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FIAXNicholas Fixed Income Alternative ETF

Get income3y track recordRanked #1,211 of 1,650 in this goal

Seeks current income.

By Nicholas Wealth Management · Launched 2022

Annual Cost

0.97%

#5,024 of 5,854 · expensive

Fund Size

$132M

#2,737 of 5,854 · mid-size

Dividend YieldGoal

4.84%

Track Record

3 years

#2,799 of 5,854 · seasoned

Performance

Total-return NAV · USD
Growth of $10,000
$10,457+4.6%

Total-return NAV, USD. Net of fund fees, before tax.

What's inside

How Beacon categorizes this fund

Asset class

Fixed income

Region

North america

Strategy

Option income

What it actually holds

By weight

Concentration

Top 10 holdings = 101.2% of fundconcentrated

US TREASURY N/B
24.9%
United States Treasury Note/Bond
24.3%
US TREASURY N/B
22.9%
US TREASURY N/B
22.8%
US TREASURY N/B
3.9%
N/A
1.7%
First American Government Obli
0.4%
N/A
0.1%
N/A
0.1%
N/A
0.1%

Asset allocation

Bonds
98.9%
Other
0.7%
Cash
0.7%

Risk profile

Last 12 months · Sharpe & Sortino need 3+ years
Volatility (1Y)
4.0%Low

Year-on-year price swings

Max drawdown
-6.3%Mild

Worst peak-to-trough loss

Sharpe (3Y)
-0.04Below average
Sortino (3Y)
-0.06Moderate downside risk

Bond profile

Duration

4.1 years

Avg maturity

9.9 years

Credit ratings

US Government
98.9%

Listing

Exchange
NYSE Arca

Full fund details

Objective
Seeks current income.
Strategy
Actively manages a portfolio primarily invested in U.S. Treasury fixed income securities and employs a defined risk option premium strategy using options on ETFs and securities indices. Aims to provide current income through vertical credit and debit spreads.
Inception date
November 29, 2022
Fund family
Nicholas Wealth Management

Our take

Structural notes on how this fund behaves. Read our guide on the 6 warning signs.

Covered call
Warning

The big yield isn't extra money

The headline distribution comes from selling call options, which caps the fund's upside. Across a full market cycle that trade costs more than it brings in — often 1 to 3 percentage points a year against just holding the index. Monthly payouts make the gap easy to miss on a return summary.

Sources: Israelov & Ndong, 'A Devil's Bargain: When Generating Income Undermines Investment Returns' (NDVR, 2023)

Educational analysis of structural product characteristics. Not investment advice. Always read the fund prospectus and consult a qualified advisor before investing. More

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Data updated on 2026-08-03