GIAX - XFunds

Nicholas Global Equity and Income ETF

Fund Summary

The Nicholas Global Equity and Income ETF (GIAX) Fund is an actively managed exchange-traded fund (“ETF”) that seeks to generate current income and also capital appreciation. The Fund’s strategy includes two components: (i) holding shares of unaffiliated passively managed ETFs that seek to provide exposure to a range of global equity securities (“Index ETFs”) and (ii) selling daily index credit call spreads (“Index Call Spreads*”) on one or more US equity indexes. In addition, in some instances, the Fund may invest in individual securities rather than an Index ETF. The Fund will also hold U.S. Treasury securities. The Fund’s credit call spread strategy consists of selling a call option and simultaneously buying another call option at a higher strike price for income generation.

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.

*Index Credit Spread: An index call spread is a type of options trading strategy that involves buying a call option on an index and selling another call option on a higher strike price with the same expiration date.

**The Fund will pay dividends to Shareholders monthly, with the ability to receive additional dividends based on options performance

Fund Documents

Fund Details

Name	Value
Fund Inception	7/29/2024
Ticker	GIAX
Primary Exchange	NYSE
CUSIP	88634T535
Expense Ratio	0.95%
30 Day SEC Yield As of 08/31/2024	0.93%

*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.

Fund Data & Pricing

Name	value
Net Assets	$16.90m
NAV	$19.88
Shares Outstanding	850,000
Premium/discount Percentage	0.03%
Closing Price	$19.89
Median 30 Day Spread**	0.25%

Rate Date
09/13/2024

*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

Month-End

Quarter-End

Month-End

Name
08/31/2024

Fund Name	Fund Ticker	1 Month	3 Year	5 Year	Since Inception Cumulative	Since Inception Annualized	Date
Nicholas Global Equity and Income ETF	GIAX NAV	0.88	–	–	1.49	0.00	08/31/2024
Nicholas Global Equity and Income ETF	GIAX MKT	0.72	–	–	1.44	0.00	08/31/2024
S&P 500 TR	SPTR2	2.43	–	–	3.54		08/31/2024

Quarter-End

Name
08/31/2024

Fund Name	Fund Ticker	1 Month	3 Month	6 Month	YTD	1 Year	3 Year	5 Year	Since Inception Cumulative	Since Inception Annualized	Date
Nicholas Fixed Income Alternative ETF	NAV	0.00	0.00	0.00	0.00	0.00	–	–	0.00	0.00	06/30/2024
Nicholas Fixed Income Alternative ETF	MKT	0.00	0.00	0.00	0.00	0.00	–	–	0.00	0.00	06/30/2024

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.

Top 10 Holdings

Name
09/16/2024

Date	Account	StockTicker	Name	CUSIP	Shares	Price	MarketValue	Weightings	NetAssets	SharesOutstanding	CreationUnits	MoneyMarketFlag
09/16/2024	GIAX	AAPL	Apple Inc	037833100	888.00	222.50	197,580.00	1.17	16,899,360.00	850,000	34
09/16/2024	GIAX	AMZN	Amazon.com Inc	023135106	1,088.00	186.49	202,901.12	1.20	16,899,360.00	850,000	34
09/16/2024	GIAX	ARGT	Global X MSCI Argentina ETF	37950E259	10,989.00	68.53	753,076.17	4.46	16,899,360.00	850,000	34
09/16/2024	GIAX	FGXXX	First American Government Obligations Fund 12/01/2031	31846V336	272,080.89	100.00	272,080.89	1.61	16,899,360.00	850,000	34	Y
09/16/2024	GIAX	FLIN	Franklin FTSE India ETF	35473P769	16,020.00	41.51	664,990.20	3.94	16,899,360.00	850,000	34
09/16/2024	GIAX	FRDM	Freedom 100 Emerging Markets ETF	02072L607	16,866.00	35.07	591,490.62	3.50	16,899,360.00	850,000	34
09/16/2024	GIAX	GOOGL	Alphabet Inc	02079K305	1,159.00	157.46	182,496.14	1.08	16,899,360.00	850,000	34
09/16/2024	GIAX	META	Meta Platforms Inc	30303M102	411.00	524.12	215,413.32	1.27	16,899,360.00	850,000	34
09/16/2024	GIAX	MSFT	Microsoft Corp	594918104	445.00	430.59	191,612.55	1.13	16,899,360.00	850,000	34
09/16/2024	GIAX	NVDA	NVIDIA Corp	67066G104	1,769.00	119.10	210,687.90	1.25	16,899,360.00	850,000	34
09/16/2024	GIAX	PKX	POSCO Holdings Inc	693483109	2,720.00	69.00	187,680.00	1.11	16,899,360.00	850,000	34
09/16/2024	GIAX	QQQ	Invesco QQQ Trust Series 1	46090E103	2,916.00	475.34	1,386,091.44	8.20	16,899,360.00	850,000	34
09/16/2024	GIAX	RUTW 240916C02100000	RUTW US 09/16/24 C2100	RUTW 240916C02100000	-86.00	84.30	-724,980.00	-4.29	16,899,360.00	850,000	34
09/16/2024	GIAX	RUTW 240916C02120000	RUTW US 09/16/24 C2120	RUTW 240916C02120000	86.00	64.60	555,560.00	3.29	16,899,360.00	850,000	34
09/16/2024	GIAX	TSLA	Tesla Inc	88160R101	852.00	230.29	196,207.08	1.16	16,899,360.00	850,000	34
09/16/2024	GIAX	TSM	Taiwan Semiconductor Manufacturing Co Ltd	874039100	1,947.00	172.50	335,857.50	1.99	16,899,360.00	850,000	34
09/16/2024	GIAX	UMC	United Microelectronics Corp	910873405	38,121.00	8.57	326,696.97	1.93	16,899,360.00	850,000	34
09/16/2024	GIAX	VEA	VANGUARD FTSE DEVELOPED ETF	921943858	53,866.00	51.60	2,779,485.60	16.45	16,899,360.00	850,000	34
09/16/2024	GIAX	VIG	Vanguard Dividend Appreciation ETF	921908844	14,320.00	195.81	2,803,999.20	16.59	16,899,360.00	850,000	34
09/16/2024	GIAX	VOO	Vanguard S&P 500 ETF	922908363	5,381.00	516.57	2,779,663.17	16.45	16,899,360.00	850,000	34
09/16/2024	GIAX	VTWO	Vanguard Russell 2000 ETF	92206C664	31,243.00	87.67	2,739,073.81	16.21	16,899,360.00	850,000	34
09/16/2024	GIAX	Cash&Other	Cash & Other	Cash&Other	51,319.44	1.00	51,319.44	0.30	16,899,360.00	850,000	34	Y

Holdings are subject to change without notice.

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: