ETF Evaluator:
GraniteShares HIPS US High Income ETF ()
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(as of Aug 26)
Best Performing in Aggressive Allocation Over the Last Year
| 21.4% | Invesco Zacks Multi-Asset Income ETF (CVY) |
| 19.9% | Amplius Aggressive Asset Allocation ETF (AAAA) |
| 14.9% | Aggressive Allocation () |
| 13.0% | Multi-Asset Diversified Income ETF (MDIV) |
| 5.3% | GraniteShares HIPS US High Income ETF (HIPS) |
Risk
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Risk
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ETF Details
GraniteShares HIPS US High Income ETF Overview
GraniteShares HIPS US High Income ETF (HIPS) is a passively managed Allocation Aggressive Allocation exchange-traded fund (ETF). Graniteshares launched the ETF in 2015.
The investment seeks to track the performance, before fees and expenses, of the EQM High Income Pass-Through Securities Index.
The fund employs a "passive management"-or indexing-investment approach designed to track the performance of the index. The rules-based index measures the performance of up to 40 high income U.S.-listed securities that typically have "pass-through" structures that require them to distribute substantially all of their earnings to shareholders as cash distributions. This "high income, pass-through" strategy is known as HIPS.
About GraniteShares HIPS US High Income ETF (HIPS)
There are 2 members of the management team with an average tenure of 5.23 years: Jeff Klearman (2017) and Ryan Dofflemeyer (2024). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and EQM High Income Pass-Through Sec TR USD index with a weighting of 100%. GraniteShares HIPS US High Income ETF has 42 securities in its portfolio. The top 10 holdings constitute 30.5% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
GraniteShares HIPS US High Income ETF is part of the Allocation global asset class and is within the Allocation ETF group. GraniteShares HIPS US High Income ETF has 5.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 76.2% There is 0.1% allocated to foreign stock, and 0.3% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 26.0% (20.2% domestic bond, 5.8% foreign bond and 0.1% convertible bond). GraniteShares HIPS US High Income ETF has -5.0% of the portfolio in cash.
Assets Under Management
The fund has $115 million in total assets, which is below the $237 million average for the Aggressive Allocation category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
HIPS Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The GraniteShares HIPS US High Income ETF expense ratio is high compared to funds in the Aggressive Allocation category. GraniteShares HIPS US High Income ETF has an expense ratio of 1.17%, which is 31% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. GraniteShares HIPS US High Income ETF has a portfolio turnover rate of 65%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 85% for the Aggressive Allocation category.
Recently, in the month of July 2026, GraniteShares HIPS US High Income ETF returned 0.5%, which earned it a grade of D, as the Aggressive Allocation category had an average return of 1.6%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
GraniteShares HIPS US High Income ETF has a trailing yield of 11.26%, which is above the 5.86% category average.
The fund normally distributes its income monthly.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
GraniteShares HIPS US High Income ETF Grades
Year to date, the ETF has returned 4.6%, 5.9 percentage points worse than the category, which translates into a grade of F. The fund has returned 5.3% over the past year (grade of F), 8.6% over the past three years (grade of F) and 4.4% per year over the past five years (grade of F) and 5.0% per year over the past 10 years (grade of C).
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HIPS Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| HIPS Return (NAV) | 0.5% | -2.4% | 5.3% | 8.6% | 4.4% | 5.0% |
| HIPS Return (Price) | 0.2% | -2.2% | 4.9% | 8.5% | 4.3% | 5.0% |
| NAV +/- Price Return | 0.303% | -0.156% | 0.443% | 0.134% | 0.036% | -0.052% |
| Aggressive Allocation Avg | 1.6% | 2.7% | 14.9% | 11.1% | 6.8% | 6.2% |
| HIPS Grade (NAV) | D | F | F | F | F | C |
| +/- Category (NAV) | -1.1% | -5.1% | -9.6% | -2.4% | -2.5% | -1.2% |
| HIPS Tax-Cost Ratio | na | na | 4.3% | 3.8% | 3.9% | 3.4% |
HIPS Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| HIPS Return (NAV) | 4.6% | 1.7% | 14.0% | 13.8% | -11.7% | 22.3% | -11.4% | 22.1% | -8.9% | 7.2% | 21.1% |
| HIPS Return (Price) | 4.6% | 1.0% | 13.7% | 16.1% | -13.5% | 22.7% | -11.5% | 23.7% | -9.3% | 6.3% | na |
| NAV +/- Price Ret | -0.002% | -0.429% | -0.022% | 0.172% | 0.151% | 0.017% | 0.011% | 7.1% | 4.2% | -11.8% | na |
| Aggressive Allocation Avg | 10.5% | 5.5% | 11.6% | 14.4% | -8.3% | 21.2% | -12.1% | 22.1% | -8.4% | 9.4% | 16.2% |
| HIPS Grade (NAV) | F | F | A | C | F | C | C | C | C | C | A |
| +/- Category | -5.9% | -3.7% | 2.4% | -0.6% | -3.5% | 1.1% | 0.7% | 0.0% | -0.5% | -2.2% | 4.9% |
| Risk Measures | |
| Beta: | 0.56 |
| R-Squared: | 34% |
| Standard Deviation: | 9.0% |
| Category Risk Index: | 0.94 |
| Category Risk Rating: | Above Average |
| Total Risk Index: | 0.74 |
| Total Risk Rating: | Below Average |
| Portfolio Characteristics | |
| Yield: | 11.3% |
| Total Assets: | $ 116 Mil |
| Share Class Assets: | $ 116 Mil |
| Turnover: | 65.0% |
| Expense Ratio: | 1.17% |
| Index Fund: | Yes |
| Index Tracked: | S&P 500 (TR) (1970) |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 8.6 years | |||
| Average Tenure: 5.2 years | |||
| Managers (Year): Klearman Jeff (2017), Dofflemeyer Ryan (2024) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 42 |
| % in Top 10 Holdings: | 30.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 5.9% |
Portfolio Allocation |
|
| Domestic Stock: | 76.2% |
| Foreign Stock: | 0.1% |
| Preferred Stock: | 0.3% |
| Domestic Bond: | 20.2% |
| Foreign Bond: | 5.8% |
| Convertible Bond: | 0.1% |
| Other: | 2.3% |
| Cash: | -5.0% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Graniteshares |
| Phone Number: | 844-476-8747 |
| Website: | |
| Inception Date: | January 7, 2015 |
Expenses and Fees
| Expense Ratio (%): | 1.17% (Rating: High) |
| Category Average Expense Ratio (%): | 0.90% |
