- First check: $0.1056 per share — ex-dividend and record date September 9, paid September 11, 2026. The fund's first distribution ever, about three weeks after our radar logged its mid-August 2026 listing.
- What's inside the check: the issuer's own distribution table currently classifies the full amount as ordinary income, with zero short- or long-term gains and the return-of-capital field empty. Worth noting because some of this season's other first checks leaned the opposite way — YRAM's issuer estimated its opening check at 99.81% return of capital — and final tax character for any fund settles at year-end.
- What it is: GraniteShares' one index-based autocallable — laddered contracts on the Bloomberg US 100 Autocallable 65-40 Series Total Return Index — sitting alongside the firm's eight single-stock autocallable funds. Per the issuer, it targets a monthly coupon of 5.00% plus the overnight SOFR rate.
- Pays: monthly, and the issuer publishes the schedule in advance — the next ex-dates on its page are October 7, November 12, and December 9, 2026. A published calendar is rarer than it should be in this category.
- The rate so far: the issuer shows a 5.08% distribution rate as of September 10 — the annualized first check. One stub-period distribution isn't a yield; the run-rate becomes real as monthly checks accumulate here.
One check is a data point, not a yield. The 5.08% rate the issuer displays is just the first distribution annualized, and that first check covers a short stub period. The tax classification is also provisional — issuers reclassify at year-end. What this page adds from here is the only thing that can't be provisional: the delivered record.
Each point below is one real IACL distribution, starting from the fund's first ever on September 9, 2026. Monthly points on a published schedule — the rhythm should be easy to judge quickly.
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Each point is one payment; the line ends at the most recent payout. The table below totals them by year.
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| Recent Ex-Dividend Dates | Distribution / Share |
|---|
"Next expected" is estimated from IACL's recent payment rhythm — the fund announces exact dates shortly before each payout, and the data feed can lag a few days. You must own shares before the ex-dividend date to receive that payout; the cash typically arrives days later. See every fund's upcoming date on the live dividend calendar.
A real total-return estimate, assuming every payout was reinvested — including what happened to the share price. Before taxes and fees. Past performance does not predict the future.
GraniteShares built its reputation in this category on single-stock autocallables with the richest coupons on the census — MRA's weighted average coupon is among the category's highest disclosed. IACL is the same firm's opposite setting: one diversified index instead of one stock, and a target of SOFR plus five percent instead of headline double digits. Lower octane, broader base, the trade every autocallable buyer is implicitly making dialed toward caution.
The design still carries the category's signature risk — coupons depend on the reference index staying above preset barriers, and our crash simulator shows what happens when it doesn't. Where IACL sits among all 30 funds, and which of the 20 payers deliver steadiest, lives on the census and its steadiness board.
| Year | Total Distributions / Share | Payments | Change vs Prior Year |
|---|
Data source: Yahoo Finance. Figures are per share; the current year may be partial and figures should be verified against official sources.
Calculated from complete calendar years in the data above. Past results don't guarantee future payments.
When Is IACL's Next Ex-Dividend Date?
IACL pays monthly, per the issuer's own page — which even publishes the next scheduled ex-dates in advance; the first distribution went ex September 9, 2026. The exact date of each payout is announced by the fund only shortly beforehand, so no site can promise the next date — but the live schedule box above shows the most recent ex-dividend date and the expected window for the next one, computed from IACL's actual payment rhythm. Remember: you must own shares before the ex-dividend date to receive that payout.
The 20th Autocallable Fund to Actually Pay
The autocallable ETF category is 30 funds deep by our census, but a third of them have never paid anything — their yields are targets. IACL crossing from the watching table to the payers table matters for exactly that reason: a $0.1056 check, ex September 9, 2026, turns GraniteShares' index fund from a promise into a record. The census flipped its row the day the payment reached the record, and this page holds the history from here.
An Opening Check Classified as Income, Not ROC
The detail worth a second look isn't the size of the first check — it's the label. The issuer's own distribution table classifies the full amount as ordinary income, with nothing marked return of capital. Brand-new option-income funds frequently open with checks that are mostly ROC simply because the book hasn't had time to earn; an opening distribution carried entirely as income is the less common pattern, and — with the usual year-end reclassification caveat — a small early signal about how this design generates its cash. What makes the signal real or not is the next few months of checks, which accumulate here.
What to Watch From Here
Three things. Whether the monthly schedule holds — easy to judge, since GraniteShares publishes its upcoming ex-dates in advance. Whether the delivered rate settles near the issuer's stated target of a 5.00% coupon plus SOFR, which one stub-period check can't yet show. And how the fund behaves in the first real drawdown, when the barrier design gets its first test — the crash simulator previews that mechanically, and the cut & raise board will pick IACL up automatically once it has enough checks to judge.
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