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FIAX Documents

FIAX 19a-1 Notice (Payable Date 1.16.26) Final
FIAX 19a-1 Notice (Payable Date 12.19.25) Final
FIAX 19a-1 Notice (Payable Date 11.21.25) Final
FIAX 19a-1 Notice (Payable Date 10.17.25) Final
FIAX 19a-1 Notice (Payable Date 9.19.25) Final
FIAX 19a-1 Notice (Payable Date 8.15.25) Final
FIAX 19a-1 Notice (Payable Date 7.18.25) Final
FIAX 19a-1 Notice (Payable Date 6.20.25) Final
FIAX 19a-1 Notice (Payable Date 5.16.25) Final
FIAX 19a-1 Notice (Payable Date 4.17.25) Final
FIAX 19a-1 Notice (Payable Date 3.21.25) Final
FIAX 19a-1 Notice (Payable Date 2.21.25) Final
FIAX 19a-1 Notice (Payable Date 1.17.25) Final
FIAX 19a-1 Notice (Payable Date 12.18.24) Final
FIAX 19a-1 Notice (Payable Date 11.18.24) Final
FIAX 19a-1 Notice (Payable Date 10.17.24) Final
FIAX 19a-1 Notice (Payable Date 9.18.24) Final
FIAX 19a-1 Notice (Payable Date 8.19.24) Final
FIAX 19a-1 Notice (Payable Date 7.17.24) Final
FIAX 19a-1 Notice (Payable Date 6.20.24) Final
FIAX 19a-1 Notice (Payable Date 5.20.24) Final
FIAX 19a-1 Notice (Payable Date 4.18.24) Final
FIAX 19a-1 Notice (Payable Date 3.20.24) Final
FIAX 19a-1 Notice (Payable Date 2.21.24) Final
FIAX 19a-1 Notice (Payable Date 1.19.24) Final

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Our Office

218 Roswell St NE
Suite 200
Marietta, GA 30060

Contact Us

(855) 563-6900
[email protected]

Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Fund, please call (855) 563-6900 or visit our website at www.nicholasx.com. Read the prospectus or summary prospectus carefully before investing.

Investments involve risk. Principal loss is possible.

Derivatives Risk. (FIAX, GIAX, BLOX, SLVX & GLDN) Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

Counterparty Risk. (FIAX, GIAX & BLOX) The Fund is subject to counterparty risk by virtue of its investments in option contracts which exposes the Fund to the risk that the counterparty will not fulfill its obligation to the Fund.

Equity Market Risk. (FIAX, GIAX & BLOX) By virtue of the Fund’s investments in option contracts equity ETFs and equity indices, the Fund is exposed to common stocks indirectly which subjects the Fund to equity market risk.

High Portfolio Turnover Risk. (FIAX, GIAX, BLOX, SLVX & GLDN) The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses.

Non-Diversification Risk. (FIAX, GIAX, BLOX, SLVX & GLDN) Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

Hedging Transactions Risk. (FIAX & BLOX) Hedging transactions involve risks different than those of underlying investments. In particular, the variable degree of correlation between price movements of hedging transactions and price movements in the position being hedged means that losses on the hedge may be greater than gains in the value of the Fund’s positions, opportunities for gain may be limited or that there may be losses on both parts of a transaction.

Illiquid Investments Risk. (FIAX & BLOX) The Fund may, at times, hold illiquid investments, by virtue of the absence of a readily available market for certain of its investments, or because of legal or contractual restrictions on sales.

Interest Rate Risk. (FIAX & BLOX) The value of the Fund’s investments in fixed income Treasury securities will fluctuate with changes in interest rates.

New Fund Risk. (BLOX, SLVX & GLDN) The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

Index ETF Risks. (GIAX) The Fund invests in Index ETFs, which subjects the Fund to the following risks in addition to ETF Risks (described below):

Indirect Investment Risk. The Fund’s exposure to various Indices involves indirect investment risk. None of the Indices are affiliated with the Trust, the Fund, the Adviser, the Sub-Adviser, or their respective affiliates, and are not associated with this offering. Investors in the Fund are susceptible to declines in the performance of the Indices in which the Fund invests.

Index Trading Risk. The price of an Index may be highly volatile and could continue to be subject to wide fluctuations in response to various factors. Market volatility, unrelated to company performance, has been observed in response to economic conditions and geopolitical events.

Index Risks. The Fund will be subject to varying risks depending on its then-current holdings. Differing risks may apply depending on the relevant Index’s composition. For U.S. Indices, economic and market conditions primarily drive performance, while sector-specific downturns can impact an Index. Global Indices are subject to geopolitical risks and unexpected events like pandemics, introducing volatility. Foreign Indices may be influenced by economic factors specific to those countries or regions.

Foreign Investment Risk. (GIAX, BLOX, SLVX & GLDN) The Fund will invest in foreign securities, including non-U.S. dollar-denominated securities traded outside of the United States and U.S. dollar-denominated securities of foreign issuers traded in the United States.

Silver Industry Companies Risks. (SLVX) Investments in companies engaged in the exploration, mining, refining, and production of silver (Silver Industry Companies) involve greater than average risks and may be considered speculative. The performance of Silver Industry Companies is closely linked to the price of silver bullion.

Silver Investment Risks. (SLVX) Investments in silver are considered speculative and may involve greater volatility than investments in other asset classes. The price of silver can fluctuate rapidly and unpredictably and has historically shown variable correlation with the returns of equity, fixed income, and other asset classes.

Gold Industry Companies Risks. (GLDN) Investments in companies engaged in the exploration, mining, refining, and production of gold (Gold Industry Companies) involve greater than average risks and may be considered speculative. The performance of Gold Industry Companies is closely linked to the price of gold bullion.

Gold Investment Risks. (GLDN) Investments in gold are considered speculative and may involve greater volatility than investments in other asset classes. The price of gold can fluctuate rapidly and unpredictably over short periods and has historically demonstrated a low correlation with the returns of equity and fixed income markets, as well as with other asset classes.

Concentration Risk. (SLVX & GLDN) The Fund will have economic exposure that is concentrated to the industry or group of industries assigned to Silver Industry Companies (SLVX) or Gold Industry Companies (GLDN). To the extent that the Fund concentrates in a group of industries, it will be subject to the risk that economic, political, or other conditions that have a negative effect on that group of industries will negatively impact them to a greater extent than if its assets were invested in a wider variety of industries

Yield to Maturity: Yield to maturity (YTM) is the total return anticipated on a bond if the bond is held until it matures.

Dividend Yield: The dividend yield is a financial ratio that shows how much a company pays out in dividends each year relative to its stock price.

Average Duration: A measure of a fund’s interest-rate sensitivity—the longer a fund’s duration, the more sensitive the fund is to shifts in interest rates. Duration is determined by a formula that includes coupon rates and bond maturities. Small coupons tend to increase duration, while shorter maturities and higher coupons shorten duration.

Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Fund, please call (855) 563-6900 or visit our website at www.nicholasx.com. Read the prospectus or summary prospectus carefully before investing.

Investments involve risk. Principal loss is possible.

Derivatives Risk. (FIAX, GIAX, BLOX, GLDN, SLVX, NUKX & WEPN) Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

Counterparty Risk. (FIAX, GIAX & BLOX) The Fund is subject to counterparty risk by virtue of its investments in option contracts which exposes the Fund to the risk that the counterparty will not fulfill its obligation to the Fund.

Equity Market Risk. (FIAX, GIAX & BLOX) By virtue of the Fund’s investments in option contracts equity ETFs and equity indices, the Fund is exposed to common stocks indirectly which subjects the Fund to equity market risk.

High Portfolio Turnover Risk. (FIAX, GIAX, BLOX, SLVX, GLDN, NUKX & WEPN) The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses.

Non-Diversification Risk. (FIAX, GIAX, BLOX, SLVX, GLDN, NUKX & WEPN) Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

Hedging Transactions Risk. (FIAX & BLOX) Hedging transactions involve risks different than those of underlying investments. In particular, the variable degree of correlation between price movements of hedging transactions and price movements in the position being hedged means that losses on the hedge may be greater than gains in the value of the Fund’s positions, opportunities for gain may be limited or that there may be losses on both parts of a transaction.

Illiquid Investments Risk. (FIAX & BLOX) The Fund may, at times, hold illiquid investments, by virtue of the absence of a readily available market for certain of its investments, or because of legal or contractual restrictions on sales.

Interest Rate Risk. (FIAX & BLOX) The value of the Fund’s investments in fixed income Treasury securities will fluctuate with changes in interest rates.

New Fund Risk. (BLOX, SLVX, GLDN, NUKX & WEPN) The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

Index ETF Risks. (GIAX) The Fund invests in Index ETFs, which subjects the Fund to the following risks in addition to ETF Risks (described below):

Indirect Investment Risk. The Fund’s exposure to various Indices involves indirect investment risk. None of the Indices are affiliated with the Trust, the Fund, the Adviser, the Sub-Adviser, or their respective affiliates, and are not associated with this offering. Investors in the Fund are susceptible to declines in the performance of the Indices in which the Fund invests.

Index Trading Risk. The price of an Index may be highly volatile and could continue to be subject to wide fluctuations in response to various factors. Market volatility, unrelated to company performance, has been observed in response to economic conditions and geopolitical events.

Index Risks. The Fund will be subject to varying risks depending on its then-current holdings. Differing risks may apply depending on the relevant Index’s composition. For U.S. Indices, economic and market conditions primarily drive performance, while sector-specific downturns can impact an Index. Global Indices are subject to geopolitical risks and unexpected events like pandemics, introducing volatility. Foreign Indices may be influenced by economic factors specific to those countries or regions.

Foreign Investment Risk. (GIAX, BLOX, SLVX, GLDN, NUKX & WEPN) The Fund will invest in foreign securities, including non-U.S. dollar-denominated securities traded outside of the United States and U.S. dollar-denominated securities of foreign issuers traded in the United States.

Silver Industry Companies Risks. (SLVX) Investments in companies engaged in the exploration, mining, refining, and production of silver (Silver Industry Companies) involve greater than average risks and may be considered speculative. The performance of Silver Industry Companies is closely linked to the price of silver bullion.

Silver Investment Risks. (SLVX) Investments in silver are considered speculative and may involve greater volatility than investments in other asset classes. The price of silver can fluctuate rapidly and unpredictably and has historically shown variable correlation with the returns of equity, fixed income, and other asset classes.

Gold Industry Companies Risks. (GLDN) Investments in companies engaged in the exploration, mining, refining, and production of gold (Gold Industry Companies) involve greater than average risks and may be considered speculative. The performance of Gold Industry Companies is closely linked to the price of gold bullion.

Gold Investment Risks. (GLDN) Investments in gold are considered speculative and may involve greater volatility than investments in other asset classes. The price of gold can fluctuate rapidly and unpredictably over short periods and has historically demonstrated a low correlation with the returns of equity and fixed income markets, as well as with other asset classes.

Nuclear Industry Companies Risks. (NUKX) Investments in Nuclear Industry Companies involve greater than average risks and may be considered speculative. The performance of Nuclear Industry Companies is closely linked to the market price of uranium (see “Uranium Investment Risk” below) and to global demand for nuclear energy.

Uranium Investment Risks. (NUKX) Investments in uranium are considered speculative and may involve greater volatility than investments in other asset classes. The price of uranium can fluctuate rapidly and unpredictably and may be influenced by global energy demand, reactor construction and decommissioning trends, geopolitical developments, and government policies regarding nuclear energy and non-proliferation.

Defense and Rare Earth Companies Risks. (WEPN) Investments in Defense and Rare Earth Companies involve greater than average risks and may be considered speculative. The performance of Defense and Rare Earth Companies is closely linked to levels of government defense spending, geopolitical developments, and global demand for critical materials used in advanced technologies, clean energy, and defense applications.

Rare Earth and Critical Materials Investment Risks. (WEPN) Investments in rare earth elements and other critical materials are considered speculative and may involve greater volatility than investments in other asset classes.

Concentration Risk. (SLVX, GLDN, NUKX & WEPN) The Fund will have economic exposure that is concentrated to the industry or group of industries assigned to Silver Industry Companies (SLVX), Gold Industry Companies (GLDN), Nuclear Industry Companies (NUKX), or Defense and Rare Earth Companies (WEPN). To the extent that the Fund concentrates in a group of industries, it will be subject to the risk that economic, political, or other conditions that have a negative effect on that group of industries will negatively impact them to a greater extent than if its assets were invested in a wider variety of industries

Yield to Maturity: Yield to maturity (YTM) is the total return anticipated on a bond if the bond is held until it matures.

Dividend Yield: The dividend yield is a financial ratio that shows how much a company pays out in dividends each year relative to its stock price.

Average Duration: A measure of a fund’s interest-rate sensitivity—the longer a fund’s duration, the more sensitive the fund is to shifts in interest rates. Duration is determined by a formula that includes coupon rates and bond maturities. Small coupons tend to increase duration, while shorter maturities and higher coupons shorten duration.

Distributed by Foreside Fund Services, LLC. Foreside Fund Services, LLC is not affiliated with Tidal Financial Group
Launch & Structure Partner: Tidal Financial Group.

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