GRANITESHARES ETF TRUST

SUPPLEMENT DATED November 21, 2023

TO THE PROSPECTUS AND THE STATEMENT OF ADDITIONAL INFORMATION (the “SAI”) DATED AUGUST 03, 2023

The Board of Trustees (the “Board”) has approved the following name and investment objective changes for the Funds, which are expected to be implemented on or about January 22, 2024:

TICKER SYMBOL CURRENT FUND NAME NEW FUND NAME CURRENT
LEVERAGE
FACTOR* NEW
LEVERAGE
FACTOR*

AALL GraniteShares 1.5x Long AAL Daily ETF GraniteShares 2x Long AAL Daily ETF 150% 200%

ALSD GraniteShares 1.5x Short AAL Daily ETF GraniteShares 2x Short AAL Daily ETF -150% -200%

APSD GraniteShares 1.75x Short AAPL Daily ETF GraniteShares 2x Short AAPL Daily ETF -175% -200%

AMSS GraniteShares 1.25x Short AMD Daily ETF GraniteShares 2x Short AMD Daily ETF -125% -200%

CONS GraniteShares 1.5x Short COIN Daily ETF GraniteShares 2x Short COIN Daily ETF -150% -200%

JPML GraniteShares 1.5x Long JPM Daily ETF GraniteShares 2x Long JPM Daily ETF 150% 200%

JPMS GraniteShares 1.5x Short JPM Daily ETF GraniteShares 2x Short JPM Daily ETF -150% -200%

LCDL GraniteShares 1.5x Long LCID Daily ETF GraniteShares 2x Long LCID Daily ETF 150% 200%

LCDD GraniteShares 1.5x Short LCID Daily ETF GraniteShares 2x Short LCID Daily ETF -150% -200%

FBIS GraniteShares 1.5x Short META Daily ETF GraniteShares 2x Short META Daily ETF -150% -200%

NVD GraniteShares 1.5x Short NVDA Daily ETF GraniteShares 2x Short NVDA Daily ETF -150% -200%

RVNL GraniteShares 1.5x Long RIVN Daily ETF GraniteShares 2x Long RIVN Daily ETF 150% 200%

RVND GraniteShares 1.5x Short RIVN Daily ETF GraniteShares 2x Short RIVN Daily ETF -150% -200%

TSLR GraniteShares 1.75x Long TSLA Daily ETF GraniteShares 2x Long TSLA Daily ETF 175% 200%

TSDD GraniteShares 1.5x Short TSLA Daily ETF GraniteShares 2x Short TSLA Daily ETF -150% -200%

XOML GraniteShares 1.5x Long XOM Daily ETF GraniteShares 2x Long XOM Daily ETF 150% 200%

XOMD GraniteShares 1.5x Short XOM Daily ETF GraniteShares 2x Short XOM Daily ETF -150% -200%

*The leverage factor represents the percentage that the Fund seeks to return, on a daily basis, of the underlying stock’s daily investment performance.

CURRENT
FUND NAME CURRENT INVESTMENT OBJECTIVE NEW INVESTMENT OBJECTIVE

GraniteShares 1.5x Long AAL Daily ETF The Fund seeks daily investment results, before fees and expenses, of 1.5 times (150%) the daily percentage change of the common stock of American Airlines Group Inc. (NASDAQ: AAL). The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of American Airlines Group Inc. (NASDAQ: AAL).

GraniteShares 1.5x Short AAL Daily ETF The Fund seeks daily investment results, before fees and expenses, of -1.5 times (-150%) the daily percentage change of the common stock of American Airlines Group Inc. (NASDAQ: AAL). The Fund seeks daily investment results, before fees and expenses, of -2 times (-200%) the daily percentage change of the common stock of American Airlines Group Inc. (NASDAQ: AAL).

GraniteShares 1.75x Short AAPL Daily ETF The Fund seeks daily investment results, before fees and expenses, of -1.75 times (-175%) the daily percentage change of the common stock of Apple Inc. (NASDAQ: AAPL). The Fund seeks daily investment results, before fees and expenses, of -2 times (-200%) the daily percentage change of the common stock of Apple Inc. (NASDAQ: AAPL).

GraniteShares 1.25x Short AMD Daily ETF The Fund seeks daily investment results, before fees and expenses, of -1.25 times (-125%) the daily percentage change of the common stock of Advanced Micro Devices, Inc. (NASDAQ: AMD). The Fund seeks daily investment results, before fees and expenses, of -2 times (-200%) the daily percentage change of the common stock of Advanced Micro Devices, Inc. (NASDAQ: AMD).

GraniteShares 1.5x Short COIN Daily ETF The Fund seeks daily investment results, before fees and expenses, of -1.5 time (-150%) the daily percentage change of the common stock of Coinbase Global, Inc. Class A (NASDAQ: COIN). The Fund seeks daily investment results, before fees and expenses, of -2 time (-200%) the daily percentage change of the common stock of Coinbase Global, Inc. Class A (NASDAQ: COIN).

GraniteShares 1.5x Long JPM Daily ETF The Fund seeks daily investment results, before fees and expenses, of 1.5 times (150%) the daily percentage change of the common stock of JPMorgan Chase & Co. (NYSE: JPM). The Fund seeks daily investment results, before fees and expenses, of 1.5 times (150%) the daily percentage change of the common stock of JPMorgan Chase & Co. (NYSE: JPM).

GraniteShares 1.5x Short JPM Daily ETF The Fund seeks daily investment results, before fees and expenses, of -1.5 times (-150%) the daily percentage change of the common stock of JPMorgan Chase & Co. (NYSE: JPM). The Fund seeks daily investment results, before fees and expenses, of -2 times (-200%) the daily percentage change of the common stock of JPMorgan Chase & Co. (NYSE: JPM). 

GraniteShares 1.5x Long LCID Daily ETF The Fund seeks daily investment results, before fees and expenses, of 1.5 times (150%) the daily percentage change of the common stock of Lucid Group, Inc. (NYSE: LCID). The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Lucid Group, Inc. (NYSE: LCID).

GraniteShares 1.5x Short LCID Daily ETF The Fund seeks daily investment results, before fees and expenses, of -1.5 times (-150%) the daily percentage change of the common stock of Lucid Group, Inc. (NYSE: LCID). The Fund seeks daily investment results, before fees and expenses, of -2 times (-200%) the daily percentage change of the common stock of Lucid Group, Inc. (NYSE: LCID).

GraniteShares 1.5x Short META Daily ETF The Fund seeks daily investment results, before fees and expenses, of -1.5 times (-150%) the daily percentage change of the common stock of Meta Platforms, Inc. Class A (NASDAQ: META). The Fund seeks daily investment results, before fees and expenses, of -2 times (-200%) the daily percentage change of the common stock of Meta Platforms, Inc. Class A (NASDAQ: META).

GraniteShares 1.5x Short NVDA Daily ETF The Fund seeks daily investment results, before fees and expenses, of -1.5 times (-150%) the daily percentage change of the common stock of NVIDIA Corporation (NASDAQ: NVDA). The Fund seeks daily investment results, before fees and expenses, of -2 times (-200%) the daily percentage change of the common stock of NVIDIA Corporation (NASDAQ: NVDA).

GraniteShares 1.5x Long RIVN Daily ETF The Fund seeks daily investment results, before fees and expenses, of 1.5 times (150%) the daily percentage change of the common stock of Rivian Automotive, Inc. (NYSE: RIVN). The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Rivian Automotive, Inc. (NYSE: RIVN).

GraniteShares 1.5x Short RIVN Daily ETF The Fund seeks daily investment results, before fees and expenses, of -1.5 times (-150%) the daily percentage change of the common stock of Rivian Automotive, Inc. (NYSE: RIVN). The Fund seeks daily investment results, before fees and expenses, of -2 times (-200%) the daily percentage change of the common stock of Rivian Automotive, Inc. (NYSE: RIVN).

GraniteShares 1.75x Long TSLA Daily ETF The Fund seeks daily investment results, before fees and expenses, of 1.75 times (175%) the daily percentage change of the common stock of Tesla Inc, (NASDAQ: TSLA). The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Tesla Inc, (NASDAQ: TSLA).

GraniteShares 1.5x Short TSLA Daily ETF The Fund seeks daily investment results, before fees and expenses, of -1.5 times (-150%) the daily percentage change of the common stock of Tesla Inc, (NASDAQ: TSLA). The Fund seeks daily investment results, before fees and expenses, of -1.5 times (-150%) the daily percentage change of the common stock of Tesla Inc, (NASDAQ: TSLA).

GraniteShares 1.5x Long XOM Daily ETF The Fund seeks daily investment results, before fees and expenses, of 1.5 times (150%) the daily percentage change of the common stock of Exxon Mobil Corp (NYSE: XOM). The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Exxon Mobil Corp (NYSE: XOM).

GraniteShares 1.5x Short XOM Daily ETF The Fund seeks daily investment results, before fees and expenses, of -1.5 times (-150%) the daily percentage change of the common stock of Exxon Mobil Corp (NYSE: XOM). The Fund seeks daily investment results, before fees and expenses, of -2 times (-200%) the daily percentage change of the common stock of Exxon Mobil Corp (NYSE: XOM).

Capitalized terms and certain other terms used in this Supplement, unless otherwise defined in this Supplement, have the meanings assigned to them in the Prospectus.