GIAX · Streamfolio

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ARCX · Active · options-income

GIAX

Nicholas Global Equity and Income ETF

Tidal Investments LLC (Adviser); Nicholas Wealth, LLC (Sub-Adviser)

Verdict

WATCH

Weighted score · 3.90 / 5

AUM

$97M

assets under mgmt

Avg Volume

105K

shares · daily

Distribution

23.4%

Weekly · 40% ROC

Expense Ratio

1.03%

1.03% gross

1Y Return

—

vs underlying

Sharpe

0.78

Max DD -20.4%

Fund Identity

What it is, who runs it, where it lives.

The Fund's primary investment objective is to seek current income.

GIAX is an actively managed ETF that holds four to six passively managed global equity Index ETFs (or representative samplings thereof), equally weighted, with at least two tracking foreign securities. Overlaid on this equity portfolio, the Fund sells daily credit call spreads and put spreads on U.S.-listed equity securities and/or U.S. indices to generate options premiums as the primary driver of yield. The Fund also holds limited U.S. Treasury securities and cash (typically less than 10% of assets) as collateral and for additional income. A portion of distributions may be classified as return of capital.

Ticker

GIAX

Issuer

Tidal Investments LLC (Adviser); Nicholas Wealth, LLC (Sub-Adviser)

Exchange

ARCX

Inception

2024-07-30 · 1.9 yrs

Mgmt style

Active

Replication

Physical (sampled/optimized) for equity exposure via Index ETFs and individual securities, combined with Derivatives (options/futures) for the call spread and put spread overlay

Index-based

— · S&P 500 Total Return Index (used as a performance comparison in the prospectus)

Leverage

None

Strategy & Options Mechanics

How the portfolio is built and where the income comes from.

PORTFOLIO

Hybrid

actively managed

OPTIONS OVERLAY

Strategy

Daily credit call spreads (sell at-the-money call, buy out-of-the-money call) and daily credit put spreads (sell at-the-money put, buy out-of-the-money put)

generates income

Underlying

U.S. equity indices and U.S.-listed individual equity securities (including ADRs)

income exposure

WEEKLY

23.4%

DIST. RATE

40% ROC
Ordinary Income

Underlying

U.S. equity indices and U.S.-listed individual equity securities (including ADRs)

Strategy

Daily credit call spreads (sell at-the-money call, buy out-of-the-money call) and daily credit put spreads (sell at-the-money put, buy out-of-the-money put)

Tax

Ordinary Income

The Fund sells daily credit call spreads and put spreads, typically with expirations of one day up to one week, to generate net options premiums as the primary income driver. Sold calls are struck at or near the money while bought calls are struck above; sold puts are struck at or near the money while bought puts are struck below, capping both upside participation and downside risk on each spread. A portion of distributions from these premiums may be classified as return of capital rather than income.

Performance & NAV

Total return vs. the underlying, with drawdown context.

NAV HISTORY · JUN '25 – JUN '26

JUN '25JUN '26

Max DD

-20.4%

Volatility

22.0%

Sharpe

0.78

Sortino

1.13

Calmar

1.54

Beta

1.08

Flat-NAV reinvestment hurdle

24.1%

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

21.2%

Distribution & Tax

Where the yield comes from — and how it’s taxed.

Composition · Recent Distribution

40%

ROC

Return of Capital — mixed40%

Net Investment Income60%

Frequency

Weekly

Dist. rate

23.42%

ROC %

40%

30-day SEC

not reported

Consistency

1 w/o cut

YOC · 1yr-ago buyer

24.0%

Tax Treatment — Ordinary Income

ORDINARY INCOME

Distribution Composition (Recent)

40% 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 40.01% 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

Latest Distribution Schedule

Record date

2026-06-12

Ex-dividend

2026-06-12

Pay date

—

Payback Period

4.3 yr

Dist. Since Incep.

$8.0

Holdings & Concentration

Position sizing, top-name weights, and concentration risk.

Sector Mix · Tilt vs S&P 500

No sector feed for this fund.

Holdings

Top-10 Wt.

—

Technical Signal & Liquidity

Moving-average posture and a read on tradability.

Price vs. Moving Averages

$18.0$16.3$14.6$12.9

JUN '25JUN '26

Price $18.01

50-DMA $16.51

200-DMA $15.11

Bullish — 50-DMA above 200-DMA

Price $18.01 is above the 200-day SMA ($15.11); 50-day SMA $16.51. The 50-day SMA sits above the 200-day — an established uptrend, 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

105K

Avg dollar volume

$1,596,353

Bid/ask spread

0.35%

Premium/discount

—

Turnover

85%

Estimated bid/ask spread ~0.35% (moderate). Average daily dollar volume ~$1.6M (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 ($)

$97M

$104M$53M$3M

JUL '24JUN '26

SOURCES Massive market-data API, SEC EDGAR filings, issuer disclosures.

GIAX · 2026-06-21
Prepared by denvereyon
Research aid, not investment advice.