Nicholas Fixed Income Alternative ETF
Fund Summary
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).
The Fund’s option positions will be comprised of vertical credit spreads* and vertical debit spreads that aim to capture a premium representing a combination of dividends and growth of the underlying assets.
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.
*Vertical Credit Spread: Simultaneously buying and selling options with different strike prices establishes a spread position. When the option sold is more expensive than the option bought, a net credit results.
**The Fund will pay dividends to Shareholders monthly, with the ability to receive additional dividends based on options performance.
Fund Details
Name | Value |
---|---|
Fund Inception | 11/29/2022 |
Ticker | FIAX |
Primary Exchange | NYSE |
CUSIP | 88634T535 |
Expense Ratio | 0.95% |
Distribution Yield | 8.00% |
Average Duration** | 1.64 Years |
Yield to Maturity** | 4.84% |
30 Day SEC Yield As of 09/30/2024 |
3.19% |
*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.
**As of 01/31/24
Fund Data & Pricing
Name | value |
---|---|
Net Assets | $62.70m |
NAV | $19.60 |
Shares Outstanding | 3,200,000 |
Premium/discount Percentage | 0.38% |
Closing Price | $19.67 |
Median 30 Day Spread** | 0.05% |
Rate Date |
---|
10/08/2024 |
*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
Name |
---|
09/30/2024 |
Fund Name | Fund Ticker | 1 Month | 3 Month | 6 Month | YTD | 1 Year | 3 Year | 5 Year | Since Inception Cumulative | Since Inception Annualized | Date |
---|---|---|---|---|---|---|---|---|---|---|---|
Nicholas Fixed Income Alternative ETF | FIAX NAV | -0.07 | 3.23 | 4.48 | 4.66 | 7.09 | – | – | 8.16 | 4.36 | 09/30/2024 |
Nicholas Fixed Income Alternative ETF | FIAX MKT | -0.04 | 3.24 | 4.60 | 4.86 | 7.29 | – | – | 8.23 | 4.40 | 09/30/2024 |
Bloomberg US Aggregate Bond Index | LBUSTRUU | 1.34 | 5.20 | 5.26 | 4.45 | 11.57 | – | – | 10.39 | 5.53 | 09/30/2024 |
S&P 500 TR | SPTR2 | 2.14 | 5.89 | 10.42 | 22.08 | 36.35 | – | – | 49.82 | 24.64 | 09/30/2024 |
Name |
---|
09/30/2024 |
Fund Name | Fund Ticker | 1 Month | 3 Month | 6 Month | YTD | 1 Year | 3 Year | 5 Year | Since Inception Cumulative | Since Inception Annualized | Date |
---|---|---|---|---|---|---|---|---|---|---|---|
Nicholas Fixed Income Alternative ETF | FIAX NAV | -0.07 | 3.23 | 4.48 | 4.66 | 7.09 | – | – | 8.16 | 4.36 | 09/30/2024 |
Nicholas Fixed Income Alternative ETF | FIAX MKT | -0.04 | 3.24 | 4.60 | 4.86 | 7.29 | – | – | 8.23 | 4.40 | 09/30/2024 |
Bloomberg US Aggregate Bond Index | LBUSTRUU | 1.34 | 5.20 | 5.26 | 4.45 | 11.57 | – | – | 10.39 | 5.53 | 09/30/2024 |
S&P 500 TR | SPTR2 | 2.14 | 5.89 | 10.42 | 22.08 | 36.35 | – | – | 49.82 | 24.64 | 09/30/2024 |
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 |
---|---|---|---|
01/17/2023 | 01/18/2023 | 01/19/2023 | 0.0190 |
02/15/2023 | 02/16/2023 | 02/17/2023 | 0.0565 |
03/15/2023 | 03/16/2023 | 03/17/2023 | 0.0464 |
04/17/2023 | 04/18/2023 | 04/19/2023 | 0.0475 |
05/15/2023 | 05/16/2023 | 05/17/2023 | 0.0693 |
06/14/2023 | 06/15/2023 | 06/16/2023 | 0.0692 |
07/17/2023 | 07/18/2023 | 07/19/2023 | 0.0910 |
08/15/2023 | 08/16/2023 | 08/17/2023 | 0.1104 |
09/14/2023 | 09/15/2023 | 09/18/2023 | 0.1076 |
10/16/2023 | 10/17/2023 | 10/18/2023 | 0.1062 |
11/15/2023 | 11/16/2023 | 11/17/2023 | 0.1077 |
12/15/2023 | 12/18/2023 | 12/19/2023 | 0.1157 |
01/17/2024 | 01/18/2024 | 01/19/2024 | 0.1181 |
02/16/2024 | 02/20/2024 | 02/21/2024 | 0.1160 |
03/18/2024 | 03/19/2024 | 03/20/2024 | 0.1155 |
04/16/2024 | 04/17/2024 | 04/18/2024 | 0.1139 |
05/16/2024 | 05/17/2024 | 05/20/2024 | 0.1144 |
06/18/2024 | 06/18/2024 | 06/20/2024 | 0.1141 |
07/16/2024 | 07/16/2024 | 07/17/2024 | 0.1153 |
08/16/2024 | 08/16/2024 | 08/19/2024 | 0.1153 |
09/17/2024 | 09/17/2024 | 09/18/2024 | 0.1321 |
Top 10 Holdings
Name |
---|
10/10/2024 |
Date | Account | StockTicker | Name | CUSIP | Shares | Price | MarketValue | Weightings | NetAssets | SharesOutstanding | CreationUnits | MoneyMarketFlag |
---|---|---|---|---|---|---|---|---|---|---|---|---|
10/10/2024 | FIAX | 9128286B1 | United States Treasury Note/Bond 2.625% 02/15/2029 | 9128286B1 | 15,994,000.00 | 94.85 | 15,170,246.46 | 18.84% | 80,481,770.00 | 4,100,000 | 164 | |
10/10/2024 | FIAX | 912828ZF0 | United States Treasury Note/Bond 0.5% 03/31/2025 | 912828ZF0 | 15,501,000.00 | 98.15 | 15,214,295.98 | 18.90% | 80,481,770.00 | 4,100,000 | 164 | |
10/10/2024 | FIAX | 91282CDN8 | United States Treasury Note/Bond 1% 12/15/2024 | 91282CDN8 | 21,479,000.00 | 99.36 | 21,341,518.51 | 26.51% | 80,481,770.00 | 4,100,000 | 164 | |
10/10/2024 | FIAX | 91282CJC6 | United States Treasury Note/Bond 4.625% 10/15/2026 | 91282CJC6 | 15,481,000.00 | 101.17 | 15,662,417.97 | 19.45% | 80,481,770.00 | 4,100,000 | 164 | |
10/10/2024 | FIAX | FGXXX | First American Government Obligations Fund 12/01/2031 | 31846V336 | 541,965.43 | 100.00 | 541,965.43 | 0.67% | 80,481,770.00 | 4,100,000 | 164 | Y |
10/10/2024 | FIAX | QQQ 241115C00460000 | QQQ US 11/15/24 C460 | QQQ 241115C00460000 | 103.00 | 39.26 | 404,326.50 | 0.50% | 80,481,770.00 | 4,100,000 | 164 | |
10/10/2024 | FIAX | QQQ 241115C00520000 | QQQ US 11/15/24 C520 | QQQ 241115C00520000 | -103.00 | 3.02 | -31,106.00 | -0.04% | 80,481,770.00 | 4,100,000 | 164 | |
10/10/2024 | FIAX | RUT 241115C02200000 | RUT US 11/15/24 C2200 | RUT 241115C02200000 | 20.00 | 71.30 | 142,600.00 | 0.18% | 80,481,770.00 | 4,100,000 | 164 | |
10/10/2024 | FIAX | RUT 241115C02325000 | RUT US 11/15/24 C2325 | RUT 241115C02325000 | -20.00 | 22.45 | -44,900.00 | -0.06% | 80,481,770.00 | 4,100,000 | 164 | |
10/10/2024 | FIAX | RUT 241115P02085000 | RUT US 11/15/24 P2085 | RUT 241115P02085000 | 20.00 | 28.30 | 56,600.00 | 0.07% | 80,481,770.00 | 4,100,000 | 164 | |
10/10/2024 | FIAX | RUT 241115P02200000 | RUT US 11/15/24 P2200 | RUT 241115P02200000 | -20.00 | 64.40 | -128,800.00 | -0.16% | 80,481,770.00 | 4,100,000 | 164 | |
10/10/2024 | FIAX | SMH 241115C00225000 | SMH US 11/15/24 C225 | SMH 241115C00225000 | 300.00 | 34.18 | 1,025,250.00 | 1.27% | 80,481,770.00 | 4,100,000 | 164 | |
10/10/2024 | FIAX | SMH 241115C00265000 | SMH US 11/15/24 C265 | SMH 241115C00265000 | -300.00 | 8.08 | -242,250.00 | -0.30% | 80,481,770.00 | 4,100,000 | 164 | |
10/10/2024 | FIAX | SPXW 241231C05400000 | SPXW US 12/31/24 C5400 | SPXW 241231C05400000 | 40.00 | 499.80 | 1,999,200.00 | 2.48% | 80,481,770.00 | 4,100,000 | 164 | |
10/10/2024 | FIAX | SPXW 241231C06000000 | SPXW US 12/31/24 C6000 | SPXW 241231C06000000 | -80.00 | 78.70 | -629,600.00 | -0.78% | 80,481,770.00 | 4,100,000 | 164 | |
10/10/2024 | FIAX | SPXW 241231C06200000 | SPXW US 12/31/24 C6200 | SPXW 241231C06200000 | 40.00 | 24.05 | 96,200.00 | 0.12% | 80,481,770.00 | 4,100,000 | 164 | |
10/10/2024 | FIAX | USO 241025C00065000 | USO US 10/25/24 C65 | USO 241025C00065000 | 270.00 | 10.63 | 286,875.00 | 0.36% | 80,481,770.00 | 4,100,000 | 164 | |
10/10/2024 | FIAX | USO 241025C00076000 | USO US 10/25/24 C76 | USO 241025C00076000 | -270.00 | 2.77 | -74,655.00 | -0.09% | 80,481,770.00 | 4,100,000 | 164 | |
10/10/2024 | FIAX | XLU 241025P00074000 | XLU US 10/25/24 P74 | XLU 241025P00074000 | -575.00 | 0.09 | -4,887.50 | -0.01% | 80,481,770.00 | 4,100,000 | 164 | |
10/10/2024 | FIAX | XLU 241025P00080000 | XLU US 10/25/24 P80 | XLU 241025P00080000 | 575.00 | 1.10 | 63,250.00 | 0.08% | 80,481,770.00 | 4,100,000 | 164 | |
10/10/2024 | FIAX | Cash&Other | Cash & Other | Cash&Other | 9,665,177.01 | 1.00 | 9,665,177.01 | 12.00% | 80,481,770.00 | 4,100,000 | 164 | Y |
Holdings are subject to change without notice.
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: