ETF Evaluator:
Nicholas Fixed Income Alternative ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Nontraditional Bond Over the Last Year
| 7.1% | Simplify Kayne Anderson Ey&InfrasCrdtETF (KNRG) |
| 6.8% | WisdomTree Interest Rt Hdg Hi Yld Bd ETF (HYZD) |
| 6.3% | ProShares High Yield—Interest Rate Hdgd (HYHG) |
| 6.0% | FolioBeyond Alt Inc and Int Rt Hdg ETF (RISR) |
| 5.6% | NEOS Enhanced Income Credit Select ETF (HYBI) |
Risk
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Risk
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ETF Details
Nicholas Fixed Income Alternative ETF Overview
Nicholas Fixed Income Alternative ETF (FIAX) is an actively managed Taxable Bond Nontraditional Bond exchange-traded fund (ETF). Nicholas Wealth Management launched the ETF in 2022.
The investment seeks current income.
Under normal circumstances, the fund will invest at least 80% of its net assets, plus borrowings for investment purposes, in U.S. Treasury fixed income securities. The fund typically writes index put options and call options with weekly, monthly, and quarterly expirations. The fund will generally have up to ten credit spreads at any given time, with up to 20% exposure to a single ETF or index credit spread (measured at the time of purchase). It is non-diversified.
About Nicholas Fixed Income Alternative ETF (FIAX)
There are 5 members of the management team with an average tenure of 2.04 years: Jay Pestrichelli (2022), Christopher Mullen (2024), Scott Snyder (2026), Quinn Berry (2026) and David Nicholas (2022). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: Bloomberg US Agg Bond TR USD index with a weighting of 100%. Nicholas Fixed Income Alternative ETF has 16 securities in its portfolio. The top 10 holdings constitute 102.7% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Nicholas Fixed Income Alternative ETF is part of the Fixed Income global asset class and is within the Taxable Bond ETF group. Nicholas Fixed Income Alternative ETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 1.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 72.6% (72.6% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Nicholas Fixed Income Alternative ETF has 24.9% of the portfolio in cash.
Assets Under Management
The fund has $129 million in total assets, which is below the $320 million average for the Nontraditional Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
FIAX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Nicholas Fixed Income Alternative ETF expense ratio is high compared to funds in the Nontraditional Bond category. Nicholas Fixed Income Alternative ETF has an expense ratio of 0.97%, which is 28% lower than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Nicholas Fixed Income Alternative ETF has a portfolio turnover rate of 262%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 190% for the Nontraditional Bond category.
Recently, in the month of July 2026, Nicholas Fixed Income Alternative ETF returned -0.2%, which earned it a grade of C, as the Nontraditional Bond category had an average return of -0.4%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Nicholas Fixed Income Alternative ETF has a trailing yield of 5.42%, which is below the 6.67% category average.
The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Nicholas Fixed Income Alternative ETF Grades
Year to date, the ETF has returned 2.0%, 1.9 percentage points better than the category, which translates into a grade of C. The fund has returned 4.0% over the past year (grade of C) and 3.4% over the past three years (grade of D).
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FIAX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| FIAX Return (NAV) | -0.2% | 0.8% | 4.0% | 3.4% | na | na |
| FIAX Return (Price) | -0.1% | 0.9% | 4.5% | 3.4% | na | na |
| NAV +/- Price Return | -0.110% | -0.119% | -0.489% | 0.011% | na | na |
| Nontraditional Bond Avg | -0.4% | -0.6% | 2.7% | 5.4% | 3.4% | 4.3% |
| FIAX Grade (NAV) | C | B | C | D | na | na |
| +/- Category (NAV) | 0.2% | 1.3% | 1.4% | -2.0% | na | na |
| FIAX Tax-Cost Ratio | na | na | 2.2% | 2.3% | na | na |
FIAX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FIAX Return (NAV) | 2.0% | 2.9% | 3.8% | 3.7% | na | na | na | na | na | na | na |
| FIAX Return (Price) | 1.9% | 2.3% | 4.7% | 3.4% | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.021% | -0.205% | 0.216% | -0.062% | na | na | na | na | na | na | na |
| Nontraditional Bond Avg | 0.1% | 4.6% | 8.2% | 9.5% | -3.9% | 6.2% | 0.9% | 7.2% | -0.7% | 4.0% | 7.7% |
| FIAX Grade (NAV) | C | D | F | F | na | na | na | na | na | na | na |
| +/- Category | 1.9% | -1.7% | -4.4% | -5.8% | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | 0.42 |
| R-Squared: | 34% |
| Standard Deviation: | 4.0% |
| Category Risk Index: | 0.75 |
| Category Risk Rating: | Average |
| Total Risk Index: | 0.33 |
| Total Risk Rating: | Low |
| Portfolio Characteristics | |
| Yield: | 5.4% |
| Total Assets: | $ 129 Mil |
| Share Class Assets: | $ 129 Mil |
| Turnover: | 262.0% |
| Expense Ratio: | 0.97% |
| Index Fund: | No |
| Index Tracked: | Bloomberg US Agg Bond TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 5 | |||
| Longest Tenure: 3.7 years | |||
| Average Tenure: 2.0 years | |||
| Managers (Year): Pestrichelli Jay (2022), Nicholas David (2022), Mullen Christopher (2024), Snyder Scott (2026), Berry Quinn (2026) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 16 |
| % in Top 10 Holdings: | 102.7% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 1.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 72.6% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 1.5% |
| Cash: | 24.9% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Nicholas Wealth Management |
| Phone Number: | 855-563-6900 |
| Website: | |
| Inception Date: | November 29, 2022 |
Expenses and Fees
| Expense Ratio (%): | 0.97% (Rating: High) |
| Category Average Expense Ratio (%): | 1.34% |
