Nicholas Fixed Income Alternative 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 18 holdings as of Jan 31, 2026 · source: SEC N-PORT. Full holdings & prospectus →
About FIAX
TheFund is an actively managed exchange-traded fund (“ETF”) that seeks to provide income using short-term U.S. Treasuryfixed income securities and a “defined risk option premium.” The Fund’s defined risk option premium strategyuses options on ETFs and securities indices across multiple asset classes (e.g., equities, commodities, fixed income). The Fund’soption positions will be comprised of vertical credit spreads and vertical debit spreads (described more below) that aim to capturea premium representing a combination of dividends and growth of the underlying assets. Throughthe 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. As described below, the maximum risk level of an individualoption spread used by the Fund will generally vary from 1% to 3% depending on the time to expiration of the options. Undernormal circumstances, the Fund will invest at least 80% of its net assets, plus borrowings for investment purposes, in U.S. Treasuryfixed income securities. The Fund’s “80%” policy is non-fundamental and can be changed without shareholder approval.However, Fund shareholders would be given at least 60 days’ notice prior to any such change.Whilethe Fund seeks to provide current income pursuant to its investment objective, a portion (sometimes significant) of the Fund’sdistributions may be classified as return of capital (“ROC”) for financial or tax reporting purposes. Generally speaking,ROC refers to the portion of a distribution from an investment that represents a return of the original investment (principal)rather than income or profit. Accordingly, such distributions do not necessarily reflect the Fund’s income or yield. Seethe prospectus section titled “Additional Information About the Funds” for more information about option premiumsand ROC. VerticalSpread Strategy Asnoted above, the Fund seeks to achieve its investment objective primarily by entering into options transactions that are eithervertical credit spread transactions or vertical debit spread transactions. TermsExplained: ● “Vertical” means that the options purchased and written are in the same expiration cycle on the same underlying asset, but at different exercise (“strike”) prices. Ineach vertical spread transaction, the Fund would simultaneously purchase and write (sell) put or call options on other ETFs orsecurities indices. In particular, the Fund will purchase and sell a combination of standardized exchange-traded and FLexibleEXchange® (“FLEX”) call and put option contracts. TermsExplained: ● A put is an option contract that gives the owner the right (but not the obligation) to sell a specified amount of an underlying asset at a set price within a specified time. ● A call is an option contract that gives the owner the right (but not the obligation) to buy a specified amount of an underlying security at a specified price within a specified time. ● Standardized exchange-traded options include standardized terms. ● FLEX options are also exchange-traded, but they allow for customizable terms (e.g., the strike price can be negotiated). Toinitiate a debit spread transaction, the Fund would buy an option closer to the money and sell another option further out-of-the-money.To initiate a credit spread transaction, the Fund would do the opposite — buy an option further from the money while sellinganother option closer to the money. TermsExplained: ● An “out of the money” call option has a strike price that is higher than the market price of the underlying asset. ● An “out of the money” put option has a strike price that is lower than the market price of the underlying asset. TheFund’s returns are primarily driven by the premiums received by the Fund when writing options (puts or calls) from purchasersseeking protection below a certain level of asset decline (through a put) or seeking participation in the asset price increaseabove a certain level (through a call). For credit spreads, the premiums of the put spreads sold (credit spread) have extrinsicvalue that includes any dividends paid between execution of the trade (i.e., the opening of the spread) and the expiration ofthe spreads. For debit spreads, buying a call spread with the long call near the money and short call out of the money createsa position that seeks to capture the potential upside of the underlying asset (growth). DefinedRisk Attributes Asnoted above, the Fund’s use of vertical credit and debit spreads provides defined risk levels. DefinedRisk of Credit Spreads: For credit spreads, the risk of loss is the difference in strike prices between the two options inthe spread. The Fund will enter into only those credit spreads with a 1% to 3% difference in strike prices. Example:For credit spreads, the premiums of the put spreads sold have extrinsic value that includes the dividends paid between the executionof the trade (opening the spread) and the expiration of the spread. In particular, the maximum loss is calculated as follows:(A) 100, multiplied by (B) the number of spreads, multiplied by (C) the distance between the strike prices minus the premium received.Market losses to the Fund would occur if the underlying assets moved below the nearer to the money strike price. For example,if the Fund sold 10 credit put spreads on XYZ with strike prices of 100 (short leg) and 98 (long leg) for a .50 cent credit whenXYZ is trading at 100. The maximum loss would be $1500 (i.e., 100*10*(2-0.5) = $1,500). This spread cannot lose more than $1,500.This loss would occur if XYZ traded from 100 to 98 and closed at or below 98 at expiration.DefinedRisk of Debit Spreads: For debit spreads, the maximum loss is the amount of premiums paid. Similarly, the Fund will enterinto debit spreads only if the premiums paid to enter into such spreads is less than 3% of the notional value of the spread. PortfolioConstruction TheFund will enter into particular debit spread transactions and/or credit spread transactions based upon the view of the Adviserand/or the Fund’s sub-adviser, Nicholas Wealth, LLC (the “Sub-Adviser” or “Nicholas Wealth”), ofthe transaction’s risk/return profile and its view of the underlying metrics. The Adviser’s and Sub-Adviser’sselection of option positions will be based on their outlook of the broader economic and market environments, the probabilityof success using option-based metrics, and the appropriateness of risk taken by the position within the Fund’s limits. Foryield-focused ETFs, indices, and assets classes, the Adviser and Sub-Adviser generally will use the defined risk option premiumstrategy to seek to generate a return that mirrors the dividend of the underlying reference security. For non-yield-focused assetclasses (e.g., gold), the Adviser and Sub-Adviser will decide based on their view of the economic and market environments. TheAdviser and Sub-Adviser will then choose particular credit spread and/or debit spreads based on their view as to which offersthe most advantageous risk/reward characteristics. TheFund typically writes index put options and call options with weekly, monthly, and quarterly expirations. The Fund will generallyhave up to ten credit spreads at any given time, with up to 20% exposure to a single ETF or index credit spread (measured at thetime of purchase). The Fund’s aggregate options value will generally represent between 1% to 10% of the Fund’s netassets. TheFund’s assets will also be invested in Treasury Bills, cash and cash equivalents to, among other things, act as collateralfor any margin requirements. Due to the nature of the Fund’s options strategy, the Fund’s Treasury Bills, cash andcash equivalent holdings may comprise 90% or more of the Fund’s net assets. TheFund will limit the use of leverage by ensuring that the aggregate notional value of the underlying ETFs or indexes (as measuredby the strike price of the options) of the put options sold will not exceed the Fund’s total net assets. TheFund is classified as “non-diversified” under the 1940 Act.
FIAX News
- Responsive Playbooks and the FIAX Inflection
- Nicholas Fixed Income Alternative ETF (NYSEARCA:FIAX) Short Interest Up 687.5% in August
- (FIAX) Movement Within Algorithmic Entry Frameworks
- How (FIAX) Movements Inform Risk Allocation Models
- Nicholas Fixed Income Alternative ETF (NYSEARCA:FIAX) Sees Significant Decrease in Short Interest
- Trading Systems Reacting to (FIAX) Volatility
- Trading Systems Reacting to (FIAX) Volatility
- Short Interest in Nicholas Fixed Income Alternative ETF (NYSEARCA:FIAX) Rises By 1,245.5%
- How Nicholas Fixed Income Alternative Etf (FIAX) Affects Rotational Strategy Timing
- (FIAX) and the Role of Price-Sensitive Allocations
Data for FIAX 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.