Nicholas Fixed Income Alternative ETF
FIAX
11 hedge funds and large institutions have $114M invested in Nicholas Fixed Income Alternative ETF in 2026 Q1 according to their latest regulatory filings, with 2 funds opening new positions, 2 increasing their positions, 4 reducing their positions, and 4 closing their positions.
1.1% less ownership
Funds ownership: 84.15% → 83.04% (-1.1%)
12% less capital invested
Capital invested by funds: $129M → $114M (-$15.1M)
15% less funds holding
Funds holding: 13 → 11 (-2)
50% less funds holding in top 10
Funds holding in top 10: 2 → 1 (-1)
50% less first-time investments, than exits
New positions opened: 2 | Existing positions closed: 4
50% less repeat investments, than reductions
Existing positions increased: 2 | Existing positions reduced: 4
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
ZI
ZEGA Investments
Palm Beach Gardens,
Florida
|
+$1.32M |
| 2 |
QAM
Q3 Asset Management
Birmingham,
Michigan
|
+$496K |
| 3 |
Jane Street
New York
|
+$354K |
| 4 |
AWM
AE Wealth Management
Topeka,
Kansas
|
+$160K |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
SW
SMART Wealth
Omaha,
Nebraska
|
-$7.73M |
| 2 |
TI
Tidal Investments
Milwaukee,
Wisconsin
|
-$2.18M |
| 3 |
BCM
BluePath Capital Management
Atlanta,
Georgia
|
-$2.08M |
| 4 |
FTUS
Flow Traders U.S.
New York
|
-$1.69M |
| 5 |
CWM
Centric Wealth Management
Chicago,
Illinois
|
-$203K |
FIAX Hedge Fund Activity: Q1 2026 in Review
11 of the 8,203 institutional investors tracked by Wall St. Rank reported a position in Nicholas Fixed Income Alternative ETF (FIAX) for Q1 2026, worth a combined $114M — down 12% from $129M a quarter earlier.
Sellers outnumbered buyers: 4 funds closed out of FIAX and 2 opened new positions — a net loss of 2 holders — while 4 trimmed existing stakes and 2 added.
The largest buyer was ZEGA Investments, opening a new position worth an estimated $1.32M. The largest seller was SMART Wealth, cutting an estimated $7.73M.
- 11 institutional investors held Nicholas Fixed Income Alternative ETF (FIAX) as of Q1 2026, down from 13 in Q4 2025.
- Funds reported $114M of Nicholas Fixed Income Alternative ETF stock for Q1 2026, down 12% quarter-over-quarter.
- 2 funds opened new Nicholas Fixed Income Alternative ETF positions in Q1 2026 and 4 closed out, a net change of -2 holders.
- The largest Nicholas Fixed Income Alternative ETF buyer in Q1 2026 was ZEGA Investments, an estimated $1.32M added.
- The largest Nicholas Fixed Income Alternative ETF seller in Q1 2026 was SMART Wealth, an estimated $7.73M sold.
Based on aggregated 13F filings for Q1 2026.