FIAX Fees and Costs — Nicholas Fixed Income Alternative ETF
Data updated: 2026-09-28
The net expense ratio is 0.97%: a 0.95% management fee plus 0.02% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $151K in broker commissions, 0.0953% of average net assets, and portfolio turnover was 262%.
FIAX Fees and Expenses
Annual operating expenses and sales charges of FIAX. Prospectus, as of February 23, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.95% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.02% |
| Gross expense ratio | 0.97% |
| Fee waiver | — |
| Net expense ratio | 0.97% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
FIAX Costs Over Time
On $10,000 invested in FIAX, assuming 5% a year before costs, total costs come to $665 over 5 years, cutting the return by 1.12% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.97%) | $102 | $318 | $550 |
| Trading costs (broker commissions) | $10 | $31 | $54 |
| Lost growth on money paid in costs | $0 | $17 | $61 |
| Total costs | $112 | $366 | $665 |
| Value after costs | $10,388 | $11,210 | $12,097 |
| Impact on return, per year | 1.12% | 1.12% | 1.12% |
FIAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0953%
- Total broker commissions: $151K
- Bought from dealers (principal trades, not a cost): $391.6M
- Portfolio turnover (prospectus): 262%
- Securities lending: none during the year
FIAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| JANE STREET EXECUTION SERVICES LLC | $74K | 48.76% |
| SUSQUEHANNA FINANCIAL GROUP LLLP | $34K | 22.51% |
| SIGMA FINANCIAL CORPORATION | $19K | 12.70% |
| BOFA SECURITIES INC. | $6K | 4.30% |
| SG Americas Securites LLC | $6K | 3.74% |
| CITADEL SECURITIES LLC | $5K | 3.29% |
| MAREX NORTH AMERICA SECURITIES LLC | $4K | 2.44% |
| STONEX FINANCIAL INC. | $2K | 1.31% |
| IMC-CHICAGO LLC | $875 | 0.58% |
| PERSHING LLC | $581 | 0.38% |
FIAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MAREX NORTH AMERICA SECURITIES LLC | $384.1M | 98.08% |
| MAREX CAPITAL MARKETS INC. | $4.5M | 1.15% |
| U.S. BANCORP INVESTMENTS INC. | $3.0M | 0.77% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.