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HIGH INCOME PASS-THROUGH SECURITIES INDEX

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In order to be eligible for inclusion in the index, companies must meet the following conditions:

The final eligible universe is reconstituted annually from a universe of U.S.-listed high income pass-through securities applying the following screens and filters for each asset category:

  • Closed End Funds (CEFs)
    The index selection process selects equities for the selection pool that meet the following conditions as determined the Index Provider. Securities are selected based on the following criteria:
    • Assets of at least $150 million USD
    • Average daily traded value (ADTV) of at least $500k over the last 6 months
    • Top 10 CEFs with the highest indicated dividend yield and lowest 180-day volatility
  • Business Development Companies (BDCs)
    • USD market capitalization of at least $500 million
    • Average daily traded value (ADTV) of at least $500k over the last 6 months
    • Top 10 BDCs with the highest indicated dividend yield and lowest 180-day volatility
  • Real Estate Investment Trusts (REITs)
    • USD market capitalization of at least $1 billion
    • Average daily traded value (ADTV) of at least $500k over the last 6 months
    • Top 10 REITS with the highest indicated dividend yield and lowest 180-day volatility
  • Energy Master Limited Partnerships (MLPs)
    • USD market capitalization of at least $1 billion
    • Average daily traded value (ADTV) of at least $500k over the last 6 months
    • Top 10 REITS with the highest indicated dividend yield and lowest 180-day volatility

The daily price and return of the EQM High Income Pass-Through Securities Index (HIPSTR) is calculated and published by BITA GmbH.

The EQM High Income Pass-Through Securities Index is a passively managed index. It is not possible to invest in an index. For more information on the ETF tracking this index, contact info@graniteshares.com.

Quotes for the EQM High Income Pass-Through Securities Index can be found each day under the symbol HIPSTR on Bloomberg, on Reuters as .HIPSTR and from other financial data providers.

The company did not meet the selection criteria when the index was last reconstituted. Companies that now meet index selection criteria will become candidates for exclusion at the next annual reconstitution date or as replacement at quarterly rebalance.

Eligible initial public offerings are eligible for inclusion will be considered for inclusion on the index’s next scheduled rebalance date.

If an index component’s stock is discontinued due to a merger or acquisition, the residual value will be applied to the remaining components until a replacement is made at the next quarterly rebalance.

The index is reconstituted annually at year end in December and rebalanced quarterly on the second to last business day of March, June, and September.

On the Determination Day, index constituents will be equally weighted.