Nicholas Global Equity and Income ETF
Fund Summary
GIAX is an actively managed exchange-traded fund that seeks to generate current income and also capital appreciation. The Fund’s strategy includes two components: holding shares of unaffiliated passively managed ETFs that seek to provide exposure to a range of global equity securities and selling daily index credit call spreads on one or more US equity indexes.
Fund Objective
GIAX is is an actively managed exchange-traded fund (ETF) that will typically invest in broad-based, US and foreign ETFs and individual securities. The funds holdings will be selected based on market and economic factors. At least two of the Fund’s Index ETF holdings (or sets of representative samplings) will predominantly track the performance of foreign securities. The Fund will sell credit call spreads on one or more Indices to generate income from the options premiums. The Fund will typically sell Index Call Spreads on U.S. Indices. The Fund will focus on options with expirations of one month or less. This involves selling call options at a strike price at or near the money and buying call options above that strike price for potential upside appreciation. The Fund’s primary investment objective is to seek current income.
The Fund’s secondary investment objective is to seek capital appreciation.
Fund Details
| Ticker | GIAX |
| Primary Exchange | NYSE |
| CUSIP | 88636J162 |
| Expense Ratio* | 0.93% |
| Distribution Rate** | 24.00% |
| 30 Day SEC Yield As of 01/31/2026* | 0.02% |
*The 30-Day SEC Yield is calculated with a standardized formula mandated by the SEC. The formula is based on the maximum offering price per share and does not reflect waivers in effect.
**The most recent distribution on 1/12/2026 contains 100.00% return of capital and 0.00% income.
**The Distribution Rate is the annual rate an investor would receive if the most recently declared distribution remained the same going forward. The Distribution Rate is calculated by multiplying an ETF’s Distribution per Share by twelve (12) and dividing the resulting amount by the ETF’s most recent NAV. The Distribution Rate represents a single distribution from the ETF and does not represent its total return. Distributions are not guaranteed.
Fund Data & Price
| Net Assets | $91.05m |
| NAV | $15.97 |
| Shares Outstanding | 5,700,000 |
| Premium/Discount Percentage | -0.02% |
| Closing Price | $15.97 |
| Median 30 Day Spread* | 0.64% |
*30-Day Median Spread is a calculation of Fund’s median bid-ask spread, expressed as a percentage rounded to the nearest hundredth, computed by: identifying the Fund’s national best bid and national best offer as of the end of each 10 second interval during each trading day of the last 30 calendar days; dividing the difference between each such bid and offer by the midpoint of the national best bid and national best offer; and identifying the median of those values.
Performance
| Fund Ticker | 1MO | 3MO | 6MO | YTD | 1YR | Since Inception (Cumulative) | Since Inception (Annualized) |
|---|---|---|---|---|---|---|---|
| GIAX MKT | 0.98 | -1.73 | 3.87 | 0.98 | 9.93 | 16.71 | 10.78 |
| GIAX NAV | 1.53 | -1.49 | 3.81 | 1.53 | 10.00 | 16.84 | 10.86 |
| SPTR2 | 1.45 | 1.76 | 10.13 | 1.45 | 16.35 | 29.51 | 18.68 |
| Fund Ticker | 1MO | 3MO | 6MO | YTD | 1YR | Since Inception (Cumulative) | Since Inception (Annualized) |
|---|---|---|---|---|---|---|---|
| GIAX MKT | -1.67 | -0.20 | 4.61 | 11.78 | 11.78 | 15.58 | 10.70 |
| GIAX NAV | -1.55 | -0.82 | 4.00 | 11.54 | 11.54 | 15.08 | 10.36 |
| SPTR2 | 0.06 | 2.66 | 11.00 | 17.88 | 17.88 | 27.66 | 18.70 |
The performance data quoted above represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted above. Performance current to the most recent month-end can be obtained by calling (855) 563-6900.
Short term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be made based solely on historical returns. Returns beyond 1 year are annualized.
A fund’s NAV is the sum of all its assets less any liabilities, divided by the number of shares outstanding. The market price is the most recent price at which the fund was traded.
Distribution Detail
| EX Date | Record Date | Payable Date | Fund Total |
|---|---|---|---|
| 02/20/2026 | 02/20/2026 | 02/23/2026 | 0.07 |
| 02/13/2026 | 02/13/2026 | 02/17/2026 | 0.07 |
| 02/06/2026 | 02/06/2026 | 02/09/2026 | 0.07 |
| 01/30/2026 | 01/30/2026 | 02/02/2026 | 0.08 |
| 01/23/2026 | 01/23/2026 | 01/26/2026 | 0.08 |
| 01/16/2026 | 01/16/2026 | 01/20/2026 | 0.08 |
| 01/09/2026 | 01/09/2026 | 01/12/2026 | 0.08 |
| 01/02/2026 | 01/02/2026 | 01/05/2026 | 0.08 |
| 12/26/2025 | 12/26/2025 | 12/29/2025 | 0.08 |
| 12/19/2025 | 12/19/2025 | 12/22/2025 | 0.08 |
Future Distribution Detail
| Declaration Date | Ex/Record Date | Payable Date |
|---|---|---|
| 02/26/2026 | 02/27/2026 | 03/02/2026 |
| 03/05/2026 | 03/06/2026 | 03/09/2026 |
| 03/12/2026 | 03/13/2026 | 03/16/2026 |
| 03/19/2026 | 03/20/2026 | 03/23/2026 |
| 03/26/2026 | 03/27/2026 | 03/30/2026 |
| 04/02/2026 | 04/06/2026 | 04/07/2026 |
| 04/09/2026 | 04/10/2026 | 04/13/2026 |
| 04/16/2026 | 04/17/2026 | 04/20/2026 |
| 04/23/2026 | 04/24/2026 | 04/27/2026 |
| 04/30/2026 | 05/01/2026 | 05/04/2026 |
| 05/07/2026 | 05/08/2026 | 05/11/2026 |
| 05/14/2026 | 05/15/2026 | 05/18/2026 |
| 05/21/2026 | 05/22/2026 | 05/26/2026 |
| 05/28/2026 | 05/29/2026 | 06/01/2026 |
| 06/04/2026 | 06/05/2026 | 06/08/2026 |
| 06/11/2026 | 06/12/2026 | 06/15/2026 |
| 06/18/2026 | 06/22/2026 | 06/23/2026 |
| 06/25/2026 | 06/26/2026 | 06/29/2026 |
| 07/02/2026 | 07/06/2026 | 07/07/2026 |
| 07/09/2026 | 07/10/2026 | 07/13/2026 |
| 07/16/2026 | 07/17/2026 | 07/20/2026 |
| 07/23/2026 | 07/24/2026 | 07/27/2026 |
| 07/30/2026 | 07/31/2026 | 08/03/2026 |
| 08/06/2026 | 08/07/2026 | 08/10/2026 |
| 08/13/2026 | 08/14/2026 | 08/17/2026 |
| 08/20/2026 | 08/21/2026 | 08/24/2026 |
| 08/27/2026 | 08/28/2026 | 08/31/2026 |
| 09/03/2026 | 09/04/2026 | 09/08/2026 |
| 09/10/2026 | 09/11/2026 | 09/14/2026 |
| 09/17/2026 | 09/18/2026 | 09/21/2026 |
| 09/24/2026 | 09/25/2026 | 09/28/2026 |
| 10/01/2026 | 10/02/2026 | 10/05/2026 |
| 10/08/2026 | 10/09/2026 | 10/13/2026 |
| 10/15/2026 | 10/16/2026 | 10/19/2026 |
| 10/22/2026 | 10/23/2026 | 10/26/2026 |
| 10/29/2026 | 10/30/2026 | 11/02/2026 |
| 11/05/2026 | 11/06/2026 | 11/09/2026 |
| 11/12/2026 | 11/13/2026 | 11/16/2026 |
| 11/19/2026 | 11/20/2026 | 11/23/2026 |
| 11/25/2026 | 11/27/2026 | 11/30/2026 |
| 12/03/2026 | 12/04/2026 | 12/07/2026 |
| 12/10/2026 | 12/11/2026 | 12/14/2026 |
| 12/17/2026 | 12/18/2026 | 12/21/2026 |
| 12/24/2026 | 12/28/2026 | 12/29/2026 |
| 12/31/2026 | 01/04/2027 | 01/05/2027 |
The Fund intends to pay out dividends and interest income, if any, weekly, and distribute any net realized capital gains to its shareholders at least annually. There is no assurance that the Fund will make a distribution in any given month. If the Fund makes distributions, the amounts of such distributions will likely vary greatly from one distribution to the next. Additionally, past weekly distributions have included a return of investor capital, which would decrease the Fund’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment. The Fund is a newly organized investment company, and it is not possible to estimate how much of any future distribution is a return of capital. Please see fund prospectus for additional information on the tax treatment of distributions.
Top 10 Holdings
The Nicholas Global Equity and Income ETF (GIAX) will typically invest in broad-based, passively managed Index ETFs that seek to track the performance of particular equity market indices. The indices may consist of U.S. market indices, indices concentrating on one or more developed and emerging markets outside of the U.S., or globalindices (individually, an “Index,” and collectively, the “Indices”). In addition, the Fund may invest in a representative sampling of individual securities (e.g., the top 10 to 15 individual companies then held by the relevant Index ETF) that comprise a particular Index ETF, rather than invest directly in the Index ETF.
| Name | CUSIP | Shares | Price | Market Value | Weightings ▲ |
|---|---|---|---|---|---|
| VANGUARD FTSE DEVELOPED ETF | 921943858 | 146,145.00 | $70.26 | $10,268,147.70 | 11.28% |
| Freedom 100 Emerging Markets ETF | 02072L607 | 132,022.00 | $63.18 | $8,341,149.96 | 9.16% |
| Vanguard Small-Cap ETF | 922908751 | 24,685.00 | $278.09 | $6,864,651.65 | 7.54% |
| Vanguard S&P 500 ETF | 922908363 | 10,143.00 | $637.53 | $6,466,466.79 | 7.10% |
| Vanguard Mid-Cap Growth ETF | 922908538 | 22,565.00 | $276.99 | $6,250,279.35 | 6.86% |
| Vanguard Growth ETF | 922908736 | 12,739.00 | $470.32 | $5,991,406.48 | 6.58% |
| Taiwan Semiconductor Manufacturing Co Ltd | 874039100 | 12,612.00 | $387.73 | $4,890,050.76 | 5.37% |
| Nebius Group NV | N97284108 | 38,600.00 | $106.12 | $4,096,232.00 | 4.50% |
| NVIDIA Corp | 67066G104 | 19,518.00 | $195.56 | $3,816,940.08 | 4.19% |
| Meta Platforms Inc | 30303M102 | 5,776.00 | $653.69 | $3,775,713.44 | 4.15% |
| Tesla Inc | 88160R101 | 8,731.00 | $417.40 | $3,644,319.40 | 4.00% |
| Alphabet Inc | 02079K305 | 11,570.00 | $312.90 | $3,620,253.00 | 3.98% |
| Apple Inc | 037833100 | 12,689.00 | $274.23 | $3,479,704.47 | 3.82% |
| IREN Ltd | Q4982L109 | 74,358.00 | $44.03 | $3,273,982.74 | 3.60% |
| Amazon.com Inc | 023135106 | 15,471.00 | $210.64 | $3,258,811.44 | 3.58% |
| Broadcom Inc | 11135F101 | 9,363.00 | $332.31 | $3,111,418.53 | 3.42% |
| Palantir Technologies Inc | 69608A108 | 22,331.00 | $134.19 | $2,996,596.89 | 3.29% |
| Microsoft Corp | 594918104 | 7,358.00 | $400.60 | $2,947,614.80 | 3.24% |
| Robinhood Markets Inc | 770700102 | 31,053.00 | $77.53 | $2,407,539.09 | 2.64% |
| Opendoor Technologies Inc | 683712103 | 257,750.00 | $4.98 | $1,283,595.00 | 1.41% |
| First American Government Obligations Fund 12/01/2031 | 31846V336 | 918,143.00 | $100.00 | $918,142.68 | 1.01% |
| VEA US 03/20/26 C71 | VEA 260320C00071000 | 1,461.00 | $0.70 | $102,270.00 | 0.11% |
| VWO US 03/20/26 C61 | VWO 260320C00061000 | 1,284.00 | $0.40 | $51,360.00 | 0.06% |
| VOT US 03/20/26 P255 | VOT 260320P00255000 | 225.00 | $1.50 | $33,750.00 | 0.04% |
| NBIS US 02/27/26 P96 | NBIS 260227P00096000 | 386.00 | $1.05 | $40,337.00 | 0.04% |
| VB US 03/20/26 P260 | VB 260320P00260000 | 246.00 | $1.35 | $33,210.00 | 0.04% |
| AVGO US 02/27/26 P317.5 | AVGO 260227P00317500 | 93.00 | $2.95 | $27,388.50 | 0.03% |
| VOT US 03/20/26 C295 | VOT 260320C00295000 | 225.00 | $1.00 | $22,500.00 | 0.02% |
| NVDA US 02/27/26 P177.5 | NVDA 260227P00177500 | 195.00 | $0.87 | $16,867.50 | 0.02% |
| APPLE IN PUT OPT 03/26 262.500 | AAPL 260306P00262500 | 126.00 | $1.13 | $14,175.00 | 0.02% |
| IREN US 02/27/26 P36 | IREN 260227P00036000 | 743.00 | $0.23 | $17,089.00 | 0.02% |
| PLTR US 02/27/26 P128 | PLTR 260227P00128000 | 223.00 | $0.95 | $21,073.50 | 0.02% |
| HOOD US 02/27/26 P73 | HOOD 260227P00073000 | 310.00 | $0.47 | $14,570.00 | 0.02% |
| GOOGL US 02/27/26 P297.5 | GOOGL 260227P00297500 | 115.00 | $0.41 | $4,657.50 | 0.01% |
| Cash & Other | Cash&Other | 10,888.00 | $1.00 | $10,887.95 | 0.01% |
| TSLA US 02/27/26 P395 | TSLA 260227P00395000 | 87.00 | $0.55 | $4,741.50 | 0.01% |
| VB US 03/20/26 C300 | VB 260320C00300000 | 246.00 | $0.38 | $9,225.00 | 0.01% |
| TSM US 02/27/26 P350 | TSM 260227P00350000 | 126.00 | $0.44 | $5,544.00 | 0.01% |
| VWO US 03/20/26 C62 | VWO 260320C00062000 | 97.00 | $0.20 | $1,940.00 | 0.00% |
| MSFT US 02/27/26 P385 | MSFT 260227P00385000 | 73.00 | $0.53 | $3,869.00 | 0.00% |
| VUG US 03/20/26 C505 | VUG 260320C00505000 | 127.00 | $0.28 | $3,492.50 | 0.00% |
| AMZN US 02/27/26 P195 | AMZN 260227P00195000 | 154.00 | $0.09 | $1,309.00 | 0.00% |
| OPEN US 02/27/26 P4.5 | OPEN 260227P00004500 | 2,577.00 | $0.02 | $3,865.50 | 0.00% |
| VOO US 02/27/26 C645 | VOO 260227C00645000 | 101.00 | $0.30 | $3,030.00 | 0.00% |
| VOO US 02/27/26 P622.5 | VOO 260227P00622500 | 101.00 | $0.45 | $4,545.00 | 0.00% |
| META US 02/27/26 P620 | META 260227P00620000 | 57.00 | $0.45 | $2,565.00 | 0.00% |
| TSM US 02/27/26 P357.5 | TSM 260227P00357500 | -126.00 | $0.80 | $-10,080.00 | -0.01% |
| META US 02/27/26 P640 | META 260227P00640000 | -57.00 | $2.27 | $-12,939.00 | -0.01% |
| VOO US 02/27/26 P627.5 | VOO 260227P00627500 | -101.00 | $0.75 | $-7,575.00 | -0.01% |
| AMZN US 02/27/26 P202.5 | AMZN 260227P00202500 | -154.00 | $0.31 | $-4,774.00 | -0.01% |
| TSLA US 02/27/26 P405 | TSLA 260227P00405000 | -87.00 | $1.48 | $-12,832.50 | -0.01% |
| VOO US 02/27/26 C640 | VOO 260227C00640000 | -101.00 | $2.03 | $-20,452.50 | -0.02% |
| GOOGL US 02/27/26 P307.5 | GOOGL 260227P00307500 | -115.00 | $1.66 | $-19,032.50 | -0.02% |
| MSFT US 02/27/26 P395 | MSFT 260227P00395000 | -73.00 | $1.89 | $-13,760.50 | -0.02% |
| VUG US 03/20/26 C485 | VUG 260320C00485000 | -127.00 | $2.50 | $-31,750.00 | -0.03% |
| VB US 03/20/26 C290 | VB 260320C00290000 | -246.00 | $1.33 | $-32,595.00 | -0.04% |
| NVDA US 02/27/26 P185 | NVDA 260227P00185000 | -195.00 | $2.10 | $-40,950.00 | -0.04% |
| HOOD US 02/27/26 P76 | HOOD 260227P00076000 | -310.00 | $1.13 | $-34,875.00 | -0.04% |
| OPEN US 02/27/26 P5 | OPEN 260227P00005000 | -2,577.00 | $0.15 | $-37,366.50 | -0.04% |
| IREN US 02/27/26 P39 | IREN 260227P00039000 | -743.00 | $0.52 | $-38,264.50 | -0.04% |
| VOT US 03/20/26 P265 | VOT 260320P00265000 | -225.00 | $2.00 | $-45,000.00 | -0.05% |
| APPLE IN PUT OPT 03/26 272.500 | AAPL 260306P00272500 | -126.00 | $3.43 | $-43,155.00 | -0.05% |
| PLTR US 02/27/26 P132 | PLTR 260227P00132000 | -223.00 | $1.92 | $-42,704.50 | -0.05% |
| VOT US 03/20/26 C285 | VOT 260320C00285000 | -225.00 | $2.23 | $-50,062.50 | -0.05% |
| AVGO US 02/27/26 P327.5 | AVGO 260227P00327500 | -93.00 | $5.60 | $-52,080.00 | -0.06% |
| NBIS US 02/27/26 P100 | NBIS 260227P00100000 | -386.00 | $1.85 | $-71,410.00 | -0.08% |
| VB US 03/20/26 P270 | VB 260320P00270000 | -246.00 | $2.98 | $-73,185.00 | -0.08% |
| VWO US 03/20/26 C59 | VWO 260320C00059000 | -1,381.00 | $1.20 | $-165,720.00 | -0.18% |
| VEA US 03/20/26 C69 | VEA 260320C00069000 | -1,461.00 | $1.70 | $-248,370.00 | -0.27% |
Holdings are subject to change without notice.
The Fund will sell credit call spreads on one or more Indices to generate net income from the options premiums. The Fund will typically sell Index Call Spreads on U.S. Indices. The Fund will focus on options with expirations of one month or less. This involves selling call options at a strike price at or near the money and buying call options above that strike price.
Purchase
The Fund (GIAX) is available through various channels including via phone (855) 563-6900, broker-dealers, investment advisers, and other financial services firms, including:
This Fund is not affiliated with these financial service firms. Their listing should not be viewed as a recommendation or endorsement.