IACL — GraniteShares US 100 Autocallable Income ETF

What IACL Does, Per the Filing

IACL is the rare income ETF whose payment you can check against arithmetic instead of waiting to see what shows up. GraniteShares publishes the coupon as a formula: 5.00% plus SOFR, annualized, with each monthly payment at one twelfth of that. SOFR is the Secured Overnight Financing Rate, published every morning by the Federal Reserve Bank of New York, so anyone can look up the input themselves.

So we did the check. SOFR ran between 3.62% and 3.90% across the window in which this fund's positions were struck (New York Fed daily series, August 18 to October 15, 2026). That puts a full month's coupon at roughly $0.179 to $0.185 per share against the $24.9560 net asset value GraniteShares reported for September 9. The October 7 payment was $0.179. The first payment, ex-dividend September 9, was $0.106 — about 59% of a full month, which is what a three-week-old fund would be expected to produce while its positions were still being built. Two payments is not a record, and the comparison is approximate because the coupon accrues on position notional rather than on the share price. But a second check landing on the arithmetic is a meaningfully different signal from a target yield in a brochure.

Now the part that is not in the summary prospectus, and matters more than the fee. The fund is called US 100. The index it holds is the Bloomberg US 100 Autocallable 65-40 Series Total Return Index, ticker BTA6540T. But the thing the barriers are actually measured against is a different index again: per GraniteShares' own fund page, the reference is the Bloomberg US Tech VolMax 35 Index (BMXTEQ35), which the firm describes as a volatility-managed index built on the Bloomberg US 100 and quotes at 0.995 correlation to the Nasdaq-100. The summary prospectus refers to it only as the “Underlying Reference Index” and never names it. Read the prospectus alone and you cannot find out what your downside threshold is measured against. That is worth knowing before the thresholds matter.

The thresholds themselves, from the prospectus fee and terms tables, are three different numbers doing three different jobs. A position pays its coupon if the reference index sits at or above 65% of where that position started — so income survives a 35% decline. It is redeemed early at par if the index gets back to 100% of its starting level, but not during the first year, which the filing says exists so there is “at least one year of exposure to the intended payoff structure, without the risk of early termination.” And the question of getting your money back is asked once, at the five-year mark, against 40%. That last number is where the real risk sits: everything above a 60% crash settles without a loss, and below it the loss arrives all at once rather than gradually. The 65 and the 40 in the index name are those two barriers.

GraniteShares strikes a new five-year position every business day, each capped at 2.5% of the portfolio, so the fund holds hundreds at once with hundreds of different starting levels. Exposure comes through unfunded total return swaps with major financial institutions rather than by owning the positions, with at least 80% of net assets in derivatives measured at notional value — which means counterparty risk is part of the package. Total annual operating expenses are 0.55% with no fee waiver, against the 0.49% management fee.

One caution in the issuer's own words, because it is the thing that catches income investors out: distributions “may be comprised of coupon income from the autocallable positions, dividends, capital gains, interest payments and return of capital,” and return of capital “can reduce NAV over time.” GraniteShares files 19a-1 notices giving the breakdown. Those notices, not the headline payment, are where you find out how much of a check was actually earned.

IACL first paid on September 9, 2026, so the record here is two checks long. What the formula predicts is steadiness — a payment that lands near the same place each month, moving only as SOFR moves and as positions are called and replaced. That is a claim a payment record can settle and a prospectus cannot, so we chart every distribution as it lands and let the record answer it.

What Nobody Can Know Yet

IACL has paid twice, so there is a short record rather than a settled one, no real yield, and no evidence of how its strategy behaves across a full cycle. One check cannot be annualized into a yield, and anyone doing it is quoting a projection. Filings also get delayed, renamed, or quietly abandoned; this page's status updates daily either way. From here we chart every payment from its very first one, free.

Frequently Asked Questions

When did IACL launch?

It launched Aug 18, 2026. The registration was first seen in SEC records dated Aug 10, 2026; issuers typically launch within months of filing, but filings can also stall. The status box above updates daily, and the launch tracker shows everything else on the runway.

What will IACL pay?

It has paid twice. The first was $0.106, ex-dividend Sep 9, 2026. One check is a data point, not a yield, and this page will not annualize it. The income is contractual rather than premium-based, so each payment traces back to the stated coupon terms and whether the reference index held above its barrier on the observation date.

Does IACL hold the Nasdaq-100 or the US 100?

Neither, directly. IACL holds swaps on the Bloomberg US 100 Autocallable 65-40 Series Total Return Index (BTA6540T), a rules-based portfolio of synthetic autocallable positions. The index those positions reference is the Bloomberg US Tech VolMax 35 Index (BMXTEQ35), which GraniteShares describes as volatility-managed and built on the Bloomberg US 100, with a quoted 0.995 correlation to the Nasdaq-100. So the economics track a tech-heavy US large-cap index closely, but through three layers — swap, autocallable index, reference index — and the 65% and 40% thresholds that decide your income and your principal are measured against the third one, which the summary prospectus never names.