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	6.50%
11	Average Duration**	0.41 Years
12	Yield to Maturity**	5.93%

Name	value	date
30-Day SEC Yield	4.02	08/31/2023

Name	value	date
30-Day SEC Yield	4.02	08/31/2023

*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 07/31/2023

Fund Data & Pricing

Name	value
Net Assets	$46.30m
NAV	$19.70
Shares Outstanding	2,350,000.00
Premium/discount Percentage	0.14%
Closing Price	$19.73
Median 30 Day Spread	0.05%

Name
09/22/2023

*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
08/31/2023

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	0.82	1.61	2.77	3.1	–	–	–	2.77	–	08/31/2023
Nicholas Fixed Income Alternative ETF	FIAX MKT	0.91	1.77	2.84	3.17	–	–	–	2.94	–	08/31/2023
Bloomberg US Aggregate Bond Index	LBUSTRUU	-0.64	-1.06	0.95	1.37	–	–	–	1.53		08/31/2023
S&P 500 TR	SPTR2	-1.59	8.28	14.5	18.73	–	–	–	15.38		08/31/2023

Quarter-End

Name
6/30/2023

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	0.24	0.61	1.7	1.7	–	–	–	1.38	–	06/30/2023
Nicholas Fixed Income Alternative ETF	FIAX MKT	0.32	0.63	1.7	1.7	–	–	–	1.48	–	06/30/2023
S&P 500 TR	SPTR2	6.61	8.74	16.89	16.89	–	–	–	13.6		06/30/2023

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
09/25/2023

Date	Account	StockTicker	Name	CUSIP	Shares	Price	Market Value	Weightings	Net Assets	Shares Outstanding	CreationUnits	MoneyMarketFlag
09/25/2023	FIAX	91282CBR1	UNITED STATES TREAS NTS 0.25% 03/15/2024	91282CBR1	11,752,000	97.62	11,472,695.27	24.78%	46,301,580	2,350,000	94
09/25/2023	FIAX	91282CDN8	UNITED STATES TREAS NTS 1% 12/15/2024	91282CDN8	12,196,000	94.86	11,569,049.38	24.99%	46,301,580	2,350,000	94
09/25/2023	FIAX	91282CDR9	UNITED STATES TREAS NTS 0.75% 12/31/2023	91282CDR9	22,689,000	98.78	22,411,883.13	48.40%	46,301,580	2,350,000	94
09/25/2023	FIAX	SPXW 240328C04475000	CBOE S&P CLL OPT 03/24 4475	SPXW 240328C04475000	30	158.86	476,580.00	1.03%	46,301,580	2,350,000	94
09/25/2023	FIAX	SPXW 240328P04200000	CBOE S&P PUT OPT 03/24 4200	SPXW 240328P04200000	30	114.86	344,580.00	0.74%	46,301,580	2,350,000	94
09/25/2023	FIAX	SPXW 240328P04475000	CBOE S&P PUT OPT 03/24 4475	SPXW 240328P04475000	-30	194.36	-583,080.00	-1.26%	46,301,580	2,350,000	94
09/25/2023	FIAX	XLU 230929P00060000	XLU US 09/29/23 P60	XLU 230929P00060000	1,000	0.03	3,000.00	0.01%	46,301,580	2,350,000	94
09/25/2023	FIAX	XLU 230929P00062000	XLU US 09/29/23 P62	XLU 230929P00062000	-1,000	0.14	-14,000.00	-0.03%	46,301,580	2,350,000	94
09/25/2023	FIAX	Cash&Other	Cash & Other	Cash&Other	620,557	1.00	620,557.95	1.34%	46,301,580	2,350,000	94	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: