GRANITESHARES ETF TRUST

 

GRANITESHARES FUND   TICKER SYMBOL
GRANITESHARES 2x LONG MARA DAILY ETF   MRAL
GRANITESHARES 2x LONG MSTR DAILY ETF   MSTP
GRANITESHARES 2x LONG SMCI DAILY ETF   SMCL

 

SUPPLEMENT DATED MARCH 27, 2026

TO THE SUMMARY PRSPECTUSES, PROSPECTUS, AND SATEMENT OF ADDITIONAL INFORMATION (“SAI”)

dated OCTOBER 24, 2025

 

After the close of the markets on April 30, 2026 (the “Payable Date”), the Funds will effect a reverse split of their issued and outstanding shares as follows:

 

Fund Name   Ticker   Reverse Split Ratio  

Approximate

decrease in

total number of outstanding shares

  
GraniteShares 2x Long MARA Daily ETF   MRAL   1 for 10     90 %
GraniteShares 2x Long MSTR Daily ETF   MSTP   1 for 20     95 %
GraniteShares 2x Long SMCI Daily ETF   SMCL   1 for 20     95 %

 

Effective after the close of markets on the Payable Date, each Fund’s CUSIP will change as noted in the table below:

 

Fund Name   Current CUSIP     New CUSIP  
GraniteShares 2x Long MARA Daily ETF     38747R 538       38747T 583  
GraniteShares 2x Long MSTR Daily ETF     38747R 397       38747T 591  
GraniteShares 2x Long SMCI Daily ETF     38747R 660       38747T 575  

 

The reverse share splits will apply to shareholders of record as of the close of the NASDAQ Stock Market (the “NASDAQ”) on April 30, 2026 (the “Record Date”), and payable after the close of the NASDAQ on the Payable Date. Shares of the Funds will begin trading on the NASDAQ on a reverse split-adjusted basis on May 1, 2026 (the “Ex-Date”). On the Ex-Date, the opening market value of each Fund’s issued and outstanding shares, and thus a shareholder’s investment value, will not be affected by the reverse share split. However, the per share net asset value (“NAV”) and opening market price on the Ex-Date will be approximately either ten-times higher (MRAL) or twenty-times higher (MSTP and SMCL).

 

The table below illustrates the effect of a hypothetical one-for-ten reverse split anticipated for the Fund:

 

1-for-10 Reverse Split

 

Period  # of Shares Owned   Hypothetical NAV   Total Market Value 
Pre-Split   500   $2.00   $1,000 
Post-Split   50   $20.00   $1,000 

 

The table below illustrates the effect of a hypothetical one-for-twenty reverse split anticipated for the Fund:

 

1-for-20 Reverse Split

 

Period   # of Shares Owned     Hypothetical NAV     Total Market Value  
Pre-Split     1,000     $ 1.00     $ 1,000  
Post-Split     50     $ 20.00     $ 1,000  

 

The Trust’s transfer agent will notify the Depository Trust Company (“DTC”) of the reverse split and instruct DTC to adjust each shareholder’s investment(s) accordingly. DTC is the registered owner of each Fund’s shares and maintains a record of each Fund’s record owners.

 

Redemption of Fractional Shares and Tax Consequences of the Reverse Split

 

As a result of the reverse split, a shareholder of a Fund’s shares potentially could hold a fractional share. However, fractional shares cannot trade on the NASDAQ. Thus, each Fund will redeem for cash a shareholder’s fractional shares at the Fund’s split-adjusted NAV as of the Effective Date. Such redemption may have tax implications for those shareholders and a shareholder could recognize a gain or loss in connection with the redemption of the shareholder’s fractional shares. Otherwise, the reverse split will not result in a taxable transaction for holders of Fund shares. No transaction fee will be imposed on shareholders for such redemption.

 

* * *

 

Investors Should Retain This Supplement for Future Reference