Nicholas Fixed Income Alternative ETF combines U.S. Treasury investments with options on broad stock indexes. Treasury interest brings one source of cash, while the option positions create a different set of gains, losses and market risks.
Business
Treasury and option-strategy ETF
Listing
FIAX · NYSE Arca
Reporting period
2026-04-30
Dividend schedule
Monthly
How the business works
Treasury interest after expenses appears in net investment income. Option results and Treasury price changes affect distributions and net asset value separately.
Extras are shown separately and are not assumed to repeat.
Reported earnings
Each measure shown separately, per share
Net investment income$0.26
Nov 1, 2025 to Apr 30, 2026
$0.00$0.26
Distribution yield8.30%Sourced distributions divided by dated market priceReported annual income yield3.27%Reported net investment income $0.5900 per share for 2024-11-01 to 2025-10-31, divided by approved 2025-10-31 market price $18.0360. Excludes capital gains; historical, not a current yield or forecast.Reported annual investment income$0.59Per share for 2025 FY. Excludes investment gains.Trailing 12-month distributions$1.43Recorded recurring payments per share, not a forecast
Dividend payment history
Date or month
Per share
Aug 21, 2026
$0.1168
Reported earnings and sources
Reported earnings for the latest four periods. Compare the same earnings measure across periods; different measures are not added together.
Cash distributions are the total paid per share during each reporting period, including any gains or return of capital. Period lengths may differ, so compare the dates before comparing amounts. Short periods are not annualized.
NAV change excludes distributions. Reported NAV total return includes reinvestment and is copied from the fund statement, not estimated by adding cash distributions to the NAV change.
How to read FIAX income
Fund income alone does not measure the full contribution from options. Cash distributions can also include gains or return of capital.
Follow distributions together with NAV and total return. A large payment is not proof that the strategy earned that amount.
Income and distributions
Income and cash distributions per share for the same dated periods. Shorter periods are kept separate and are not annualized. Fund income alone does not measure the full contribution from options. Cash distributions can also include gains or return of capital.
Fund net investment income per common share; actual reporting period, not annualized$0.2600
Total cash distributions in the same period$0.7200
$0.00$0.80
For the six months ended April 30, 2026, FIAX reported $0.26 of net investment income and $0.72 of distributions per share. Net asset value moved from $18.05 to $17.69. Income provided part of the cash, but the option and Treasury results are needed to explain the rest and the lower ending value.
Portfolio interest and dividends, realized investment results and any derivative activity contribute to distribution resources after expenses. Taxable income and cash distributions can differ from reported net investment income.
The earnings available to shareholders depend on the cash generated by these activities after operating and financing costs. Portfolio gains, financing proceeds and recurring income should be evaluated separately.
Nicholas Fixed Income Alternative ETF reported $0.2600 per share for 2025-11-01 to 2026-04-30, measured as Fund net investment income per common share; actual reporting period, not annualized.
Actual per-share reporting period, without annualisation. Net investment income, realized gains, unrealized changes and cash distributions are different measures. This comparison is not the Fly High forward Dividend Coverage Ratio.
Income and capital are exposed to option execution, market losses and changes in portfolio positioning.
Watch for changes in the underlying exposure and the next reported results before treating the current payment as evidence of continuing earnings support.
Payments can change and can include gains or return of capital. A high trailing yield does not establish earnings coverage or total return.
Watch for changes in the underlying exposure and the next reported results before treating the current payment as evidence of continuing earnings support.
Read the next matching income and cash period with option results, Treasury price moves and net asset value.
Net asset value (NAV)
NAV per share$17.03Sep 29, 2026Market price$17.02Sep 29, 2026PREMIUM / DISCOUNT TO NAV0.06% discountCalculated from the displayed same-date values.
NAV is the fund's assets minus liabilities, divided by shares outstanding. All values are USD per share.
Nicholas company live-data ETF NAV and closing market price, both dated 2026-09-29. The published premium or discount agrees with the calculation within source rounding. Older audited NAV history remains unchanged.
Read the next matching income and cash period with option results, Treasury price moves and net asset value.
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U.S. federal · Tax year 2025
Dividend tax treatment
For FIAX's November and December 2025 payments, the company estimated that 6.92% was return of capital.
Total ordinary dividends
Not confirmed
Qualified dividends
Not confirmed
Capital-gain distributions
Not confirmed
Return of capital
6.92%
This is a close look at the payment dates named above, not a verdict on every distribution paid in 2025. Other payments can have a different mix. Use this estimate to understand those checks, then compare the whole year with your tax statement.
The company calls this breakdown an estimate. This covers only the $0.1203 November 21 and $0.1209 December 19 payments, not all of 2025. The December notice calls their $0.2412 subtotal calendar-year-to-date in the table but fiscal-year-to-date in a footnote. The two dated notices confirm the narrower two-payment period. Your Form 1099-DIV may show a different final mix. See the company's estimate.
Tax year: 2025.
Tax details and source
Total ordinary dividends (includes qualified)
Not confirmed
Section 199A portion (within ordinary dividends)
Not confirmed
Exempt-interest distributions
Not confirmed
Reporting form
Form 1099-DIV
Source date
2025-12-19
Qualified dividends are included in total ordinary dividends. Section 199A is a separate designation within ordinary dividends, not extra income or qualified dividend income.
Your account type, holding period and circumstances affect treatment. Use your broker’s tax statement for filing. Return of capital generally reduces cost basis; amounts beyond basis can be taxable. IRS dividend guidance.
