SLVX · Streamfolio

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ARCX · Active · options-income

SLVX

Nicholas Silver 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

11K

shares · daily

Distribution

9.7%

Weekly · 100% ROC

Expense Ratio

1.16%

1.16% gross

1Y Return

—

vs underlying

Sharpe

-1.11

Max DD -42.0%

Fund Identity

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

The Fund's primary investment objective is to seek capital appreciation.

The Fund is an actively managed ETF with three components: (1) an Equity Portfolio holding shares of Silver Industry Companies engaged in exploration, mining, refining, or production of silver; (2) a Commodities Portfolio providing direct and/or indirect exposure to silver-focused ETFs and ETPs, including through synthetic long exposure via options and futures; and (3) an Options Overlay generating net option premiums through strategies such as synthetic covered calls, credit call spreads, and credit put spreads on the equity and commodities holdings. The Fund may also invest up to 25% of total assets in a wholly-owned Cayman Islands subsidiary to gain exposure to investments that do not generate qualifying income for RIC purposes.

Ticker

SLVX

Issuer

Tidal Investments LLC (adviser); Nicholas Wealth, LLC (sub-adviser)

Exchange

ARCX

Inception

2026-02-18 · 0.3 yrs

Mgmt style

Active

Replication

Physical (full replication) for equity; Physical (sampled/optimized) or Synthetic (swap-based/options+futures) for commodities exposure; Derivatives (options/futures) for options overlay

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

generates income

Underlying

Individual Silver Industry Company stocks and silver-focused Underlying Funds (ETFs/ETPs)

income exposure

WEEKLY

9.7%

DIST. RATE

100% ROC
Ordinary Income

Underlying

Individual Silver Industry Company stocks and silver-focused Underlying Funds (ETFs/ETPs)

Strategy

Synthetic Covered Calls + Credit Call Spreads + Credit Put Spreads; may also use diagonal spreads, calendar spreads, collars, cash-secured puts

Tax

Ordinary Income

The options overlay targets net premium generation to support weekly cash distributions. Strategies include synthetic covered calls (selling calls against synthetic long positions), credit call spreads, and credit put spreads on equity and commodities holdings. Premiums received may be supplemented or offset by premiums paid, and distributions may include return of capital.

Performance & NAV

Total return vs. the underlying, with drawdown context.

NAV HISTORY · FEB '26 – JUN '26

FEB '26JUN '26

Max DD

-42.0%

Volatility

62.9%

Sharpe

-1.11

Sortino

-1.44

Calmar

—

Beta

—

Flat-NAV reinvestment hurdle

475.0%

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

6.7%

Distribution & Tax

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

Composition · Recent Distribution

100%

ROC

Return of Capital — destructive100%

Net Investment Income0%

Frequency

Weekly

Dist. rate

9.74%

ROC %

100%

30-day SEC

not reported

Consistency

2 w/o cut

YOC · 1yr-ago buyer

6.7%

Tax Treatment — Ordinary Income

ORDINARY INCOME

Distribution Composition (Recent)

100% 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 100% 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

2026-06-22

Ex-dividend

2026-06-22

Pay date

—

Payback Period

10.3 yr

Dist. Since Incep.

$1.4

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

No moving-average series.

Price $14.37

50-DMA $—

200-DMA $—

Liquidity

Avg daily volume

11K

Avg dollar volume

$186,143

Bid/ask spread

0.26%

Premium/discount

—

Turnover

—

Estimated bid/ask spread ~0.26% (moderate). Average daily dollar volume ~$0.2M (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

$4M$3M$2M

FEB '26JUN '26

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

SLVX · 2026-06-27
Prepared by denvereyon
Research aid, not investment advice.