FBL

About FBL

TheFund is an actively managed exchange traded fund that attempts to replicate 2 times (200%) the daily percentage changeof the Underlying Stock by entering into a swap agreement on the Underlying Stock. The Fund aims to generate 2 times the dailyperformance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the closeof regular trading on one trading day to the close on the next trading day.” TheFund will enter into one or more swap agreements with major financial Institutions for a specified period ranging from a day to morethan one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return)earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculatedwith respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing theUnderlying Stock. TheFund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds;(3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notesissued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements. TheFund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics thatshould have 2 times the performance of the Underlying Stock.  Dueto the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the ComputerProgramming industry. TheFund is expected to post between 30% and 45% of its assets as collateral under the swap agreements. The Fund uses Cowen Financial ProductsLLC as its main swap counterparty. Cowen Financial Products LLC is a conditionally registered swap dealer and is required to file certainreports from time to time with the Securities and Exchange Commission. Cowen Financial Products LLC is an indirect subsidiary of TorontoDominion Bank, a Canadian company whose shares are listed for trade on the New York Stock Exchange (NYSE) under the symbol “TD.”Debts of Cowen Financial Products LLC as it may relate to the Fund are not guaranteed by its parent company. Becauseof daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a singleday will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of thereturn of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat overtime, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible thatthe Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THEFUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. Thisprospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Meta PlatformsInc. The common stock of Meta Platforms Inc. (FB) is registered under the Securities Exchange Act of 1934, as amended (the “ExchangeAct”). Information provided to or filed with the Securities and Exchange Commission by Meta Platforms Inc. pursuant to the ExchangeAct can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding MetaPlatforms Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publiclydisseminated documents.