Key stats
About Nicholas Fixed Income Alternative ETF
Home page
www.nicholasx.com/FIAX
Inception date
Nov 29, 2022
Structure
Open-Ended Fund
Replication method
Synthetic
Dividend treatment
Distributes
Distribution tax treatment
Ordinary income
Income tax type
Capital Gains
Max ST capital gains rate
39.60%
Max LT capital gains rate
20.00%
Primary advisor
Tidal Investments LLC
Distributor
Foreside Fund Services LLC
ISIN
US88634T5359
FIAX invests in short-term US Treasurys while utilizing a defined risk option premium strategy. The fund uses vertical option spreads on ETFs and indexes across multiple asset classes. Each transaction can either be a credit spread or debit spread, where the fund simultaneously buys and writes FLEX calls and puts expiring weekly, monthly, or quarterly. In a debit spread, the fund buys an option closer to the money and sells another option further out-of-the money. In a credit spread, it does the opposite. Options premiums represent a combination of dividends and growth of underlying assets. The adviser has full discretion on the selection of options positions. Up to 10 credit spreads are used by the fund at any given time, with up to 20% exposure to a single ETF or index. The fund holds between 1% to 10% of its assets in the options portfolio and invests the rest in T-bills, cash, and cash equivalents. The fund intends to limit its use of leverage.
Classification
Returns
| 1 month | 3 months | Year to date | 1 year | 3 years | 5 years | |
|---|---|---|---|---|---|---|
| Price performance | — | — | — | — | — | — |
| NAV total return | — | — | — | — | — | — |
What's in the fund
Exposure type
Government
Bonds, Cash & Other100.00%
Government97.69%
Rights & Warrants0.98%
Cash0.95%
Mutual fund0.38%
Top 10 holdings
Dividends
Dividend payout history
Assets under management (AUM)
Fund Flows
Frequently Asked Questions
FIAX top holdings are United States Treasury Notes 4.625% 15-OCT-2026 and United States Treasury Notes 3.875% 15-JUN-2028, occupying 19.73% and 19.70% of the portfolio correspondingly.
FIAX last dividends amounted to 0.12 USD. The month before, the issuer paid 0.12 USD in dividends, which shows a 0.16% decrease.
FIAX assets under management is 154.52 M USD. It's fallen 2.15% over the last month.
FIAX fund flows account for 104.46 M USD (1 year). Many traders use this metric to get insight into investors' sentiment and evaluate whether it's time to buy or sell the fund.
Yes, FIAX pays dividends to its holders with the dividend yield of 8.84%. The last dividend (Sep 19, 2025) amounted to 0.12 USD. The dividends are paid monthly.
FIAX shares are issued by Toroso Investments Topco LLC under the brand Nicholas. The ETF was launched on Nov 29, 2022, and its management style is Active.
FIAX expense ratio is 0.95% meaning you'd have to pay 0.95% of your investment to help manage the fund.
FIAX follows the No Underlying Index. ETFs usually track some benchmark seeking to replicate its performance and guide asset selection and objectives.
FIAX invests in bonds.
FIAX price has fallen by −0.55% over the last month, and its yearly performance shows a −7.67% decrease. See more dynamics on FIAX price chart.
NAV returns, another gauge of an ETF dynamics, showed a 1.08% increase in three-month performance and has increased by 1.02% in a year.
NAV returns, another gauge of an ETF dynamics, showed a 1.08% increase in three-month performance and has increased by 1.02% in a year.
FIAX trades at a premium (0.18%) meaning the ETF is trading at a higher price than the calculated NAV.