FIAX Performance — Nicholas Fixed Income Alternative ETF
Data updated: 2026-09-28
FIAX returned +1.95% year to date and +4.04% over one year to Jul 2026. The annualised 3-year return is +3.38%. Against its Short-Term Government Bond category average the fund came out behind over three years but ahead over one: $100 invested three years ago grew to $110, against $114 for the category, and to $104 over one year, against $103. Volatility over the past three years was 4.03% a year. In the 12 months to Jul 2026 the fund lost a net $23.1M, and assets reached $129.25M.
FIAX Growth of $100
What $100 invested in Nicholas Fixed Income Alternative ETF grew to, compounded from monthly returns reported on SEC Form N-PORT, against the Short-Term Government Bond category average over the same months.
| Period | FIAX | Category average |
|---|---|---|
| 1 year (Aug 2025 – Jul 2026) | $104 | $103 |
| 3 years (Aug 2023 – Jul 2026) | $110 | $114 |
| Since data start (Nov 2022 – Jul 2026) | $113 | $118 |
FIAX Trailing Returns
Total returns to Jul 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +1.95% |
| 1 year | +4.04% |
| 3 years (annualised) | +3.38% |
FIAX Annual Returns
Calendar-year total returns of Nicholas Fixed Income Alternative ETF, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–Jul) | +1.95% |
| 2025 | +2.93% |
| 2024 | +3.85% |
| 2023 | +3.68% |
| 2022 (Nov–Dec) | −0.32% |
FIAX Monthly Returns
Monthly total returns as reported on SEC Form N-PORT.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | +0.7% | −0.2% | −1.3% | +2.1% | +0.5% | +0.4% | −0.2% | — | — | — | — | — |
| 2025 | +1.9% | −0.9% | −1.4% | −1.8% | +1.3% | +1.2% | +0.6% | +0.3% | +0.4% | +0.5% | +0.7% | +0.1% |
| 2024 | +0.6% | −0.7% | +0.2% | −1.4% | +1.5% | +1.1% | +2.1% | +1.2% | −0.1% | −0.2% | +1.4% | −2.0% |
| 2023 | +0.2% | +0.1% | +0.8% | +0.2% | +0.2% | +0.2% | +0.5% | +0.8% | −1.7% | −0.9% | +2.5% | +0.7% |
| 2022 | — | — | — | — | — | — | — | — | — | — | 0.0% | −0.3% |
FIAX Risk
Risk measures from monthly returns over Aug 2023 – Jul 2026.
- 3-year volatility (annualised): 4.03%
- 3-year Sharpe ratio: -0.28 (vs 4.5% risk-free rate)
- Best month: +2.50% (Nov 2023)
- Worst month: −1.99% (Dec 2024)
FIAX Fund Flows
Monthly money in and out of Nicholas Fixed Income Alternative ETF, from SEC Form N-PORT.
- 12-month net flow: −$23.1M
- 12-month gross sales (incl. reinvestments): $1.8M
- Sales ÷ redemptions: 0.07×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| Jul 2026 | $440K | $2.2M | −$1.8M |
| Jun 2026 | $0 | $882K | −$882K |
| May 2026 | $0 | $1.3M | −$1.3M |
| Apr 2026 | $0 | $2.2M | −$2.2M |
| Mar 2026 | $0 | $3.9M | −$3.9M |
| Feb 2026 | $0 | $2.2M | −$2.2M |
| Jan 2026 | $0 | $6.3M | −$6.3M |
| Dec 2025 | $0 | $1.4M | −$1.4M |
| Nov 2025 | $0 | $902K | −$902K |
| Oct 2025 | $452K | $0 | $452K |
| Sep 2025 | $0 | $3.6M | −$3.6M |
| Aug 2025 | $904K | $0 | $904K |
FIAX Assets Under Management
Net assets of Nicholas Fixed Income Alternative ETF by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-07-31 | $129.25M |
| 2026-04-30 | $134.86M |
| 2026-01-31 | $145.38M |
| 2025-10-31 | $154.77M |
| 2025-07-31 | $158.27M |
| 2025-04-30 | $155.80M |
| 2025-01-31 | $163.19M |
| 2024-10-31 | $158.87M |
| 2024-07-31 | $63.11M |
| 2024-04-30 | $61.32M |
| 2024-01-31 | $61.59M |
| 2023-10-31 | $46.83M |
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.