Nicholas Crypto Income ETF
Key Statistics
Historical Performance
Total return including reinvested distributions, from adjusted closing prices.
Price History
Price history is being compiled for this fund.
Top Holdings
Top 25 holdings as of Jan 31, 2026 · source: SEC N-PORT. Full holdings & prospectus →
About BLOX
The Fund is an actively managed exchange-tradedfund (“ETF”) that primarily seeks capital appreciation, with a secondary objective of current income. The Fund’sstrategy includes three components: (i) Equity Portfolio: holding equity shares of companies that have principal business activities in the “crypto asset” industry, referred to herein as “Crypto Industry Companies” (defined below); (ii) Crypto Portfolio: providingexposure to the share price (i.e., the price returns) of select U.S.-listed exchange-traded funds (“ETFs”)and/or exchange-traded products (“ETPs”) (each an “Underlying Fund” and collectively, the “UnderlyingFunds”) that seek exposure to Bitcoin, Ether, Solana or XRP, (each a “Crypto Asset,” together, the “CryptoAssets”). See the Prospectus section titled “Additional Information About the Fund” for more information abouteach Crypto Asset. (iii) Options Overlay: generating options premiums through an options portfolio (the “Options Strategies”), which involves using options contracts on the individual holdings of the equity portfolio as well as the Underlying Funds (collectively, the “Underlying Securities”). The Fund will also hold cash or U.S. Treasuriesas collateral to support the Fund’s options contracts. I. Equity Portfolio The Fund’s investment sub-adviser,Nicholas Wealth, LLC (“Nicholas Wealth” or the “Sub-Adviser), selects the Crypto Industry Companies in whichthe Fund invests. Crypto Industry Companies are companies engaged in crypto asset mining, blockchain technology development, cryptoasset trading platforms, financial services related to the crypto asset industry, payment processing, digital wallet services,decentralized finance (DeFi) platforms, non-fungible token (NFT) related platforms and services, as well as technology providerswithin the crypto industry and companies that invest directly in crypto assets. In selecting specific Crypto Industry Companiesfor investment, the Sub-Adviser evaluates a potential investment’s price level (i.e., its price relative to the Sub-Adviser’sevaluation of its value) and implied volatility (i.e., a measure of how much the market believes the price of a stock or otherunderlying asset will move in the future when selecting companies for investment). The Sub-Adviser also evaluates publicly availabledata, such as quarterly earnings reports, company presentations and/or official earnings conference call transcripts, as well asnews. The Sub-Adviser will monitor for these factors when determining whether to select new investments or remove existing investmentsfrom the portfolio. The Fund’s equity portfolio will typically hold between ten and twenty different Crypto Industry Companies.Individual weightings will be based upon the Sub-Adviser’s assessment of various factors, including, changes in a company’sbusiness model or operations; a company’s increase or decrease in crypto related revenue; financial fundamentals, such asprice to earnings and potential revenue growth, relative to other companies; and/or unusual trading volumes and market pricing. Crypto Industry Companies may include companiesfrom foreign countries, including emerging markets, and may include companies of all market capitalizations. Crypto Industry Companiesmay include depositary receipts, such as American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”).The Fund may also invest in Crypto Industry ETFs (defined below) as part of its equity portfolio. The Fund will concentrate itsinvestments (i.e., hold 25% or more of its total assets) in securities issued by companies, and/or instruments that provide exposureto companies, within the group of industries that comprise the information technology sector. II. Crypto Portfolio The Fund provides exposure to the shareprice (i.e., the price returns) of one or more Underlying Funds. The Fund may invest directly in the Underlying Funds and it mayalso utilize options strategies, including synthetic covered calls and credit call spreads, that are designed to provide indirectexposure to the share price returns of one or more Underlying Funds. An Underlying Fund may include both: ● an Underlying Fund that invests directly in a Crypto Asset as its primary underlying asset, and ● an Underlying Fund that invests indirectly in a Crypto Asset via derivatives contracts based on such Crypto Asset’s prices. Rather than purchasing shares of an UnderlyingFund directly, the Fund creates synthetic exposure by combining long call options with short put options on the Underlying Fund.Together, these positions are designed to replicate the price movements of the Underlying Fund, subject to limits on potentialgains created by the sale (writing) of options. Alternatively, the Fund may also purchase deep in the money call options on theUnderlying Fund which provides similar exposure to the Underlying Fund. This synthetic exposure generally provides the Fund withinvestment exposure equal to approximately 100% of the Underlying Fund over the term of the contracts. The Fund may also write credit call spreads,which involve selling call options and purchasing higher strike call options on the Underlying Fund, to seek greater participationin potential appreciation of the Underlying Fund’s share price while still generating net option premiums. This strategymay reduce participation in price increases that occur between the strike prices of the sold and purchased call options. The Fund does not invest directly inthe Crypto Assets or any other digital assets. The Fund does not invest in or seek direct exposure to the current “spot”or cash price of a Crypto Asset. Investors seeking direct exposure to the price of the Crypto Assets should consider an investmentother than the Fund. Although the Crypto Assets may each be referred to as a “cryptocurrency,” each is not yet widelyaccepted as a means of payment. III. Options Overlay The Fund seeks to generate options premiumsby using options contracts on some or all of its Underlying Securities. In particular, the Fund will receive a premium when itwrites (sells) an option. By selling options, the Fund will earn premiums from buyers who pay for the right to buy or sell theunderlying asset at a predetermined price. The Adviser can implement the Options Strategiesin various market conditions. Depending on the Adviser’s outlook, the Adviser will select one Options Strategy or a combinationof Options Strategies that it believes will best provide the Fund with options premiums while generally also attempting to capturesome upside appreciation (potential for increase in asset value). Additionally, the Adviser considers the performance of the UnderlyingSecurities. In some instances, the aim is to generate additional gains if the Underlying Security increases in value, while, inother cases, the aim is to limit losses if the Underlying Security decreases in value. Further, depending on the Adviser’sassessment of one or more of the Underlying Securities’ options contracts (e.g., they are insufficiently liquid or too costly),the Fund may employ Options Strategies using options on a “Crypto Industry ETF” (i.e., a passively-managed, U.S.-listedETF that seeks to track the performance of a Crypto Industry Index (described below)). The Fund’s use of Options Strategieswith Underlying Securities or ETFs will generally be covered; however, from time the Fund may utilize Options Strategies with respectto an index of Crypto Industry Companies or an index of ETFs that invest in Crypto Industry Companies. When Options Strategiesare utilized with respect to an index, they are typically structured as spread options which have defined risk despite the Fundnot necessarily holding the underlying index constituents. The Options Strategy most frequently utilizedby the Fund is called a covered call spread, which is a type of selling credit spread. The Fund uses covered call spreads to earnpremium by selling a call option while buying another at a higher strike, with both profit and loss capped. See the prospectussection titled “Additional Information About the Funds” for a list of the options strategies that the Fund may utilize,together with a description of each options strategy. Additionally, the premiums the Fundreceives from selling options are directly influenced by market volatility; higher volatility (larger price swings) typically resultsin higher premiums. Therefore, the Adviser analyzes market conditions to determine the timing and type of Options Strategies toemploy. By strategically entering and exiting options positions, the Adviser seeks to enhance the Fund’s income potential.Options Strategies impact the risk-return profile of the Fund, potentially affecting volatility, income generation, upside capture(gain potential), and capital preservation (protecting value). Options Premiums – Income/Returnof Capital Distributions may include a significantportion classified as return of capital (“ROC”). ROC generally represents a return of a shareholder’s investedcapital rather than traditional income such as dividends or interest. See the prospectus section titled “Additional InformationAbout the Fund” for more information about option premiums and ROC. Cayman Subsidiary The Fund intends to gain exposure to UnderlyingFunds and options on Underlying Funds either directly or indirectly through a wholly-owned Cayman Islands subsidiary (the “Subsidiary”)that is advised by the Adviser and sub-advised by the Sub-Adviser. The Fund may invest up to 25% of its total assets in the Subsidiary,tested at the end of each fiscal quarter. The Subsidiary will generally invest in investments that do not generate “qualifyingincome” under the source of income test required to qualify as a regulated investment company (“RIC”) under SubchapterM of the Internal Revenue Code of 1986, as amended (the “Code”). Unlike the Fund, the Subsidiary may invest withoutlimitation in such investments; however, the Subsidiary will comply with the same Investment Company Act of 1940, as amended (the“1940 Act”), requirements that are applicable to the Fund’s investments. In addition, the Subsidiary will besubject to the same fundamental investment restrictions as the Fund and will comply with them on an aggregate basis with the Fund,and will follow the same compliance policies and procedures as the Fund. Unlike the Fund, the Subsidiary will not seek to qualifyas a RIC under the Code. The Fund is the sole investor in the Subsidiary and does not expect the shares of the Subsidiary to beoffered or sold to other investors. Because the value of the Subsidiary must not exceed 25% of the Fund’s value at the closeof any quarter, the Subsidiary may need to sell assets as a quarter end approaches and pay a dividend to the Fund. This dividendwill constitute qualifying income for RIC purposes. Except as otherwise noted, for purposes of this Prospectus, references to theFund’s investments include the Fund’s indirect investments through the Subsidiary. Reverse Repurchase Agreements The Fund may invest in reverse repurchaseagreements, which are a form of borrowing where the Fund sells portfolio securities to financial institutions and agrees to repurchasethem at a later date for a higher price. This arrangement allows the Fund to use the proceeds from the initial sale for other investmentpurposes. However, since the Fund repurchases the securities at a higher price, it incurs a loss on these transactions. To qualify for treatment as a regulatedinvestment company (RIC) under the Internal Revenue Code, the Fund may use reverse repurchase agreements to ensure that its investmentin the Subsidiary does not exceed 25% of the Fund’s total assets at the end of each fiscal quarter (the “Asset DiversificationTest”). During other times of the year, the Fund’s investments in the Subsidiary may exceed 25% of its total assets. Collateral As part of the Fund’s strategy, theFund holds collateral investments. The Fund expects to invest in U.S. Treasury bills, money market funds, cash and cash equivalents(e.g., high quality commercial paper and similar instruments that are rated investment grade or, if unrated, of comparable quality,as the Adviser determines), that provide liquidity, serve as margin or collateralize the Fund’s or the Subsidiary’sinvestments in options contracts. Other Fund Attributes Under normal circumstances, the Fund willinvest at least 80% of the value of its assets, plus borrowings for investment purposes, in (i) the equity securities of CryptoIndustry Companies, (ii) options contracts on Crypto Industry Companies and on Crypto Industry ETFs, (iii) Underlying Funds, and(iv) options contracts on Underlying Funds. For purposes of the foregoing, the Funddefines a “Crypto Industry Company” as a company that derives 50% or more of its revenue in one or more of the followingproprietary sectors: (i) crypto asset mining, (ii) blockchain technology development (e.g., companies providing infrastructureand tools for blockchain networks), (iii) crypto asset trading platforms, (iv) digital wallet providers, (v) decentralized finance(DeFi) platforms, (vi) companies involved in the development of smart contract technology, (vii) manufacturers and distributorsof hardware related to crypto asset (e.g., mining rigs, hardware wallets, and other related equipment), (viii) companies providingblockchain-as-a-service (BaaS), (ix) interactive platforms and services related to NFTs (non-fungible tokens), (x) crypto assetcross-border payments, (xi) crypto asset tokenization, and (xii) crypto asset decentralized lending. A “Crypto Industry Company”also includes a company that holds at least $50 million of crypto assets on its balance sheet. The Fund defines a “CryptoIndustry ETF” as a passively managed U.S.-listed ETF that seeks to track the performance of a Crypto Industry Index. Lastly,the Fund defines an “Crypto Industry Index” as a benchmark that tracks the performance of a selection of Crypto IndustryCompanies. It is anticipated that the Fund’sassets will be allocated to each strategy approximately as follows: ● Equity Portfolio – between 25% and 50% ● Crypto Portfolio – between 25% and 50% ● Options Overlay – between 25% and 50% The Fund’s strategy is expected tohave a high annual portfolio turnover rate. The Fund is classified as “non-diversified”under the 1940 Act.
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Data for BLOX is aggregated from third-party providers (Tiingo, Nasdaq, Finnhub) and SEC filings, may be delayed at least 20 minutes, and may be incomplete or contain errors. Nothing here is investment advice. Verify with the official prospectus before investing.