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
wdt_ID | Name | Information |
---|---|---|
1 | Fund Inception | 11/29/2022 |
2 | Ticker | FIAX |
3 | Primary Exchange | NYSE |
4 | CUSIP | 88634T535 |
5 | IPOV Symbol | FIAX.IV |
6 | NAV Symbol | FIAX.NV |
7 | Expense Ratio | 0.95% |
8 | Distribution Yield | 7.00% |
11 | Average Duration** | 1.64 Years |
12 | Yield to Maturity** | 4.84% |
Name | value | date |
---|---|---|
30-Day SEC Yield | 3.75 | 03/31/2024 |
Name | value | date |
---|---|---|
30-Day SEC Yield | 3.75 | 03/31/2024 |
*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 | $61.51m |
NAV | $19.07 |
Shares Outstanding | 3,225,000.00 |
Premium/discount Percentage | 0.15% |
Closing Price | $19.10 |
Median 30 Day Spread | 0.05% |
Name |
---|
04/18/2024 |
*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 |
---|
03/31/2024 |
Fund Name | Fund Ticker | 1MO | 3MO | 6MO | YTD | 1YR | 3YR | 5YR | Since Inception Cumulative | Since Inception Annualized | Date |
---|---|---|---|---|---|---|---|---|---|---|---|
Nicholas Fixed Income Alternative ETF | FIAX NAV | 0.23 | 0.18 | 2.5 | 0.18 | 2.74 | – | – | 3.52 | 2.63 | 03/31/2024 |
Nicholas Fixed Income Alternative ETF | FIAX MKT | 0.29 | 0.25 | 2.57 | 0.25 | 2.6 | – | – | 3.46 | 2.59 | 03/31/2024 |
Bloomberg US Aggregate Bond Index | LBUSTRUU | 0.92 | -0.78 | 5.99 | -0.78 | 1.7 | – | – | 4.87 | 3.63 | 03/31/2024 |
S&P 500 TR | SPTR2 | 3.22 | 10.56 | 23.48 | 10.56 | 29.88 | – | – | 35.68 | 25.7 | 03/31/2024 |
Name |
---|
03/31/2024 |
Fund Name | Fund Ticker | 1MO | 3MO | 6MO | YTD | 1YR | 3YR | 5YR | Since Inception Cumulative | Since Inception Annualized | Date |
---|---|---|---|---|---|---|---|---|---|---|---|
Nicholas Fixed Income Alternative ETF | FIAX NAV | 0.23 | 0.18 | 2.5 | 0.18 | 2.74 | – | – | 3.52 | 2.63 | 03/31/2024 |
Nicholas Fixed Income Alternative ETF | FIAX MKT | 0.29 | 0.25 | 2.57 | 0.25 | 2.6 | – | – | 3.46 | 2.59 | 03/31/2024 |
Bloomberg US Aggregate Bond Index | LBUSTRUU | 0.92 | -0.78 | 5.99 | -0.78 | 1.7 | – | – | 4.87 | 3.63 | 03/31/2024 |
S&P 500 TR | SPTR2 | 3.22 | 10.56 | 23.48 | 10.56 | 29.88 | – | – | 35.68 | 25.7 | 03/31/2024 |
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.
Top 10 Holdings
Name |
---|
04/22/2024 |
Date | Account | StockTicker | Name | CUSIP | Shares | Price | Market Value | Weightings | Net Assets | Shares Outstanding | CreationUnits | MoneyMarketFlag |
---|---|---|---|---|---|---|---|---|---|---|---|---|
04/22/2024 | FIAX | 9128286B1 | United States Treasury Note/Bond 2.625% 02/15/2029 | 9128286B1 | 12,691,000 | 91.22 | 11,576,323.71 | 18.84% | 61,456,245 | 3,225,000 | 129 | |
04/22/2024 | FIAX | 912828ZF0 | United States Treasury Note/Bond 0.5% 03/31/2025 | 912828ZF0 | 12,307,000 | 95.76 | 11,785,693.69 | 19.18% | 61,456,245 | 3,225,000 | 129 | |
04/22/2024 | FIAX | 91282CDN8 | United States Treasury Note/Bond 1% 12/15/2024 | 91282CDN8 | 25,548,000 | 97.29 | 24,856,442.98 | 40.44% | 61,456,245 | 3,225,000 | 129 | |
04/22/2024 | FIAX | 91282CJC6 | United States Treasury Note/Bond 4.625% 10/15/2026 | 91282CJC6 | 12,647,000 | 99.42 | 12,573,884.53 | 20.46% | 61,456,245 | 3,225,000 | 129 | |
04/22/2024 | FIAX | AMLP 240517P00043000 | AMLP US 05/17/24 P43 | AMLP 240517P00043000 | 375 | 0.25 | 9,375.00 | 0.02% | 61,456,245 | 3,225,000 | 129 | |
04/22/2024 | FIAX | AMLP 240517P00048000 | AMLP US 05/17/24 P48 | AMLP 240517P00048000 | -375 | 2.08 | -77,812.50 | -0.13% | 61,456,245 | 3,225,000 | 129 | |
04/22/2024 | FIAX | FGXXX | First American Government Obligations Fund 12/01/2031 | 31846V336 | 56,942 | 100.00 | 56,942.25 | 0.09% | 61,456,245 | 3,225,000 | 129 | Y |
04/22/2024 | FIAX | GLD 240517P00200000 | GLD US 05/17/24 P200 | GLD 240517P00200000 | 100 | 0.11 | 1,050.00 | 0.00% | 61,456,245 | 3,225,000 | 129 | |
04/22/2024 | FIAX | GLD 240517P00225000 | GLD US 05/17/24 P225 | GLD 240517P00225000 | -100 | 6.08 | -60,750.00 | -0.10% | 61,456,245 | 3,225,000 | 129 | |
04/22/2024 | FIAX | RUT 240517C02110000 | RUT US 05/17/24 C2110 | RUT 240517C02110000 | 16 | 4.75 | 7,600.00 | 0.01% | 61,456,245 | 3,225,000 | 129 | |
04/22/2024 | FIAX | RUT 240517C02210000 | RUT US 05/17/24 C2210 | RUT 240517C02210000 | -16 | 0.73 | -1,160.00 | 0.00% | 61,456,245 | 3,225,000 | 129 | |
04/22/2024 | FIAX | RUT 240517P02000000 | RUT US 05/17/24 P2000 | RUT 240517P02000000 | 16 | 73.40 | 117,440.00 | 0.19% | 61,456,245 | 3,225,000 | 129 | |
04/22/2024 | FIAX | RUT 240517P02105000 | RUT US 05/17/24 P2105 | RUT 240517P02105000 | -16 | 155.10 | -248,160.00 | -0.40% | 61,456,245 | 3,225,000 | 129 | |
04/22/2024 | FIAX | SPXW 240930C05200000 | SPXW US 09/30/24 C5200 | SPXW 240930C05200000 | 25 | 136.60 | 341,500.00 | 0.56% | 61,456,245 | 3,225,000 | 129 | |
04/22/2024 | FIAX | SPXW 240930C05450000 | SPXW US 09/30/24 C5450 | SPXW 240930C05450000 | -25 | 52.85 | -132,125.00 | -0.21% | 61,456,245 | 3,225,000 | 129 | |
04/22/2024 | FIAX | SPXW 240930P04900000 | SPXW US 09/30/24 P4900 | SPXW 240930P04900000 | 25 | 146.15 | 365,375.00 | 0.59% | 61,456,245 | 3,225,000 | 129 | |
04/22/2024 | FIAX | SPXW 240930P05200000 | SPXW US 09/30/24 P5200 | SPXW 240930P05200000 | -25 | 268.00 | -670,000.00 | -1.09% | 61,456,245 | 3,225,000 | 129 | |
04/22/2024 | FIAX | TLT 240426C00090000 | TLT US 04/26/24 C90 | TLT 240426C00090000 | -50 | 0.35 | -1,750.00 | 0.00% | 61,456,245 | 3,225,000 | 129 | |
04/22/2024 | FIAX | TLT 240426P00090000 | TLT US 04/26/24 P90 | TLT 240426P00090000 | -50 | 1.12 | -5,600.00 | -0.01% | 61,456,245 | 3,225,000 | 129 | |
04/22/2024 | FIAX | TLT 240510C00091000 | TLT US 05/10/24 C91 | TLT 240510C00091000 | 100 | 0.52 | 5,200.00 | 0.01% | 61,456,245 | 3,225,000 | 129 | |
04/22/2024 | FIAX | TLT 240510P00088500 | TLT US 05/10/24 P88.5 | TLT 240510P00088500 | 100 | 1.00 | 9,950.00 | 0.02% | 61,456,245 | 3,225,000 | 129 | |
04/22/2024 | FIAX | XLF 240517C00038000 | XLF US 05/17/24 C38 | XLF 240517C00038000 | 800 | 2.66 | 212,400.00 | 0.35% | 61,456,245 | 3,225,000 | 129 | |
04/22/2024 | FIAX | XLF 240517C00042000 | XLF US 05/17/24 C42 | XLF 240517C00042000 | -800 | 0.16 | -12,800.00 | -0.02% | 61,456,245 | 3,225,000 | 129 | |
04/22/2024 | FIAX | Cash&Other | Cash & Other | Cash&Other | 749,009 | 1.00 | 749,009.14 | 1.22% | 61,456,245 | 3,225,000 | 129 | 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: