The fund is designed to meet its investment goals by generally allocating a minimum of 80% of its capital (not including collateral generated from securities lending) to the specific companies included in its benchmark index. This index employs an exclusive, data-driven analytical framework, developed by its creator, specifically engineered to pinpoint businesses susceptible to industry disruption, which could lead them to lag behind their sector counterparts.

Apple Inc.

Microsoft Corporation

Amazon.com, Inc.

Alphabet Inc.

ProShares S&P 500 Dynamic Buffer ETF

Tesla, Inc.

JPMorgan Chase & Co.

Johnson & Johnson

Walmart Inc.

NVIDIA Corporation

Technology

Healthcare

Consumer Cyclical

Communication Services

Financial Services

Consumer Defensive

Industrials

Basic Materials

Real Estate

Energy

GraniteShares XOUT U.S. Large Cap ETF

XOUT Holdings & Sector Breakdown