HIPS

GraniteShares HIPS U.S. High Income ETF
*Unless otherwise stated, data provided by FactSet.

HIPS Fund Description

The GraniteShares HIPS US High Income ETF tracks an index of assets that tend to produce high income and pass through that income without being taxed at the constituent level. These include REITs, MLPs, BDCs and debt-based closed-end funds.

HIPS Factset Analytics Insight

HIPS offers a twist on the popular multi-asset income space: a focus on pass-through securities. Pass-through securities are those that pass on most of their income to their owners. The owners pay taxes on that income, while the entities themselves don’t, thereby eliminating the “double taxation” associated with stock dividends. Pass-throughs include real estate investment trusts (REITs), master-limited partnerships (MLPs) and business development companies (BDCs). Income from these assets can be high, but is typically taxed at ordinary income rates, instead of the beneficial “qualified dividends” rate. Investors in taxable accounts should therefore consider their after-tax yield.

While REITs and MLPs are commonplace among competing funds due to their high income, HIPS’ focus on pass-throughs sets it apart, mostly by screening out direct investment in high-dividend stocks and high-yield bonds. The fund explicitly aims to beat fixed-income yield while providing returns that aren’t correlated with bonds. Still, HIPS accesses high-yield credit indirectly through closed-end funds (CEFs), which are also held by some peer funds. HIPs tracks an index managed by the issuer, who is new to the ETF industry. The fund’s fee is on the steeper side relative to its peers. Trade HIPS with care in early days.

HIPS MSCI ESG Analytics Insight

The MSCI ESG Fund Quality Score measures the ability of ETF underlying holdings to manage key medium to long-term risks and opportunities arising from environmental, social, and governance factors, as determined by MSCI ESG Research LLC. As of June 18, 2018 the GraniteShares HIPS U.S. High Income ETF MSCI ESG Fund Quality Score is 2.96 out of 10.

The fund’s Peer Rank reflects the ranking of a fund’s MSCI ESG Fund Quality Score against the scores of other funds within the same peer group, as defined by the Thomson Reuters Lipper Global Classification. HIPS ranks in the 0th percentile within its peer group and in the 1st percentile within the global universe of all funds in MSCI ESG Fund Metrics coverage.

HIPS CHARTS AND PERFORMANCE

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Select ETFs to compare their performance:
PERFORMANCE [as of 06/18/18] 1 MONTH 3 MONTHS YTD 1 YEAR 3 YEARS 5 YEARS 10 YEARS
HIPS 3.09% 7.23% 0.54% 3.37% 3.44% -- --
HIPS (NAV) 3.23% 6.46% 0.57% 3.01% 3.69% -- --
TFMS HIPS 300 Index -- -- -- -- -- -- --
N/A -- -- -- -- -- -- --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

HIPS Summary Data

01/07/15
Open-Ended Fund
1.42%
$7.71M
0.24%

HIPS Portfolio Data

7.50%
06/13/18

HIPS Index Data

TFMS HIPS 300 Index
Market Cap
Proprietary
N/A

HIPS Fund Structure

No
No
No Policy
N/A
N/A
High
N/A
N/A

HIPS Tax Exposures

20.00% / 39.60%
--
No
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Premium/Discount
Volume

HIPS Factset Analytics Block Liquidity

As of 06/19/18
5
4
3
2
1

This measurement shows how easy it is to trade a $1 million USD block of HIPS. HIPS is rated a 4 out of 5.

HIPS Tradability

2,369
$44.46K
1,327
$23.35K
0.24%
$0.04
0.04%
1.54% / -1.14%
None
100.00%
50,000
0.03
0.06%
0.03%
--
$17.20
4

HIPS MSCI ESG Ratings

2.96 / 10
0.36
1.02
1.81%
0.55%
135.34