Understanding the GLACIERSHARES NASDAQ ICELAND ETF (GLCR)

The GLACIERSHARES NASDAQ ICELAND ETF (ticker: GLCR) is an exchange-traded fund designed to provide exposure to the Icelandic market. As of October 6, 2026, the fund is trading at $23.99.

What this ETF is trying to do

This ETF focuses on companies based in Iceland. While the specific investment strategy isn't detailed, its holdings suggest a focus on Icelandic banks and other local businesses. The fund holds 33 total companies, though the list below shows only the largest ones.

Top Holdings:

• ISLANDSBANKI HF (13.56%)

• ARION BANKI HF (12.62%)

• OCULIS HOLDING AG (6.51%)

• AMAROQ LTD (6.38%)

• ALVOTECH (5.95%)

• EMBLA MEDICAL HF (5.63%)

• BAKKAFROST P/F (4.70%)

• SALMAR ASA (4.60%)

• MOWI ASA (4.58%)

• HAGAR HF (3.77%)

*Note: Holdings can change over time. This list is a partial view of the portfolio.*

What the numbers show

When looking at how this ETF has performed, it is important to distinguish between "price return" (the change in the share price) and "total return" (which includes distributions).

• Year-to-Date (YTD): The YTD price return is -10.04%. The YTD total return is also -10.04%.

• One-Year Performance: The one-year price return is -10.39%. However, the one-year total return is -9.51%.

Because the total return (-9.51%) is higher than the price return (-10.39%), it shows that distributions helped slightly offset some of the share-price decline over the last year. An estimated price from roughly one year ago was $26.77.

Income and distribution explanation

GLCR provides a distribution yield of approximately 1.08%. This represents the cash distributed relative to the ETF's price.

It is important to remember that a distribution yield is not the same as total return. Also, this fund has an "irregular" or "less frequent" distribution frequency, with only one payout recorded in the last 12 months. Because distributions are not frequent or consistent, they may not provide a steady stream of cash income.

NAV erosion explanation

The fund has an erosion-risk score of 75, which is labeled as "mild price erosion." This means the share price has shown some downward movement.

The supplied data is sufficient to evaluate price erosion, but it does not include enough historical NAV-per-share data to confirm or rule out NAV erosion. While the market price has declined, we cannot use this alone to prove that the Net Asset Value (the actual value of the underlying assets) has declined.

Pros

• Provides specific exposure to the Icelandic market through a single ticker.

• The total return is slightly higher than the price return, meaning distributions provided some value.

Cons

• The fund has experienced a share-price decline over the last year.

• Distributions are irregular and less frequent, which may not suit investors looking for steady income.

• The fund shows signs of mild price erosion.

Beginner takeaway

Investors researching GLCR should note that the fund has seen a decline in its share price recently. While it pays a distribution, the payments are not frequent. When looking at this ETF, distinguish between the falling share price and the total return to see how distributions impact the overall result.