Nicholas Fixed Income Alternative ETF
Fund Summary
FIAX is an actively managed ETF that is distinct in the fixed-income space. Through the use of options, the fund can replicate a diversified portfolio of income producing ETFs while seeking to mitigate risk with a core holding in United States treasuries. With this distinct structure, FIAX may have lower correlation to traditional equity and fixed-income asset classes.
Fund Objective
FIAX is an actively managed exchange-traded fund (ETF) that under normal circumstances will invest at least 80% of its net assets in U.S. Treasury fixed income securities. The Fund’s defined risk option premium strategy uses options on ETFs across multiple asset classes including equities, commodities and fixed income. FIAX may also create directional index exposure on the S&P 500, Nasdaq 100 or Russell 2000 to participate in upside movement of the underlying index.
The Nicholas Fixed Income Alternative ETF (the “Fund”) seeks current income.
Fund Details
| Ticker | FIAX |
| Primary Exchange | NYSE |
| CUSIP | 88634T535 |
| Expense Ratio* | 0.95% |
| Distribution Rate** | 8.02% |
| 30 Day SEC Yield As of 01/31/2026* | 2.74% |
*The 30-Day SEC Yield is calculated with a standardized formula mandated by the SEC. The formula is based on the maximum offering price per share and does not reflect waivers in effect.
**The most recent distribution on 12/19/2025 contains 0.00% return of capital and 100.00% income.
**The Distribution Rate is the annual rate an investor would receive if the most recently declared distribution remained the same going forward. The Distribution Rate is calculated by multiplying an ETF’s Distribution per Share by twelve (12) and dividing the resulting amount by the ETF’s most recent NAV. The Distribution Rate represents a single distribution from the ETF and does not represent its total return. Distributions are not guaranteed.
Fund Data & Price
| Net Assets | $143.43m |
| NAV | $17.98 |
| Shares Outstanding | 7,975,000 |
| Premium/Discount Percentage | -0.16% |
| Closing Price | $17.95 |
| Median 30 Day Spread* | 0.06% |
*30-Day Median Spread is a calculation of Fund’s median bid-ask spread, expressed as a percentage rounded to the nearest hundredth, computed by: identifying the Fund’s national best bid and national best offer as of the end of each 10 second interval during each trading day of the last 30 calendar days; dividing the difference between each such bid and offer by the midpoint of the national best bid and national best offer; and identifying the median of those values.
Performance
| Fund Ticker | 1MO | 3MO | 6MO | YTD | 1YR | Since Inception (Cumulative) | Since Inception (Annualized) |
|---|---|---|---|---|---|---|---|
| FIAX MKT | 0.29 | 1.26 | 2.87 | 0.29 | 1.20 | 10.88 | 3.31 |
| FIAX NAV | 0.65 | 1.47 | 2.72 | 0.65 | 1.62 | 11.17 | 3.39 |
| LBUSTRUU | 0.11 | 0.58 | 3.54 | 0.11 | 6.85 | 14.95 | 4.49 |
| SPTR2 | 1.45 | 1.76 | 10.13 | 1.45 | 16.35 | 83.49 | 21.08 |
| Fund Ticker | 1MO | 3MO | 6MO | YTD | 1YR | Since Inception (Cumulative) | Since Inception (Annualized) |
|---|---|---|---|---|---|---|---|
| FIAX MKT | 0.23 | 1.69 | 2.51 | 2.33 | 2.33 | 10.56 | 3.30 |
| FIAX NAV | 0.12 | 1.36 | 2.63 | 2.93 | 2.93 | 10.45 | 3.27 |
| LBUSTRUU | 0.06 | 2.66 | 11.00 | 17.88 | 17.88 | 80.87 | 21.16 |
| SPTR2 | -0.15 | 1.10 | 3.15 | 7.30 | 7.30 | 14.83 | 4.58 |
The performance data quoted above represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted above. Performance current to the most recent month-end can be obtained by calling (855) 563-6900.
Short term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be made based solely on historical returns. Returns beyond 1 year are annualized.
A fund’s NAV is the sum of all its assets less any liabilities, divided by the number of shares outstanding. The market price is the most recent price at which the fund was traded.
Distribution Detail
| EX Date | Record Date | Payable Date | Fund Total |
|---|---|---|---|
| 01/15/2026 | 01/15/2026 | 01/16/2026 | 0.12 |
| 12/18/2025 | 12/18/2025 | 12/19/2025 | 0.12 |
| 11/20/2025 | 11/20/2025 | 11/21/2025 | 0.12 |
| 10/16/2025 | 10/16/2025 | 10/17/2025 | 0.12 |
| 09/18/2025 | 09/18/2025 | 09/19/2025 | 0.12 |
| 08/14/2025 | 08/14/2025 | 08/15/2025 | 0.12 |
| 07/17/2025 | 07/17/2025 | 07/18/2025 | 0.12 |
| 06/18/2025 | 06/18/2025 | 06/20/2025 | 0.12 |
| 05/15/2025 | 05/15/2025 | 05/16/2025 | 0.12 |
| 04/16/2025 | 04/16/2025 | 04/17/2025 | 0.12 |
Future Distribution Detail
| Declaration Date | Ex/Record Date | Payable Date |
|---|---|---|
| 02/18/2026 | 02/19/2026 | 02/20/2026 |
| 03/18/2026 | 03/19/2026 | 03/20/2026 |
| 04/15/2026 | 04/16/2026 | 04/17/2026 |
| 05/20/2026 | 05/21/2026 | 05/22/2026 |
| 06/17/2026 | 06/18/2026 | 06/19/2026 |
| 07/15/2026 | 07/16/2026 | 07/17/2026 |
| 08/19/2026 | 08/20/2026 | 08/21/2026 |
| 09/16/2026 | 09/17/2026 | 09/18/2026 |
| 10/14/2026 | 10/15/2026 | 10/16/2026 |
| 11/18/2026 | 11/19/2026 | 11/20/2026 |
| 12/16/2026 | 12/17/2026 | 12/18/2026 |
The Fund intends to pay out dividends and interest income, if any, monthly, and distribute any net realized capital gains to its shareholders at least annually. There is no assurance that the Fund will make a distribution in any given month. If the Fund makes distributions, the amounts of such distributions will likely vary greatly from one distribution to the next. Additionally, past monthly distributions have included a return of investor capital, which would decrease the Fund’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment. The Fund is a newly organized investment company, and it is not possible to estimate how much of any future distribution is a return of capital. Please see fund prospectus for additional information on the tax treatment of distributions.
Top 10 Holdings
The Nicholas Fixed Income Alternative ETF (FIAX) Fund is an actively managed exchange-traded fund (“ETF”) that seeks to provide income using U.S. Treasury fixed income securities and a “defined risk option premium.”
The Fund’s defined risk option premium strategy uses options on ETFs across multiple asset classes (e.g., equities, commodities, fixed income). Through the defined risk option premium strategy, two options transactions are paired together in order to create a “defined risk” trade that caps the maximum possible gains and losses from the outset.
| Name | CUSIP | Shares | Price | Market Value | Weightings ▲ |
|---|---|---|---|---|---|
| United States Treasury Note/Bond 3.875% 06/15/2028 | 91282CNH0 | 34,109,000.00 | $100.93 | $34,426,773.43 | 24.16% |
| United States Treasury Note/Bond 4.625% 10/15/2026 | 91282CJC6 | 34,104,000.00 | $100.64 | $34,323,871.22 | 24.09% |
| United States Treasury Bill 05/12/2026 | 912797TR8 | 34,152,000.00 | $99.18 | $33,872,828.57 | 23.78% |
| United States Treasury Bill 02/19/2026 | 912797PM3 | 31,212,000.00 | $100.00 | $31,212,000.00 | 21.91% |
| United States Treasury Bill 09/03/2026 | 912797RS8 | 31,212,000.00 | $98.13 | $30,627,164.84 | 21.50% |
| United States Treasury Note/Bond 4.5% 02/15/2036 | 912810FT0 | 5,419,000.00 | $104.01 | $5,636,183.33 | 3.96% |
| SPXW US 06/18/26 C6950 | SPXW 260618C06950000 | 63.00 | $253.00 | $1,593,900.00 | 1.12% |
| XLU US 03/20/26 C38 | XLU 260320C00038000 | 1,534.00 | $8.23 | $1,261,715.00 | 0.89% |
| SPX US 03/20/26 C6700 | SPX 260320C06700000 | 45.00 | $265.00 | $1,192,500.00 | 0.84% |
| XLP US 04/17/26 P90 | XLP 260417P00090000 | 2,400.00 | $3.38 | $810,000.00 | 0.57% |
| First American Government Obligations Fund 12/01/2031 | 31846V336 | 589,366.00 | $100.00 | $589,365.75 | 0.41% |
| XLF US 03/20/26 C50 | XLF 260320C00050000 | 1,457.00 | $3.75 | $546,375.00 | 0.38% |
| HYG US 06/18/26 P76 | HYG 260618P00076000 | 12,510.00 | $0.34 | $419,085.00 | 0.29% |
| HYG US 03/20/26 P76 | HYG 260320P00076000 | 11,500.00 | $0.13 | $149,500.06 | 0.10% |
| XLF US 03/20/26 C58 | XLF 260320C00058000 | -1,457.00 | $0.06 | $-8,742.00 | -0.01% |
| SPX US 03/20/26 C7070 | SPX 260320C07070000 | -45.00 | $37.55 | $-168,975.00 | -0.12% |
| XLP US 04/17/26 P83 | XLP 260417P00083000 | -2,400.00 | $0.87 | $-207,600.00 | -0.15% |
| XLU US 03/20/26 C45 | XLU 260320C00045000 | -1,534.00 | $1.40 | $-213,993.00 | -0.15% |
| SPXW US 06/18/26 C7400 | SPXW 260618C07400000 | -63.00 | $57.60 | $-362,880.00 | -0.25% |
| HYG US 03/20/26 P81 | HYG 260320P00081000 | -11,500.00 | $0.46 | $-523,250.00 | -0.37% |
| HYG US 06/18/26 P81 | HYG 260618P00081000 | -12,510.00 | $1.50 | $-1,876,500.00 | -1.32% |
| Cash & Other | Cash&Other | -30,824,970.00 | $1.00 | $-30,824,970.33 | -21.64% |
Holdings are subject to change without notice.
Under normal circumstances, the Fund will invest at least 80% of its net assets in U.S. Treasury fixed income securities.
U.S. Treasuries are debt obligations issued and backed by the full faith and credit of the United States government. That backing carries weight due to the federal government’s taxing power and the relative size and strength of the U.S. economy. U.S. Treasury securities can provide dependable, steady cash flow and preserve invested principal, if held to maturity.
Purchase
The Fund (FIAX) is available through various channels including via phone (855) 563-6900, broker-dealers, investment advisers, and other financial services firms, including:
This Fund is not affiliated with these financial service firms. Their listing should not be viewed as a recommendation or endorsement.