ð The\n product is not terminated \n
Month\n 3	$32\n (-36%)	\n The\n Underlying Asset trades below the Coupon Barrier ($45), below the Autocallable Barrier ($55)\n and below the Maturity Barrier ($40) \n \n ð No\n coupon payment is made \n \n ð Exposure\n to the full downside performance of the Underlying \n Asset,\n resulting in loss of $3.60 ($10 * -36%) \n

Fund\nExposure to the Autocallables

Autocallables can be wrapped in different financial\ninstruments, such as notes, options and swaps. The Fund expects to obtain exposure to autocallables through swaps and options only, and\nin each case the financial instrument performance will settle in cash only. The Fund allocation between swaps and options will be made\nwith the aim of minimizing the Fund operational constraints. Autocallables derive their liquidity from the Underlying Asset to which\nthey provide exposure to. Autocallables held by the Fund will only reference highly liquid Underlying Assets.

Swaps:

The Fund may enter into one or more swap agreements\nwith major financial institutions against autocallable with the parameters detailed in the table below whereby the Fund and the financial\ninstitution will agree to exchange the return (or differentials in rates of return) earned or realized on the autocallable. The gross\nreturn to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g.,\nthe return on or change in value of a particular dollar amount representing the autocallable on the Underlying Asset.

Options:

The financial instruments held by the Fund will reference autocallables that have the key parameters\ndisclosed in the table below, with the aim of achieving an average tenor ranging between 12 and 24 months at the beginning of each month.\nThe other parameters will be market dependent and determined with the aim of supporting the Fund’s monthly distributions\nand capital preservation.

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

Direct\n link to the performance of \n	The\n Underlying Asset
Currency\n Denomination \n	US\n dollar
Tenor\n (Maturity) \n	Between\n 1 month and 48 months
Non-Callable\n Period \n	Between\n 0 to 12 months
Autocallable\n Barrier ¹ \n	Between\n 95% and 105%
Coupon\n Barrier ¹ \n	Between\n 50% and 95%
Maturity\n Barrier ¹ \n	Between\n 50% and 95%
Coupon\n Frequency \n	Monthly\n or quarterly
Callability\n Frequency \n	Monthly\n or quarterly
Call\n Feature	Upon\n the expiration of each autocallable’s Non-Callable Period, the autocallable will automatically\n be called prior to its scheduled maturity date if the Underlying Asset reaches or exceeds\n the Autocallable Barrier on the callability observation date (see Callability Frequency). \n
Contingent\n Coupon	The\n coupon is paid if, on the observation date (see Coupon Frequency), the performance of the\n Underlying Asset is at or above the Coupon Barrier. If the Underlying Asset falls below the\n Coupon Barrier on an observation date, no coupon will be paid for that period. \n
Contingent\n Principal Protection	If\n an autocallable is not called prior to its Tenor, the initial principal is fully protected\n if the Underlying Asset’s level is above the Maturity Barrier at maturity. If the Underlying\n Asset closes below the Maturity Barrier, principal loss for that autocallable will be equivalent\n to the negative performance of the Underlying Asset measured over the life of the Autocallable. \n

^1\nExpressed as a percentage of the Underlying Asset initial reference price

Industry\nConcentration

Due\nto the Fund’s investment exposure to the Underlying Asset, the Fund’s investment exposure is concentrated in the healthcare\nproviders and services industry.

Hims\n& Hers Health, Inc. provides a consumer-first platform, which helps customers to fulfill their health and wellness needs. Its platform\nincludes access to a provider network, a clinically focused electronic medical record system, digital prescriptions, cloud pharmacy fulfillment,\nand personalization capabilities. Hims & Hers Health, Inc. is registered under the Securities Exchange Act of 1934, as amended\n(the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Hims & Hers Health,\nInc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-38986\nthrough the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Hims & Hers Health,\nInc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated\ndocuments.

THE\nFUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING ASSET.

This\nprospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Hims &\nHers Health, Inc. The common stock of Hims & Hers Health, Inc. (HIMS) is registered under the Securities Exchange Act of 1934, as\namended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Hims &\nHers Health, Inc. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov.\nIn addition, information regarding Hims & Hers Health, Inc. may be obtained from other sources including, but not limited to, press\nreleases, newspaper articles and other publicly disseminated documents.

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PRINCIPAL\nRISKS OF INVESTING IN THE FUND

Underlying\nAsset Risk. The performance of the Underlying Asset, and consequently the Fund’s performance, is subject to the risks of the\nhealthcare providers and services industry. The Underlying Asset is subject to many risks that can negatively impact its revenue and\nviability including, but are not limited to changing economic conditions, evolving patient demographics, and fluctuations in demand for\nhealthcare services. Profitability in this industry is often dependent on reimbursement rates from government programs and private payors,\nas well as the ability to manage operational costs effectively. Changes in healthcare regulations and policies, including those related\nto insurance coverage and reimbursement, can materially impact the industry. Companies in the healthcare providers and services industry\nare subject to extensive and frequently changing government regulations, which may affect the scope of their activities, the rates they\ncan charge for services, and their compliance costs. Additionally, the industry faces risks related to litigation, operational disruptions,\nand evolving technologies that may alter traditional service delivery models. The Fund’s daily returns may be affected by many\nfactors but will depend on the performance and volatility of the Underlying Asset.

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Calculation\nMethodology Risk. Autocallables rely on complex calculation methodologies that may not perform as expected under certain market conditions.

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Concentration\nRisk. To the extent that the Underlying Asset concentrates its investments in a particular industry, the Fund will be subject\nto the risks associated with that industry.

ETF\nRisks.

Trading.\nAlthough Shares are listed on a national securities exchange, such as The Nasdaq Stock Market, LLC (the “Exchange”),\nand may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active trading market for the Shares will\ndevelop or be maintained or that the Shares will trade with any volume, or at all, on any stock exchange. This risk may be greater for\nthe Fund as it seeks to have exposure to a single underlying stock as opposed to a more diverse portfolio like a traditional pooled investment.\nIn stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings,\nwhich can be significantly less liquid than Shares. Shares trade on the Exchange at a market price that may be below, at or above the\nFund’s NAV. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange,\nmake trading in Shares inadvisable. In addition, trading in Shares on the Exchange is subject to trading halts caused by extraordinary\nmarket volatility pursuant to the Exchange “circuit breaker” rules. There can be no assurance that the requirements of the\nExchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. In the event of an unscheduled\nmarket close for options contracts that reference a single stock, such as the Underlying Asset’s securities being halted\nor a market wide closure, settlement prices will be determined by the procedures of the listing exchange of the options contracts. As\na result, the Fund could be adversely affected and be unable to implement its investment strategies in the event of an unscheduled closing.

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127

Recent\nMarket Events Risk. U.S. and international markets have experienced significant periods of volatility in recent years due to a number\nof economic, political and global macro factors, including uncertainty regarding interest rates and inflation, rising government\ndebt in the U.S. and elsewhere, political events, changes in trade policy and armed conflict. Public health emergencies, such as the\nCOVID-19 pandemic, have in the past caused, and may in the future cause, disruptions to business operations and supply chains,\nreduced consumer demand and significant market volatility. Armed conflict, including the conflict between Russia and\nUkraine and conflicts in the Middle East, has caused, and could continue to cause, loss of life and severe adverse effects on regional\nand global economies and on the markets for certain securities and commodities. The U.S., the European Union\nand other countries have imposed, and may impose additional, sanctions and other restrictive measures on certain\ncountries, individuals and companies, which could adversely affect the issuers, markets and economies concerned. In addition,\nthe U.S. has imposed, and may continue to impose, tariffs and other trade barriers, and other countries have imposed or\nmay impose retaliatory measures. Trade disputes between the U.S. and other countries could result in additional tariffs, trade\nbarriers and/or investment restrictions. These and other events could adversely affect the Fund’s performance, and their duration\nand full effects cannot be predicted.

128

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

	-	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 will\n fail to make timely payments of interest or principal or go bankrupt, or that the value of the securities will decline because of\n 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 years, interest rates in the United States rose significantly from historically low levels, and the U.S. Federal Reserve\n has adjusted, and may continue to adjust, its monetary policy in response to changing economic conditions. Significant\n or rapid changes in interest rates may magnify interest rate risk. Changes in government intervention may have adverse effects\n 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.

Performance

Portfolio\nManagers: Jeff Klearman, Ryan Dofflemeyer and Jeroen Visser have been portfolio managers of the Fund since the Fund’s\ninception.

129

GraniteShares\nAUTOCALLABLE HOOD ETF

Investment\nObjective

The\nFund’s primary investment objective is to generate income while providing limited downside protection by getting exposure to\nautocallables that reference the price of the common stock of Robinhood Markets, Inc. (NASDAQ: HOOD) (the “Underlying Asset”).

Fund\nFees and Expenses

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

Management\n Fee	-	%
Annual\n Fund Operating Expenses \n (expenses\n that you pay each year as a percentage of the value of your investment)
Management\n Fee	0.99	%
Distribution\n and/or Service (12b-1) Fees	0.00	%
Other\n Expenses ⁽¹⁾	13.42	%
Acquired\n Fund Fees and Expenses ⁽²⁾	0.03	%
Total\n Annual Fund Operating Expenses	14.44	%
Fee\n Waiver/Reimbursements ⁽³⁾	-13.26	%
Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements ^{(1), (2), (3)} \n	1.18	%

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

(1)	Other\n Expenses are based on actual amounts incurred during the Fund’s fiscal period ended June 30, 2026.
(2)	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. The amounts\n are estimated for the Fund’s fiscal year ending June 30, 2027.
(3)	GraniteShares\n Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual\n fund operating expenses (excluding interest, taxes, brokerage commissions, expenses related to short sales, other expenditures\n which are capitalized in accordance with generally accepted accounting principles, other extraordinary expenses not incurred in the\n ordinary course of a Fund’s business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1\n under the 1940 Act) will not exceed 1.15%. This agreement is effective until December 31, 2027, and it may be terminated\n before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived\n fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement\n will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense\n payment and the expense limitation in place at the time of the recoupment.

Example

This\nExample is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded\nfunds.

130

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

1\n Year			3\n Years			5 Years			10 Years \n\n
$	120			$	2,851			$	5,125			$	9,280

Portfolio\nTurnover

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

Principal\nInvestment Strategies

The\nFund is an actively managed exchange-traded fund (“ETF”) that seeks current income by getting exposure to a portfolio\nof autocallables that reference the price of the common stock of Robinhood Markets, Inc. (NASDAQ: HOOD) (the “Underlying\nAsset”). The parameters of the autocallables the Fund will get exposure to are detailed in the section “Fund\nExposure to the Autocallables” with the aim to make monthly distributions.

The\nFund is classified as “non-diversified” under the Investment Company Act of 1940, as amended (the “1940 Act”).

131

An\ninvestment in the Fund is not an investment in the Underlying Asset.

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

	-	The\n ability of an autocallable, and by extension the Fund, to make distributions is subject\n to the performance of the Underlying Asset,
	-	The\n Fund’s strategy is exposed to all potential losses if the Underlying Asset’s\n trading price declines, subject to a limited downside protection.
	-	The\n Fund does not invest directly in the Underlying Asset,
	-	Fund\n shareholders are not entitled to any distribution paid by Underlying Asset.

Description\nof Autocallable

Before\nmaturity, the following outcomes will happen on each coupon observation date (assuming an observation date occurs on each coupon payment\ndate and the absence of Non-Callable Period):

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

Outcome\n 1: the Underlying Asset trades below both the Autocallable Barrier and the Coupon Barrier

No\n coupon payment is made

\n \n

The\n autocallable does not mature

Outcome\n 2: the Underlying Asset trades above the Coupon Barrier but below the Autocallable Barrier

A\n coupon payment is made

\n \n

The\n autocallable does not mature

Outcome\n 3: the Underlying Asset trades above both the Coupon Barrier and the Autocallable Barrier

A\n coupon payment is made

\n \n

The\n autocallable matures

At\nmaturity, the following outcomes will happen:

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

Outcome 1: The Underlying Asset trades above the Maturity Barrier

A\n final coupon payment is made

Outcome\n 2: the Underlying Asset trades below the Maturity Barrier but above the Coupon Barrier

A\n final coupon payment is made.

\n \n

The\n autocallable is exposed to the full downside performance of the Underlying Asset resulting in loss of part or all of principal

Outcome\n 3: the Underlying Asset trades below the Maturity Barrier and below the Coupon Barrier

No\n coupon payment is made.

\n \n

The\n autocallable is exposed to the full downside performance of the Underlying Asset resulting in loss of part or all of principal

132

The\nexamples below are based on an autocallable with the following parameters:

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

Tenor\n (maturity)	3\n months
Observation\n Frequency	Monthly\n
Autocallable\n Notional Value	$10
Monthly\n coupon	$1
Price\n Underlying Asset at inception	$50
Coupon\n Barrier	$45\n (or 80% of the Initial Reference Price)
Autocallable\n Barrier	$55\n (or 110% of the Initial Reference Price)
Maturity\n Barrier	$40\n (or 80% of the Initial Reference Price)

Example\n1 – Favorable scenario

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

Observation\n date	\n Price\n of the Underlying Asset at each observation date \n (%\n change against Initial Reference Price) \n	Outcome
Month\n 1	$54\n (+8%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) \n \n ð A\n $1 coupon is paid \n
Month\n 2	$52\n (+4%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) \n \n ð A\n $1 coupon is paid \n
Month\n 3	$47\n (-6%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) and above the Maturity Barrier ($45) \n \n ð A\n $1 coupon is paid \n

Example\n2 – Medium scenario

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

Observation\n date	\n Price\n of the Underlying Asset at observation date \n (%\n change against Initial Reference Price) \n	Outcome
Month\n 1	$54\n (+8%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) \n \n ð A\n $1 coupon is paid \n
Month\n 2	$56\n (+12%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) and above the Autocallable\n Barrier ($55) \n \n ð A\n $1 coupon is paid \n \n ð The\n autocallable matures \n
\n Month\n 3		\n \n N/A \n

133

Example\n3 – Unfavorable scenario

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

\n Observation\n date \n	Price\n of the Underlying Asset at observation date	Outcome
Month\n 1	$39\n (-22%)	\n The\n Underlying Asset trades below the Coupon Barrier ($45) and below the Autocallable Barrier\n ($55) \n \n ð No\n coupon payment is made \n \n ð The\n product is not terminated \n
Month\n 2	$37\n (-26%)	\n The\n Underlying Asset trades below the Coupon Barrier ($45) and below the Autocallable Barrier\n ($55) \n \n ð No\n coupon payment is made \n \n ð The\n product is not terminated \n
Month\n 3	$32\n (-36%)	\n The\n Underlying Asset trades below the Coupon Barrier ($45), below the Autocallable Barrier ($55)\n and below the Maturity Barrier ($40) \n \n ð No\n coupon payment is made \n \n ð Exposure\n to the full downside performance of the Underlying \n Asset,\n resulting in loss of $3.60 ($10 * -36%) \n

Fund\nExposure to the Autocallables

Swaps:

Options:

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

Direct\n link to the performance of \n	The\n Underlying Asset
Currency\n Denomination \n	US\n dollar
Tenor\n (Maturity) \n	Between\n 1 month and 48 months
Non-Callable\n Period \n	Between\n 0 to 12 months
Autocallable\n Barrier ¹ \n	Between\n 95% and 105%
Coupon\n Barrier ¹ \n	Between\n 50% and 95%
Maturity\n Barrier ¹ \n	Between\n 50% and 95%
Coupon\n Frequency \n	Monthly\n or quarterly
Callability\n Frequency \n	Monthly\n or quarterly
Call\n Feature	Upon\n the expiration of each autocallable’s Non-Callable Period, the autocallable will automatically\n be called prior to its scheduled maturity date if the Underlying Asset reaches or exceeds\n the Autocallable Barrier on the callability observation date (see Callability Frequency). \n
Contingent\n Coupon	The\n coupon is paid if, on the observation date (see Coupon Frequency), the performance of the\n Underlying Asset is at or above the Coupon Barrier. If the Underlying Asset falls below the\n Coupon Barrier on an observation date, no coupon will be paid for that period. \n
Contingent\n Principal Protection	If\n an autocallable is not called prior to its Tenor, the initial principal is fully protected\n if the Underlying Asset’s level is above the Maturity Barrier at maturity. If the Underlying\n Asset closes below the Maturity Barrier, principal loss for that autocallable will be equivalent\n to the negative performance of the Underlying Asset measured over the life of the Autocallable. \n

^1\nExpressed as a percentage of the Underlying Asset initial reference price

Industry\nConcentration

Due\nto the Fund’s investment exposure to the Underlying Asset, the Fund’s investment exposure is concentrated in the investment\nbanking and brokerage industry.

Robinhood\nMarkets, Inc. provides financial services platform for everyone, regardless of their wealth, income, or background. Robinhood Markets,\nInc. is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or\nfiled with the Securities and Exchange Commission by Robinhood Markets, Inc. pursuant to the Exchange Act can be located by reference\nto the Securities and Exchange Commission file number 001-40691 through the Securities and Exchange Commission’s website\nat www.sec.gov. In addition, information regarding Robinhood Markets, Inc. may be obtained from other sources including, but not limited\nto, press releases, newspaper articles and other publicly disseminated documents.

THE\nFUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING ASSET.

This\nprospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Robinhood\nMarkets, Inc. The common stock of Robinhood Markets, Inc. (HOOD) is registered under the Securities Exchange Act of 1934, as amended\n(the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Robinhood Markets,\nInc. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition,\ninformation regarding Robinhood Markets, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper\narticles and other publicly disseminated documents.

134

PRINCIPAL\nRISKS OF INVESTING IN THE FUND

Underlying\nAsset Risk. The performance of the Underlying Asset, and consequently the Fund’s performance, is subject to the risks of the\ninvestment banking and brokerage industry. The Underlying Asset is subject to many risks that can negatively impact its revenue and viability\nincluding, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and\ndemand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Asset\noperates in a heavily regulated and supervised environment. The impact interpretation, and enforcement of new rules can have major impacts\non its operations. The Underlying Asset has material exposure to market, credit, and liquidity risks. The Underlying Asset relies on\ncomplex systems, and its inability to operate them accurately and timely could materially impact its ability to operate. The Underlying\nAsset may be significantly affected by stock and bank trading activity, continuing increases in price competition, decreases in fees\nor fee-related business, including investment banking, brokerage, asset management and other servicing fees, fluctuation in interest\nrates and other factors which could adversely affect financial markets. The Fund’s daily returns may be affected by many factors\nbut will depend on the performance and volatility of the Underlying Asset.

135

Calculation\nMethodology Risk. Autocallables rely on complex calculation methodologies that may not perform as expected under certain market conditions.

136

Concentration\nRisk. To the extent that the Underlying Asset concentrates its investments in a particular industry, the Fund will be subject\nto the risks associated with that industry.

ETF\nRisks.

Trading.\nAlthough Shares are listed on a national securities exchange, such as The Nasdaq Stock Market, LLC (the “Exchange”),\nand may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active trading market for the Shares will\ndevelop or be maintained or that the Shares will trade with any volume, or at all, on any stock exchange. This risk may be greater for\nthe Fund as it seeks to have exposure to a single underlying stock as opposed to a more diverse portfolio like a traditional pooled investment.\nIn stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings,\nwhich can be significantly less liquid than Shares. Shares trade on the Exchange at a market price that may be below, at or above the\nFund’s NAV. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange,\nmake trading in Shares inadvisable. In addition, trading in Shares on the Exchange is subject to trading halts caused by extraordinary\nmarket volatility pursuant to the Exchange “circuit breaker” rules. There can be no assurance that the requirements of the\nExchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. In the event of an unscheduled\nmarket close for options contracts that reference a single stock, such as the Underlying Asset’s securities being halted\nor a market wide closure, settlement prices will be determined by the procedures of the listing exchange of the options contracts. As\na result, the Fund could be adversely affected and be unable to implement its investment strategies in the event of an unscheduled closing.

137

138

Recent\nMarket Events Risk. U.S. and international markets have experienced significant periods of volatility in recent years due to a number\nof economic, political and global macro factors, including uncertainty regarding interest rates and inflation, rising government\ndebt in the U.S. and elsewhere, political events, changes in trade policy and armed conflict. Public health emergencies, such as the\nCOVID-19 pandemic, have in the past caused, and may in the future cause, disruptions to business operations and supply chains,\nreduced consumer demand and significant market volatility. Armed conflict, including the conflict between Russia and\nUkraine and conflicts in the Middle East, has caused, and could continue to cause, loss of life and severe adverse effects\non regional and global economies and on the markets for certain securities and commodities. The U.S., the European\nUnion and other countries have imposed, and may impose additional, sanctions and other restrictive measures on certain\ncountries, individuals and companies, which could adversely affect the issuers, markets and economies concerned. In addition,\nthe U.S. has imposed, and may continue to impose, tariffs and other trade barriers, and other countries have imposed or\nmay impose retaliatory measures. Trade disputes between the U.S. and other countries could result in additional tariffs, trade\nbarriers and/or investment restrictions. These and other events could adversely affect the Fund’s performance, and their duration\nand full effects cannot be predicted.

Single\nIssuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment\nvehicle which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security (the Underlying\nAsset), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value\nof a traditional pooled investment or the market as a whole.

Affiliated\nETFs Risk. The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible\nthat a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the\nFund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of\nthe Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national\nsecurities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be\nmore or less than its net asset value per share.

139

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

	-	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 will\n fail to make timely payments of interest or principal or go bankrupt, or that the value of the securities will decline because of\n 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 years, interest rates in the United States rose significantly from historically low levels, and the U.S. Federal Reserve\n has adjusted, and may continue to adjust, its monetary policy in response to changing economic conditions. Significant\n or rapid changes in interest rates may magnify interest rate risk. Changes in government intervention may have adverse effects on\n 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.

Performance

Portfolio\nManagers: Jeff Klearman, Ryan Dofflemeyer and Jeroen Visser have been portfolio managers of the Fund since the Fund’s\ninception.

140

GraniteShares\nAUTOCALLABLE INTC ETF

Investment\nObjective

The\nFund’s primary investment objective is to generate income while providing limited downside protection by getting exposure to\nautocallables that reference the price of the common stock of Intel Corporation (NASDAQ: INTC) (the “Underlying Asset”).

Fund\nFees and Expenses

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

Management\n Fee	0.99	%
Annual\n Fund Operating Expenses \n (expenses\n that you pay each year as a percentage of the value of your investment)
Management\n Fee	0.99	%
Distribution\n and/or Service (12b-1) Fees	0.00	%
Other\n Expenses ⁽¹⁾	0.08	%
Acquired\n Fund Fees and Expenses ⁽²⁾	0.03	%
Total\n Annual Fund Operating Expenses	1.10	%
Fee\n Waiver/Reimbursements ⁽³⁾	0.00	%
Net\n Annual Fund Operating Expenses After Fee Waiver/Reimbursements ^{(1), (2), (3)}	1.10	%

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

(1)	Other\n Expenses are estimated for the Fund’s initial fiscal year.
(2)	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. The amounts\n are estimated for the Fund’s initial fiscal year.
(3)	GraniteShares\n Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual\n fund operating expenses (excluding interest, taxes, brokerage commissions, expenses related to short sales, other expenditures\n which are capitalized in accordance with generally accepted accounting principles, other extraordinary expenses not incurred in the\n ordinary course of a Fund’s business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1\n under the 1940 Act) will not exceed 1.15%. This agreement is effective until December 31, 2027, and it may be terminated\n before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived\n fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement\n will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense\n payment and the expense limitation in place at the time of the recoupment.

Example

This\nExample is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded\nfunds.

141

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 \n \n \n \n

1\n Year			3\n Years
$	112			$	350

Portfolio\nTurnover

Principal\nInvestment Strategies

The\nFund is an actively managed exchange-traded fund (“ETF”) that seeks current income by getting exposure to a portfolio of\nautocallables that reference the price of the common stock of Intel Corporation (NASDAQ: INTC) (the “Underlying Asset”).\nThe parameters of the autocallables the Fund will get exposure in are details in the section “Fund Exposure to the Autocallables”\nwith the aim to make monthly distributions.

The\nFund is classified as “non-diversified” under the Investment Company Act of 1940, as amended (the “1940 Act”).

142

An\ninvestment in the Fund is not an investment in the Underlying Asset.

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

	-	The\n ability of an autocallable, and by extension the Fund, to make distributions is subject\n to the performance of the Underlying Asset,
	-	The\n Fund’s strategy is exposed to all potential losses if the Underlying Asset’s\n trading price declines, subject to a limited downside protection.
	-	The\n Fund does not invest directly in the Underlying Asset,
	-	Fund\n shareholders are not entitled to any distribution paid by Underlying Asset.

Description\nof Autocallable

Before\nmaturity, the following outcomes will happen on each coupon observation date (assuming an observation date occurs on each coupon payment\ndate and the absence of Non-Callable Period):

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

Outcome\n 1: the Underlying Asset trades below both the Autocallable Barrier and the Coupon Barrier

No\n coupon payment is made

\n \n

The\n autocallable does not mature

Outcome\n 2: the Underlying Asset trades above the Coupon Barrier but below the Autocallable Barrier

A\n coupon payment is made

\n \n

The\n autocallable does not mature

Outcome\n 3: the Underlying Asset trades above both the Coupon Barrier and the Autocallable Barrier

A\n coupon payment is made

\n \n

The\n autocallable matures

At\nmaturity, the following outcomes will happen:

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

Outcome 1: The Underlying Asset trades above the Maturity Barrier

A\n final coupon payment is made

Outcome\n 2: the Underlying Asset trades below the Maturity Barrier but above the Coupon Barrier

A\n final coupon payment is made.

\n \n

The\n autocallable is exposed to the full downside performance of the Underlying Asset resulting in loss of part or all of principal

Outcome\n 3: the Underlying Asset trades below the Maturity Barrier and below the Coupon Barrier

No\n coupon payment is made.

\n \n

The\n autocallable is exposed to the full downside performance of the Underlying Asset resulting in loss of part or all of principal

143

The\nexamples below are based on an autocallable with the following parameters:

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

Tenor\n (maturity)	3\n months
Observation\n Frequency	Monthly\n
Autocallable\n Notional Value	$10
Monthly\n coupon	$1
Price\n Underlying Asset at inception	$50
Coupon\n Barrier	$45\n (or 80% of the Initial Reference Price)
Autocallable\n Barrier	$55\n (or 110% of the Initial Reference Price)
Maturity\n Barrier	$40\n (or 80% of the Initial Reference Price)

Example\n1 – Favorable scenario

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

Observation\n date	\n Price\n of the Underlying Asset at each observation date \n (%\n change against Initial Reference Price) \n	Outcome
Month\n 1	$54\n (+8%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) \n \n ð A\n $1 coupon is paid \n
Month\n 2	$52\n (+4%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) \n \n ð A\n $1 coupon is paid \n
Month\n 3	$47\n (-6%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) and above the Maturity Barrier ($45) \n \n ð A\n $1 coupon is paid \n

Example\n2 – Medium scenario

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

Observation\n date	\n Price\n of the Underlying Asset at observation date \n (%\n change against Initial Reference Price) \n	Outcome
Month\n 1	$54\n (+8%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) \n \n ð A\n $1 coupon is paid \n
Month\n 2	$56\n (+12%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) and above the Autocallable\n Barrier ($55) \n \n ð A\n $1 coupon is paid \n \n ð The\n autocallable matures \n
\n Month\n 3		\n \n N/A \n

144

Example\n3 – Unfavorable scenario

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

\n Observation\n date \n	Price\n of the Underlying Asset at observation date	Outcome
Month\n 1	$39\n (-22%)	\n The\n Underlying Asset trades below the Coupon Barrier ($45) and below the Autocallable Barrier\n ($55) \n \n ð No\n coupon payment is made \n \n ð The\n product is not terminated \n
Month\n 2	$37\n (-26%)	\n The\n Underlying Asset trades below the Coupon Barrier ($45) and below the Autocallable Barrier\n ($55) \n \n ð No\n coupon payment is made \n \n ð The\n product is not terminated \n
Month\n 3	$32\n (-36%)	\n The\n Underlying Asset trades below the Coupon Barrier ($45), below the Autocallable Barrier ($55)\n and below the Maturity Barrier ($40) \n \n ð No\n coupon payment is made \n \n ð Exposure\n to the full downside performance of the Underlying \n Asset,\n resulting in loss of $3.60 ($10 * -36%) \n

Fund\nExposure to the Autocallables

Swaps:

Options:

The financial instruments held by the Fund will reference\nautocallables that have the key parameters disclosed in the table below, with the aim of achieving an average tenor ranging between 12\nand 24 months at the beginning of each month. The other parameters will be market dependent and determined with the aim of supporting\nthe Fund’s monthly distributions and capital preservation.

145

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

Direct link to the performance of \n	The\n Underlying Asset
Currency Denomination \n	US\n dollar
Tenor (Maturity) \n	Between\n 1 month and 48 months
Non-Callable Period \n	Between\n 0 to 12 months
Autocallable Barrier ¹ \n	Between\n 95% and 105%
Coupon Barrier ¹ \n	Between\n 50% and 95%
Maturity Barrier ¹ \n	Between\n 50% and 95%
Coupon Frequency \n	Monthly\n or quarterly
Callability Frequency \n	Monthly\n or quarterly
Call\n Feature	Upon the expiration of each autocallable’s Non-Callable Period, the autocallable will automatically be called prior to its scheduled maturity date if the Underlying Asset reaches or exceeds the Autocallable Barrier on the callability observation date (see Callability Frequency). \n
Contingent\n Coupon	The coupon is paid if, on the observation date (see Coupon Frequency), the performance of the Underlying Asset is at or above the Coupon Barrier. If the Underlying Asset falls below the Coupon Barrier on an observation date, no coupon will be paid for that period. \n
Contingent\n Principal Protection	If\n an autocallable is not called prior to its Tenor, the initial principal is fully protected if the Underlying Asset’s level\n is above the Maturity Barrier at maturity. If the Underlying Asset closes below the Maturity Barrier, principal loss for that autocallable\n will be equivalent to the negative performance of the Underlying Asset measured over the life of the Autocallable. \n

^1\nExpressed as a percentage of the Underlying Asset initial reference price

Industry\nConcentration

Due\nto the Fund’s investment exposure to the Underlying Asset, the Fund’s investment exposure is concentrated in the semi-conductor\nindustry.

Intel\nCorporation (INTC) is engaged in designing and manufacturing of semiconductors. INTC is registered under the Securities Exchange Act\nof 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by\nINTC pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 000-06217 through\nthe Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding INTC may be obtained from other\nsources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.

THE\nFUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING ASSET.

This\nprospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Intel Corp.\nThe common stock of Intel Corp. (INTL) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).\nInformation provided to or filed with the Securities and Exchange Commission by Intel Corp. pursuant to the Exchange Act can be located\nat the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Intel Corp. may be obtained\nfrom other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.

146

PRINCIPAL\nRISKS OF INVESTING IN THE FUND

Underlying\nAsset Risk. The performance of the Underlying Asset, and consequently the Fund’s performance, is subject to the risks of the\nsemiconductor industry. The risks of investments in the semiconductor industry include: intense competition, both domestically and internationally,\nincluding competition from subsidized foreign competitors with lower production costs; wide fluctuations in securities prices due to\nrisks of rapid obsolescence of products; economic performance of the customers of semiconductor companies; their research costs and the\nrisks that their products may not prove commercially successful; capital equipment expenditures that could be substantial and suffer\nfrom rapid obsolescence; and thin capitalization and limited product lines, markets, financial resources or personnel. The semiconductor\nindustry may also be affected by risks that affect the broader technology sector, including government regulation; dramatic and often\nunpredictable changes in growth rates and competition for qualified personnel; heavy dependence on patent and intellectual property rights,\nthe loss or impairment of which may adversely affect profitability; and a small number of companies representing a large portion of the\ntechnology sector as a whole. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility\nof the Underlying Asset.

147

Calculation\nMethodology Risk. Autocallables rely on complex calculation methodologies that may not perform as expected under certain market conditions.

148

Concentration\nRisk. To the extent that the Underlying Asset concentrates its investments in a particular industry, the Fund will be subject\nto the risks associated with that industry.

ETF\nRisks.

Trading.\nAlthough Shares are listed on a national securities exchange, such as The Nasdaq Stock Market, LLC (the “Exchange”),\nand may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active trading market for the Shares will\ndevelop or be maintained or that the Shares will trade with any volume, or at all, on any stock exchange. This risk may be greater for\nthe Fund as it seeks to have exposure to a single underlying stock as opposed to a more diverse portfolio like a traditional pooled investment.\nIn stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings,\nwhich can be significantly less liquid than Shares. Shares trade on the Exchange at a market price that may be below, at or above the\nFund’s NAV. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange,\nmake trading in Shares inadvisable. In addition, trading in Shares on the Exchange is subject to trading halts caused by extraordinary\nmarket volatility pursuant to the Exchange “circuit breaker” rules. There can be no assurance that the requirements of the\nExchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. In the event of an unscheduled\nmarket close for options contracts that reference a single stock, such as the Underlying Asset’s securities being halted\nor a market wide closure, settlement prices will be determined by the procedures of the listing exchange of the options contracts. As\na result, the Fund could be adversely affected and be unable to implement its investment strategies in the event of an unscheduled closing.

149

150

Recent\nMarket Events Risk. U.S. and international markets have experienced significant periods of volatility in recent years due\nto a number of economic, political and global macro factors, including uncertainty regarding interest rates and inflation,\nrising government debt in the U.S. and elsewhere, political events, changes in trade policy and armed conflict. Public health\nemergencies, such as the COVID-19 pandemic, have in the past caused, and may in the future cause, disruptions to business\noperations and supply chains, reduced consumer demand and significant market volatility. Armed conflict, including\nthe conflict between Russia and Ukraine and conflicts in the Middle East, has caused, and could continue to cause, loss of life and\nsevere adverse effects on regional and global economies and on the markets for certain securities and commodities. The U.S.,\nthe European Union and other countries have imposed, and may impose additional, sanctions and other restrictive\nmeasures on certain countries, individuals and companies, which could adversely affect the issuers, markets and\neconomies concerned. In addition, the U.S. has imposed, and may continue to impose, tariffs and other trade barriers,\nand other countries have imposed or may impose retaliatory measures. Trade disputes between the U.S. and other countries\ncould result in additional tariffs, trade barriers and/or investment restrictions. These and other events could adversely affect\nthe Fund’s performance, and their duration and full effects cannot be predicted.

Single\nIssuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment\nvehicle which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security (the Underlying\nAsset), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value\nof a traditional pooled investment or the market as a whole.

151

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

	-	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 will\n fail to make timely payments of interest or principal or go bankrupt, or that the value of the securities will decline because of\n 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 years, interest rates in the United States rose significantly from historically low levels, and the U.S. Federal Reserve\n has adjusted, and may continue to adjust, its monetary policy in response to changing economic conditions. Significant\n or rapid changes in interest rates may magnify interest rate risk. Changes in government intervention may have adverse effects on\n 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.

Performance

Portfolio\nManagers: Jeff Klearman, Ryan Dofflemeyer and Jeroen Visser have been portfolio managers of the Fund since the Fund’s\ninception.

152

GraniteShares\nAUTOCALLABLE IONQ ETF

Investment\nObjective

The\nFund’s primary investment objective is to generate income while providing limited downside protection by getting exposure to\nautocallables that reference the price of the common stock of IonQ, Inc. (NYSE: IONQ) (the “Underlying Asset”).

Fund\nFees and Expenses

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

Management\n Fee	0.99	%
Annual\n Fund Operating Expenses \n (expenses\n that you pay each year as a percentage of the value of your investment)
Management\n Fee	0.99	%
Distribution\n and/or Service (12b-1) Fees	0.00	%
Other\n Expenses ⁽¹⁾	0.08	%
Acquired\n Fund Fees and Expenses ⁽²⁾	0.03	%
Total\n Annual Fund Operating Expenses	1.10	%
Fee\n Waiver/Reimbursements ⁽³⁾	0.00	%
Net\n Annual Fund Operating Expenses After Fee Waiver/Reimbursements ^{(1), (2), (3)}	1.10	%

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

(1)	Other\n Expenses are estimated for the Fund’s initial fiscal year.
(2)	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. The amounts\n are estimated for the Fund’s initial fiscal year.
(3)	GraniteShares\n Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual\n fund operating expenses (excluding interest, taxes, brokerage commissions, expenses related to short sales, other expenditures\n which are capitalized in accordance with generally accepted accounting principles, other extraordinary expenses not incurred in the\n ordinary course of a Fund’s business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1\n under the 1940 Act) will not exceed 1.15%. This agreement is effective until December 31, 2027, and it may be terminated\n before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived\n fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement\n will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense\n payment and the expense limitation in place at the time of the recoupment.

Example

This\nExample is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded\nfunds.

153

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 \n \n \n \n

1\n Year			3\n Years
$	112			$	350

Portfolio\nTurnover

The\nFund pays transaction costs, such as commissions, when it buys\nand sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs\nand may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in the total annual fund\noperating expenses or in the expense example above, affect the Fund’s performance. Because the Fund is newly organized, portfolio\nturnover information is not yet available.

Principal\nInvestment Strategies

The\nFund is an actively managed exchange-traded fund (“ETF”) that seeks current income by getting exposure to a portfolio\nof autocallables that reference the price of the common stock of IonQ, Inc. (NYSE: IONQ) (the “Underlying Asset”).\nThe parameters of the autocallables the Fund will get exposure to are detailed in the section “Fund Exposure to the\nAutocallables” with the aim to make monthly distributions.

The\nFund is classified as “non-diversified” under the Investment Company Act of 1940, as amended (the “1940 Act”).

154

An\ninvestment in the Fund is not an investment in the Underlying Asset.

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

	-	The\n ability of an autocallable, and by extension the Fund, to make distributions is subject\n to the performance of the Underlying Asset,
	-	The\n Fund’s strategy is exposed to all potential losses if the Underlying Asset’s\n trading price declines, subject to a limited downside protection.
	-	The\n Fund does not invest directly in the Underlying Asset,
	-	Fund\n shareholders are not entitled to any distribution paid by Underlying Asset.

Description\nof Autocallable

Before\nmaturity, the following outcomes will happen on each coupon observation date (assuming an observation date occurs on each coupon payment\ndate and the absence of Non-Callable Period):

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

Outcome\n 1: the Underlying Asset trades below both the Autocallable Barrier and the Coupon Barrier

No\n coupon payment is made

\n \n

The\n autocallable does not mature

Outcome\n 2: the Underlying Asset trades above the Coupon Barrier but below the Autocallable Barrier

A\n coupon payment is made

\n \n

The\n autocallable does not mature

Outcome\n 3: the Underlying Asset trades above both the Coupon Barrier and the Autocallable Barrier

A\n coupon payment is made

\n \n

The\n autocallable matures

At\nmaturity, the following outcomes will happen:

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

Outcome 1: The Underlying Asset trades above the Maturity Barrier

A\n final coupon payment is made

Outcome\n 2: the Underlying Asset trades below the Maturity Barrier but above the Coupon Barrier

A\n final coupon payment is made.

\n \n

The\n autocallable is exposed to the full downside performance of the Underlying Asset resulting in loss of part or all of principal

Outcome\n 3: the Underlying Asset trades below the Maturity Barrier and below the Coupon Barrier

No\n coupon payment is made.

\n \n

The\n autocallable is exposed to the full downside performance of the Underlying Asset resulting in loss of part or all of principal

155

The\nexamples below are based on an autocallable with the following parameters:

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

Tenor\n (maturity)	3\n months
Observation\n Frequency	Monthly\n
Autocallable\n Notional Value	$10
Monthly\n coupon	$1
Price\n Underlying Asset at inception	$50
Coupon\n Barrier	$45\n (or 80% of the Initial Reference Price)
Autocallable\n Barrier	$55\n (or 110% of the Initial Reference Price)
Maturity\n Barrier	$40\n (or 80% of the Initial Reference Price)

Example\n1 – Favorable scenario

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

Observation\n date	\n Price\n of the Underlying Asset at each observation date \n (%\n change against Initial Reference Price) \n	Outcome
Month\n 1	$54\n (+8%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) \n \n ð A\n $1 coupon is paid \n
Month\n 2	$52\n (+4%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) \n \n ð A\n $1 coupon is paid \n
Month\n 3	$47\n (-6%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) and above the Maturity Barrier ($45) \n \n ð A\n $1 coupon is paid \n

Example\n2 – Medium scenario

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

Observation\n date	\n Price\n of the Underlying Asset at observation date \n (%\n change against Initial Reference Price) \n	Outcome
Month\n 1	$54\n (+8%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) \n \n ð A\n $1 coupon is paid \n
Month\n 2	$56\n (+12%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) and above the Autocallable\n Barrier ($55) \n \n ð A\n $1 coupon is paid \n \n ð The\n autocallable matures \n
\n Month\n 3		\n \n N/A \n

156

Example\n3 – Unfavorable scenario

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

\n Observation\n date \n	Price\n of the Underlying Asset at observation date	Outcome
Month\n 1	$39\n (-22%)	\n The\n Underlying Asset trades below the Coupon Barrier ($45) and below the Autocallable Barrier\n ($55) \n \n ð No\n coupon payment is made \n \n ð The\n product is not terminated \n
Month\n 2	$37\n (-26%)	\n The\n Underlying Asset trades below the Coupon Barrier ($45) and below the Autocallable Barrier\n ($55) \n \n ð No\n coupon payment is made \n \n ð The\n product is not terminated \n
Month\n 3	$32\n (-36%)	\n The\n Underlying Asset trades below the Coupon Barrier ($45), below the Autocallable Barrier ($55)\n and below the Maturity Barrier ($40) \n \n ð No\n coupon payment is made \n \n ð Exposure\n to the full downside performance of the Underlying \n Asset,\n resulting in loss of $3.60 ($10 * -36%) \n

Fund\nExposure to the Autocallables

Swaps:

Options:

157

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

Direct link to the performance of \n	The\n Underlying Asset
Currency Denomination \n	US\n dollar
Tenor (Maturity) \n	Between\n 1 month and 48 months
Non-Callable Period \n	Between\n 0 to 12 months
Autocallable Barrier ¹ \n	Between\n 95% and 105%
Coupon Barrier ¹ \n	Between\n 50% and 95%
Maturity Barrier ¹ \n	Between\n 50% and 95%
Coupon Frequency \n	Monthly\n or quarterly
Callability Frequency \n	Monthly\n or quarterly
Call\n Feature	Upon the expiration of each autocallable’s Non-Callable Period, the autocallable will automatically be called prior to its scheduled maturity date if the Underlying Asset reaches or exceeds the Autocallable Barrier on the callability observation date (see Callability Frequency). \n
Contingent\n Coupon	The coupon is paid if, on the observation date (see Coupon Frequency), the performance of the Underlying Asset is at or above the Coupon Barrier. If the Underlying Asset falls below the Coupon Barrier on an observation date, no coupon will be paid for that period. \n
Contingent\n Principal Protection	If\n an autocallable is not called prior to its Tenor, the initial principal is fully protected if the Underlying Asset’s level\n is above the Maturity Barrier at maturity. If the Underlying Asset closes below the Maturity Barrier, principal loss for that autocallable\n will be equivalent to the negative performance of the Underlying Asset measured over the life of the Autocallable. \n

^1\nExpressed as a percentage of the Underlying Asset initial reference price

Industry\nConcentration

Due\nto the Fund’s investment exposure to the Underlying Asset, the Fund’s investment exposure is concentrated in the electronic\ndata processing industry.

IonQ,\nInc. is engaged in quantum computing that delivers high-performance systems capable of solving commercial and research use cases. The\ncompany makes access to its quantum computers through cloud platforms, such as Amazon Web Services (AWS) Amazon Braket, Microsoft’s\nAzure Quantum, and Google’s Cloud Marketplace, as well as through its cloud service. It also provides contracts associated with\nthe design, development, and construction of specialized quantum computing hardware systems; maintenance and support services; and consulting\nservices related to co-developing algorithms on quantum computing systems. IonQ, Inc. is registered under the Securities Exchange Act\nof 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by\nIonQ, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-39694\nthrough the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding IonQ, Inc. may be obtained\nfrom other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.

THE\nFUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING ASSET.

This\nprospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of IonQ, Inc.\nThe common stock of IonQ Inc. (IONQ) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).\nInformation provided to or filed with the Securities and Exchange Commission by IONQ pursuant to the Exchange Act can be located at the\nSecurities and Exchange Commission’s website at www.sec.gov. In addition, information regarding IONQ may be obtained from other\nsources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.

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PRINCIPAL\nRISKS OF INVESTING IN THE FUND

Underlying\nAsset Risk. The performance of the Underlying Asset, and consequently the Fund’s performance, is subject to the risks of the\nelectronic data processing industry. Any data breaches, unauthorized access, data loss due to system malfunctions, cyberattacks, privacy\nviolations, data integrity issues, system outages, hardware failures, software vulnerabilities, human error, and power disruptions; essentially,\nany threat that could compromise the confidentiality, integrity, or availability of stored or processed data could have a material adverse\neffect on our company, its prospects and financial performance. Worldwide economic conditions could have an effect on the demand for\nour company’s services and products and could result in declining revenue and earnings. General economic declines or a softening\nof the economy make it more likely that our company may experience difficulties collecting accounts receivable, sales and demand for\nour company’s products may decrease, and our company’s operating results may be adversely affected. The Fund’s daily\nreturns may be affected by many factors but will depend on the performance and volatility of the Underlying Asset.

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Calculation\nMethodology Risk. Autocallables rely on complex calculation methodologies that may not perform as expected under certain market conditions.

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Concentration\nRisk. To the extent that the Underlying Asset concentrates its investments in a particular industry, the Fund will be subject\nto the risks associated with that industry.

ETF\nRisks.

Trading.\nAlthough Shares are listed on a national securities exchange, such as The Nasdaq Stock Market, LLC (the “Exchange”),\nand may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active trading market for the Shares will\ndevelop or be maintained or that the Shares will trade with any volume, or at all, on any stock exchange. This risk may be greater for\nthe Fund as it seeks to have exposure to a single underlying stock as opposed to a more diverse portfolio like a traditional pooled investment.\nIn stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings,\nwhich can be significantly less liquid than Shares. Shares trade on the Exchange at a market price that may be below, at or above the\nFund’s NAV. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange,\nmake trading in Shares inadvisable. In addition, trading in Shares on the Exchange is subject to trading halts caused by extraordinary\nmarket volatility pursuant to the Exchange “circuit breaker” rules. There can be no assurance that the requirements of the\nExchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. In the event of an unscheduled\nmarket close for options contracts that reference a single stock, such as the Underlying Asset’s securities being halted\nor a market wide closure, settlement prices will be determined by the procedures of the listing exchange of the options contracts. As\na result, the Fund could be adversely affected and be unable to implement its investment strategies in the event of an unscheduled closing.

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Recent\nMarket Events Risk. U.S. and international markets have experienced significant periods of volatility in recent years due to a number\nof economic, political and global macro factors, including uncertainty regarding interest rates and inflation, rising government\ndebt in the U.S. and elsewhere, political events, changes in trade policy and armed conflict. Public health emergencies, such as the\nCOVID-19 pandemic, have in the past caused, and may in the future cause, disruptions to business operations and supply chains,\nreduced consumer demand and significant market volatility. Armed conflict, including the conflict between Russia and\nUkraine and conflicts in the Middle East, has caused, and could continue to cause, loss of life and severe adverse effects\non regional and global economies and on the markets for certain securities and commodities. The U.S., the European\nUnion and other countries have imposed, and may impose additional, sanctions and other restrictive measures on certain\ncountries, individuals and companies, which could adversely affect the issuers, markets and economies concerned. In addition,\nthe U.S. has imposed, and may continue to impose, tariffs and other trade barriers, and other countries have imposed or\nmay impose retaliatory measures. Trade disputes between the U.S. and other countries could result in additional tariffs, trade\nbarriers and/or investment restrictions. These and other events could adversely affect the Fund’s performance, and their duration\nand full effects cannot be predicted.

Single\nIssuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment\nvehicle which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security (the Underlying\nAsset), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value\nof a traditional pooled investment or the market as a whole.

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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

	-	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 will\n fail to make timely payments of interest or principal or go bankrupt, or that the value of the securities will decline because of\n 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 years, interest rates in the United States rose significantly from historically low levels, and the U.S. Federal Reserve\n has adjusted, and may continue to adjust, its monetary policy in response to changing economic conditions. Significant\n or rapid changes in interest rates may magnify interest rate risk. Changes in government intervention may have adverse effects on\n 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.

Performance

Portfolio\nManagers: Jeff Klearman, Ryan Dofflemeyer and Jeroen Visser have been portfolio managers of the Fund since the Fund’s\ninception.

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GraniteShares\nAUTOCALLABLE MARA ETF

Investment\nObjective

The\nFund’s primary investment objective is to generate income while providing limited downside protection by getting exposure to\nautocallables that reference the price of the common stock of MARA Holdings, Inc. (NASDAQ: MARA) (the “Underlying\nAsset”).

Fund\nFees and Expenses

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

Management\n Fee	0.99	%
Annual\n Fund Operating Expenses \n (expenses\n that you pay each year as a percentage of the value of your investment)
Management\n Fee	0.99	%
Distribution\n and/or Service (12b-1) Fees	0.00	%
Other\n Expenses ⁽¹⁾	17.80	%
Acquired\n Fund Fees and Expenses ⁽²⁾	0.03	%
Total\n Annual Fund Operating Expenses	18.82	%
Fee\n Waiver/Reimbursements ⁽³⁾	-17.64	%
Net\n Annual Fund Operating Expenses After Fee Waiver/Reimbursements ^{(1), (2), (3)}	1.18	%

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

(1)	Other\n Expenses are based on actual amounts incurred during the Fund’s fiscal period ended June 30, 2026.
(2)	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. The amounts\n are estimated for the Fund’s fiscal year ending June 30, 2027.
(3)	GraniteShares\n Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual\n fund operating expenses (excluding interest, taxes, brokerage commissions, expenses related to short sales, other expenditures\n which are capitalized in accordance with generally accepted accounting principles, other extraordinary expenses not incurred in the\n ordinary course of a Fund’s business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1\n under the 1940 Act) will not exceed 1.15%. This agreement is effective until December 31, 2027, and it may be terminated\n before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived\n fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement\n will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense\n payment and the expense limitation in place at the time of the recoupment.

Example

This\nExample is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded\nfunds.

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

1\n Year			3\n Years			5 Years			10 Years
$	120			$	3,530			$	6,139			$	10,287

Portfolio\nTurnover

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

Principal\nInvestment Strategies

The\nFund is an actively managed exchange-traded fund (“ETF”) that seeks current income by getting exposure to a portfolio\nof autocallables that reference the price of the common stock of MARA Holdings, Inc. (NASDAQ: MARA) (the “Underlying\nAsset”). The parameters of the autocallables the Fund will get exposure to are detailed in the section “Fund\nExposure to the Autocallables” with the aim to make monthly distributions.

The\nFund is classified as “non-diversified” under the Investment Company Act of 1940, as amended (the “1940 Act”).

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An\ninvestment in the Fund is not an investment in the Underlying Asset.

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

	-	The\n ability of an autocallable, and by extension the Fund, to make distributions is subject\n to the performance of the Underlying Asset,
	-	The\n Fund’s strategy is exposed to all potential losses if the Underlying Asset’s\n trading price declines, subject to a limited downside protection.
	-	The\n Fund does not invest directly in the Underlying Asset,
	-	Fund\n shareholders are not entitled to any distribution paid by Underlying Asset.

Description\nof Autocallable

Before\nmaturity, the following outcomes will happen on each coupon observation date (assuming an observation date occurs on each coupon payment\ndate and the absence of Non-Callable Period):

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

Outcome\n 1: the Underlying Asset trades below both the Autocallable Barrier and the Coupon Barrier

No\n coupon payment is made

\n \n

The\n autocallable does not mature

Outcome\n 2: the Underlying Asset trades above the Coupon Barrier but below the Autocallable Barrier

A\n coupon payment is made

\n \n

The\n autocallable does not mature

Outcome\n 3: the Underlying Asset trades above both the Coupon Barrier and the Autocallable Barrier

A\n coupon payment is made

\n \n

The\n autocallable matures

At\nmaturity, the following outcomes will happen:

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

Outcome 1: The Underlying Asset trades above the Maturity Barrier

A\n final coupon payment is made

Outcome\n 2: the Underlying Asset trades below the Maturity Barrier but above the Coupon Barrier

A\n final coupon payment is made.

\n \n

The\n autocallable is exposed to the full downside performance of the Underlying Asset resulting in loss of part or all of principal

Outcome\n 3: the Underlying Asset trades below the Maturity Barrier and below the Coupon Barrier

No\n coupon payment is made.

\n \n

The\n autocallable is exposed to the full downside performance of the Underlying Asset resulting in loss of part or all of principal

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The\nexamples below are based on an autocallable with the following parameters:

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

Tenor\n (maturity)	3\n months
Observation\n Frequency	Monthly\n
Autocallable\n Notional Value	$10
Monthly\n coupon	$1
Price\n Underlying Asset at inception	$50
Coupon\n Barrier	$45\n (or 80% of the Initial Reference Price)
Autocallable\n Barrier	$55\n (or 110% of the Initial Reference Price)
Maturity\n Barrier	$40\n (or 80% of the Initial Reference Price)

Example\n1 – Favorable scenario

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

Observation\n date	\n Price\n of the Underlying Asset at each observation date \n (%\n change against Initial Reference Price) \n	Outcome
Month\n 1	$54\n (+8%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) \n \n ð A\n $1 coupon is paid \n
Month\n 2	$52\n (+4%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) \n \n ð A\n $1 coupon is paid \n
Month\n 3	$47\n (-6%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) and above the Maturity Barrier ($45) \n \n ð A\n $1 coupon is paid \n

Example\n2 – Medium scenario

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

Observation\n date	\n Price\n of the Underlying Asset at observation date \n (%\n change against Initial Reference Price) \n	Outcome
Month\n 1	$54\n (+8%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) \n \n ð A\n $1 coupon is paid \n
Month\n 2	$56\n (+12%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) and above the Autocallable\n Barrier ($55) \n \n ð A\n $1 coupon is paid \n \n ð The\n autocallable matures \n
\n Month\n 3		\n \n N/A \n

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Example\n3 – Unfavorable scenario

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

\n Observation\n date \n	Price\n of the Underlying Asset at observation date	Outcome
Month\n 1	$39\n (-22%)	\n The\n Underlying Asset trades below the Coupon Barrier ($45) and below the Autocallable Barrier\n ($55) \n \n ð No\n coupon payment is made \n \n ð The\n product is not terminated \n
Month\n 2	$37\n (-26%)	\n The\n Underlying Asset trades below the Coupon Barrier ($45) and below the Autocallable Barrier\n ($55) \n \n ð No\n coupon payment is made \n \n ð The\n product is not terminated \n
Month\n 3	$32\n (-36%)	\n The\n Underlying Asset trades below the Coupon Barrier ($45), below the Autocallable Barrier ($55)\n and below the Maturity Barrier ($40) \n \n ð No\n coupon payment is made \n \n ð Exposure\n to the full downside performance of the Underlying \n Asset,\n resulting in loss of $3.60 ($10 * -36%) \n

Fund\nExposure to the Autocallables

Swaps:

Options:

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

Direct link to the performance of \n	The\n Underlying Asset
Currency Denomination \n	US\n dollar
Tenor (Maturity) \n	Between\n 1 month and 48 months
Non-Callable Period \n	Between\n 0 to 12 months
Autocallable Barrier ¹ \n	Between\n 95% and 105%
Coupon Barrier ¹ \n	Between\n 50% and 95%
Maturity Barrier ¹ \n	Between\n 50% and 95%
Coupon Frequency \n	Monthly\n or quarterly
Callability Frequency \n	Monthly\n or quarterly
Call\n Feature	Upon the expiration of each autocallable’s Non-Callable Period, the autocallable will automatically be called prior to its scheduled maturity date if the Underlying Asset reaches or exceeds the Autocallable Barrier on the callability observation date (see Callability Frequency). \n
Contingent\n Coupon	The coupon is paid if, on the observation date (see Coupon Frequency), the performance of the Underlying Asset is at or above the Coupon Barrier. If the Underlying Asset falls below the Coupon Barrier on an observation date, no coupon will be paid for that period. \n
Contingent\n Principal Protection	If\n an autocallable is not called prior to its Tenor, the initial principal is fully protected if the Underlying Asset’s level\n is above the Maturity Barrier at maturity. If the Underlying Asset closes below the Maturity Barrier, principal loss for that autocallable\n will be equivalent to the negative performance of the Underlying Asset measured over the life of the Autocallable. \n

^1\nExpressed as a percentage of the Underlying Asset initial reference price

Industry\nConcentration

Due\nto the Fund’s investment exposure to the Underlying Asset, the Fund’s investment exposure is concentrated in the electronic\ndata processing (EDP) industry.

MARA\nHoldings Inc. is a digital asset compute technology which engages in mining cryptocurrencies, with a focus on the blockchain ecosystem\nand the generation of digital assets. MARA Holdings Inc. is registered under the Securities Exchange Act of 1934, as amended (the “Exchange\nAct”). Information provided to or filed with the Securities and Exchange Commission by MARA Holdings Inc. pursuant to the Exchange\nAct can be located by reference to the Securities and Exchange Commission file number 001-36555 through the Securities and Exchange\nCommission’s website at www.sec.gov. In addition, information regarding MARA Holdings Inc. may be obtained from other sources including,\nbut not limited to, press releases, newspaper articles and other publicly disseminated documents.

Additional\nInformation on Bitcoin

Bitcoin\nis a digital asset that is created and transmitted through the operations of the online, peer-to-peer Bitcoin network, a decentralized\nnetwork of computers that operates on cryptographic protocols. The ownership of bitcoin is determined by participants in the Bitcoin\nnetwork. The Bitcoin network connects computers that run publicly accessible, or “open source,” software that follows the\nrules and procedures governing the Bitcoin network. This is commonly referred to as the Bitcoin Protocol. Bitcoin, the asset, plays a\nkey role in the operation of the Bitcoin network, as the computers (or “miners”) that process transactions on the network\nand maintain the network’s security are compensated through the issuance of new bitcoin and through transaction fees paid by users\nin bitcoin.

No\nsingle entity owns or operates the Bitcoin network. Bitcoin is not issued by any government, by banks or similar organizations. The infrastructure\nof the Bitcoin network is collectively maintained by a decentralized user base. The Bitcoin network is accessed through software, and\nsoftware governs the creation, movement, and ownership of “bitcoin,” the unit of account on the Bitcoin network ledger. The\nvalue of bitcoin is determined, in part, by the supply of, and demand for, bitcoin in the global markets for trading bitcoin, market\nexpectations for the adoption of bitcoin as a decentralized store of value, the number of merchants and/or institutions that accept bitcoin\nas a form of payment and the volume of private end-user-to-end-user transactions.

Bitcoin\ntransaction and ownership records are reflected on the “Bitcoin blockchain,” which is a digital public record or ledger.\nCopies of this ledger are stored in a decentralized manner on the computers of each Bitcoin network node (a node is any user who maintains\non their computer a full copy of all the bitcoin transaction records, the blockchain, as well as related software). Transaction data\nis permanently recorded in files called “blocks,” which reflect transactions that have been recorded and authenticated by\nBitcoin network participants. The Bitcoin network software source code includes protocols that govern the creation of new bitcoin and\nthe cryptographic system that secures and verifies bitcoin transactions.

THE\nFUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING ASSET.

This\nprospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of MARA Holdings\nInc. The common stock of MARA Holdings Inc. (MARA) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange\nAct”). Information provided to or filed with the Securities and Exchange Commission by MARA Holdings Inc. pursuant to the Exchange\nAct can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding MARA\nHoldings Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly\ndisseminated documents.

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PRINCIPAL\nRISKS OF INVESTING IN THE FUND

Bitcoin\nRisk. The performance of the Underlying Asset, and consequently the Fund’s performance, is subject to risks associated with\nbitcoin. Investing in bitcoin exposes to significant risks that are not typically present in other investments. These risks include the\nuncertainty surrounding new technology, limited evaluation due to bitcoin’s short trading history, and the potential decline in\nadoption and value over the long term. The extreme volatility of bitcoin’s price is also a risk factor. Regulatory uncertainties,\nsuch as potential government interventions and conflicting regulations across jurisdictions, can impact the demand for bitcoin and restrict\nits usage. Bitcoin is not presently widely accepted as a medium of exchange, which may be due to a number of common impediments and/or\ndisadvantages to adopting the Bitcoin Network as a payment network, including the slowness of transaction processing and finality, variability\nof transaction fees, and volatility of the price of bitcoin. Additionally, risks associated with the sale of newly mined bitcoin, bitcoin\ntrading platforms, competition from alternative digital assets, mining operations, network modifications, and intellectual property claims\npose further challenges to bitcoin-linked investments. The value of bitcoin has been, may continue to be, substantially dependent on\nspeculation, such that trading and investing in these assets generally may not be based on fundamental analysis. The Fund’s daily\nreturns may be affected by many factors but will depend on the performance and volatility of the Underlying Asset.

Bitcoin\nHalving Risk. While bitcoin prices have historically increased around halving events (a process designed to control the overall\nsupply and reduce the risk of inflation in bitcoin, which uses a proof-of-work consensus algorithm and results in the mining reward being\ncut in half) there is no guarantee that the price change will be favorable or would compensate for the reduction in mining rewards. If\na corresponding and proportionate increase in the price of Bitcoin does not follow future halving events, the revenue the Underlying\nAsset earns from its bitcoin mining operations would see a decrease, which could have a material adverse effect on Underlying Asset’s\nresults of operations and financial condition.

Hash\nRate and Difficulty Risk. As demand for bitcoin has increased, the global network hash rate (i.e., the aggregate amount of computing\npower devoted to supporting the bitcoin blockchain at a given time) has increased rapidly, and as greater adoption of bitcoin occurs,\nit is expected that demand for new bitcoin will likewise increase as more mining companies are drawn into the industry by this increased\ndemand. Further, as a greater number of increasingly powerful miners have been deployed, the network difficulty for bitcoin has consequently\nalso increased. A high difficulty means that more computing power will be required in order to solve a block and earn a new bitcoin reward,\nwhich, in turn, makes the bitcoin network more secure by limiting the possibility of one miner or mining pool gaining control of the\nnetwork. Therefore, as new and existing miners deploy additional hash rate, the global network hash rate will continue to increase, meaning\na miner’s share of the global network hash rate (and therefore its chance of earning bitcoin rewards) will decline if it fails\nto deploy additional hash rate at pace with the industry. If an effort to grow the hash rate, results in the inability to complete planned\nexpansions on schedule and within anticipated cost estimates, deployment of newly purchased miners may be delayed, which could affect\nits competitiveness and results of operation, which could have a material adverse effect on the Underlying Asset’s financial condition\nand market price for its securities.

Blockchain\nRisk. Blockchain companies may be adversely impacted by government regulations or economic conditions. Blockchain technology is new\nand its uses are in many cases untested or unclear. These companies may also have significant exposure to fluctuations in the spot prices\nof digital assets, particularly to the extent that demand for a company’s hardware or services may increase as the spot price of\ndigital assets increase. Blockchain companies typically face intense competition and potentially rapid product obsolescence. In addition,\nmany Blockchain companies store sensitive consumer information and could be the target of cybersecurity attacks and other types of theft,\nwhich could have a negative impact on these companies. Access to a given blockchain may require a specific cryptographic key (in effect\na string of characters granting unique access to initiate transactions related to specific digital assets) or set of keys, the theft,\nloss, or destruction of which, either by accident or as a result of the efforts of a third party, could irrevocably impair a claim to\nthe digital assets stored on that blockchain. Many Blockchain companies currently operate under less regulatory scrutiny than traditional\nfinancial services companies and banks, but there is significant risk that regulatory oversight could increase in the future. Higher\nlevels of regulation could increase costs and adversely impact the current business models of some Blockchain companies. For example,\nrestrictions imposed by foreign governments, including China, on the use and mining of digital assets, may adversely impact Blockchain\nCompanies and in turn the Fund. These companies could be negatively impacted by disruptions in service caused by hardware or software\nfailure, or by interruptions or delays in service by third-party data center hosting facilities and maintenance providers. Blockchain\ncompanies involved in digital assets may face slow adoption rates and be subject to higher levels of regulatory scrutiny in the future,\nwhich could severely impact the viability of these companies. Blockchain companies, especially smaller companies, tend to be more volatile\nthan companies that do not rely heavily on technology. The customers and/or suppliers of Blockchain companies may be concentrated in\na particular country, region or industry. Any adverse event affecting one of these countries, regions or industries could have a negative\nimpact on Blockchain companies.

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Calculation\nMethodology Risk. Autocallables rely on complex calculation methodologies that may not perform as expected under certain market conditions.

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Concentration\nRisk. To the extent that the Underlying Asset concentrates its investments in a particular industry, the Fund will be subject\nto the risks associated with that industry.

ETF\nRisks.

Trading.\nAlthough Shares are listed on a national securities exchange, such as The Nasdaq Stock Market, LLC (the “Exchange”),\nand may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active trading market for the Shares will\ndevelop or be maintained or that the Shares will trade with any volume, or at all, on any stock exchange. This risk may be greater for\nthe Fund as it seeks to have exposure to a single underlying stock as opposed to a more diverse portfolio like a traditional pooled investment.\nIn stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings,\nwhich can be significantly less liquid than Shares. Shares trade on the Exchange at a market price that may be below, at or above the\nFund’s NAV. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange,\nmake trading in Shares inadvisable. In addition, trading in Shares on the Exchange is subject to trading halts caused by extraordinary\nmarket volatility pursuant to the Exchange “circuit breaker” rules. There can be no assurance that the requirements of the\nExchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. In the event of an unscheduled\nmarket close for options contracts that reference a single stock, such as the Underlying Asset’s securities being halted\nor a market wide closure, settlement prices will be determined by the procedures of the listing exchange of the options contracts. As\na result, the Fund could be adversely affected and be unable to implement its investment strategies in the event of an unscheduled closing.

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Recent\nMarket Events Risk. U.S. and international markets have experienced significant periods of volatility in recent years due to a number\nof economic, political and global macro factors, including uncertainty regarding interest rates and inflation, rising government\ndebt in the U.S. and elsewhere, political events, changes in trade policy and armed conflict. Public health emergencies, such as the\nCOVID-19 pandemic, have in the past caused, and may in the future cause, disruptions to business operations and supply chains,\nreduced consumer demand and significant market volatility. Armed conflict, including the conflict between Russia and\nUkraine and conflicts in the Middle East, has caused, and could continue to cause, loss of life and severe adverse effects\non regional and global economies and on the markets for certain securities and commodities. The U.S., the European\nUnion and other countries have imposed, and may impose additional, sanctions and other restrictive measures on certain\ncountries, individuals and companies, which could adversely affect the issuers, markets and economies concerned. In addition,\nthe U.S. has imposed, and may continue to impose, tariffs and other trade barriers, and other countries have imposed or\nmay impose retaliatory measures. Trade disputes between the U.S. and other countries could result in additional tariffs, trade\nbarriers and/or investment restrictions. These and other events could adversely affect the Fund’s performance, and their duration\nand full effects cannot be predicted.

Single\nIssuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment\nvehicle which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security (the Underlying\nAsset), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value\nof a traditional pooled investment or the market as a whole.

175

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

	-	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 will\n fail to make timely payments of interest or principal or go bankrupt, or that the value of the securities will decline because of\n 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 years, interest rates in the United States rose significantly from historically low levels, and the U.S. Federal Reserve\n has adjusted, and may continue to adjust, its monetary policy in response to changing economic conditions. Significant\n or rapid changes in interest rates may magnify interest rate risk. Changes in government intervention may have adverse effects on\n 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.

Performance

Performance:\nBecause\nthe Fund has not yet completed a full calendar year of investment operations, the performance section is omitted. In the future, performance information will be presented in\nthis section of this Prospectus. Updated performance\ninformation, when available, will be available online at www.graniteshares.com\nor by calling 844-476-8747.

Portfolio\nManagers: Jeff Klearman, Ryan Dofflemeyer and Jeroen Visser have been portfolio managers of the Fund since the Fund’s\ninception.

176

GraniteShares\nAUTOCALLABLE META ETF

Investment\nObjective

The\nFund’s primary investment objective is to generate income while providing limited downside protection by getting exposure to\nautocallables that reference the price of the common stock of Meta Platforms, Inc. (NASDAQ: META) (the “Underlying Asset”).

Fund\nFees and Expenses

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

Management\n Fee	0.99	%
Annual\n Fund Operating Expenses \n (expenses\n that you pay each year as a percentage of the value of your investment)
Management\n Fee	0.99	%
Distribution\n and/or Service (12b-1) Fees	0.00	%
Other\n Expenses ⁽¹⁾	0.08	%
Acquired\n Fund Fees and Expenses ⁽²⁾	0.03	%
Total\n Annual Fund Operating Expenses	1.10	%
Fee\n Waiver/Reimbursements ⁽³⁾	0.00	%
Net\n Annual Fund Operating Expenses After Fee Waiver/Reimbursements ^{(1), (2), (3)}	1.10	%

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

(1)	Other\n Expenses are estimated for the Fund’s initial fiscal year.
(2)	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. The amounts\n are estimated for the Fund’s initial fiscal year.
(3)	GraniteShares\n Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual\n fund operating expenses (excluding interest, taxes, brokerage commissions, expenses related to short sales, other expenditures\n which are capitalized in accordance with generally accepted accounting principles, other extraordinary expenses not incurred in the\n ordinary course of a Fund’s business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1\n under the 1940 Act) will not exceed 1.15%. This agreement is effective until December 31, 2027, and it may be terminated\n before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived\n fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement\n will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense\n payment and the expense limitation in place at the time of the recoupment.

Example

This\nExample is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded\nfunds.

177

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 \n \n \n \n

1\n Year			3\n Years
$	112			$	350

Portfolio\nTurnover

The\nFund pays transaction costs, such as commissions, when it buys and sells securities (or “turns\nover” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when\nShares are held in a taxable account. These costs, which are not reflected in the total annual fund operating expenses or in the expense\nexample above, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available.

Principal\nInvestment Strategies

The\nFund is an actively managed exchange-traded fund (“ETF”) that seeks current income by getting exposure to a portfolio of\nautocallables that reference the price of the common stock of Meta Platforms, Inc. (NASDAQ: META) (the “Underlying Asset”).\nThe parameters of the autocallables the Fund will get exposure to are detailed in the section “Fund Exposure to the Autocallables”\nwith the aim to make monthly distributions.

The\nFund is classified as “non-diversified” under the Investment Company Act of 1940, as amended (the “1940 Act”).

178

An\ninvestment in the Fund is not an investment in the Underlying Asset.

The\n ability of an autocallable, and by extension the Fund, to make distributions is subject\n to the performance of the Underlying Asset,

The\n Fund’s strategy is exposed to all potential losses if the Underlying Asset’s\n trading price declines, subject to a limited downside protection.

The\n Fund does not invest directly in the Underlying Asset,

Fund\n shareholders are not entitled to any distribution paid by Underlying Asset.

Description\nof Autocallable

Before\nmaturity, the following outcomes will happen on each coupon observation date (assuming an observation date occurs on each coupon payment\ndate and the absence of Non-Callable Period):

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

Outcome\n 1: the Underlying Asset trades below both the Autocallable Barrier and the Coupon Barrier

No\n coupon payment is made

\n \n

The\n autocallable does not mature

Outcome\n 2: the Underlying Asset trades above the Coupon Barrier but below the Autocallable Barrier

A\n coupon payment is made

\n \n

The\n autocallable does not mature

Outcome\n 3: the Underlying Asset trades above both the Coupon Barrier and the Autocallable Barrier

A\n coupon payment is made

\n \n

The\n autocallable matures

At\nmaturity, the following outcomes will happen:

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

Outcome\n 1: The Underlying Asset trades above the Maturity Barrier

A\n final coupon payment is made

Outcome\n 2: the Underlying Asset trades below the Maturity Barrier but above the Coupon Barrier

A\n final coupon payment is made.

\n \n

The\n autocallable is exposed to the full downside performance of the Underlying Asset resulting in loss of part or all of principal

Outcome\n 3: the Underlying Asset trades below the Maturity Barrier and below the Coupon Barrier

No\n coupon payment is made.

\n \n

The\n autocallable is exposed to the full downside performance of the Underlying Asset resulting in loss of part or all of principal

179

The\nexamples below are based on an autocallable with the following parameters:

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

Tenor\n (maturity)	3\n months
Observation\n Frequency	Monthly\n
Autocallable\n Notional Value	$10
Monthly\n coupon	$1
Price\n Underlying Asset at inception	$50
Coupon\n Barrier	$45\n (or 80% of the Initial Reference Price)
Autocallable\n Barrier	$55\n (or 110% of the Initial Reference Price)
Maturity\n Barrier	$40\n (or 80% of the Initial Reference Price)

Example\n1 – Favorable scenario

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

Observation\n date	\n Price\n of the Underlying Asset at each observation date \n (%\n change against Initial Reference Price) \n	Outcome
Month\n 1	$54\n (+8%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) \n \n ð A\n $1 coupon is paid \n
Month\n 2	$52\n (+4%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) \n \n ð A\n $1 coupon is paid \n
Month\n 3	$47\n (-6%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) and above the Maturity Barrier ($45) \n \n ð A\n $1 coupon is paid \n

Example\n2 – Medium scenario

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

Observation\n date	\n Price\n of the Underlying Asset at observation date \n (%\n change against Initial Reference Price) \n	Outcome
Month\n 1	$54\n (+8%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) \n \n ð A\n $1 coupon is paid \n
Month\n 2	$56\n (+12%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) and above the Autocallable\n Barrier ($55) \n \n ð A\n $1 coupon is paid \n \n ð The\n autocallable matures \n
\n Month\n 3		\n \n N/A \n

180

Example\n3 – Unfavorable scenario

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

\n Observation\n date \n	Price\n of the Underlying Asset at observation date	Outcome
Month\n 1	$39\n (-22%)	\n The\n Underlying Asset trades below the Coupon Barrier ($45) and below the Autocallable Barrier\n ($55) \n \n ð No\n coupon payment is made \n \n ð The\n product is not terminated \n
Month\n 2	$37\n (-26%)	\n The\n Underlying Asset trades below the Coupon Barrier ($45) and below the Autocallable Barrier\n ($55) \n \n ð No\n coupon payment is made \n \n ð The\n product is not terminated \n
Month\n 3	$32\n (-36%)	\n The\n Underlying Asset trades below the Coupon Barrier ($45), below the Autocallable Barrier ($55)\n and below the Maturity Barrier ($40) \n \n ð No\n coupon payment is made \n \n ð Exposure\n to the full downside performance of the Underlying \n Asset,\n resulting in loss of $3.60 ($10 * -36%) \n

Fund\nExposure to the Autocallables

Swaps:

Options:

181

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

Direct\n link to the performance of \n	The\n Underlying Asset
Currency\n Denomination \n	US\n dollar
Tenor\n (Maturity) \n	Between\n 1 month and 48 months
Non-Callable\n Period \n	Between\n 0 to 12 months
Autocallable\n Barrier ¹ \n	Between\n 95% and 105%
Coupon\n Barrier ¹ \n	Between\n 50% and 95%
Maturity\n Barrier ¹ \n	Between\n 50% and 95%
Coupon\n Frequency \n	Monthly\n or quarterly
Callability\n Frequency \n	Monthly\n or quarterly
Call\n Feature	Upon\n the expiration of each autocallable’s Non-Callable Period, the autocallable will automatically\n be called prior to its scheduled maturity date if the Underlying Asset reaches or exceeds\n the Autocallable Barrier on the callability observation date (see Callability Frequency). \n
Contingent\n Coupon	The\n coupon is paid if, on the observation date (see Coupon Frequency), the performance of the\n Underlying Asset is at or above the Coupon Barrier. If the Underlying Asset falls below the\n Coupon Barrier on an observation date, no coupon will be paid for that period. \n
Contingent\n Principal Protection	If\n an autocallable is not called prior to its Tenor, the initial principal is fully protected\n if the Underlying Asset’s level is above the Maturity Barrier at maturity. If the Underlying\n Asset closes below the Maturity Barrier, principal loss for that autocallable will be equivalent\n to the negative performance of the Underlying Asset measured over the life of the Autocallable. \n

^1\nExpressed as a percentage of the Underlying Asset initial reference price

Industry\nConcentration

Due\nto the Fund’s investment exposure to the Underlying Asset, the Fund’s investment exposure is concentrated in the social media\nand computer programming industry.

Meta\nPlatforms, Inc. (META) builds technologies that help people connect, find communities, and grow businesses. META is registered under\nthe Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities\nand Exchange Commission by META pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file\nnumber 001-35551 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding\nMETA may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated\ndocuments.

182

THE\nFUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING ASSET.

This\nprospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Meta Platforms\nInc. The common stock of Meta Platforms Inc. (META) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange\nAct”). Information provided to or filed with the Securities and Exchange Commission by Meta Platforms Inc. pursuant to the Exchange\nAct can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Tesla,\nInc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated\ndocuments.

PRINCIPAL\nRISKS OF INVESTING IN THE FUND

Underlying\nAsset Risk. The performance of the Underlying Asset, and consequently the Fund’s performance, is subject to the risks of the\nsocial media and computer programming industry. The Underlying Asset is subject to many risks that can negatively impact its revenue\nand viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth\nrisk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters.\nThe Underlying Asset performance may be affected by the company’s ability to add and retain users of its social media products,\ndisruption in service caused by hardware or software failure, interruptions or delays in service by third-party data center hosting facilities\nand maintenance providers, security breaches involving certain private, sensitive, proprietary and confidential information its ability\nto enforce its intellectual property rights and increased competition in the social and digital media space. Additionally, the collection\nof data from consumers and other sources could face increased scrutiny as regulators consider how the data is collected, stored, safeguarded\nand used. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying\nAsset.

183

Autocallable\nStructure Risk. The Fund’s returns are correlated to the performance of a theoretical portfolio of autocallables. Autocallables have\nspecific structural features that may be unfamiliar to many investors:

Calculation\nMethodology Risk. Autocallables rely on complex calculation methodologies that may not perform as expected under certain market conditions.

184

Concentration\nRisk. To the extent that the Underlying Asset concentrates its investments in a particular industry, the Fund will be subject\nto the risks associated with that industry.

ETF\nRisks.

185

Trading.\nAlthough Shares are listed on a national securities exchange, such as The Nasdaq Stock Market, LLC (the “Exchange”),\nand may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active trading market for the Shares will\ndevelop or be maintained or that the Shares will trade with any volume, or at all, on any stock exchange. This risk may be greater for\nthe Fund as it seeks to have exposure to a single underlying stock as opposed to a more diverse portfolio like a traditional pooled investment.\nIn stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings,\nwhich can be significantly less liquid than Shares. Shares trade on the Exchange at a market price that may be below, at or above the\nFund’s NAV. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange,\nmake trading in Shares inadvisable. In addition, trading in Shares on the Exchange is subject to trading halts caused by extraordinary\nmarket volatility pursuant to the Exchange “circuit breaker” rules. There can be no assurance that the requirements of the\nExchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. In the event of an unscheduled\nmarket close for options contracts that reference a single stock, such as the Underlying Asset’s securities being halted\nor a market wide closure, settlement prices will be determined by the procedures of the listing exchange of the options contracts. As\na result, the Fund could be adversely affected and be unable to implement its investment strategies in the event of an unscheduled closing.

186

Recent\nMarket Events Risk. U.S. and international markets have experienced significant periods of volatility in recent years due to a number\nof economic, political and global macro factors, including uncertainty regarding interest rates and inflation, rising government\ndebt in the U.S. and elsewhere, political events, changes in trade policy and armed conflict. Public health emergencies, such as the\nCOVID-19 pandemic, have in the past caused, and may in the future cause, disruptions to business operations and supply chains,\nreduced consumer demand and significant market volatility. Armed conflict, including the conflict between Russia and\nUkraine and conflicts in the Middle East, has caused, and could continue to cause, loss of life and severe adverse effects\non regional and global economies and on the markets for certain securities and commodities. The U.S., the European\nUnion and other countries have imposed, and may impose additional, sanctions and other restrictive measures on certain\ncountries, individuals and companies, which could adversely affect the issuers, markets and economies concerned. In addition,\nthe U.S. has imposed, and may continue to impose, tariffs and other trade barriers, and other countries have imposed or\nmay impose retaliatory measures. Trade disputes between the U.S. and other countries could result in additional tariffs, trade\nbarriers and/or investment restrictions. These and other events could adversely affect the Fund’s performance, and their duration\nand full effects cannot be predicted.

Single\nIssuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment\nvehicle which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security (the Underlying\nAsset), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value\nof a traditional pooled investment or the market as a whole.

187

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

	-	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 will\n fail to make timely payments of interest or principal or go bankrupt, or that the value of the securities will decline because of\n 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 years, interest rates in the United States rose significantly from historically low levels, and the U.S. Federal Reserve\n has adjusted, and may continue to adjust, its monetary policy in response to changing economic conditions. Significant\n or rapid changes in interest rates may magnify interest rate risk. Changes in government intervention may have adverse effects on\n 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.

Performance

Portfolio\nManagers: Jeff Klearman, Ryan Dofflemeyer and Jeroen Visser have been portfolio managers of the Fund since the Fund’s\ninception.

188

GraniteShares\nAUTOCALLABLE MRVL ETF

Investment\nObjective

The\nFund’s primary investment objective is to generate income while providing limited downside protection by getting exposure to\nautocallables that reference the price of the common stock of Marvell Technology, Inc. (NASDAQ: MRVL) (the “Underlying Asset”).

Fund\nFees and Expenses

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

Management\n Fee	0.99	%
Annual\n Fund Operating Expenses \n (expenses\n that you pay each year as a percentage of the value of your investment)
Management\n Fee	0.99	%
Distribution\n and/or Service (12b-1) Fees	0.00	%
Other\n Expenses ⁽¹⁾	0.08	%
Acquired\n Fund Fees and Expenses ⁽²⁾	0.03	%
Total\n Annual Fund Operating Expenses	1.10	%
Fee\n Waiver/Reimbursements ⁽³⁾	0.00	%
Net\n Annual Fund Operating Expenses After Fee Waiver/Reimbursements ^{(1), (2), (3)}	1.10	%

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

(1)	Other\n Expenses are estimated for the Fund’s initial fiscal year.
(2)	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. The amounts\n are estimated for the Fund’s initial fiscal year.
(3)	GraniteShares\n Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual\n fund operating expenses (excluding interest, taxes, brokerage commissions, expenses related to short sales, other expenditures\n which are capitalized in accordance with generally accepted accounting principles, other extraordinary expenses not incurred in the\n ordinary course of a Fund’s business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1\n under the 1940 Act) will not exceed 1.15%. This agreement is effective until December 31, 2027, and it may be terminated\n before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived\n fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement\n will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense\n payment and the expense limitation in place at the time of the recoupment.

Example

This\nExample is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded\nfunds.

189

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 \n \n \n \n

1\n Year			3\n Years
$	112			$	350

Portfolio\nTurnover

Principal\nInvestment Strategies

The\nFund is an actively managed exchange-traded fund (“ETF”) that seeks current income by getting exposure to a portfolio\nof autocallables that reference the price of the common stock of Marvell Technology, Inc. (NASDAQ: MRVL) (the “Underlying\nAsset”). The parameters of the autocallables the Fund will get exposure to are detailed in the section “Fund\nExposure to the Autocallables” with the aim to make monthly distributions.

The\nFund is classified as “non-diversified” under the Investment Company Act of 1940, as amended (the “1940 Act”).

190

An\ninvestment in the Fund is not an investment in the Underlying Asset.

The\n ability of an autocallable, and by extension the Fund, to make distributions is subject\n to the performance of the Underlying Asset,

The\n Fund’s strategy is exposed to all potential losses if the Underlying Asset’s\n trading price declines, subject to a limited downside protection.

The\n Fund does not invest directly in the Underlying Asset,

Fund\n shareholders are not entitled to any distribution paid by Underlying Asset.

Description\nof Autocallable

Before\nmaturity, the following outcomes will happen on each coupon observation date (assuming an observation date occurs on each coupon payment\ndate and the absence of Non-Callable Period):

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

Outcome\n 1: the Underlying Asset trades below both the Autocallable Barrier and the Coupon Barrier

No\n coupon payment is made

\n \n

The\n autocallable does not mature

Outcome\n 2: the Underlying Asset trades above the Coupon Barrier but below the Autocallable Barrier

A\n coupon payment is made

\n \n

The\n autocallable does not mature

Outcome\n 3: the Underlying Asset trades above both the Coupon Barrier and the Autocallable Barrier

A\n coupon payment is made

\n \n

The\n autocallable matures

At\nmaturity, the following outcomes will happen:

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

Outcome\n 1: The Underlying Asset trades above the Maturity Barrier

A\n final coupon payment is made

Outcome\n 2: the Underlying Asset trades below the Maturity Barrier but above the Coupon Barrier

A\n final coupon payment is made.

\n \n

The\n autocallable is exposed to the full downside performance of the Underlying Asset resulting in loss of part or all of principal

Outcome\n 3: the Underlying Asset trades below the Maturity Barrier and below the Coupon Barrier

No\n coupon payment is made.

\n \n

The\n autocallable is exposed to the full downside performance of the Underlying Asset resulting in loss of part or all of principal

191

The\nexamples below are based on an autocallable with the following parameters:

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

Tenor\n (maturity)	3\n months
Observation\n Frequency	Monthly\n
Autocallable\n Notional Value	$10
Monthly\n coupon	$1
Price\n Underlying Asset at inception	$50
Coupon\n Barrier	$45\n (or 80% of the Initial Reference Price)
Autocallable\n Barrier	$55\n (or 110% of the Initial Reference Price)
Maturity\n Barrier	$40\n (or 80% of the Initial Reference Price)

Example\n1 – Favorable scenario

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

Observation\n date	\n Price\n of the Underlying Asset at each observation date \n (%\n change against Initial Reference Price) \n	Outcome
Month\n 1	$54\n (+8%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) \n \n ð A\n $1 coupon is paid \n
Month\n 2	$52\n (+4%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) \n \n ð A\n $1 coupon is paid \n
Month\n 3	$47\n (-6%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) and above the Maturity Barrier ($45) \n \n ð A\n $1 coupon is paid \n

Example\n2 – Medium scenario

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

Observation\n date	\n Price\n of the Underlying Asset at observation date \n (%\n change against Initial Reference Price) \n	Outcome
Month\n 1	$54\n (+8%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) \n \n ð A\n $1 coupon is paid \n
Month\n 2	$56\n (+12%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) and above the Autocallable\n Barrier ($55) \n \n ð A\n $1 coupon is paid \n \n ð The\n autocallable matures \n
\n Month\n 3		\n \n N/A \n

192

Example\n3 – Unfavorable scenario

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

\n Observation\n date \n	Price\n of the Underlying Asset at observation date	Outcome
Month\n 1	$39\n (-22%)	\n The\n Underlying Asset trades below the Coupon Barrier ($45) and below the Autocallable Barrier\n ($55) \n \n ð No\n coupon payment is made \n \n ð The\n product is not terminated \n
Month\n 2	$37\n (-26%)	\n The\n Underlying Asset trades below the Coupon Barrier ($45) and below the Autocallable Barrier\n ($55) \n \n ð No\n coupon payment is made \n \n ð The\n product is not terminated \n
Month\n 3	$32\n (-36%)	\n The\n Underlying Asset trades below the Coupon Barrier ($45), below the Autocallable Barrier ($55)\n and below the Maturity Barrier ($40) \n \n ð No\n coupon payment is made \n \n ð Exposure\n to the full downside performance of the Underlying \n Asset,\n resulting in loss of $3.60 ($10 * -36%) \n

Fund\nExposure to the Autocallables

Swaps:

Options:

193

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

Direct\n link to the performance of \n	The\n Underlying Asset
Currency\n Denomination \n	US\n dollar
Tenor\n (Maturity) \n	Between\n 1 month and 48 months
Non-Callable\n Period \n	Between\n 0 to 12 months
Autocallable\n Barrier ¹ \n	Between\n 95% and 105%
Coupon\n Barrier ¹ \n	Between\n 50% and 95%
Maturity\n Barrier ¹ \n	Between\n 50% and 95%
Coupon\n Frequency \n	Monthly\n or quarterly
Callability\n Frequency \n	Monthly\n or quarterly
Call\n Feature	Upon\n the expiration of each autocallable’s Non-Callable Period, the autocallable will automatically\n be called prior to its scheduled maturity date if the Underlying Asset reaches or exceeds\n the Autocallable Barrier on the callability observation date (see Callability Frequency). \n
Contingent\n Coupon	The\n coupon is paid if, on the observation date (see Coupon Frequency), the performance of the\n Underlying Asset is at or above the Coupon Barrier. If the Underlying Asset falls below the\n Coupon Barrier on an observation date, no coupon will be paid for that period. \n
Contingent\n Principal Protection	If\n an autocallable is not called prior to its Tenor, the initial principal is fully protected\n if the Underlying Asset’s level is above the Maturity Barrier at maturity. If the Underlying\n Asset closes below the Maturity Barrier, principal loss for that autocallable will be equivalent\n to the negative performance of the Underlying Asset measured over the life of the Autocallable. \n

^1\nExpressed as a percentage of the Underlying Asset initial reference price

Industry\nConcentration

Due\nto the Fund’s investment exposure to the Underlying Asset, the Fund’s investment exposure is concentrated in the semi-conductor\nindustry.

Marvell\nTechnology, Inc. is a leading fabless chipmaker focused on networking and storage applications. Marvell Technology, Inc. is registered\nunder the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities\nand Exchange Commission by Marvell Technology, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange\nCommission file number 001-40357 through the Securities and Exchange Commission’s website at www.sec.gov. In addition,\ninformation regarding Marvell Technology, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper\narticles and other publicly disseminated documents.

194

THE\nFUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING ASSET.

This\nprospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Marvell\nTechnology, Inc. The common stock of Marvell Technology, Inc. (MRVL) is registered under the Securities Exchange Act of 1934, as amended\n(the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Marvell Technology,\nInc. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition,\ninformation regarding Marvell Technology, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper\narticles and other publicly disseminated documents.

PRINCIPAL\nRISKS OF INVESTING IN THE FUND

195

Calculation\nMethodology Risk. Autocallables rely on complex calculation methodologies that may not perform as expected under certain market conditions.

196

Concentration\nRisk. To the extent that the Underlying Asset concentrates its investments in a particular industry, the Fund will be subject\nto the risks associated with that industry.

ETF\nRisks.

Trading.\nAlthough Shares are listed on a national securities exchange, such as The Nasdaq Stock Market, LLC (the “Exchange”),\nand may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active trading market for the Shares will\ndevelop or be maintained or that the Shares will trade with any volume, or at all, on any stock exchange. This risk may be greater for\nthe Fund as it seeks to have exposure to a single underlying stock as opposed to a more diverse portfolio like a traditional pooled investment.\nIn stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings,\nwhich can be significantly less liquid than Shares. Shares trade on the Exchange at a market price that may be below, at or above the\nFund’s NAV. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange,\nmake trading in Shares inadvisable. In addition, trading in Shares on the Exchange is subject to trading halts caused by extraordinary\nmarket volatility pursuant to the Exchange “circuit breaker” rules. There can be no assurance that the requirements of the\nExchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. In the event of an unscheduled\nmarket close for options contracts that reference a single stock, such as the Underlying Asset’s securities being halted\nor a market wide closure, settlement prices will be determined by the procedures of the listing exchange of the options contracts. As\na result, the Fund could be adversely affected and be unable to implement its investment strategies in the event of an unscheduled closing.

197

198

Recent\nMarket Events Risk. U.S. and international markets have experienced significant periods of volatility in recent years due to a number\nof economic, political and global macro factors, including uncertainty regarding interest rates and inflation, rising government\ndebt in the U.S. and elsewhere, political events, changes in trade policy and armed conflict. Public health emergencies, such as the\nCOVID-19 pandemic, have in the past caused, and may in the future cause, disruptions to business operations and supply chains,\nreduced consumer demand and significant market volatility. Armed conflict, including the conflict between Russia and\nUkraine and conflicts in the Middle East, has caused, and could continue to cause, loss of life and severe adverse effects\non regional and global economies and on the markets for certain securities and commodities. The U.S., the European\nUnion and other countries have imposed, and may impose additional, sanctions and other restrictive measures on certain\ncountries, individuals and companies, which could adversely affect the issuers, markets and economies concerned. In addition,\nthe U.S. has imposed, and may continue to impose, tariffs and other trade barriers, and other countries have imposed or\nmay impose retaliatory measures. Trade disputes between the U.S. and other countries could result in additional tariffs, trade\nbarriers and/or investment restrictions. These and other events could adversely affect the Fund’s performance, and their duration\nand full effects cannot be predicted.

Single\nIssuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment\nvehicle which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security (the Underlying\nAsset), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value\nof a traditional pooled investment or the market as a whole.

Box Spread ETF Risk. The Fund\nmay invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral\nbox spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic\noptions positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed\nto be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk,\ncounterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges\nfrom prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G)\nof the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly,\nthe Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating\nFund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.”

199

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

	-	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 will\n fail to make timely payments of interest or principal or go bankrupt, or that the value of the securities will decline because of\n 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 years, interest rates in the United States rose significantly from historically low levels, and the U.S. Federal Reserve\n has adjusted, and may continue to adjust, its monetary policy in response to changing economic conditions. Significant\n or rapid changes in interest rates may magnify interest rate risk. Changes in government intervention may have adverse effects on\n 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.

Performance

Portfolio\nManagers: Jeff Klearman, Ryan Dofflemeyer and Jeroen Visser have been portfolio managers of the Fund since the Fund’s\ninception.

200

GraniteShares\nAUTOCALLABLE MSFT ETF

Investment\nObjective

The\nFund’s primary investment objective is to generate income while providing limited downside protection by getting exposure to\nautocallables that reference the price of the common stock of Microsoft Corporation (NASDAQ: MSFT) (the “Underlying Asset”).

Fund\nFees and Expenses

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

Management\n Fee	0.99	%
Annual\n Fund Operating Expenses \n (expenses\n that you pay each year as a percentage of the value of your investment)
Management\n Fee	0.99	%
Distribution\n and/or Service (12b-1) Fees	0.00	%
Other\n Expenses ⁽¹⁾	0.08	%
Acquired\n Fund Fees and Expenses ⁽²⁾	0.03	%
Total\n Annual Fund Operating Expenses	1.10	%
Fee\n Waiver/Reimbursements ⁽³⁾	0.00	%
Net\n Annual Fund Operating Expenses After Fee Waiver/Reimbursements ^{(1), (2), (3)}	1.10	%

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

(1)	Other\n Expenses are estimated for the Fund’s initial fiscal year.
(2)	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. The amounts\n are estimated for the Fund’s initial fiscal year.
(3)	GraniteShares\n Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual\n fund operating expenses (excluding interest, taxes, brokerage commissions, expenses related to short sales, other expenditures\n which are capitalized in accordance with generally accepted accounting principles, other extraordinary expenses not incurred in the\n ordinary course of a Fund’s business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1\n under the 1940 Act) will not exceed 1.15%. This agreement is effective until December 31, 2027, and it may be terminated\n before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived\n fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement\n will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense\n payment and the expense limitation in place at the time of the recoupment.

Example

This\nExample is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded\nfunds.

201

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 \n \n \n \n

1\n Year			3\n Years
$	112			$	350

Portfolio\nTurnover

Principal\nInvestment Strategies

The\nFund is an actively managed exchange-traded fund (“ETF”) that seeks current income by getting exposure to a portfolio\nof autocallables that reference the price of the common stock of Microsoft Corporation (NASDAQ: MSFT) (the “Underlying Asset”).\nThe parameters of the autocallables the Fund will get exposure to are detailed in the section “Fund Exposure to the\nAutocallables” with the aim to make monthly distributions.

The\nFund is classified as “non-diversified” under the Investment Company Act of 1940, as amended (the “1940 Act”).

202

An\ninvestment in the Fund is not an investment in the Underlying Asset.

The\n ability of an autocallable, and by extension the Fund, to make distributions is subject\n to the performance of the Underlying Asset,

The\n Fund’s strategy is exposed to all potential losses if the Underlying Asset’s\n trading price declines, subject to a limited downside protection.

The\n Fund does not invest directly in the Underlying Asset,

Fund\n shareholders are not entitled to any distribution paid by Underlying Asset.

Description\nof Autocallable

Before\nmaturity, the following outcomes will happen on each coupon observation date (assuming an observation date occurs on each coupon payment\ndate and the absence of Non-Callable Period):

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

Outcome\n 1: the Underlying Asset trades below both the Autocallable Barrier and the Coupon Barrier

No\n coupon payment is made

\n \n

The\n autocallable does not mature

Outcome\n 2: the Underlying Asset trades above the Coupon Barrier but below the Autocallable Barrier

A\n coupon payment is made

\n \n

The\n autocallable does not mature

Outcome\n 3: the Underlying Asset trades above both the Coupon Barrier and the Autocallable Barrier

A\n coupon payment is made

\n \n

The\n autocallable matures

At\nmaturity, the following outcomes will happen:

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

Outcome\n 1: The Underlying Asset trades above the Maturity Barrier

A\n final coupon payment is made

Outcome\n 2: the Underlying Asset trades below the Maturity Barrier but above the Coupon Barrier

A\n final coupon payment is made.

\n \n

The\n autocallable is exposed to the full downside performance of the Underlying Asset resulting in loss of part or all of principal

Outcome\n 3: the Underlying Asset trades below the Maturity Barrier and below the Coupon Barrier

No\n coupon payment is made.

\n \n

The\n autocallable is exposed to the full downside performance of the Underlying Asset resulting in loss of part or all of principal

203

The\nexamples below are based on an autocallable with the following parameters:

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

Tenor\n (maturity)	3\n months
Observation\n Frequency	Monthly\n
Autocallable\n Notional Value	$10
Monthly\n coupon	$1
Price\n Underlying Asset at inception	$50
Coupon\n Barrier	$45\n (or 80% of the Initial Reference Price)
Autocallable\n Barrier	$55\n (or 110% of the Initial Reference Price)
Maturity\n Barrier	$40\n (or 80% of the Initial Reference Price)

Example\n1 – Favorable scenario

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

Observation\n date	\n Price\n of the Underlying Asset at each observation date \n (%\n change against Initial Reference Price) \n	Outcome
Month\n 1	$54\n (+8%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) \n \n ð A\n $1 coupon is paid \n
Month\n 2	$52\n (+4%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) \n \n ð A\n $1 coupon is paid \n
Month\n 3	$47\n (-6%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) and above the Maturity Barrier ($45) \n \n ð A\n $1 coupon is paid \n

Example\n2 – Medium scenario

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

Observation\n date	\n Price\n of the Underlying Asset at observation date \n (%\n change against Initial Reference Price) \n	Outcome
Month\n 1	$54\n (+8%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) \n \n ð A\n $1 coupon is paid \n
Month\n 2	$56\n (+12%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) and above the Autocallable\n Barrier ($55) \n \n ð A\n $1 coupon is paid \n \n ð The\n autocallable matures \n
\n Month\n 3		\n \n N/A \n

204

Example\n3 – Unfavorable scenario

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

\n Observation\n date \n	Price\n of the Underlying Asset at observation date	Outcome
Month\n 1	$39\n (-22%)	\n The\n Underlying Asset trades below the Coupon Barrier ($45) and below the Autocallable Barrier\n ($55) \n \n ð No\n coupon payment is made \n \n ð The\n product is not terminated \n
Month\n 2	$37\n (-26%)	\n The\n Underlying Asset trades below the Coupon Barrier ($45) and below the Autocallable Barrier\n ($55) \n \n ð No\n coupon payment is made \n \n ð The\n product is not terminated \n
Month\n 3	$32\n (-36%)	\n The\n Underlying Asset trades below the Coupon Barrier ($45), below the Autocallable Barrier ($55)\n and below the Maturity Barrier ($40) \n \n ð No\n coupon payment is made \n \n ð Exposure\n to the full downside performance of the Underlying \n Asset,\n resulting in loss of $3.60 ($10 * -36%) \n

Fund\nExposure to the Autocallables

Swaps:

Options:

205

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

Direct\n link to the performance of \n	The\n Underlying Asset
Currency\n Denomination \n	US\n dollar
Tenor\n (Maturity) \n	Between\n 1 month and 48 months
Non-Callable\n Period \n	Between\n 0 to 12 months
Autocallable\n Barrier ¹ \n	Between\n 95% and 105%
Coupon\n Barrier ¹ \n	Between\n 50% and 95%
Maturity\n Barrier ¹ \n	Between\n 50% and 95%
Coupon\n Frequency \n	Monthly\n or quarterly
Callability\n Frequency \n	Monthly\n or quarterly
Call\n Feature	Upon\n the expiration of each autocallable’s Non-Callable Period, the autocallable will automatically\n be called prior to its scheduled maturity date if the Underlying Asset reaches or exceeds\n the Autocallable Barrier on the callability observation date (see Callability Frequency). \n
Contingent\n Coupon	The\n coupon is paid if, on the observation date (see Coupon Frequency), the performance of the\n Underlying Asset is at or above the Coupon Barrier. If the Underlying Asset falls below the\n Coupon Barrier on an observation date, no coupon will be paid for that period. \n
Contingent\n Principal Protection	If\n an autocallable is not called prior to its Tenor, the initial principal is fully protected\n if the Underlying Asset’s level is above the Maturity Barrier at maturity. If the Underlying\n Asset closes below the Maturity Barrier, principal loss for that autocallable will be equivalent\n to the negative performance of the Underlying Asset measured over the life of the Autocallable. \n

^1\nExpressed as a percentage of the Underlying Asset initial reference price

Industry\nConcentration

Due\nto the Fund’s investment exposure to the Underlying Asset, the Fund’s investment exposure is concentrated in the computer\nsoftware industry.

Microsoft\nCorporation (MSFT) is a technology company. The Company develops and supports software, services, devices, and solutions. MSFT\nis registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed\nwith the Securities and Exchange Commission by MSFT pursuant to the Exchange Act can be located by reference to the Securities and Exchange\nCommission file number 001-37845 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information\nregarding MSFT may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly\ndisseminated documents.

206

THE\nFUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING ASSET.

This\nprospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Microsoft\nCorporation. The common stock of Microsoft Corporation (MSFT) is registered under the Securities Exchange Act of 1934, as amended (the\n“Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Microsoft Corporation pursuant\nto the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information\nregarding Microsoft Corporation may be obtained from other sources including, but not limited to, press releases, newspaper articles\nand other publicly disseminated documents.

PRINCIPAL\nRISKS OF INVESTING IN THE FUND

207

Calculation\nMethodology Risk. Autocallables rely on complex calculation methodologies that may not perform as expected under certain market conditions.

208

Concentration\nRisk. To the extent that the Underlying Asset concentrates its investments in a particular industry, the Fund will be subject\nto the risks associated with that industry.

ETF\nRisks.

209

Trading.\nAlthough Shares are listed on a national securities exchange, such as The Nasdaq Stock Market, LLC (the “Exchange”),\nand may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active trading market for the Shares will\ndevelop or be maintained or that the Shares will trade with any volume, or at all, on any stock exchange. This risk may be greater for\nthe Fund as it seeks to have exposure to a single underlying stock as opposed to a more diverse portfolio like a traditional pooled investment.\nIn stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings,\nwhich can be significantly less liquid than Shares. Shares trade on the Exchange at a market price that may be below, at or above the\nFund’s NAV. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange,\nmake trading in Shares inadvisable. In addition, trading in Shares on the Exchange is subject to trading halts caused by extraordinary\nmarket volatility pursuant to the Exchange “circuit breaker” rules. There can be no assurance that the requirements of the\nExchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. In the event of an unscheduled\nmarket close for options contracts that reference a single stock, such as the Underlying Asset’s securities being halted\nor a market wide closure, settlement prices will be determined by the procedures of the listing exchange of the options contracts. As\na result, the Fund could be adversely affected and be unable to implement its investment strategies in the event of an unscheduled closing.

210

Recent\nMarket Events Risk. U.S. and international markets have experienced significant periods of volatility in recent years due to a number\nof economic, political and global macro factors, including uncertainty regarding interest rates and inflation, rising government\ndebt in the U.S. and elsewhere, political events, changes in trade policy and armed conflict. Public health emergencies, such as the\nCOVID-19 pandemic, have in the past caused, and may in the future cause, disruptions to business operations and supply chains,\nreduced consumer demand and significant market volatility. Armed conflict, including the conflict between Russia and\nUkraine and conflicts in the Middle East, has caused, and could continue to cause, loss of life and severe adverse effects\non regional and global economies and on the markets for certain securities and commodities. The U.S., the European\nUnion and other countries have imposed, and may impose additional, sanctions and other restrictive measures on certain\ncountries, individuals and companies, which could adversely affect the issuers, markets and economies concerned. In addition,\nthe U.S. has imposed, and may continue to impose, tariffs and other trade barriers, and other countries have imposed or\nmay impose retaliatory measures. Trade disputes between the U.S. and other countries could result in additional tariffs, trade\nbarriers and/or investment restrictions. These and other events could adversely affect the Fund’s performance, and their duration\nand full effects cannot be predicted.

Single\nIssuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment\nvehicle which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security (the Underlying\nAsset), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value\nof a traditional pooled investment or the market as a whole.

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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

	-	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 will\n fail to make timely payments of interest or principal or go bankrupt, or that the value of the securities will decline because of\n 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 years, interest rates in the United States rose significantly from historically low levels, and the U.S. Federal Reserve\n has adjusted, and may continue to adjust, its monetary policy in response to changing economic conditions. Significant\n or rapid changes in interest rates may magnify interest rate risk. Changes in government intervention may have adverse effects on\n 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.

Performance

Portfolio\nManagers: Jeff Klearman, Ryan Dofflemeyer and Jeroen Visser have been portfolio managers of the Fund since the Fund’s\ninception.

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GraniteShares\nAUTOCALLABLE MSTr ETF

Investment\nObjective

The\nFund’s primary investment objective is to generate income while providing limited downside protection by getting exposure to\nautocallables that reference the price of the common stock of Strategy Inc. (NASDAQ: MSTR) (the “Underlying Asset”).

Fund\nFees and Expenses

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

Management\n Fee	0.99	%
Annual\n Fund Operating Expenses \n (expenses\n that you pay each year as a percentage of the value of your investment)
Management\n Fee	0.99	%
Distribution\n and/or Service (12b-1) Fees	0.00	%
Other\n Expenses ⁽¹⁾	18.78	%
Acquired\n Fund Fees and Expenses ⁽²⁾	0.03	%
Total\n Annual Fund Operating Expenses	19.80	%
Fee\n Waiver/Reimbursements ⁽³⁾	-18.62	%
Net\n Annual Fund Operating Expenses After Fee Waiver/Reimbursements ^{(1), (2), (3)}	1.18	%

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

(1)	Other\n Expenses are based on actual amounts incurred during the Fund’s fiscal period ended June 30, 2026.
(2)	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. The amounts\n are estimated for the Fund’s fiscal year ending June 30, 2027.
(3)	GraniteShares\n Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual\n fund operating expenses (excluding interest, taxes, brokerage commissions, expenses related to short sales, other expenditures\n which are capitalized in accordance with generally accepted accounting principles, other extraordinary expenses not incurred in the\n ordinary course of a Fund’s business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1\n under the 1940 Act) will not exceed 1.15%. This agreement is effective until December 31, 2027, and it may be terminated\n before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived\n fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement\n will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense\n payment and the expense limitation in place at the time of the recoupment.

Example

This\nExample is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded\nfunds.

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

1\n Year			3\n Years			5 Years			10 Years
$	120			$	3,673			$	6,341			$	10,456

Portfolio\nTurnover

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

Principal\nInvestment Strategies

The\nFund is an actively managed exchange-traded fund (“ETF”) that seeks current income by getting exposure to a portfolio\nof autocallables that reference the price of the common stock of Strategy Inc. (NASDAQ: MSTR) (the “Underlying Asset”). The\nparameters of the autocallables the Fund will get exposure to are detailed in the section “Fund Exposure to the Autocallables”\nwith the aim to make monthly distributions.

The\nFund is classified as “non-diversified” under the Investment Company Act of 1940, as amended (the “1940 Act”).

The\nFund’s investment objective has not been adopted as a fundamental investment policy and therefore the Fund’s\ninvestment objective along with its respective 80% investment policy may be changed without the consent of the Fund’s\nshareholders upon approval by the Board of Trustees (the “Board”) of GraniteShares ETF Trust (the “Trust”) and\n60 days’ written notice to shareholders.

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An\ninvestment in the Fund is not an investment in the Underlying Asset.

The\n ability of an autocallable, and by extension the Fund, to make distributions is subject\n to the performance of the Underlying Asset,

The\n Fund’s strategy is exposed to all potential losses if the Underlying Asset’s\n trading price declines, subject to a limited downside protection.

The\n Fund does not invest directly in the Underlying Asset,

Fund\n shareholders are not entitled to any distribution paid by Underlying Asset.

Description\nof Autocallable

Before\nmaturity, the following outcomes will happen on each coupon observation date (assuming an observation date occurs on each coupon payment\ndate and the absence of Non-Callable Period):

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

Outcome\n 1: the Underlying Asset trades below both the Autocallable Barrier and the Coupon Barrier

No\n coupon payment is made

\n \n

The\n autocallable does not mature

Outcome\n 2: the Underlying Asset trades above the Coupon Barrier but below the Autocallable Barrier

A\n coupon payment is made

\n \n

The\n autocallable does not mature

Outcome\n 3: the Underlying Asset trades above both the Coupon Barrier and the Autocallable Barrier

A\n coupon payment is made

\n \n

The\n autocallable matures

At\nmaturity, the following outcomes will happen:

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

Outcome\n 1: The Underlying Asset trades above the Maturity Barrier

A\n final coupon payment is made

Outcome\n 2: the Underlying Asset trades below the Maturity Barrier but above the Coupon Barrier

A\n final coupon payment is made.

\n \n

The\n autocallable is exposed to the full downside performance of the Underlying Asset resulting in loss of part or all of principal

Outcome\n 3: the Underlying Asset trades below the Maturity Barrier and below the Coupon Barrier

No\n coupon payment is made.

\n \n

The\n autocallable is exposed to the full downside performance of the Underlying Asset resulting in loss of part or all of principal

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The\nexamples below are based on an autocallable with the following parameters:

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

Tenor\n (maturity)	3\n months
Observation\n Frequency	Monthly\n
Autocallable\n Notional Value	$10
Monthly\n coupon	$1
Price\n Underlying Asset at inception	$50
Coupon\n Barrier	$45\n (or 80% of the Initial Reference Price)
Autocallable\n Barrier	$55\n (or 110% of the Initial Reference Price)
Maturity\n Barrier	$40\n (or 80% of the Initial Reference Price)

Example\n1 – Favorable scenario

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

Observation\n date	\n Price\n of the Underlying Asset at each observation date \n (%\n change against Initial Reference Price) \n	Outcome
Month\n 1	$54\n (+8%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) \n \n ð A\n $1 coupon is paid \n
Month\n 2	$52\n (+4%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) \n \n ð A\n $1 coupon is paid \n
Month\n 3	$47\n (-6%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) and above the Maturity Barrier ($45) \n \n ð A\n $1 coupon is paid \n

Example\n2 – Medium scenario

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

Observation\n date	\n Price\n of the Underlying Asset at observation date \n (%\n change against Initial Reference Price) \n	Outcome
Month\n 1	$54\n (+8%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) \n \n ð A\n $1 coupon is paid \n
Month\n 2	$56\n (+12%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) and above the Autocallable\n Barrier ($55) \n \n ð A\n $1 coupon is paid \n \n ð The\n autocallable matures \n
\n Month\n 3		\n \n N/A \n

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Example\n3 – Unfavorable scenario

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

\n Observation\n date \n	Price\n of the Underlying Asset at observation date	Outcome
Month\n 1	$39\n (-22%)	\n The\n Underlying Asset trades below the Coupon Barrier ($45) and below the Autocallable Barrier\n ($55) \n \n ð No\n coupon payment is made \n \n ð The\n product is not terminated \n
Month\n 2	$37\n (-26%)	\n The\n Underlying Asset trades below the Coupon Barrier ($45) and below the Autocallable Barrier\n ($55) \n \n ð No\n coupon payment is made \n \n ð The\n product is not terminated \n
Month\n 3	$32\n (-36%)	\n The\n Underlying Asset trades below the Coupon Barrier ($45), below the Autocallable Barrier ($55)\n and below the Maturity Barrier ($40) \n \n ð No\n coupon payment is made \n \n ð Exposure\n to the full downside performance of the Underlying \n Asset,\n resulting in loss of $3.60 ($10 * -36%) \n

Fund\nExposure to the Autocallables

Swaps:

Options:

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

Direct\n link to the performance of \n	The\n Underlying Asset
Currency\n Denomination \n	US\n dollar
Tenor\n (Maturity) \n	Between\n 1 month and 48 months
Non-Callable\n Period \n	Between\n 0 to 12 months
Autocallable\n Barrier ¹ \n	Between\n 95% and 105%
Coupon\n Barrier ¹ \n	Between\n 50% and 95%
Maturity\n Barrier ¹ \n	Between\n 50% and 95%
Coupon\n Frequency \n	Monthly\n or quarterly
Callability\n Frequency \n	Monthly\n or quarterly
Call\n Feature	Upon\n the expiration of each autocallable’s Non-Callable Period, the autocallable will automatically\n be called prior to its scheduled maturity date if the Underlying Asset reaches or exceeds\n the Autocallable Barrier on the callability observation date (see Callability Frequency). \n
Contingent\n Coupon	The\n coupon is paid if, on the observation date (see Coupon Frequency), the performance of the\n Underlying Asset is at or above the Coupon Barrier. If the Underlying Asset falls below the\n Coupon Barrier on an observation date, no coupon will be paid for that period. \n
Contingent\n Principal Protection	If\n an autocallable is not called prior to its Tenor, the initial principal is fully protected\n if the Underlying Asset’s level is above the Maturity Barrier at maturity. If the Underlying\n Asset closes below the Maturity Barrier, principal loss for that autocallable will be equivalent\n to the negative performance of the Underlying Asset measured over the life of the Autocallable. \n

^1\nExpressed as a percentage of the Underlying Asset initial reference price

Industry\nConcentration

Due\nto the Fund’s investment exposure to the Underlying Asset, the Fund’s investment exposure is concentrated in the software\nand information technology industry and carries risks associated to bitcoin.

Strategy\nInc (formerly MicroStrategy Incorporated) describes itself as a bitcoin treasury company. Strategy Inc. acquires and holds bitcoin, using\nproceeds from equity and debt financings and cash flows from operations, and also provides enterprise analytics software through licensing\narrangements and cloud subscriptions. As of June 30, 2026, Strategy Inc. held approximately 846,000 bitcoin, with a carrying value of\napproximately $49.7 billion, which represented the substantial majority of its total assets. Strategy Inc. has also established a U.S.\ndollar reserve to fund dividends on its preferred stock and interest on its indebtedness, and has sold bitcoin from time to time. As\na result, the value of Strategy Inc.’s common stock is highly sensitive to changes in the price of bitcoin.\nStrategy Inc. is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information\nprovided to or filed with the Securities and Exchange Commission by MSTR pursuant to the Exchange Act can be located by reference to\nthe Securities and Exchange Commission file number 000-24435 through the Securities and Exchange Commission’s website at www.sec.gov.\nIn addition, information regarding MSTR may be obtained from other sources including, but not limited to, press releases, newspaper articles\nand other publicly disseminated documents.

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THE\nFUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING ASSET.

This\nprospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Strategy\nInc. The common stock of Strategy Inc. (MSTR) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange\nAct”). Information provided to or filed with the Securities and Exchange Commission by MicroStrategy Inc. pursuant to the Exchange\nAct can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding MicroStrategy\nInc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated\ndocuments.

Additional\nInformation on Bitcoin

PRINCIPAL\nRISKS OF INVESTING IN THE FUND

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Bitcoin\nRisk: The performance of the Underlying Asset, and consequently the Fund’s performance, is subject to risks associated with\nbitcoin. Investing in bitcoin exposes to significant risks that are not typically present in other investments. These risks include the\nuncertainty surrounding new technology, limited evaluation due to bitcoin’s short trading history, and the potential decline in\nadoption and value over the long term. The extreme volatility of bitcoin’s price is also a risk factor. Regulatory uncertainties,\nsuch as potential government interventions and conflicting regulations across jurisdictions, can impact the demand for bitcoin and restrict\nits usage. Bitcoin is not presently widely accepted as a medium of exchange, which may be due to a number of common impediments and/or\ndisadvantages to adopting the Bitcoin Network as a payment network, including the slowness of transaction processing and finality, variability\nof transaction fees, and volatility of the price of bitcoin. Additionally, risks associated with the sale of newly mined bitcoin, bitcoin\ntrading platforms, competition from alternative digital assets, mining operations, network modifications, and intellectual property claims\npose further challenges to bitcoin-linked investments. The value of bitcoin has been, may continue to be, substantially dependent on\nspeculation, such that trading and investing in these assets generally may not be based on fundamental analysis. The Fund’s daily\nreturns may be affected by many factors but will depend on the performance and volatility of the Underlying Asset.

Bitcoin\nHalving. While bitcoin prices have historically increased around halving events (a process designed to control the overall supply\nand reduce the risk of inflation in bitcoin, which uses a proof-of-work consensus algorithm and results in the mining reward being cut\nin half) there is no guarantee that the price change will be favorable or would compensate for the reduction in mining rewards. If a\ncorresponding and proportionate increase in the price of Bitcoin does not follow future halving events, the revenue RIOT earns from its\nbitcoin mining operations would see a decrease, which could have a material adverse effect on RIOT’s results of operations and\nfinancial condition.

Hash\nRate and Difficulty. As demand for bitcoin has increased, the global network hash rate (i.e., the aggregate amount of computing power\ndevoted to supporting the bitcoin blockchain at a given time) has increased rapidly, and as greater adoption of bitcoin occurs, it is\nexpected that demand for new bitcoin will likewise increase as more mining companies are drawn into the industry by this increased demand.\nFurther, as a greater number of increasingly powerful miners have been deployed, the network difficulty for bitcoin has consequently\nalso increased. A high difficulty means that more computing power will be required in order to solve a block and earn a new bitcoin reward,\nwhich, in turn, makes the bitcoin network more secure by limiting the possibility of one miner or mining pool gaining control of the\nnetwork. Therefore, as new and existing miners deploy additional hash rate, the global network hash rate will continue to increase, meaning\na miner’s share of the global network hash rate (and therefore its chance of earning bitcoin rewards) will decline if it fails\nto deploy additional hash rate at pace with the industry. If an effort to grow the hash rate, results in the inability to complete planned\nexpansions on schedule and within anticipated cost estimates, deployment of newly purchased miners may be delayed, which could affect\nits competitiveness and results of operation, which could have a material adverse effect on the Underlying Asset’s financial condition\nand market price for its securities.

Blockchain\nRisk: Blockchain companies may be adversely impacted by government regulations or economic conditions. Blockchain technology is new\nand its uses are in many cases untested or unclear. These companies may also have significant exposure to fluctuations in the spot prices\nof digital assets, particularly to the extent that demand for a company’s hardware or services may increase as the spot price of\ndigital assets increase. Blockchain companies typically face intense competition and potentially rapid product obsolescence. In addition,\nmany Blockchain companies store sensitive consumer information and could be the target of cybersecurity attacks and other types of theft,\nwhich could have a negative impact on these companies. Access to a given blockchain may require a specific cryptographic key (in effect\na string of characters granting unique access to initiate transactions related to specific digital assets) or set of keys, the theft,\nloss, or destruction of which, either by accident or as a result of the efforts of a third party, could irrevocably impair a claim to\nthe digital assets stored on that blockchain. Many Blockchain companies currently operate under less regulatory scrutiny than traditional\nfinancial services companies and banks, but there is significant risk that regulatory oversight could increase in the future. Higher\nlevels of regulation could increase costs and adversely impact the current business models of some Blockchain companies. For example,\nrestrictions imposed by foreign governments, including China, on the use and mining of digital assets, may adversely impact Blockchain\nCompanies and in turn the Fund. These companies could be negatively impacted by disruptions in service caused by hardware or software\nfailure, or by interruptions or delays in service by third-party data center hosting facilities and maintenance providers. Blockchain\ncompanies involved in digital assets may face slow adoption rates and be subject to higher levels of regulatory scrutiny in the future,\nwhich could severely impact the viability of these companies. Blockchain companies, especially smaller companies, tend to be more volatile\nthan companies that do not rely heavily on technology. The customers and/or suppliers of Blockchain companies may be concentrated in\na particular country, region or industry. Any adverse event affecting one of these countries, regions or industries could have a negative\nimpact on Blockchain companies.

220

221

Calculation\nMethodology Risk. Autocallables rely on complex calculation methodologies that may not perform as expected under certain market conditions.

Concentration\nRisk. To the extent that the Underlying Asset concentrates its investments in a particular industry, the Fund will be subject\nto the risks associated with that industry.

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ETF\nRisks.

Trading.\nAlthough Shares are listed on a national securities exchange, such as The Nasdaq Stock Market, LLC (the “Exchange”),\nand may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active trading market for the Shares will\ndevelop or be maintained or that the Shares will trade with any volume, or at all, on any stock exchange. This risk may be greater for\nthe Fund as it seeks to have exposure to a single underlying stock as opposed to a more diverse portfolio like a traditional pooled investment.\nIn stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings,\nwhich can be significantly less liquid than Shares. Shares trade on the Exchange at a market price that may be below, at or above the\nFund’s NAV. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange,\nmake trading in Shares inadvisable. In addition, trading in Shares on the Exchange is subject to trading halts caused by extraordinary\nmarket volatility pursuant to the Exchange “circuit breaker” rules. There can be no assurance that the requirements of the\nExchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. In the event of an unscheduled\nmarket close for options contracts that reference a single stock, such as the Underlying Asset’s securities being halted\nor a market wide closure, settlement prices will be determined by the procedures of the listing exchange of the options contracts. As\na result, the Fund could be adversely affected and be unable to implement its investment strategies in the event of an unscheduled closing.

223

Recent\nMarket Events Risk. U.S. and international markets have experienced significant periods of volatility in recent years due to a number\nof economic, political and global macro factors, including uncertainty regarding interest rates and inflation, rising government\ndebt in the U.S. and elsewhere, political events, changes in trade policy and armed conflict. Public health emergencies, such as the\nCOVID-19 pandemic, have in the past caused, and may in the future cause, disruptions to business operations and supply chains,\nreduced consumer demand and significant market volatility. Armed conflict, including the conflict between Russia and\nUkraine and conflicts in the Middle East, has caused, and could continue to cause, loss of life and severe adverse effects\non regional and global economies and on the markets for certain securities and commodities. The U.S., the European\nUnion and other countries have imposed, and may impose additional, sanctions and other restrictive measures on certain\ncountries, individuals and companies, which could adversely affect the issuers, markets and economies concerned. In addition,\nthe U.S. has imposed, and may continue to impose, tariffs and other trade barriers, and other countries have imposed or\nmay impose retaliatory measures. Trade disputes between the U.S. and other countries could result in additional tariffs, trade\nbarriers and/or investment restrictions. These and other events could adversely affect the Fund’s performance, and their duration\nand full effects cannot be predicted.

224

Single\nIssuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment\nvehicle which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security (the Underlying\nAsset), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value\nof a traditional pooled investment or the market as a whole.

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

	-	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 will\n fail to make timely payments of interest or principal or go bankrupt, or that the value of the securities will decline because of\n 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.

225

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

	-	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 years, interest rates in the United States rose significantly from historically low levels, and the U.S. Federal Reserve\n has adjusted, and may continue to adjust, its monetary policy in response to changing economic conditions. Significant\n or rapid changes in interest rates may magnify interest rate risk. Changes in government intervention may have adverse effects on\n 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.

Performance

Portfolio\nManagers: Jeff Klearman, Ryan Dofflemeyer and Jeroen Visser have been portfolio managers of the Fund since the Fund’s\ninception.

226

GraniteShares\nAUTOCALLABLE NBIS ETF

Investment\nObjective

The\nFund’s primary investment objective is to generate income while providing limited downside protection by getting exposure to autocallables\nthat reference the price of the Class A ordinary shares of Nebius Group NV (NASDAQ: NBIS) (the “Underlying Asset”).

Fund\nFees and Expenses

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

Management\n Fee	0.99	%
Annual\n Fund Operating Expenses \n (expenses\n that you pay each year as a percentage of the value of your investment)
Management\n Fee	0.99	%
Distribution\n and/or Service (12b-1) Fees	0.00	%
Other\n Expenses ⁽¹⁾	0.08	%
Acquired\n Fund Fees and Expenses ⁽²⁾	0.03	%
Total\n Annual Fund Operating Expenses	1.10	%
Fee\n Waiver/Reimbursements ⁽³⁾	0.00	%
Net\n Annual Fund Operating Expenses After Fee Waiver/Reimbursements ^{(1), (2), (3)}	1.10	%

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

(1)	Other\n Expenses are estimated for the Fund’s initial fiscal year.
(2)	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. The amounts\n are estimated for the Fund’s initial fiscal year.
(3)	GraniteShares\n Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual\n fund operating expenses (excluding interest, taxes, brokerage commissions, expenses related to short sales, other expenditures\n which are capitalized in accordance with generally accepted accounting principles, other extraordinary expenses not incurred in the\n ordinary course of a Fund’s business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1\n under the 1940 Act) will not exceed 1.15%. This agreement is effective until December 31, 2027, and it may be terminated\n before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived\n fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement\n will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense\n payment and the expense limitation in place at the time of the recoupment.

Example

This\nExample is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded\nfunds.

227

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 \n \n \n \n

1\n Year			3\n Years
$	112			$	350

Portfolio\nTurnover

Principal\nInvestment Strategies

The\nFund is an actively managed exchange-traded fund (“ETF”) that seeks current income by getting exposure to a portfolio of\nautocallables that reference the price of the Class A ordinary shares of Nebius Group NV (NASDAQ: NBIS) (the “Underlying Asset”). The\nparameters of the autocallables the Fund will get exposure to are detailed in the section “Fund Exposure to the Autocallables”\nwith the aim to make monthly distributions.

The\nFund is classified as “non-diversified” under the Investment Company Act of 1940, as amended (the “1940 Act”).

228

An\ninvestment in the Fund is not an investment in the Underlying Asset.

The\n ability of an autocallable, and by extension the Fund, to make distributions is subject\n to the performance of the Underlying Asset,

The\n Fund’s strategy is exposed to all potential losses if the Underlying Asset’s\n trading price declines, subject to a limited downside protection.

The\n Fund does not invest directly in the Underlying Asset,

Fund\n shareholders are not entitled to any distribution paid by Underlying Asset.

Description\nof Autocallable

Before\nmaturity, the following outcomes will happen on each coupon observation date (assuming an observation date occurs on each coupon payment\ndate and the absence of Non-Callable Period):

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

Outcome\n 1: the Underlying Asset trades below both the Autocallable Barrier and the Coupon Barrier

No\n coupon payment is made

\n \n

The\n autocallable does not mature

Outcome\n 2: the Underlying Asset trades above the Coupon Barrier but below the Autocallable Barrier

A\n coupon payment is made

\n \n

The\n autocallable does not mature

Outcome\n 3: the Underlying Asset trades below the Maturity Barrier and below the Coupon Barrier

A\n coupon payment is made

\n \n

The\n autocallable matures

At\nmaturity, the following outcomes will happen:

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

Outcome\n 1: The Underlying Asset trades above the Maturity Barrier

A\n final coupon payment is made

Outcome\n 2: the Underlying Asset trades below the Maturity Barrier but above the Coupon Barrier

A\n final coupon payment is made.

\n \n

The\n autocallable is exposed to the full downside performance of the Underlying Asset resulting in loss of part or all of principal

Outcome\n 3: the Underlyng Asset trades below the Downside Barrier and below the Distribution Barrier

No\n coupon payment is made.

\n \n

The\n autocallable is exposed to the full downside performance of the Underlying Asset resulting in loss of part or all of principal

229

The\nexamples below are based on an autocallable with the following parameters:

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

Tenor\n (maturity)	3\n months
Observation\n Frequency	Monthly\n
Autocallable\n Notional Value	$10
Monthly\n coupon	$1
Price\n Underlying Asset at inception	$50
Coupon\n Barrier	$45\n (or 80% of the Initial Reference Price)
Autocallable\n Barrier	$55\n (or 110% of the Initial Reference Price)
Maturity\n Barrier	$40\n (or 80% of the Initial Reference Price)

Example\n1 – Favorable scenario

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

Observation\n date	\n Price\n of the Underlying Asset at each observation date \n (%\n change against Initial Reference Price) \n	Outcome
Month\n 1	$54\n (+8%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) \n \n ð A\n $1 coupon is paid \n
Month\n 2	$52\n (+4%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) \n \n ð A\n $1 coupon is paid \n
Month\n 3	$47\n (-6%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) and above the Maturity Barrier ($45) \n \n ð A\n $1 coupon is paid \n

Example\n2 – Medium scenario

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

Observation\n date	\n Price\n of the Underlying Asset at observation date \n (%\n change against Initial Reference Price) \n	Outcome
Month\n 1	$54\n (+8%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) \n \n ð A\n $1 coupon is paid \n
Month\n 2	$56\n (+12%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) and above the Autocallable\n Barrier ($55) \n \n ð A\n $1 coupon is paid \n \n ð The\n autocallable matures \n
\n Month\n 3		\n \n N/A \n

230

Example\n3 – Unfavorable scenario

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

\n Observation\n date \n	Price\n of the Underlying Asset at observation date	Outcome
Month\n 1	$39\n (-22%)	\n The\n Underlying Asset trades below the Coupon Barrier ($45) and below the Autocallable Barrier\n ($55) \n \n ð No\n coupon payment is made \n \n ð The\n product is not terminated \n
Month\n 2	$37\n (-26%)	\n The\n Underlying Asset trades below the Coupon Barrier ($45) and below the Autocallable Barrier\n ($55) \n \n ð No\n coupon payment is made \n \n ð The\n product is not terminated \n
Month\n 3	$32\n (-36%)	\n The\n Underlying Asset trades below the Coupon Barrier ($45), below the Autocallable Barrier ($55)\n and below the Maturity Barrier ($40) \n \n ð No\n coupon payment is made \n \n ð Exposure\n to the full downside performance of the Underlying \n Asset,\n resulting in loss of $3.60 ($10 * -36%) \n

Fund\nExposure to the Autocallables

Swaps:

Options:

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

Direct\n link to the performance of \n	The\n Underlying Asset
Currency\n Denomination \n	US\n dollar
Tenor\n (Maturity) \n	Between\n 1 month and 48 months
Non-Callable\n Period \n	Between\n 0 to 12 months
Autocallable\n Barrier ¹ \n	Between\n 95% and 105%
Coupon\n Barrier ¹ \n	Between\n 50% and 95%
Maturity\n Barrier ¹ \n	Between\n 50% and 95%
Coupon\n Frequency \n	Monthly\n or quarterly
Callability\n Frequency \n	Monthly\n or quarterly
Call\n Feature	Upon\n the expiration of each autocallable’s Non-Callable Period, the autocallable will automatically\n be called prior to its scheduled maturity date if the Underlying Asset reaches or exceeds\n the Autocallable Barrier on the callability observation date (see Callability Frequency). \n
Contingent\n Coupon	The\n coupon is paid if, on the observation date (see Coupon Frequency), the performance of the\n Underlying Asset is at or above the Coupon Barrier. If the Underlying Asset falls below the\n Coupon Barrier on an observation date, no coupon will be paid for that period. \n
Contingent\n Principal Protection	If\n an autocallable is not called prior to its Tenor, the initial principal is fully protected\n if the Underlying Asset’s level is above the Maturity Barrier at maturity. If the Underlying\n Asset closes below the Maturity Barrier, principal loss for that autocallable will be equivalent\n to the negative performance of the Underlying Asset measured over the life of the Autocallable. \n

^1\nExpressed as a percentage of the Underlying Asset initial reference price

Industry\nConcentration

Due\nto the Fund’s investment exposure to the Underlying Asset, the Fund’s investment exposure is concentrated in the computer\nsoftware industry.

Nebius\nGroup NV is a Netherlands-based technology company that builds full-stack infrastructure for the artificial intelligence\nindustry, including large-scale GPU clusters, cloud platforms and developer tools. The Class A ordinary shares of Nebius\nGroup NV are registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided\nto or filed with the Securities and Exchange Commission by Nebius Group NV pursuant to the Exchange Act can be located by reference to\nthe Securities and Exchange Commission file number 001-35173 through the Securities and Exchange Commission’s website at\nwww.sec.gov. In addition, information regarding Nebius Group NV may be obtained from other sources including, but not limited to, press\nreleases, newspaper articles and other publicly disseminated documents.

231

THE\nFUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING ASSET.

This\nprospectus relates only to the Fund shares offered hereby and is not a prospectus for the Class A ordinary shares or other securities\nof Nebius Group NV. The Class A ordinary shares of Nebius Group NV are registered under the Securities Exchange Act\nof 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by\nNebius Group NV pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov.\nIn addition, information regarding Nebius Group NV may be obtained from other sources including, but not limited to, press releases,\nnewspaper articles and other publicly disseminated documents.

PRINCIPAL\nRISKS OF INVESTING IN THE FUND

232

Calculation\nMethodology Risk. Autocallables rely on complex calculation methodologies that may not perform as expected under certain market conditions.

233

Concentration\nRisk. To the extent that the Underlying Asset concentrates its investments in a particular industry, the Fund will be subject\nto the risks associated with that industry.

ETF\nRisks.

234

Trading.\nAlthough Shares are listed on a national securities exchange, such as The Nasdaq Stock Market, LLC (the “Exchange”),\nand may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active trading market for the Shares will\ndevelop or be maintained or that the Shares will trade with any volume, or at all, on any stock exchange. This risk may be greater for\nthe Fund as it seeks to have exposure to a single underlying stock as opposed to a more diverse portfolio like a traditional pooled investment.\nIn stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings,\nwhich can be significantly less liquid than Shares. Shares trade on the Exchange at a market price that may be below, at or above the\nFund’s NAV. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange,\nmake trading in Shares inadvisable. In addition, trading in Shares on the Exchange is subject to trading halts caused by extraordinary\nmarket volatility pursuant to the Exchange “circuit breaker” rules. There can be no assurance that the requirements of the\nExchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. In the event of an unscheduled\nmarket close for options contracts that reference a single stock, such as the Underlying Asset’s securities being halted\nor a market wide closure, settlement prices will be determined by the procedures of the listing exchange of the options contracts. As\na result, the Fund could be adversely affected and be unable to implement its investment strategies in the event of an unscheduled closing.

235

Recent\nMarket Events Risk. U.S. and international markets have experienced significant periods of volatility in recent years due to a number\nof economic, political and global macro factors, including uncertainty regarding interest rates and inflation, rising government\ndebt in the U.S. and elsewhere, political events, changes in trade policy and armed conflict. Public health emergencies, such as the\nCOVID-19 pandemic, have in the past caused, and may in the future cause, disruptions to business operations and supply chains,\nreduced consumer demand and significant market volatility. Armed conflict, including the conflict between Russia and\nUkraine and conflicts in the Middle East, has caused, and could continue to cause, loss of life and severe adverse effects\non regional and global economies and on the markets for certain securities and commodities. The U.S., the European\nUnion and other countries have imposed, and may impose additional, sanctions and other restrictive measures on certain\ncountries, individuals and companies, which could adversely affect the issuers, markets and economies concerned. In addition,\nthe U.S. has imposed, and may continue to impose, tariffs and other trade barriers, and other countries have imposed or\nmay impose retaliatory measures. Trade disputes between the U.S. and other countries could result in additional tariffs, trade\nbarriers and/or investment restrictions. These and other events could adversely affect the Fund’s performance, and their duration\nand full effects cannot be predicted.

Single\nIssuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment\nvehicle which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security (the Underlying\nAsset), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value\nof a traditional pooled investment or the market as a whole.

236

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

	-	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 will\n fail to make timely payments of interest or principal or go bankrupt, or that the value of the securities will decline because of\n 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 years, interest rates in the United States rose significantly from historically low levels, and the U.S. Federal Reserve\n has adjusted, and may continue to adjust, its monetary policy in response to changing economic conditions. Significant\n or rapid changes in interest rates may magnify interest rate risk. Changes in government intervention may have adverse effects on\n 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.

Performance

Portfolio\nManagers: Jeff Klearman, Ryan Dofflemeyer and Jeroen Visser have been portfolio managers of the Fund since the Fund’s\ninception.

237

GraniteShares\nAUTOCALLABLE NFLX ETF

Investment\nObjective

The\nFund’s primary investment objective is to generate income while providing limited downside protection by getting exposure to\nautocallables that reference the price of the common stock of Netflix, Inc (NASDAQ: NFLX) (the “Underlying Asset”).

Fund\nFees and Expenses

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

Management\n Fee	0.99	%
Annual\n Fund Operating Expenses \n (expenses\n that you pay each year as a percentage of the value of your investment)
Management\n Fee	0.99	%
Distribution\n and/or Service (12b-1) Fees	0.00	%
Other\n Expenses ⁽¹⁾	0.08	%
Acquired\n Fund Fees and Expenses ⁽²⁾	0.03	%
Total\n Annual Fund Operating Expenses	1.10	%
Fee\n Waiver/Reimbursements ⁽³⁾	0.00	%
Net\n Annual Fund Operating Expenses After Fee Waiver/Reimbursements ^{(1), (2), (3)}	1.10	%

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

(1)	Other\n Expenses are estimated for the Fund’s initial fiscal year.
(2)	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. The amounts\n are estimated for the Fund’s initial fiscal year.
(3)	GraniteShares\n Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual\n fund operating expenses (excluding interest, taxes, brokerage commissions, expenses related to short sales, other expenditures\n which are capitalized in accordance with generally accepted accounting principles, other extraordinary expenses not incurred in the\n ordinary course of a Fund’s business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1\n under the 1940 Act) will not exceed 1.15%. This agreement is effective until December 31, 2027, and it may be terminated\n before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived\n fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement\n will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense\n payment and the expense limitation in place at the time of the recoupment.

Example

This\nExample is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded\nfunds.

238

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 \n \n \n \n

1\n Year			3\n Years
$	112			$	350

Portfolio\nTurnover

Principal\nInvestment Strategies

The\nFund is an actively managed exchange-traded fund (“ETF”) that seeks current income by getting exposure to a portfolio of\nautocallables that reference the price of the common stock of Netflix, Inc. (NASDAQ: NFLX) (the “Underlying Asset”).\nThe parameters of the autocallables the Fund will get exposure to are detailed in the section “Fund Exposure to the Autocallables”\nwith the aim to make monthly distributions.

The\nFund is classified as “non-diversified” under the Investment Company Act of 1940, as amended (the “1940 Act”).

239

An\ninvestment in the Fund is not an investment in the Underlying Asset.

The\n ability of an autocallable, and by extension the Fund, to make distributions is subject\n to the performance of the Underlying Asset,

The\n Fund’s strategy is exposed to all potential losses if the Underlying Asset’s\n trading price declines, subject to a limited downside protection.

The\n Fund does not invest directly in the Underlying Asset,

Fund\n shareholders are not entitled to any distribution paid by Underlying Asset.

Description\nof Autocallable

Before\nmaturity, the following outcomes will happen on each coupon observation date (assuming an observation date occurs on each coupon payment\ndate and the absence of Non-Callable Period):

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

Outcome\n 1: the Underlying Asset trades below both the Autocallable Barrier and the Coupon Barrier

No\n coupon payment is made

\n \n

The\n autocallable does not mature

Outcome\n 2: the Underlying Asset trades above the Coupon Barrier but below the Autocallable Barrier

A\n coupon payment is made

\n \n

The\n autocallable does not mature

Outcome\n 3: the Underlying Asset trades above both the Coupon Barrier and the Autocallable Barrier

A\n coupon payment is made

\n \n

The\n autocallable matures

At\nmaturity, the following outcomes will happen:

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

Outcome\n 1: The Underlying Asset trades above the Maturity Barrier

A\n final coupon payment is made

Outcome\n 2: the Underlying Asset trades below the Maturity Barrier but above the Coupon Barrier

A\n final coupon payment is made.

\n \n

The\n autocallable is exposed to the full downside performance of the Underlying Asset resulting in loss of part or all of principal

Outcome\n 3: the Underlying Asset trades below the Maturity Barrier and below the Coupon Barrier

No\n coupon payment is made.

\n \n

The\n autocallable is exposed to the full downside performance of the Underlying Asset resulting in loss of part or all of principal

240

The\nexamples below are based on an autocallable with the following parameters:

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

Tenor\n (maturity)	3\n months
Observation\n Frequency	Monthly\n
Autocallable\n Notional Value	$10
Monthly\n coupon	$1
Price\n Underlying Asset at inception	$50
Coupon\n Barrier	$45\n (or 80% of the Initial Reference Price)
Autocallable\n Barrier	$55\n (or 110% of the Initial Reference Price)
Maturity\n Barrier	$40\n (or 80% of the Initial Reference Price)

Example\n1 – Favorable scenario

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

Observation\n date	\n Price\n of the Underlying Asset at each observation date \n (%\n change against Initial Reference Price) \n	Outcome
Month\n 1	$54\n (+8%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) \n \n ð A\n $1 coupon is paid \n
Month\n 2	$52\n (+4%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) \n \n ð A\n $1 coupon is paid \n
Month\n 3	$47\n (-6%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) and above the Maturity Barrier ($45) \n \n ð A\n $1 coupon is paid \n

Example\n2 – Medium scenario

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

Observation\n date	\n Price\n of the Underlying Asset at observation date \n (%\n change against Initial Reference Price) \n	Outcome
Month\n 1	$54\n (+8%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) \n \n ð A\n $1 coupon is paid \n
Month\n 2	$56\n (+12%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) and above the Autocallable\n Barrier ($55) \n \n ð A\n $1 coupon is paid \n \n ð The\n autocallable matures \n
\n Month\n 3		\n \n N/A \n

241

Example\n3 – Unfavorable scenario

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

\n Observation\n date \n	Price\n of the Underlying Asset at observation date	Outcome
Month\n 1	$39\n (-22%)	\n The\n Underlying Asset trades below the Coupon Barrier ($45) and below the Autocallable Barrier\n ($55) \n \n ð No\n coupon payment is made \n \n ð The\n product is not terminated \n
Month\n 2	$37\n (-26%)	\n The\n Underlying Asset trades below the Coupon Barrier ($45) and below the Autocallable Barrier\n ($55) \n \n ð No\n coupon payment is made \n \n ð The\n product is not terminated \n
Month\n 3	$32\n (-36%)	\n The\n Underlying Asset trades below the Coupon Barrier ($45), below the Autocallable Barrier ($55)\n and below the Maturity Barrier ($40) \n \n ð No\n coupon payment is made \n \n ð Exposure\n to the full downside performance of the Underlying \n Asset,\n resulting in loss of $3.60 ($10 * -36%) \n

Fund\nExposure to the Autocallables

Swaps:

Options:

242

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

Direct\n link to the performance of \n	The\n Underlying Asset
Currency\n Denomination \n	US\n dollar
Tenor\n (Maturity) \n	Between\n 1 month and 48 months
Non-Callable\n Period \n	Between\n 0 to 12 months
Autocallable\n Barrier ¹ \n	Between\n 95% and 105%
Coupon\n Barrier ¹ \n	Between\n 50% and 95%
Maturity\n Barrier ¹ \n	Between\n 50% and 95%
Coupon\n Frequency \n	Monthly\n or quarterly
Callability\n Frequency \n	Monthly\n or quarterly
Call\n Feature	Upon\n the expiration of each autocallable’s Non-Callable Period, the autocallable will automatically\n be called prior to its scheduled maturity date if the Underlying Asset reaches or exceeds\n the Autocallable Barrier on the callability observation date (see Callability Frequency). \n
Contingent\n Coupon	The\n coupon is paid if, on the observation date (see Coupon Frequency), the performance of the\n Underlying Asset is at or above the Coupon Barrier. If the Underlying Asset falls below the\n Coupon Barrier on an observation date, no coupon will be paid for that period. \n
Contingent\n Principal Protection	If\n an autocallable is not called prior to its Tenor, the initial principal is fully protected\n if the Underlying Asset’s level is above the Maturity Barrier at maturity. If the Underlying\n Asset closes below the Maturity Barrier, principal loss for that autocallable will be equivalent\n to the negative performance of the Underlying Asset measured over the life of the Autocallable. \n

^1\nExpressed as a percentage of the Underlying Asset initial reference price

Industry\nConcentration

Due\nto the Fund’s investment exposure to the Underlying Asset, the Fund’s investment exposure is concentrated in the entertainment\nindustry.

Netflix\nInc. is a provider of entertainment services. The Company acquires licenses and produces content, including original programming. NFLX\nis registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed\nwith the Securities and Exchange Commission by NFLX pursuant to the Exchange Act can be located by reference to the Securities and Exchange\nCommission file number 001-35727 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information\nregarding NFLX may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly\ndisseminated documents.

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THE\nFUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING ASSET.

This\nprospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Netflix\nInc. The common stock of Netflix Inc. (NFLX) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange\nAct”). Information provided to or filed with the Securities and Exchange Commission by Netflix Inc. pursuant to the Exchange Act\ncan be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Netflix Inc.\nmay be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated\ndocuments.

PRINCIPAL\nRISKS OF INVESTING IN THE FUND

The\nsoftware and information technology industry is particularly vulnerable to rapid changes in technology product cycles, rapid product\nobsolescence, government regulation, and competition, both domestically and internationally, including competition from competitors with\nlower production costs. In addition, many information technology companies have limited product lines, markets, financial resources or\npersonnel. The prices of information technology companies and companies that rely heavily on technology, especially those of smaller,\nless-seasoned companies, tend to be more volatile and less liquid than the overall market. Information technology companies are heavily\ndependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally,\ncompanies in the information technology industry may face dramatic and often unpredictable changes in growth rates and competition for\nthe services of qualified personnel.

The\nentertainment industry is highly competitive and relies on consumer spending and the availability of disposable income for success. The\nprices of the securities of companies in the entertainment industry may fluctuate widely due to competitive pressures, heavy expenses\nincurred for research and development of products, problems related to bringing products to market, consumer preferences and rapid obsolescence\nof products. Legislative or regulatory changes and increased government supervision also may affect companies in the entertainment industry.\nThe Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Asset.

244

Calculation\nMethodology Risk. Autocallables rely on complex calculation methodologies that may not perform as expected under certain market conditions.

245

Concentration\nRisk. To the extent that the Underlying Asset concentrates its investments in a particular industry, the Fund will be subject\nto the risks associated with that industry.

ETF\nRisks.

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Trading.\nAlthough Shares are listed on a national securities exchange, such as The Nasdaq Stock Market, LLC (the “Exchange”),\nand may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active trading market for the Shares will\ndevelop or be maintained or that the Shares will trade with any volume, or at all, on any stock exchange. This risk may be greater for\nthe Fund as it seeks to have exposure to a single underlying stock as opposed to a more diverse portfolio like a traditional pooled investment.\nIn stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings,\nwhich can be significantly less liquid than Shares. Shares trade on the Exchange at a market price that may be below, at or above the\nFund’s NAV. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange,\nmake trading in Shares inadvisable. In addition, trading in Shares on the Exchange is subject to trading halts caused by extraordinary\nmarket volatility pursuant to the Exchange “circuit breaker” rules. There can be no assurance that the requirements of the\nExchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. In the event of an unscheduled\nmarket close for options contracts that reference a single stock, such as the Underlying Asset’s securities being halted\nor a market wide closure, settlement prices will be determined by the procedures of the listing exchange of the options contracts. As\na result, the Fund could be adversely affected and be unable to implement its investment strategies in the event of an unscheduled closing.

247

Recent\nMarket Events Risk. U.S. and international markets have experienced significant periods of volatility in recent years due to a number\nof economic, political and global macro factors, including uncertainty regarding interest rates and inflation, rising government\ndebt in the U.S. and elsewhere, political events, changes in trade policy and armed conflict. Public health emergencies, such as the\nCOVID-19 pandemic, have in the past caused, and may in the future cause, disruptions to business operations and supply chains,\nreduced consumer demand and significant market volatility. Armed conflict, including the conflict between Russia and\nUkraine and conflicts in the Middle East, has caused, and could continue to cause, loss of life and severe adverse effects\non regional and global economies and on the markets for certain securities and commodities. The U.S., the European\nUnion and other countries have imposed, and may impose additional, sanctions and other restrictive measures on certain\ncountries, individuals and companies, which could adversely affect the issuers, markets and economies concerned. In addition,\nthe U.S. has imposed, and may continue to impose, tariffs and other trade barriers, and other countries have imposed or\nmay impose retaliatory measures. Trade disputes between the U.S. and other countries could result in additional tariffs, trade\nbarriers and/or investment restrictions. These and other events could adversely affect the Fund’s performance, and their duration\nand full effects cannot be predicted.

Single\nIssuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment\nvehicle which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security (the Underlying\nAsset), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value\nof a traditional pooled investment or the market as a whole.

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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

	-	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 will\n fail to make timely payments of interest or principal or go bankrupt, or that the value of the securities will decline because of\n 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 years, interest rates in the United States rose significantly from historically low levels, and the U.S. Federal Reserve\n has adjusted, and may continue to adjust, its monetary policy in response to changing economic conditions. Significant\n or rapid changes in interest rates may magnify interest rate risk. Changes in government intervention may have adverse effects on\n 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.

Performance

Portfolio\nManagers: Jeff Klearman, Ryan Dofflemeyer and Jeroen Visser have been portfolio managers of the Fund since the Fund’s\ninception.

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GraniteShares\nAUTOCALLABLE NVDA ETF

Investment\nObjective

The\nFund’s primary investment objective is to generate income while providing limited downside protection by getting exposure to\nautocallables that reference the price of the common stock of NVIDIA Corporation (NASDAQ: NVDA) (the “Underlying Asset”).

Fund\nFees and Expenses

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

Management\n Fee	0.99	%
Annual\n Fund Operating Expenses \n (expenses\n that you pay each year as a percentage of the value of your investment)
Management\n Fee	0.99	%
Distribution\n and/or Service (12b-1) Fees	0.00	%
Other\n Expenses ⁽¹⁾	3.89	%
Acquired\n Fund Fees and Expenses ⁽²⁾	0.03	%
Total\n Annual Fund Operating Expenses	4.91	%
Fee\n Waiver/Reimbursements/Fees Paid Indirectly ^{(3), (4)}	-3.73	%
Net\n Annual Fund Operating Expenses After Fee Waiver/Reimbursements/Fees Paid Indirectly ^{(1),\n (2), (3), (4)}	1.18	%

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

(1)	Other\n Expenses are based on actual amounts incurred during the Fund’s fiscal period ended June 30, 2026.
(2)	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. The amounts\n are estimated for the Fund’s fiscal year ending June 30, 2027.
(3)	GraniteShares\n Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual\n fund operating expenses (excluding interest, taxes, brokerage commissions, expenses related to short sales, other expenditures\n which are capitalized in accordance with generally accepted accounting principles, other extraordinary expenses not incurred in the\n ordinary course of a Fund’s business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1\n under the 1940 Act) will not exceed 1.15%. This agreement is effective until December 31, 2027, and it may be terminated\n before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived\n fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement\n will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense\n payment and the expense limitation in place at the time of the recoupment.
(4)	The Funds’ have a fee arrangement with its\n custodian which provides for custody fees to be reduced by Create/Redeem credits received by the custodian from Authorized Participants.

Example

This\nExample is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded\nfunds.

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

1\n Year			3\n Years			5 Years			10 Years
$	120			$	1,140			$	2,162			$	4,725

Portfolio\nTurnover

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

Principal\nInvestment Strategies

The\nFund is an actively managed exchange-traded fund (“ETF”) that seeks current income by getting exposure to a\nportfolio of autocallables that reference the price of the common stock of NVIDIA Corporation (NASDAQ: NVDA) (the “Underlying\nAsset”). The parameters of the autocallables the Fund will get exposure to are detailed in the section\n“Fund Exposure to the Autocallables” with the aim to make monthly distributions.

The Fund’s cash balance may be\ninvested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury;\n(2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term\nunsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the\nFund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund)\nacquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and\nprice, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national\nsecurity exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or\ncorporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are\nrated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties, and/or; (7)\nand in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short\nTerm Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral\nstrategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference\nassets.

The\nFund is classified as “non-diversified” under the Investment Company Act of 1940, as amended (the “1940 Act”).

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An\ninvestment in the Fund is not an investment in the Underlying Asset.

The\n ability of an autocallable, and by extension the Fund, to make distributions is subject\n to the performance of the Underlying Asset,

The\n Fund’s strategy is exposed to all potential losses if the Underlying Asset’s\n trading price declines, subject to a limited downside protection.

The\n Fund does not invest directly in the Underlying Asset,

Fund\n shareholders are not entitled to any distribution paid by Underlying Asset.

Description\nof Autocallable

Before\nmaturity, the following outcomes will happen on each coupon observation date (assuming an observation date occurs on each coupon payment\ndate and the absence of Non-Callable Period):

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

Outcome\n 1: the Underlying Asset trades below both the Autocallable Barrier and the Coupon Barrier

No\n coupon payment is made

\n \n

The\n autocallable does not mature

Outcome\n 2: the Underlying Asset trades above the Coupon Barrier but below the Autocallable Barrier

A\n coupon payment is made

\n \n

The\n autocallable does not mature

Outcome\n 3: the Underlying Asset trades above both the Coupon Barrier and the Autocallable Barrier

A\n coupon payment is made

\n \n

The\n autocallable matures

At\nmaturity, the following outcomes will happen:

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

Outcome\n 1: The Underlying Asset trades above the Maturity Barrier

A\n final coupon payment is made

Outcome\n 2: the Underlying Asset trades below the Maturity Barrier but above the Coupon Barrier

A\n final coupon payment is made.

\n \n

The\n autocallable is exposed to the full downside performance of the Underlying Asset resulting in loss of part or all of principal

Outcome\n 3: the Underlying Asset trades below the Maturity Barrier and below the Coupon Barrier

No\n coupon payment is made.

\n \n

The\n autocallable is exposed to the full downside performance of the Underlying Asset resulting in loss of part or all of principal

252

The\nexamples below are based on an autocallable with the following parameters:

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

Tenor\n (maturity)	3\n months
Observation\n Frequency	Monthly\n
Autocallable\n Notional Value	$10
Monthly\n coupon	$1
Price\n Underlying Asset at inception	$50
Coupon\n Barrier	$45\n (or 80% of the Initial Reference Price)
Autocallable\n Barrier	$55\n (or 110% of the Initial Reference Price)
Maturity\n Barrier	$40\n (or 80% of the Initial Reference Price)

Example\n1 – Favorable scenario

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

Observation\n date	\n Price\n of the Underlying Asset at each observation date \n (%\n change against Initial Reference Price) \n	Outcome
Month\n 1	$54\n (+8%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) \n \n ð A\n $1 coupon is paid \n
Month\n 2	$52\n (+4%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) \n \n ð A\n $1 coupon is paid \n
Month\n 3	$47\n (-6%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) and above the Maturity Barrier ($45) \n \n ð A\n $1 coupon is paid \n

Example\n2 – Medium scenario

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

Observation\n date	\n Price\n of the Underlying Asset at observation date \n (%\n change against Initial Reference Price) \n	Outcome
Month\n 1	$54\n (+8%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) \n \n ð A\n $1 coupon is paid \n
Month\n 2	$56\n (+12%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) and above the Autocallable\n Barrier ($55) \n \n ð A\n $1 coupon is paid \n \n ð The\n autocallable matures \n
\n Month\n 3		\n \n N/A \n

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Example\n3 – Unfavorable scenario

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

\n Observation\n date \n	Price\n of the Underlying Asset at observation date	Outcome
Month\n 1	$39\n (-22%)	\n The\n Underlying Asset trades below the Coupon Barrier ($45) and below the Autocallable Barrier\n ($55) \n \n ð No\n coupon payment is made \n \n ð The\n product is not terminated \n
Month\n 2	$37\n (-26%)	\n The\n Underlying Asset trades below the Coupon Barrier ($45) and below the Autocallable Barrier\n ($55) \n \n ð No\n coupon payment is made \n \n ð The\n product is not terminated \n
Month\n 3	$32\n (-36%)	\n The\n Underlying Asset trades below the Coupon Barrier ($45), below the Autocallable Barrier ($55)\n and below the Maturity Barrier ($40) \n \n ð No\n coupon payment is made \n \n ð Exposure\n to the full downside performance of the Underlying \n Asset,\n resulting in loss of $3.60 ($10 * -36%) \n

Fund\nExposure to the Autocallables

Swaps:

Options:

254

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

Direct\n link to the performance of \n	The\n Underlying Asset
Currency\n Denomination \n	US\n dollar
Tenor\n (Maturity) \n	Between\n 1 month and 48 months
Non-Callable\n Period \n	Between\n 0 to 12 months
Autocallable\n Barrier ¹ \n	Between\n 95% and 105%
Coupon\n Barrier ¹ \n	Between\n 50% and 95%
Maturity\n Barrier ¹ \n	Between\n 50% and 95%
Coupon\n Frequency \n	Monthly\n or quarterly
Callability\n Frequency \n	Monthly\n or quarterly
Call\n Feature	Upon\n the expiration of each autocallable’s Non-Callable Period, the autocallable will automatically\n be called prior to its scheduled maturity date if the Underlying Asset reaches or exceeds\n the Autocallable Barrier on the callability observation date (see Callability Frequency). \n
Contingent\n Coupon	The\n coupon is paid if, on the observation date (see Coupon Frequency), the performance of the\n Underlying Asset is at or above the Coupon Barrier. If the Underlying Asset falls below the\n Coupon Barrier on an observation date, no coupon will be paid for that period. \n
Contingent\n Principal Protection	If\n an autocallable is not called prior to its Tenor, the initial principal is fully protected\n if the Underlying Asset’s level is above the Maturity Barrier at maturity. If the Underlying\n Asset closes below the Maturity Barrier, principal loss for that autocallable will be equivalent\n to the negative performance of the Underlying Asset measured over the life of the Autocallable. \n

^1\nExpressed as a percentage of the Underlying Asset initial reference price

Industry\nConcentration

Due\nto the Fund’s investment exposure to the Underlying Asset, the Fund’s investment exposure is concentrated in the semi-conductor\nindustry.

NVIDIA\nCorporation pioneers accelerated computing to help solve the most challenging computational problems. NVIDIA Corporation expanded its\nfocus from personal computer graphics to include several other large and important computationally intensive fields, such as artificial\nintelligence, data science, autonomous vehicles, robotics and augmented and virtual reality. NVIDIA Corporation is registered\nunder the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities\nand Exchange Commission by NVIDIA Corporation pursuant to the Exchange Act can be located by reference to the Securities and Exchange\nCommission file number 000-23985 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information\nregarding NVIDIA Corporation may be obtained from other sources including, but not limited to, press releases, newspaper articles\nand other publicly disseminated documents.

255

THE\nFUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING ASSET.

This\nprospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of NVIDIA\nCorporation. The common stock of NVIDIA Corporation (NVDA) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange\nAct”). Information provided to or filed with the Securities and Exchange Commission by NVIDIA Corporation pursuant to the Exchange\nAct can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding NVIDIA\nCorporation may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated\ndocuments.

PRINCIPAL\nRISKS OF INVESTING IN THE FUND

Underlying\nAsset Risk. The performance of the Underlying Asset, and consequently the Fund’s performance, is subject to the risks of the\nsemiconductor sector. The Underlying Asset is subject to many risks that can negatively impact its revenue and viability including, but\nare not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk,\noperations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Asset performance\nmay be affected by the Underlying Asset’s ability to identify new products, technologies or services, global competition and business\nconditions, its dependence on third-party product manufacturers, product defect issues, cybersecurity breaches, and customer concentration.\nThe Underlying Asset may also be affected by risks that affect the broader technology sector, including: government regulation; dramatic\nand often unpredictable changes in growth rates and competition for qualified personnel; heavy dependence on patent and intellectual\nproperty rights, the loss or impairment of which may adversely affect profitability; and a small number of companies representing a large\nportion of the technology sector as a whole. The Fund’s daily returns may be affected by many factors but will depend on the performance\nand volatility of the Underlying Asset.

256

Calculation\nMethodology Risk. Autocallables rely on complex calculation methodologies that may not perform as expected under certain market conditions.

257

Concentration\nRisk. To the extent that the Underlying Asset concentrates its investments in a particular industry, the Fund will be subject\nto the risks associated with that industry.

ETF\nRisks.

258

Trading.\nAlthough Shares are listed on a national securities exchange, such as The Nasdaq Stock Market, LLC (the “Exchange”),\nand may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active trading market for the Shares will\ndevelop or be maintained or that the Shares will trade with any volume, or at all, on any stock exchange. This risk may be greater for\nthe Fund as it seeks to have exposure to a single underlying stock as opposed to a more diverse portfolio like a traditional pooled investment.\nIn stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings,\nwhich can be significantly less liquid than Shares. Shares trade on the Exchange at a market price that may be below, at or above the\nFund’s NAV. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange,\nmake trading in Shares inadvisable. In addition, trading in Shares on the Exchange is subject to trading halts caused by extraordinary\nmarket volatility pursuant to the Exchange “circuit breaker” rules. There can be no assurance that the requirements of the\nExchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. In the event of an unscheduled\nmarket close for options contracts that reference a single stock, such as the Underlying Asset’s securities being halted\nor a market wide closure, settlement prices will be determined by the procedures of the listing exchange of the options contracts. As\na result, the Fund could be adversely affected and be unable to implement its investment strategies in the event of an unscheduled closing.

259

Recent\nMarket Events Risk. U.S. and international markets have experienced significant periods of volatility in recent years due to a number\nof economic, political and global macro factors, including uncertainty regarding interest rates and inflation, rising government\ndebt in the U.S. and elsewhere, political events, changes in trade policy and armed conflict. Public health emergencies, such as the\nCOVID-19 pandemic, have in the past caused, and may in the future cause, disruptions to business operations and supply chains,\nreduced consumer demand and significant market volatility. Armed conflict, including the conflict between Russia and\nUkraine and conflicts in the Middle East, has caused, and could continue to cause, loss of life and severe adverse effects\non regional and global economies and on the markets for certain securities and commodities. The U.S., the European\nUnion and other countries have imposed, and may impose additional, sanctions and other restrictive measures on certain\ncountries, individuals and companies, which could adversely affect the issuers, markets and economies concerned. In addition,\nthe U.S. has imposed, and may continue to impose, tariffs and other trade barriers, and other countries have imposed or\nmay impose retaliatory measures. Trade disputes between the U.S. and other countries could result in additional tariffs, trade\nbarriers and/or investment restrictions. These and other events could adversely affect the Fund’s performance, and their duration\nand full effects cannot be predicted.

Single\nIssuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment\nvehicle which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security (the Underlying\nAsset), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value\nof a traditional pooled investment or the market as a whole.

260

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

	-	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 will\n fail to make timely payments of interest or principal or go bankrupt, or that the value of the securities will decline because of\n 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 years, interest rates in the United States rose significantly from historically low levels, and the U.S. Federal Reserve\n has adjusted, and may continue to adjust, its monetary policy in response to changing economic conditions. Significant\n or rapid changes in interest rates may magnify interest rate risk. Changes in government intervention may have adverse effects on\n 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.

Performance

Portfolio\nManagers: Jeff Klearman, Ryan Dofflemeyer and Jeroen Visser have been portfolio managers of the Fund since the Fund’s\ninception.

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GraniteShares\nAUTOCALLABLE ORCL ETF

Objective

The\nFund’s primary investment objective is to generate income while providing limited downside protection by getting exposure to\nautocallables that reference the price of the common stock of Oracle Corporation (NYSE: ORCL) (the “Underlying Asset”).

Fund\nFees and Expenses

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

Management Fee	-	%
Annual\n Fund Operating Expenses \n (expenses\n that you pay each year as a percentage of the value of your investment)
Management Fee	0.99	%
Distribution and/or Service (12b-1) Fees	0.00	%
Other Expenses ⁽¹⁾	0.08	%
Acquired Fund Fees and\n Expenses ⁽²⁾	0.03	%
Total Annual Fund Operating\n Expenses	1.10	%
Fee Waiver/Reimbursements\n ⁽³⁾	0.00	%
Net Annual Fund Operating\n Expenses After Fee Waiver/Reimbursements ^{(1), (2), (3)}	1.10	%

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

(1)	Other Expenses are estimated\n for the Fund’s initial fiscal year.
(2)	Acquired Fund Fees and\n Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses\n paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights\n include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated\n for the Fund’s initial fiscal year.
(3)	GraniteShares\n Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual\n fund operating expenses (excluding interest, taxes, brokerage commissions, expenses related to short sales, other expenditures\n which are capitalized in accordance with generally accepted accounting principles, other extraordinary expenses not incurred in the\n ordinary course of a Fund’s business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1\n under the 1940 Act) will not exceed 1.15%. This agreement is effective until December 31, 2027, and it may be terminated\n before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived\n fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement\n will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense\n payment and the expense limitation in place at the time of the recoupment.

Example

This\nExample is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded\nfunds.

262

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 \n \n \n \n

1\n Year			3\n Years
$	112			$	350

Portfolio\nTurnover

Principal\nInvestment Strategies

The\nFund is an actively managed exchange-traded fund (“ETF”) that seeks current income by getting exposure to a portfolio\nof autocallables that reference the price of the common stock of Oracle Corporation (NYSE: ORCL) (the “Underlying Asset”).\nThe parameters of the autocallables the Fund will get exposure to are detailed in the section “Fund Exposure to the\nAutocallables” with the aim to make monthly distributions.

The\nFund is classified as “non-diversified” under the Investment Company Act of 1940, as amended (the “1940 Act”).

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An\ninvestment in the Fund is not an investment in the Underlying Asset.

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

	-	The ability\n of an autocallable, and by extension the Fund, to make distributions is subject to the performance of the Underlying Asset,
	-	The Fund’s strategy\n is exposed to all potential losses if the Underlying Asset’s trading price declines, subject to a limited downside protection.\n
	-	The Fund does not invest\n directly in the Underlying Asset,
	-	Fund shareholders are not\n entitled to any distribution paid by Underlying Asset.

Description\nof Autocallable

Before\nmaturity, the following outcomes will happen on each coupon observation date (assuming an observation date occurs on each coupon payment\ndate and the absence of Non-Callable Period):

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

Outcome\n 1: the Underlying Asset trades below both the Autocallable Barrier and the Coupon Barrier

No\n coupon payment is made

\n \n

The\n autocallable does not mature

Outcome\n 2: the Underlying Asset trades above the Coupon Barrier but below the Autocallable Barrier

A\n coupon payment is made

\n \n

The\n autocallable does not mature

Outcome\n 3: the Underlying Asset trades above both the Coupon Barrier and the Autocallable Barrier

A\n coupon payment is made

\n \n

The\n autocallable matures

At\nmaturity, the following outcomes will happen:

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

Outcome 1: The Underlying Asset trades above the Maturity Barrier

A\n final coupon payment is made

Outcome\n 2: the Underlying Asset trades below the Maturity Barrier but above the Coupon Barrier

A\n final coupon payment is made.

\n \n

The\n autocallable is exposed to the full downside performance of the Underlying Asset resulting in loss of part or all of principal

Outcome\n 3: the Underlying Asset trades below the Maturity Barrier and below the Coupon Barrier

No\n coupon payment is made.

\n \n

The\n autocallable is exposed to the full downside performance of the Underlying Asset resulting in loss of part or all of principal

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The\nexamples below are based on an autocallable with the following parameters:

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

Tenor\n (maturity)	3\n months
Observation\n Frequency	Monthly\n
Autocallable\n Notional Value	$10
Monthly\n coupon	$1
Price\n Underlying Asset at inception	$50
Coupon\n Barrier	$45\n (or 80% of the Initial Reference Price)
Autocallable\n Barrier	$55\n (or 110% of the Initial Reference Price)
Maturity\n Barrier	$40\n (or 80% of the Initial Reference Price)

Example\n1 – Favorable scenario

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

Observation\n date	\n Price\n of the Underlying Asset at each observation date \n (%\n change against Initial Reference Price) \n	Outcome
Month\n 1	$54\n (+8%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) \n \n ð A\n $1 coupon is paid \n
Month\n 2	$52\n (+4%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) \n \n ð A\n $1 coupon is paid \n
Month\n 3	$47\n (-6%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) and above the Maturity Barrier ($45) \n \n ð A\n $1 coupon is paid \n

Example\n2 – Medium scenario

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

Observation\n date	\n Price\n of the Underlying Asset at observation date \n (%\n change against Initial Reference Price) \n	Outcome
Month\n 1	$54\n (+8%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) but below the Autocallable Barrier\n ($55) \n \n ð A\n $1 coupon is paid \n
Month\n 2	$56\n (+12%)	\n The\n Underlying Asset trades above the Coupon Barrier ($45) and above the Autocallable\n Barrier ($55) \n \n ð A\n $1 coupon is paid \n \n ð The\n autocallable matures \n
\n Month\n 3		\n \n N/A \n

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Example\n3 – Unfavorable scenario

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

\n Observation\n date \n	Price\n of the Underlying Asset at observation date	Outcome
Month\n 1	$39\n (-22%)	\n The\n Underlying Asset trades below the Coupon Barrier ($45) and below the Autocallable Barrier\n ($55) \n \n ð No\n coupon payment is made \n \n ð The\n product is not terminated \n
Month\n 2	$37\n (-26%)	\n The\n Underlying Asset trades below the Coupon Barrier ($45) and below the Autocallable Barrier\n ($55) \n \n ð No\n coupon payment is made \n \n ð The\n product is not terminated \n
Month\n 3	$32\n (-36%)	\n The\n Underlying Asset trades below the Coupon Barrier ($45), below the Autocallable Barrier ($55)\n and below the Maturity Barrier ($40) \n \n ð No\n coupon payment is made \n \n ð Exposure\n to the full downside performance of the Underlying \n Asset,\n resulting in loss of $3.60 ($10 * -36%) \n

Fund\nExposure to the Autocallables

Swaps:

Options:

266

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

Direct\n link to the performance of \n	The\n Underlying Asset
Currency\n Denomination \n	US\n dollar
Tenor\n (Maturity) \n	Between\n 1 month and 48 months
Non-Callable\n Period \n	Between\n 0 to 12 months
Autocallable\n Barrier ¹ \n	Between\n 95% and 105%
Coupon\n Barrier ¹ \n	Between\n 50% and 95%
Maturity\n Barrier ¹ \n	Between\n 50% and 95%
Coupon\n Frequency \n	Monthly\n or quarterly
Callability\n Frequency \n	Monthly\n or quarterly
Call\n Feature	Upon\n the expiration of each autocallable’s Non-Callable Period, the autocallable will automatically\n be called prior to its scheduled maturity date if the Underlying Asset reaches or exceeds\n the Autocallable Barrier on the callability observation date (see Callability Frequency). \n
Contingent\n Coupon	The\n coupon is paid if, on the observation date (see Coupon Frequency), the performance of the\n Underlying Asset is at or above the Coupon Barrier. If the Underlying Asset falls below the\n Coupon Barrier on an observation date, no coupon will be paid for that period. \n
Contingent\n Principal Protection	If\n an autocallable is not called prior to its Tenor, the initial principal is fully protected\n if the Underlying Asset’s level is above the Maturity Barrier at maturity. If the Underlying\n Asset closes below the Maturity Barrier, principal loss for that autocallable will be equivalent\n to the negative performance of the Underlying Asset measured over the life of the Autocallable. \n

^1\nExpressed as a percentage of the Underlying Asset initial reference price

Industry\nConcentration

Due\nto the Fund’s investment exposure to the Underlying Asset, the Fund’s investment exposure is concentrated in the software\nindustry.

Oracle\nCorporation (ORCL) offers a collection of cloud technologies, applications, databases, storage and servers to empower modern business.\nORCL is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or\nfiled with the Securities and Exchange Commission by ORCL pursuant to the Exchange Act can be located by reference to the Securities\nand Exchange Commission file number 001-35992 through the Securities and Exchange Commission’s website at www.sec.gov. In addition,\ninformation regarding ORCL may be obtained from other sources including, but not limited to, press releases, newspaper articles and other\npublicly disseminated documents.

THE\nFUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING ASSET.

This\nprospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Oracle Corporation.\nThe common stock of Oracle Corporation (ORCL) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).\nInformation provided to or filed with the Securities and Exchange Commission by ORCL pursuant to the Exchange Act can be located\nat the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding ORCL may be obtained\nfrom other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.

267

PRINCIPAL\nRISKS OF INVESTING IN THE FUND

Underlying Asset Risk. The performance\nof the Underlying Asset, and consequently the Fund’s performance, is subject to risks of the software industry. Companies in the\nsoftware industry are subject to significant competitive pressures, such as aggressive pricing, new market entrants, competition for\nmarket share, short product cycles due to an accelerated rate of technological developments and the potential for limited earnings and/or\nfalling profit margins. These companies also face the risks that new services, equipment or technologies will not be accepted by consumers\nand businesses or will become rapidly obsolete. These factors can affect the profitability of these companies and, as a result, the value\nof their securities. Also, patent protection is integral to the success of many companies in this industry, and profitability can be\naffected materially by, among other things, the cost of obtaining (or failing to obtain) patent approvals, the cost of litigating patent\ninfringement and the loss of patent protection for products (which significantly increases pricing pressures and can materially reduce\nprofitability with respect to such products). In addition, many software companies have limited operating histories. Prices of these\ncompanies’ securities historically have been more volatile than other securities, especially over the short term.

268

Over-the-Counter\nMarket Ri