GraniteShares Files ETF for Monthly Income via Autocallables

The GraniteShares Nikkei 225 Autocallable Income Strategy ETF (JPAY) seeking stable monthly income with reduced downside risk through an index of up to 52 laddered synthetic autocallable contracts. The actively-managed fund would gain exposure primarily through total return swaps, with the contracts linked to a volatility-targeted Nikkei 225 futures index. Coupons initially target an 11.5% annualized rate, subject to market conditions and predefined barriers. The laddered structure spreads timing risk across multiple contracts, while a 70% knock-in barrier provides conditional downside protection. Monthly distributions are intended but not guaranteed.