FIAX - XFunds

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 Documents

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	4.00%
11	Average Duration**	0.65 Years
12	Yield to Maturity**	5.35%

Name	value	date
30-Day SEC Yield	4.06	05/31/2023

Name	value	date
30-Day SEC Yield	4.06	05/31/2023

*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 04/30/2023

Fund Data & Pricing

Name	value
Net Assets	$35.50m
NAV	$20.00
Shares Outstanding	1,775,000.00
Premium/discount Percentage	-0.05%
Closing Price	$19.99
Median 30 Day Spread	0.1%

Name
06/01/2023

*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

Month-End

Quarter-End

Month-End

Name
05/31/2023

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	0.16	1.14	1.14	1.46	–	–	–	1.14	–	05/31/2023
Nicholas Fixed Income Alternative ETF	FIAX MKT	0.12	1.05	1.07	1.38	–	–	–	1.15	–	05/31/2023
S&P 500 TR	SPTR2	0.43	5.75	3.33	9.65	–	–	–	6.56		05/31/2023

Quarter-End

Name
03/31/2023

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	0.77	1.08	–	1.08	–	–	–	0.76	–	03/31/2023
Nicholas Fixed Income Alternative ETF	FIAX MKT	0.73	1.07	–	1.07	–	–	–	0.84	–	03/31/2023
S&P 500 TR	SPTR2	3.67	7.5	–	7.5	–	–	–	4.47		03/31/2023

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
06/02/2023

Date	Account	StockTicker	Name	CUSIP	Shares	Price	Market Value	Weightings	Net Assets	Shares Outstanding	CreationUnits	MoneyMarketFlag
06/02/2023	FIAX	9128282D1	UNITED STATES TREAS NTS 1.375% 08/31/2023	9128282D1	16,913,000	99.03	16,749,162.75	47.18%	35,501,065	1,775,000	71
06/02/2023	FIAX	91282CDN8	UNITED STATES TREAS NTS 1% 12/15/2024	91282CDN8	8,520,000	94.60	8,060,219.56	22.70%	35,501,065	1,775,000	71
06/02/2023	FIAX	91282CDR9	UNITED STATES TREAS NTS 0.75% 12/31/2023	91282CDR9	10,747,000	97.41	10,468,963.83	29.49%	35,501,065	1,775,000	71
06/02/2023	FIAX	SPXW 230615C04125000	SPXW US 06/15/23 C4125	SPXW 230615C04125000	-17	108.92	-185,164.00	-0.52%	35,501,065	1,775,000	71
06/02/2023	FIAX	SPXW 230615C04225000	SPXW US 06/15/23 C4225	SPXW 230615C04225000	17	44.64	75,888.00	0.21%	35,501,065	1,775,000	71
06/02/2023	FIAX	TLT 230630P00106000	ISHARES PUT OPT 06/23 106	TLT 230630P00106000	-487	3.05	-148,535.00	-0.42%	35,501,065	1,775,000	71
06/02/2023	FIAX	XLE 230616C00074000	ENERGY S CLL OPT 06/23 74	XLE 230616C00074000	275	4.48	123,062.50	0.35%	35,501,065	1,775,000	71
06/02/2023	FIAX	XLE 230616C00080000	XLE US 06/16/23 C80	XLE 230616C00080000	-275	0.87	-23,925.00	-0.07%	35,501,065	1,775,000	71
06/02/2023	FIAX	Cash&Other	Cash & Other	Cash&Other	388,516	1.00	388,516.57	1.09%	35,501,065	1,775,000	71	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: