The following performance information indicates some of the risks of investing in the Fund. The bar chart shows the Fund’s performance from year to year. The table illustrates how the Fund’s average annual total returns for 1-year, 5-year, and since inception periods compared with those of a broad measure of commodity market performance. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Updated performance is also available on the Fund’s website at www.graniteshares.com or by calling the Fund toll free at 844-476-8747.
During the periods shown in the bar chart above, the Fund’s highest quarterly return was 25.41% (quarter ended March 31, 2022) and the Fund’s lowest quarterly return was -23.22% (quarter ended March 31, 2020). The calendar year-to-date total return of the Fund as of September 30, 2026 was 32.16%.
| 1 Year | 5 Years | Since Inception (05/19/2017) | ||||||||||
| Return Before Taxes | 15.45 | % | 10.15 | % | 5.27 | % | ||||||
| Return After Taxes on Distributions | 11.56 | % | 5.28 | % | 2.42 | % | ||||||
| Return After Taxes on Distributions and Sale of Fund Shares | 9.16 | % | 5.75 | % | 2.83 | % | ||||||
| Bloomberg Commodity Index (reflects no deduction for fees, expenses or taxes) | 15.77 | % | 10.64 | % | 5.67 | % | ||||||
After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold Shares through tax-advantaged arrangements, such as a 401(k) plan, an individual retirement account (“IRA”) or other tax-advantaged account.
The following performance information indicates some of the risks of investing in the Fund. The bar chart shows the Fund’s performance from year to year. The table illustrates how the Fund’s average annual returns for the 1-year, 5-year, and since inception periods compare with those of the Index and a broad measure of market performance. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Updated performance information is also available on the Fund’s website at www.graniteshares.com or by calling the Fund toll free at 844-476-8747.
During the period of time shown in the bar chart above, the Fund’s highest quarterly return was 26.06% (quarter ended June 30, 2020), and the Fund’s lowest quarterly return was -41.71% (quarter ended March 31, 2020). The calendar year-to-date total return of the Fund as of September 30, 2026 was 0.03%.
| 1 Year | 5 Years | 10 Years | ||||||||||
| Return Before Taxes | 1.73 | % | 7.34 | % | 6.16 | % | ||||||
| Return After Taxes on Distributions | -1.43 | % | 4.55 | % | 3.07 | % | ||||||
| Return After Taxes on Distributions and Sale of Shares | 1.07 | % | 4.45 | % | 3.34 | % | ||||||
| EQM High Income Pass-Through Securities Index (reflects no deduction for fees, expenses, or taxes) 1 | 1.87 | % | 8.01 | % | 6.90 | % | ||||||
| S&P 500 Total Return Index (reflects no deduction for fees, expenses, or taxes) | 17.88 | % | 14.42 | % | 14.82 | % | ||||||
| 1 | Effective March 16, 2023, the Fund’s Index changed from the TFMS HIPS Index to the EQM High Income Pass-Through Securities Index. The inception date for the EQM High Income Pass-Through Securities Index is March 6, 2023. |
After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Shares through tax-advantaged arrangements such as an individual retirement account (“IRA”) or other tax-advantaged account.
The following performance information indicates some of the risks of investing in the Fund. The bar chart shows the Fund’s performance from year to year. The table illustrates how the Fund’s average annual returns for the 1-year, 5-year and since inception periods compared with those of the Index. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Updated performance information is also available on the Fund’s website at www.graniteshares.com or by calling the Fund toll free at 844-476-8747.
During the period of time shown in the bar chart above, the Fund’s highest quarterly return was 24.15% (quarter ended June 30, 2020), and the Fund’s lowest quarterly return was -20.28% (quarter ended March 31, 2022). The calendar year-to-date total return of the Fund as of September 30, 2026 was 6.20%.
| 1 Year | 5 Years | Since Inception (10/04/2019) | ||||||||||
| Return Before Taxes | 18.08 | % | 13.45 | % | 17.16 | % | ||||||
| Return After Taxes on Distributions | 18.08 | % | 13.38 | % | 17.07 | % | ||||||
| Return After Taxes on Distributions and Sale of Fund Shares | 10.70 | % | 10.77 | % | 14.12 | % | ||||||
| Nasdaq U.S. Large Cap Select Disruptors Index (reflects no deduction for fees, expenses or taxes) 1 | 18.58 | % | 13.85 | % | 20.25 | % | ||||||
| 1 | Effective August 15, 2023, the Fund’s Index changed from the XOUT US Large Cap Total Return Index to the Nasdaq US Large Cap Select Disruptors Index. The inception date for the Nasdaq US Large Cap Select Disruptors Index is August 7, 2023. |
After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Shares through tax-advantaged arrangements such as an individual retirement account (“IRA”) or other tax-advantaged account.