Nicholas Global Equity and Income ETF
$16.04−0.03 (−0.19%)
- 1.03%
- $117M
- +19.4%
- 25.23%
- 0.1M sh
- $16.21
- low $13.26high $18.77
The ETF.net GIAX Grade
D
Score 35 out of 100
- 19 of 25
Score 35 of 100 falls in the D band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.F23 out of 100Rank 19 of 25Mission
Whether the fund did what it promised, tested against its stated mandate.Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.D28 out of 100Rank 21 of 25Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.D38 out of 100Rank 20 of 25Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.A74 out of 100Rank 7 of 19Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.B56 out of 100Rank 13 of 25
Our read on GIAX
DMost income ETFs sell calls on the stocks they hold. GIAX runs a global equity core plus daily credit call spreads on US indices, where a further-out long call caps each short. Income first, paid monthly.
The actively managed ETF primarily seeks current income and secondarily seeks capital appreciation. It combines global-equity exposure through passive ETFs or representative securities with daily index credit call spreads and Treasury or cash holdings.
Why people hold it
- The option engine uses credit call spreads, so each short call is paired with a further out-of-the-money long call that caps the loss on that position.
- Equity sleeve is global and built from passive ETFs or representative securities, with Treasuries and cash sitting alongside the option book.
- The mandate puts current income first and capital appreciation second, and the fund distributes monthly.
- Actively managed inside a standard 1940 Act fund, so no K-1 and no commodity-pool paperwork at tax time.
Worth knowing
- The fee is 1.03% a year, high for this corner of the market. Several option-income peers run far cheaper, such as YLDE at 0.47% and NBOS at 0.59%.
- Distributions can include return of capital, which hands back part of your own money and lowers your cost basis instead of adding to it.
- Launched in 2024 with a compact book of around 29 positions, and selling index call spreads daily limits how much of a strong rally the fund keeps.
GIAX Holdings
- Stocks
- 64
- 49%
- VOO
Sectors
- Technology40.8%
- Communication16.9%
- Financials13.0%
- Industrials10.4%
- Consumer Discretionary9.7%
- Health Care2.3%
- Materials2.1%
- Energy1.9%
- Consumer Staples1.2%
- Real Estate1.0%
- Utilities0.8%
Geography
- United States90.17%
- Netherlands4.54%
- Switzerland3.03%
- Cayman Islands2.26%
GIAX Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
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GIAX$11,940
Returns run to the Oct 12, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | GIAX |
|---|---|
| Year to date | +18.1% |
| 1 month | +2.8% |
| 3 months | +3.3% |
| 1 year | +19.4% |
| 3 years | — |
| 5 years | — |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | GIAX |
|---|---|---|
| 2026 YTD | +18.1% | |
| 2025 | +11.7% | |
| 2024 | +3.8% |
GIAX in the news
Category Review
Index option income was not one bet this year
GIAX Dividends
- 25.23%
- $4.05
- $0.08 per share
- Weekly
Distribution history
GIAX Risk
- 20.8%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- 0.56
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −20.3%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 1.39
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
GIAX Cost
1.03%
GIAX1.03%
- The middle half of Index Option Income funds
- Median 0.81%
18 of the 25 Index Option Income funds charge less.
Other funds in Index Option Income
- CTMGNETF Opportunities Trust - Tappalpha Cboe Magnificent 10 Growth & Daily Income ETFExpense ratio 0.88%1 year return —
- DSOXYYieldMax Target 12 Semiconductor Option Income ETFExpense ratio 1.06%1 year return +85.4%
- DKLIPKraneShares KWEB Covered Call Strategy ETFExpense ratio 0.94%1 year return −10.2%
- DYMAGYieldMax Magnificent 7 Fund of Option Income ETFExpense ratio 1.34%1 year return +15.6%
- DMAGYRoundhill Magnificent Seven Covered Call ETFExpense ratio 1.19%1 year return +7.5%