HIPS GraniteShares HIPS US High Income ETF

The Master Income ETF (NYSE: HIPS) has declared its monthly cash distribution at $0.1075 per share ($1.29 on an annualized basis.) The distribution will be paid February 20, 2015 to shareholders of record as of the close of business February 19, 2015.

HIPS Cash Distribution:

Ex-Date: Tuesday, February 17thRecord Date: Thursday, February 19thPayable Date: Friday, February 20th

The Master Income ETF plans to issue future distributions on a monthly basis. Distributions are scheduled, but not guaranteed, with the next distribution occurring in March 2015. The complete 2015 HIPS Distribution Calendar schedule is as follows:

                      Month           Ex-Date       Record Date       Pay Date January           N/A       N/A       N/A February           2/17/2015       2/19/2015       2/20/2015 March           3/17/2015       3/19/2015       3/20/2015 April           4/21/2015       4/23/2015       4/24/2015 May           5/19/2015       5/21/2015       5/22/2015 June           6/16/2015       6/18/2015       6/19/2015 July           7/21/2015       7/23/2015       7/24/2015 August           8/18/2015       8/20/2015       8/21/2015 September           9/22/2015       9/24/2015       9/25/2015 October           10/20/2015       10/22/2015       10/23/2015 November           11/17/2015       11/19/2015       11/20/2015 December           12/29/2015       12/31/2015       1/4/2016  

The Master Income ETF seeks to track the total return performance, before fees and expenses, of the TFMS HIPS 300 Index. The Index is constructed to capture 300 high income securities, typically with pass-through structures, across the following sectors: (i) closed-end funds (“CEFs”), (ii) mortgage real estate investment trusts (“REITs”), (iii) commercial equity REITs, (iv) residential/diversified REITs, (v) asset management and business development companies (“BDCs”), and (vi) energy production and energy transportation & processing companies. Energy-related companies included in the Index are expected to primarily be structured as master limited partnerships (“MLPs”). CEFs included in the Index are limited to taxable, debt-based funds and may include CEFs that invest primarily in bank loans, high-yield securities (also known as “junk bonds”), foreign securities (including those in emerging markets), and mortgage- or asset-backed securities. One cannot invest directly in an index.

About TFMS

TFMS is a Registered Investment Advisor and the creator of the HIPS 300 Index. The firm performs asset allocation analysis and builds broadly diversified portfolios including both traditional and non-traditional asset class portfolios using discounted cash flow based research processes. The firm’s approach to asset allocation is distinguished by its use of forward looking projections of return and risk, rather than historic data as is the conventional industry practice. We feel that this has enabled us to better navigate the many structural changes which have taken place in financial markets in the past decade, and which are likely to continue in the future.

TFMS seeks not to be all things to all investors, but rather to serve those who demand and appreciate an advisor focused on implementing long term, rigorous fundamentals in both its investment style and business practices.

Disclosures

To receive a distribution, you must be a registered shareholder of the fund on the record date. Distributions are paid to shareholders on the payment date. There is no guarantee that capital gains distributions will not be made in the future. Your own trading will also generate tax consequences and transaction expenses. Past distributions are not indicative of future distributions. Please consult your tax professional or financial adviser for more information regarding your tax situation.

Carefully consider the Funds’ investment objectives, risk factors, charges and expenses before investing. This and additional information can be found in the Funds’ prospectus, which may be obtained by calling 800-617-0004 or by visiting www.masterincomeetf.com. Read the prospectus carefully before investing.

Investing involves risk; Principal loss is possible. Investments in debt securities typically decrease when interest rates rise. This risk is usually greater for longer term debt securities. Investments in lower rated and non-rated securities present a greater risk of loss to principal and interest than higher rated securities. Investments in foreign securities involve greater volatility and political, economic, and currency risks and differences in accounting methods. Investments in smaller companies involve additional risks, such as limited liquidity and greater volatility. MLPs are subject to certain risks inherent in the structure of MLPs, including complex tax structure risks, limited ability for election or removal of management, limited voting rights, potential dependence on parent companies or sponsors for revenues to satisfy obligations, and potential conflicts of interest between partners, members and affiliates. Investments in asset-backed and mortgage-backed securities include additional risks including credit risk, prepayment risk, possible illiquidity and default, as well as increased susceptibility to adverse economic developments. A REIT’s share price may decline because of adverse developments affecting the real estate industry. Unlike mutual funds, ETFs may trade at a premium or discount to their net asset value

Diversification does not assure a profit or protect against loss in a declining market.

Exchange Traded Concepts, LLC serves as the investment advisor and Master Income ETF. The Funds are distributed by Quasar Distributors, LLC, which is not affiliated with Exchange Traded Concepts, LLC or any of its affiliates.

for The Master Income ETFJames L. Copell, 617-399-6435