Fund Description: GraniteShares XOUT U.S. Large Cap ETF is an exchange-traded index fund or Index ETF which is a separate investment portfolio of the GraniteShares ETF Trust, an open-end investment management company. INVESTMENT OBJECTIVE: The GraniteShares XOUT U.S. Large Cap ETF seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the XOUT U.S. Large Cap Index. INDEX DESCRIPTION: The XOUT U.S. Large Cap Index utilizes a proprietary, quantitative methodology developed by XOUT Capital, LLC (the Index Provider), designed to identify companies that have a risk of being disrupted and as a result could underperform their relevant sector. In order to identify the companies to be excluded, each eligible company receives a score, the XOUT Score, based on the following 7 quantitative factors: Revenue growth; Hiring growth; Capital deployment; Share repurchases; Profitability and deposit growth (for banks); Earning sentiment and Management performance. The index universe is composed of the 500 largest (by market capitalization) publicly traded companies listed on a US national securities exchange and headquartered in the United States with certain criteriors. The Index is market capitalization weighted and reconstituted on a quarterly basis. FUND STRATEGY: A passive management or indexing investment approach is used to seek to achieve the Fund’s investment objective. The Fund generally will use a replication strategy to seek to achieve its investment objective, meaning it generally will invest in the Index components in approximately the same weighting that such components have within the Index at the applicable time. However, under various circumstances, it may not be possible or practicable to purchase all of the securities in the Index in the approximate Index weight. In these circumstances, the Fund may use a representative sampling strategy, meaning it may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics as the Index. Futures contracts, options on futures and securities options may be used by the Fund to simulate investment in its Index, to facilitate trading or to reduce transaction costs. The Fund may enter into futures contracts and options on futures that are traded on a U.S. or non-U.S. futures exchange. The Fund is diversified. FUND MANAGEMENT: GraniteShares Advisors LLC serves as the investment adviser to the Fund.