---
ticker: "FIAX"
name: "Nicholas Fixed Income Alternative ETF"
url: "https://etf.net/etf/FIAX"
grade: "D"
score: 38
graded_at: "2026-10-12"
category: "Treasury Option Income"
category_rank: "11 of 14"
methodology: "https://etf.net/methodology"
---

# FIAX: Nicholas Fixed Income Alternative ETF

Grade **D**, Score 38 of 100. Rank 11 of 14 in Treasury Option Income.

Graded Oct 12, 2026.

## Grade pillars

| Pillar | Score | Category rank |
| --- | --- | --- |
| Cost | 16 | 12 of 14 |
| Mission | Not scored | — |
| Risk | 52 | 7 of 14 |
| Tradability | 44 | 11 of 14 |
| Holdings | 72 | 3 of 13 |
| Durability | 49 | 9 of 14 |

## Top holdings

The fund holds 11 positions. These are the largest 11, by weight.

| # | Ticker | Name | Weight |
| --- | --- | --- | --- |
| 1 | — | United States Treasury Note/Bond 3.875% 06/15/2028 | 24.12% |
| 2 | — | United States Treasury Note/Bond 4.625% 10/15/2026 | 23.80% |
| 3 | — | United States Treasury Note/Bond 3.875% 04/15/2029 | 23.75% |
| 4 | — | United States Treasury Note/Bond 3.875% 03/31/2031 | 23.62% |
| 5 | — | United States Treasury Note/Bond 4.5% 02/15/2036 | 2.50% |
| 6 | — | Spxw Us 12/31/26 C7350 | 1.42% |
| 7 | — | Cash & Other | 1.30% |
| 8 | — | Spxw Us 10/30/26 C7900 | 0.69% |
| 9 | — | Svxy Us 11/20/26 P66 | 0.42% |
| 10 | — | First American Government Obligations Fund 12/01/2031 | 0.33% |
| 11 | — | Spxw Us 10/30/26 P7530 | 0.27% |

Source: etf.net, https://etf.net/etf/FIAX. Please cite the page URL.