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FIAX
Nicholas Fixed Income Alternative ETF
Tidal Investments LLC (Adviser); Nicholas Wealth, LLC (Sub-Adviser)
Verdict
WATCH
Weighted score · 3.00 / 5
Fund Identity
What it is, who runs it, where it lives.
The Nicholas Fixed Income Alternative ETF (the "Fund") seeks current income..
The Fund is an actively managed ETF that seeks to provide income using short-term U.S. Treasury fixed income securities and a "defined risk option premium" strategy. The defined risk option premium strategy uses options on ETFs and securities indices across multiple asset classes (equities, commodities, fixed income) via vertical credit spreads and vertical debit spreads to capture a premium representing a combination of dividends and growth of the underlying assets. At least 80% of net assets are invested in U.S. Treasury fixed income securities, with the remaining assets used to support the options strategy. Treasury Bills, cash, and cash equivalents may comprise 90% or more of net assets as collateral for margin requirements.
Ticker
FIAX
Issuer
Tidal Investments LLC (Adviser); Nicholas Wealth, LLC (Sub-Adviser)
Exchange
ARCX
Inception
2022-11-30 · 3.6 yrs
Mgmt style
Active
Replication
Physical (full replication) for U.S. Treasuries combined with Derivatives (options/futures) for vertical spread overlay
Index-based
— · Bloomberg US Aggregate Bond Index (used for performance comparison only)
Leverage
None
Strategy & Options Mechanics
How the portfolio is built and where the income comes from.
PORTFOLIO
Hybrid
actively managed
OPTIONS OVERLAY
Strategy
Vertical credit spreads (selling put or call spreads closer to the money, buying further out-of-the-money) and vertical debit spreads (buying closer to the money, selling further out-of-the-money); both standardized exchange-traded and FLEX options
generates income
Underlying
ETFs and securities indices across multiple asset classes (equities, commodities, fixed income)
income exposure
MONTHLY
8.2%
DIST. RATE
64% ROC
Ordinary Income
Ordinary Income
Underlying
ETFs and securities indices across multiple asset classes (equities, commodities, fixed income)
Strategy
Vertical credit spreads (selling put or call spreads closer to the money, buying further out-of-the-money) and vertical debit spreads (buying closer to the money, selling further out-of-the-money); both standardized exchange-traded and FLEX options
Tax
Ordinary Income
The Fund's aggregate options value will generally represent between 1% to 10% of the Fund's net assets. Each credit spread has a 1% to 3% difference in strike prices (defined maximum risk per spread), and debit spreads are entered only if premiums paid are less than 3% of notional value. The Fund typically writes index put and call options with weekly, monthly, and quarterly expirations, with up to ten credit spreads outstanding at any time.
Performance & NAV
Total return vs. the underlying, with drawdown context.
NAV HISTORY · JUN '25 – JUN '26
JUN '25JUN '26
Flat-NAV reinvestment hurdle
53.5%
Share of each distribution you’d need to reinvest just to hold NAV flat. Higher means more of the yield is your own capital coming back.
Distribution & Tax
Where the yield comes from — and how it’s taxed.
Composition · Recent Distribution
64%
ROC
Return of Capital — mixed64%
Net Investment Income36%
Frequency
Monthly
Dist. rate
8.20%
ROC %
64%
30-day SEC
not reported
Consistency
16 w/o cut
YOC · 1yr-ago buyer
8.0%
Tax Treatment — Ordinary Income
ORDINARY INCOME
Distribution Composition (Recent)
ROC is not free money — it lowers your cost basis. When shares are sold, capital gains are computed against the lower basis.
Composition · Narrative
Per the fund's most recent 19a-1 notice (as stated on the issuer fund page), the estimated distribution is 63.64% return of capital.
Distribution Growth & Schedule
Per-period growth of the payout, the latest schedule, and how long distributions take to repay NAV.
Distribution Growth by Lookback Period
Latest Distribution Schedule
Record date
2026-06-18
Ex-dividend
2026-06-18
Pay date
—
Payback Period
12.2 yr
Dist. Since Incep.
$4.7
Holdings & Concentration
Position sizing, top-name weights, and concentration risk.
Sector Mix · Tilt vs S&P 500
No sector feed for this fund.
Holdings
18
Top-10 Wt.
—
Technical Signal & Liquidity
Moving-average posture and a read on tradability.
Price vs. Moving Averages
$17.6$17.3$17.0$16.6
JUN '25JUN '26
Price $17.52
50-DMA $17.55
200-DMA $17.35
Bullish — 50-DMA above 200-DMA
Price $17.52 is above the 200-day SMA ($17.35); 50-day SMA $17.55. The 50-day SMA sits above the 200-day — an established uptrend, no recent crossover. Moving-average signals are a timing aid, not a recommendation — weigh them against the distribution profile and framework score.
Liquidity
Avg daily volume
8K
Avg dollar volume
$185,060
Bid/ask spread
0.03%
Premium/discount
—
Turnover
262%
Estimated bid/ask spread ~0.03% (very tight). Average daily dollar volume ~$0.2M (thin). This spread is a high-low estimate, not a live quote; the issuer's reported median spread and premium/discount to NAV are shown above when available.
Assets Under Management
Trend: Rising. Source: shares×price (Massive, monthly).
AUM ($)
$142M
$163M$112M$61M
JUN '24JUN '26
SOURCES Massive market-data API, SEC EDGAR filings, issuer disclosures.
FIAX · 2026-06-21
Prepared by denvereyon
Research aid, not investment advice.
Prepared by denvereyon
Research aid, not investment advice.
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