The Nicholas Global Equity and Income ETF (GIAX) is an actively managed fund with $0.07 billion in assets under management. Launched in July 2024, GIAX aims for both current income and capital appreciation by investing in global equity ETFs and employing a daily index credit call spread strategy on U.S. equity indexes. With an expense ratio of 0.93%, GIAX offers a unique approach compared to passively managed global equity ETFs, potentially appealing to investors seeking active management and income generation.
Nicholas Global Equity and Income ETF (GIAX) ETF — Price, Holdings & Analysis
The Nicholas Global Equity and Income ETF (GIAX) is an actively managed fund with $0.07 billion in assets under management. Launched in July 2024, GIAX aims for both current income and capital appreciation by investing in global equity ETFs and employing a daily index credit call spread strategy on U.S. equity indexes. With an expense ratio of 0.93%, GIAX offers a unique approach compared to passively managed global equity ETFs, potentially appealing to investors seeking active management and income generation.
ETF Overview
GIAX is an actively managed exchange-traded fund that seeks to generate current income and also capital appreciation. The Fund’s strategy includes holding shares of unaffiliated passively managed ETFs that provide exposure to global equity securities and selling daily index credit call spreads on US equity indexes.
GIAX is an actively managed ETF that seeks to provide investors with both current income and capital appreciation. The fund achieves this through a dual strategy: first, by investing in shares of unaffiliated, passively managed ETFs that offer exposure to global equity securities; and second, by selling daily index credit call spreads on U.S. equity indexes. This approach allows GIAX to participate in the potential upside of global equity markets while simultaneously generating income through its options strategy. The fund's top holdings reflect its global equity focus, with significant allocations to ETFs like the Vanguard FTSE Developed Markets ETF (VEA) at 11.60%, the Freedom 100 Emerging Markets ETF (FRDM) at 9.37%, and the Vanguard Small-Cap ETF (VB) at 7.73%. Individual stock holdings include Taiwan Semiconductor Manufacturing Co Ltd ADR (TSM) at 5.34%, Meta Platforms Inc Class A (META) at 4.23%, and Alphabet Inc Class A (GOOGL) at 4.08%. The fund's sector allocation is heavily weighted towards Technology (36.8%) and Communication Services (15.6%).
Risk Metrics
GIAX carries several risks inherent to its investment strategy. Its active management approach introduces the risk of underperformance relative to its benchmark or passively managed peers. The fund's concentration in specific sectors, particularly Technology (36.8%) and Communication Services (15.6%), exposes it to sector-specific risks and potential volatility. The fund's beta of 0.00 (3Y) suggests very low volatility relative to the market, but this may not fully capture the risk associated with its options strategy. The expense ratio of 0.93% is relatively high, which can create a significant drag on performance over time, especially when compared to lower-cost passive alternatives. The fund's relatively small AUM of $0.07 billion could also pose liquidity risks.
<a href="/etf/fiax">Nicholas Fixed Income Alternative ETF (FIAX)</a> (Fixed Income) — 0.95% expense ratio
Risk Metrics
Beta: 0.00
Questions & Answers
What is GIAX and what does it track?
The Nicholas Global Equity and Income ETF (GIAX) is an actively managed fund that aims to generate both current income and capital appreciation. Unlike passively managed ETFs that track a specific index, GIAX employs a dual strategy. It invests in shares of other ETFs that provide exposure to global equity securities, and it sells daily index credit call spreads on U.S. equity indexes. This combination seeks to capture potential upside from global equities while generating income from the options strategy. The fund's holdings include ETFs focused on developed markets, emerging markets, and various market capitalizations within the U.S.
What is the expense ratio for GIAX?
The expense ratio for GIAX is 0.93%. This means that for every $10,000 invested in the fund, $93 is used to cover the fund's operating expenses annually. While this expense ratio provides access to an actively managed strategy that combines global equity exposure with income generation, it is higher than the average expense ratio for passively managed equity ETFs, which can be significantly lower, sometimes below 0.20%.
What are the top holdings in GIAX?
As of 2026-03-15, the top holdings in GIAX are primarily ETFs that provide broad exposure to global equity markets. These include the Vanguard FTSE Developed Markets ETF (VEA) at 11.60%, offering exposure to developed markets outside the U.S., and the Freedom 100 Emerging Markets ETF (FRDM) at 9.37%, which focuses on emerging markets. Additionally, the fund holds the Vanguard Small-Cap ETF (VB) at 7.73%, providing exposure to small-cap U.S. stocks.
Is GIAX a good long-term investment?
Whether GIAX is a suitable long-term investment depends on an individual's investment goals, risk tolerance, and time horizon. GIAX's active management and options strategy differentiate it from passively managed ETFs, potentially offering the opportunity for outperformance but also introducing additional risk. The fund's expense ratio of 0.93% should be considered, as it can impact long-term returns. Past performance does not guarantee future results, and investors should carefully evaluate GIAX's strategy and risk profile before investing.
How does GIAX compare to similar ETFs?
GIAX distinguishes itself from many other global equity ETFs through its active management and use of a daily index credit call spread strategy. While many global equity ETFs are passively managed and track a specific index, GIAX aims to generate both income and capital appreciation through its dual strategy. Its expense ratio of 0.93% is higher than many passively managed ETFs. With AUM of $0.07 billion, GIAX is smaller than some of the larger, more established global equity ETFs, which can have AUM in the tens or hundreds of billions of dollars.
Does GIAX pay dividends?
According to the latest data, GIAX has a dividend yield of 0.00%. This indicates that the fund is not currently distributing any dividends to its shareholders. While the fund's investment strategy includes generating current income, this income may be reinvested within the fund or used to offset expenses, rather than being distributed as dividends. Investors seeking dividend income may want to consider other ETFs with a higher dividend yield.