At a glance
GIAX charges 1.03% a year, above the 0.58% average of the 3 funds most like it (the most expensive of 4). It has $102.0M in assets, the 4th largest of that group; it paid 27.92% of its price in distributions over the past 12 months, monthly. Over the past year it returned +9.7% with distributions reinvested (S&P 500: +11.5%), 3rd of those 4 funds. Its ten largest positions make up 58.8% of the fund, out of 25 in all.
The short version
Nicholas Global Equity and Income ETF (GIAX) is an actively managed fund. It pairs global stock index ETFs and individual stocks with short-term option spreads that it sells for income. Its trailing 12-month yield was 27.92% as of October 27, 2026, paid monthly, though part of each payout may be return of capital. Its 1.03% annual fee is higher than that of similar option-income funds, which average 0.58%.
Price history
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GIAX +9.7% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| GIAX official prospectus, to Dec 31, 2025 | — | +11.54% | — | — | — | +10.36% |
| GIAX price data to Oct 27, 2026 | +11.8% | +9.7% | — | — | — | +12.3% |
- Over the year to Oct 27, 2026, GIAX returned +9.7%, 3rd of 4 among similar funds.
- Its worst full calendar year was 2025 (+11.9%); its best was 2025 (+11.9%).
- The deepest fall in its price history was 20.3% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 16, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +11.8% | — |
| 2025 | +11.9% | +11.54% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $3.1900 | |
| 2025 | $4.2300 |
What's inside
As of Jul 31, 2026, the fund held 25 securities; the ten largest made up 58.76% of assets.
| Holding | Weight | |
|---|---|---|
| Freedom 100 Emerging Markets ETF | 7.87% | |
| Vanguard FTSE Developed Markets ETF | 7.58% | |
| Vanguard S&P 500 ETF | 7.17% | |
| Vanguard Morningstar Small-Cap ETF | 6.44% | |
| Micron Technology Inc | 6.00% | |
| Nebius Group NV | 5.43% | |
| Vanguard Morningstar Mid-Cap Growth ETF | 4.82% | |
| Microsoft Corp | 4.62% | |
| ServiceNow Inc | 4.50% | |
| Amazon.com Inc | 4.33% | |
| Alphabet Inc | 4.24% | |
| TSMC | 4.18% | |
| Apple Inc | 4.07% | |
| NVIDIA Corp | 4.04% | |
| Broadcom Inc | 3.76% |
By country
United States 88.15%Netherlands 5.43%Taiwan 4.18%Australia 2.82%By asset type
Stocks 100.59%By sector
Sectors of the companies held, for the 47.3% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors added a net $23.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +16.28%, -3.38%, -10.69%.
How it works
GIAX is run by managers, including sub-adviser Nicholas Wealth, LLC, rather than tracking an index. The stock side usually holds four to six broad index ETFs in roughly equal amounts. At least two of them focus on markets outside the US. Managers can shift the weights, for example adding to a market with strong momentum, and they can swap an ETF for its top 10 to 15 companies. As of July 31, 2026, ETFs made up about 34% of assets. These included Freedom 100 Emerging Markets (FRDM, 7.9%), Vanguard FTSE Developed Markets (VEA, 7.6%) and Vanguard S&P 500 (VOO, 7.2%). Individual stocks such as Micron (6.0%) and Nebius Group (5.4%) made up most of the rest.
Options drive the income. To sell a call spread, the fund sells a call option near the stock's market price and purchases another at a higher price. It keeps the premium, which is the fee the buyer pays. In return, it gives up gains between the two prices. The fund also sells put spreads. These pay a premium but lose money, up to a limit, if the stock falls below a set price. Most contracts are on US stocks or indexes. Call spreads usually expire within a month.
Portfolio turnover was 85%, so holdings change often. The prospectus warns that a portion of payouts, sometimes a large one, may be return of capital: investors' own money handed back.
What it really costs
- GIAX charges 1.03% a year, versus an average of 0.58% for the similar funds below (4th of 4, cheapest first).
- Of that, 0.9% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $105 in the first year and $1,259 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| GIAX | $105 | $328 | $569 | $1,259 |
Structure and tax notes
- Generates much of its income from selling options (directly or through notes). That income is usually taxed as ordinary income rather than as qualified dividends, and the strategy gives up some upside in strong markets.
In a retirement portfolio
Its high income comes with stock-market swings larger than the overall market's, a tech-heavy portfolio and a fee above that of similar funds.
GIAX could add monthly income and some international stocks to a portfolio, but it behaves like an aggressive stock fund. It launched July 29, 2024, so it was not around for the 2008, 2020 or 2022 downturns. Its only full calendar year, 2025, returned 11.54%. Its deepest drop was 20.3%, from February 19 to April 8, 2025, and it recovered by June 16, 2025, about 2.3 months later. Over the year to October 27, 2026, its beta was 1.78. Beta measures how much a fund moves with the market, so 1.78 means it tended to rise and fall almost twice as much. Selling shares during a slump like that would lock in losses.
The trailing yield was 27.92% as of October 27, 2026, paid monthly, but part of it may be return of capital. Costs are high at 1.03% a year. In the SEC's standard example, that comes to $1,259 over 10 years on $10,000. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors seeking monthly cash who accept that part of the 27.92% trailing yield (as of October 27, 2026) may be return of capital.
- Investors wanting option income plus stocks outside the US, through holdings like Freedom 100 Emerging Markets and Vanguard FTSE Developed Markets ETFs.
- Investors comfortable with a heavy tech tilt, including Micron, Nebius, Microsoft and NVIDIA, and with swings larger than the overall market's.
Look elsewhere if
- Cost-conscious investors: the 1.03% expense ratio is the highest among similar funds, compared with 0.35% for QYLG and 0.65% for FEPI.
- Investors wanting a long track record. The fund launched July 29, 2024 and has not yet been through a long bear market.
- Taxable-account investors who prefer qualified dividends. Option premiums are usually taxed as ordinary income, at higher rates.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
Net assets from each fund's latest N-PORT or annual report where available. Returns through Oct 27, 2026.Questions investors ask
Does GIAX pay monthly dividends?
Yes. GIAX pays monthly. Over the 12 months to October 27, 2026, it paid about $4.21 per share, a trailing yield of 27.92%. Most of that cash comes from selling options, not from stock dividends. The prospectus warns that a portion, sometimes a large one, may count as return of capital. That means part of your original investment is being handed back, so a payout is not the same as profit.
Why is GIAX's yield so high?
GIAX's yield is high because it sells short-term call and put spreads and pays out the premiums it collects. As of July 31, 2026, its options included contracts on Micron, Nebius and Apple. A high payout is not the same as a high return. The fund's one-year return to October 27, 2026 was 9.7%, well below its 27.92% yield. Option income is usually taxed as ordinary income, and some payouts may be return of capital.
What's the difference between GIAX and FEPI?
Both funds pay high income from options, and about 39% of their holdings overlap, based on their latest N-PORT reports. GIAX also holds index ETFs that cover developed and emerging markets outside the US. FEPI, as its name suggests, centers on FANG and innovation stocks. FEPI charges 0.65% a year compared with 1.03% for GIAX, and it is much larger. Over the year to October 27, 2026, GIAX returned 9.7% and FEPI returned 7.6%.
What is the GIAX expense ratio?
GIAX's expense ratio is 1.03% a year, including a 0.90% management fee, according to its prospectus filed February 23, 2026. That is more than three similar option-income funds, which average 0.58%. QYLG, the cheapest of them, charges 0.35%. In the SEC's standard example, $10,000 earning 5% a year would cost about $105 in fees in the first year and $1,259 over 10 years.
How has GIAX performed since it launched?
GIAX returned 11.54% in 2025, its first full calendar year, according to the prospectus. From its July 29, 2024 launch through December 31, 2025, it averaged 10.36% a year. The ride was bumpy. The fund fell 20.3% between February 19 and April 8, 2025, then recovered by June 16, 2025. Over the year to October 27, 2026, it returned 9.7%, with a beta of 1.78, meaning it tended to move almost twice as much as the market.