Fund Description: GraniteShares US High Income ETF., formerly Master Income 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 US High Income ETF. seeks to provide investment returns that closely correspond to the price and yield performance of the TFMS HIPS 300 Index. INDEX DESCRIPTION: The TFMS HIPS 300 Index is a rules-based Index which measures the performance of 300 high income U.S.-listed securities that typically have pass-through structures that require them to distribute substantially all of their earnings to shareholders as cash distributions. This high income, pass-through strategy is known as HIPS. The Index applies a quantitative screen to the securities in such sectors for minimum sector-specific yields relative to the yield of the S&P 500 Index, minimum market capitalizations and minimum liquidity thresholds. The Index may include small-, mid-, and large-capitalization companies meeting the screening criteria (listed in the prospectus). The Index is rebalanced semi-annually, and securities in the Index are market capitalization weighted at the time of each rebalance. The Index’s exposure to each of the sectors is capped at 25% of the total Index at the time of each rebalance. Additionally, at the time of each rebalance, the Index’s exposure to an individual security is capped at 20% of the Index’s exposure to that security’s sector. FUND STRATEGY: The Fund employs a passive management or indexing investment approach designed to track the performance of the Index. The Fund attempts to invest substantially all of its assets in the securities that make up the Index. The Fund will generally use a replication strategy to achieve its investment objective, meaning it generally will invest in all of the component securities of the Index, but may, when the sub-adviser believes it is in the best interests of the Fund, use a representative sampling strategy, meaning it may invest in a sample of the securities in the Index whose risk, return and other characteristics are expected to closely resemble the risk, return and other characteristics of the Index as a whole. Under normal circumstances, at least 80% of the Fund’s total assets (exclusive of collateral held from securities lending) will be invested in the component securities of the Index and investments that have economic characteristics that are substantially identical to the economic characteristics of such component securities. FUND MANAGEMENT: GraniteShares Advisors LLC serves as the investment adviser to the Fund.