GLDN
Nicholas Gold Income ETF
2026-07-09
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ARCX · Active · options-income
GLDN
Nicholas Gold Income ETF
Tidal Investments LLC (Adviser); Nicholas Wealth, LLC (Sub-Adviser)
Verdict
AVOID
Weighted score · 2.10 / 5
AUM
$2M
assets under mgmt
Avg Volume
6K
shares · daily
Distribution
5.6%
Weekly · 89% ROC
Expense Ratio
1.07%
1.07% gross
1Y Return
—
vs underlying
Sharpe
-1.71
Max DD -33.3%
Fund Identity
What it is, who runs it, where it lives.
The Fund's primary investment objective is to seek capital appreciation.
GLDN is an actively managed ETF with three components: (1) an Equity Portfolio of gold industry companies (exploration, mining, refining, production); (2) a Commodities Portfolio providing direct or synthetic exposure to gold-focused ETFs/ETPs via options, futures, or direct holdings; and (3) an Options Overlay that sells options (synthetic covered calls, credit call spreads, credit put spreads, and others) on both equity holdings and underlying gold ETFs to generate premium income. The Fund may also invest up to 25% of assets in a wholly-owned Cayman Islands subsidiary to hold commodity-linked instruments that would not otherwise constitute qualifying income for RIC purposes.
Ticker
GLDN
Issuer
Tidal Investments LLC (Adviser); Nicholas Wealth, LLC (Sub-Adviser)
Exchange
ARCX
Inception
2026-02-18 · 0.3 yrs
Mgmt style
Active
Replication
Physical (equity shares of gold companies) + Physical (direct ETF holdings) + Derivatives (options and futures for synthetic gold exposure and premium generation)
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
Synthetic Covered Calls, Credit Call Spreads, Credit Put Spreads; may also use diagonal spreads, calendar spreads, collars, cash-secured puts; long calls + short puts for synthetic long exposure in commodities portfolio
generates income
Underlying
Individual gold industry company stocks and gold-focused ETFs/ETPs (Underlying Funds)
income exposure
WEEKLY
5.6%
DIST. RATE
89% ROC
Ordinary Income
Underlying
Individual gold industry company stocks and gold-focused ETFs/ETPs (Underlying Funds)
Strategy
Synthetic Covered Calls, Credit Call Spreads, Credit Put Spreads; may also use diagonal spreads, calendar spreads, collars, cash-secured puts; long calls + short puts for synthetic long exposure in commodities portfolio
Tax
Ordinary Income
The Fund employs an options overlay on both its equity holdings and gold Underlying Funds to generate net option premiums, which are a primary driver of the Fund's weekly cash distributions. Strategies include synthetic covered calls (selling calls against synthetic long positions), credit call spreads, and credit put spreads, potentially capping upside or increasing downside risk. The commodities portfolio may also establish synthetic long exposure via long call / short put combinations on Underlying Funds.
Performance & NAV
Total return vs. the underlying, with drawdown context.
NAV HISTORY · FEB '26 – JUN '26
max DD -33.3% $14.73
FEB '26JUN '26
Max DD
-33.3%
Volatility
43.4%
Sharpe
-1.71
Sortino
-2.16
Calmar
—
Beta
—
Flat-NAV reinvestment hurdle
694.5%
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
4.0%
Distribution & Tax
Where the yield comes from — and how it’s taxed.
Composition · Recent Distribution
89%
ROC
Return of Capital — destructive89%
Net Investment Income11%
Frequency
Weekly
Dist. rate
5.58%
ROC %
89%
30-day SEC
not reported
Consistency
2 w/o cut
YOC · 1yr-ago buyer
4.0%
Tax Treatment — Ordinary Income
ORDINARY INCOME
Distribution Composition (Recent)
89% 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 89.05% 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
+0.0% 1M -9.9% 3M
Latest Distribution Schedule
Record date
2026-06-22
Ex-dividend
2026-06-22
Pay date
—
Payback Period
17.9 yr
Dist. Since Incep.
$0.8
Holdings & Concentration
Position sizing, top-name weights, and concentration risk.
Sector Mix · Tilt vs S&P 500
No sector feed for this fund.
Holdings
61
Top-10 Wt.
—
Technical Signal & Liquidity
Moving-average posture and a read on tradability.
Price vs. Moving Averages
No moving-average series.
Price $14.73
50-DMA $—
200-DMA $—
Liquidity
Avg daily volume
6K
Avg dollar volume
$94,514
Bid/ask spread
0.27%
Premium/discount
—
Turnover
—
Estimated bid/ask spread ~0.27% (moderate). Average daily dollar volume ~$0.1M (thin). This spread is a high-low estimate, not a live quote; the issuer's reported median spread and premium/discount to NAV are shown above when available.
Assets Under Management
Trend: Falling. Source: shares×price (Massive, monthly).
AUM ($)
$2M
$3M$2M$2M
FEB '26JUN '26
SOURCES  Massive market-data API, SEC EDGAR filings, issuer disclosures.
GLDN · 2026-06-27
Prepared by denvereyon
Research aid, not investment advice.