Nicholas Fixed Income Alternative ETF
FIAX
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- Nicholas Fixed Income Alternative ETF (FIAX) is an actively managed exchange-traded fund that seeks current income by investing at least 80% of its net assets in U.S. Treasury fixed income securities and employing a defined risk option premium strategy using options on ETFs across multiple asset classes, including equities, commodities, and fixed income; the strategy involves selling index call spreads and may include directional index exposure to the S&P 500, Nasdaq 100, or Russell 2000 for upside participation. Launched on November 30, 2022, and sponsored by Nicholas Wealth Management LLC, headquartered in Marietta, Georgia, the fund primarily targets investors seeking income with lower correlation to traditional equity and fixed-income markets through its core holdings in short-term U.S. Treasuries, such as United States Treasury Notes, paired with paired options transactions that cap maximum gains and losses. The ETF operates globally through its underlying exposures but focuses on U.S.-listed securities and trades on the NYSE Arca exchange. In recent developments, FIAX reached $100 million in assets under management in October 2024, reflecting strong investor adoption of its income-focused strategy amid volatile markets. Nicholas Wealth Management, the fund's adviser founded in 2016, continues to expand its XFUNDS suite, including the launch of related ETFs like the Nicholas Global Equity and Income ETF (GIAX) in July 2024 and the Nicholas Crypto Income ETF (BLOX), which surpassed $100 million in assets in October 2025, underscoring ongoing innovation in actively managed income solutions often in partnership with Tidal Investments LLC. The fund maintains monthly distributions, with the most recent on October 17, 2025, comprising 58.99% return of capital and 41.01% income, alongside a gross expense ratio of 0.95% and a 30-day SEC yield reflecting its options overlay for enhanced yield.