BLOX
Nicholas Crypto Income ETF
2026-07-09
← All funds
🔒
You're viewing the free teardown. Pro unlocks the deeper sections on this fund — risk assessment, scoring & verdict, track record vs. the underlying, holdings & concentration, peer comparison, pros & cons, and the analyst commentary.
Start your 7-day free trial
ARCX · Active · options-income
BLOX
Nicholas Crypto Income ETF
Tidal Investments LLC (Adviser); Nicholas Wealth, LLC (Sub-Adviser)
Verdict
WATCH
Weighted score · 3.65 / 5
AUM
$243M
assets under mgmt
Avg Volume
392K
shares · daily
Distribution
38.3%
Weekly · 0% ROC
Expense Ratio
0.99%
0.99% gross
1Y Return
—
vs underlying
Sharpe
0.66
Max DD -47.1%
Fund Identity
What it is, who runs it, where it lives.
The Fund's primary investment objective is to seek capital appreciation.
BLOX is an actively managed ETF with three components: (1) an Equity Portfolio holding shares of Crypto Industry Companies (10–20 companies in crypto mining, blockchain, trading platforms, DeFi, NFTs, etc.); (2) a Crypto Portfolio providing synthetic or direct exposure to U.S.-listed ETFs/ETPs tracking Bitcoin, Ether, Solana, or XRP via options or direct investment; and (3) an Options Overlay generating premium income through covered call spreads, synthetic covered calls, and credit call spreads on the equity holdings and the underlying crypto ETFs/ETPs. The Fund holds U.S. Treasuries and cash as collateral and may gain exposure through a wholly-owned Cayman Islands subsidiary.
Ticker
BLOX
Issuer
Tidal Investments LLC (Adviser); Nicholas Wealth, LLC (Sub-Adviser)
Exchange
ARCX
Inception
2025-06-17 · 1.0 yrs
Mgmt style
Active
Replication
Physical (equity holdings) + Synthetic (options-based exposure to crypto ETFs/ETPs via long calls/short puts or deep-in-the-money calls) + Derivatives (options overlay with covered call spreads)
Index-based
—
Leverage
None
Strategy & Options Mechanics
How the portfolio is built and where the income comes from.
PORTFOLIO
Hybrid
actively managed
OPTIONS OVERLAY
Strategy
Covered call spreads (primary), synthetic covered calls (long call + short put), credit call spreads, deep-in-the-money long calls; may also use spread options on crypto industry indices
generates income
Underlying
Individual Crypto Industry Company stocks, U.S.-listed Bitcoin/Ether/Solana/XRP ETFs and ETPs, Crypto Industry ETFs
income exposure
WEEKLY
38.3%
DIST. RATE
0% ROC
Ordinary Income
Underlying
Individual Crypto Industry Company stocks, U.S.-listed Bitcoin/Ether/Solana/XRP ETFs and ETPs, Crypto Industry ETFs
Strategy
Covered call spreads (primary), synthetic covered calls (long call + short put), credit call spreads, deep-in-the-money long calls; may also use spread options on crypto industry indices
Tax
Ordinary Income
The Fund writes (sells) options on its equity holdings and on underlying crypto ETFs/ETPs to generate premium income, principally via covered call spreads that cap both profit and loss. The Fund also creates synthetic long exposure to crypto ETFs by combining long calls with short puts, or by purchasing deep-in-the-money calls, targeting approximately 100% economic exposure to the underlying. Distributions may include a significant portion classified as return of capital (ROC) derived from options premiums.
Performance & NAV
Total return vs. the underlying, with drawdown context.
NAV HISTORY · JUN '25 – JUN '26
max DD -47.1% $17.42
JUN '25JUN '26
Max DD
-47.1%
Volatility
54.1%
Sharpe
0.66
Sortino
0.95
Calmar
0.57
Beta
—
Flat-NAV reinvestment hurdle
26.2%
Share of each distribution you’d need to reinvest just to hold NAV flat. Higher means more of the yield is your own capital coming back.
1Y vs Underlying
—
Tracking err.
—
Yield on cost
34.8%
Distribution & Tax
Where the yield comes from — and how it’s taxed.
Composition · Recent Distribution
0%
ROC
Return of Capital0%
Net Investment Income100%
Frequency
Weekly
Dist. rate
38.33%
ROC %
0%
30-day SEC
not reported
Consistency
1 w/o cut
YOC · 1yr-ago buyer
34.3%
Tax Treatment — Ordinary Income
ORDINARY INCOME
Distribution Composition (Recent)
0% Return of Capital
ROC is not free money — it lowers your cost basis. When shares are sold, capital gains are computed against the lower basis.
Composition · Narrative
Per the fund's most recent 19a-1 notice (as stated on the issuer fund page), the estimated distribution is 0% return of capital.
Distribution Growth & Schedule
Per-period growth of the payout, the latest schedule, and how long distributions take to repay NAV.
Distribution Growth by Lookback Period
-7.9% 1M +11.3% 3M -21.4% 6M -22.6% 1Y
Latest Distribution Schedule
Record date
2026-06-12
Ex-dividend
2026-06-12
Pay date
—
Payback Period
2.6 yr
Dist. Since Incep.
$6.7
Holdings & Concentration
Position sizing, top-name weights, and concentration risk.
Sector Mix · Tilt vs S&P 500
No sector feed for this fund.
Holdings
130
Top-10 Wt.
—
Technical Signal & Liquidity
Moving-average posture and a read on tradability.
Price vs. Moving Averages
$17.9$15.9$13.9$11.9
APR '26JUN '26
Price $17.42
50-DMA $16.10
200-DMA $16.14
Bearish — 50-DMA below 200-DMA
Price $17.42 is above the 200-day SMA ($16.14); 50-day SMA $16.10. The 50-day SMA sits below the 200-day — an established downtrend, no recent crossover. Moving-average signals are a timing aid, not a recommendation — weigh them against the distribution profile and framework score.
Liquidity
Avg daily volume
392K
Avg dollar volume
$6,263,441
Bid/ask spread
1.14%
Premium/discount
—
Turnover
100%
Estimated bid/ask spread ~1.14% (wide). Average daily dollar volume ~$6.3M (adequate). This spread is a high-low estimate, not a live quote; the issuer's reported median spread and premium/discount to NAV are shown above when available.
Assets Under Management
Trend: Falling. Source: shares×price (Massive, monthly).
AUM ($)
$243M
$340M$172M$5M
JUN '25JUN '26
SOURCES  Massive market-data API, SEC EDGAR filings, issuer disclosures.
BLOX · 2026-06-21
Prepared by denvereyon
Research aid, not investment advice.