ETF Evaluator:
Sound Enhanced Fixed Income ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Conservative Allocation Over the Last Year
| 17.9% | Draco Evolution AI ETF (DRAI) |
| 9.9% | Conservative Allocation () |
| 1.9% | Sound Enhanced Fixed Income ETF (FXED) |
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ETF Details
Sound Enhanced Fixed Income ETF Overview
Sound Enhanced Fixed Income ETF (FXED) is an actively managed Allocation Conservative Allocation exchange-traded fund (ETF). Sound ETF launched the ETF in 2020.
The investment seeks current income while providing the opportunity for capital appreciation.
Under normal market conditions, the fund will invest at least 80% of its net assets in fixed income securities. The fund's investments in fixed income securities will typically include U.S. corporate bonds, preferred stock and ETFs that invest in bonds, sovereign debt, and private placement debt securities. It may also invest in fixed income securities issued by U.S. and foreign corporations, securities issued by governments and their agencies, instrumentalities, or sponsored corporations, including supranational organizations.
About Sound Enhanced Fixed Income ETF (FXED)
There are 3 members of the management team with an average tenure of 0.34 years: Eric Beyrich (2026), David Scranton (2026) and Stephen Foy (2026). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: Bloomberg US Universal TR USD index with a weighting of 100%. Sound Enhanced Fixed Income ETF has 67 securities in its portfolio. The top 10 holdings constitute 26.8% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Sound Enhanced Fixed Income ETF is part of the Allocation global asset class and is within the Allocation ETF group. Sound Enhanced Fixed Income ETF has 4.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 29.3% There is 0.0% allocated to foreign stock, and 27.7% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 39.2% (34.8% domestic bond, 4.4% foreign bond and 0.0% convertible bond). Sound Enhanced Fixed Income ETF has 3.2% of the portfolio in cash.
Assets Under Management
The fund has $39 million in total assets, which is above the $30 million average for the Conservative Allocation category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
FXED Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Sound Enhanced Fixed Income ETF expense ratio is high compared to funds in the Conservative Allocation category. Sound Enhanced Fixed Income ETF has an expense ratio of 1.89%, which is 17% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Sound Enhanced Fixed Income ETF has a portfolio turnover rate of 8%, which indicates that it holds its assets around / 0.1 years. By way of comparison, the average portfolio turnover is 459% for the Conservative Allocation category.
Recently, in the month of July 2026, Sound Enhanced Fixed Income ETF returned -0.5%, which earned it a grade of A, as the Conservative Allocation category had an average return of -2.5%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Sound Enhanced Fixed Income ETF has a trailing yield of 7.19%, which is above the 4.46% category average.
The fund normally distributes its income semi-monthly.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Sound Enhanced Fixed Income ETF Grades
Year to date, the ETF has returned 0.1%, 4.7 percentage points worse than the category, which translates into a grade of F. The fund has returned 1.9% over the past year (grade of F), 5.9% over the past three years (grade of A) and 2.3% per year over the past five years (grade of A).
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FXED Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| FXED Return (NAV) | -0.5% | -1.2% | 1.9% | 5.9% | 2.3% | na |
| FXED Return (Price) | -0.7% | -1.2% | 1.6% | 5.8% | 2.2% | na |
| NAV +/- Price Return | 0.167% | 0.004% | 0.258% | 0.067% | 0.035% | na |
| Conservative Allocation Avg | -2.5% | -0.8% | 9.9% | 5.9% | 2.3% | na |
| FXED Grade (NAV) | A | F | F | A | A | na |
| +/- Category (NAV) | 2.0% | -0.4% | -8.0% | 0.0% | 0.0% | na |
| FXED Tax-Cost Ratio | na | na | 2.8% | 2.6% | 2.4% | na |
FXED Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FXED Return (NAV) | 0.1% | 5.2% | 6.4% | 15.3% | -15.2% | 9.7% | na | na | na | na | na |
| FXED Return (Price) | -0.1% | 5.8% | 5.2% | 15.1% | -14.7% | 9.8% | na | na | na | na | na |
| NAV +/- Price Ret | -2.079% | 0.109% | -0.195% | -0.011% | -0.035% | 0.002% | na | na | na | na | na |
| Conservative Allocation Avg | 4.9% | 19.4% | 6.4% | 15.3% | -15.2% | 9.7% | na | na | na | na | na |
| FXED Grade (NAV) | F | F | A | A | A | A | na | na | na | na | na |
| +/- Category | -4.7% | -14.2% | 0.0% | 0.0% | 0.0% | 0.0% | na | na | na | na | na |
| Risk Measures | |
| Beta: | 0.65 |
| R-Squared: | 70% |
| Standard Deviation: | 7.3% |
| Category Risk Index: | 1.00 |
| Category Risk Rating: | High |
| Total Risk Index: | 0.59 |
| Total Risk Rating: | Below Average |
| Portfolio Characteristics | |
| Yield: | 7.2% |
| Total Assets: | $ 39 Mil |
| Share Class Assets: | $ 39 Mil |
| Turnover: | 8.0% |
| Expense Ratio: | 1.89% |
| Index Fund: | No |
| Index Tracked: | Bloomberg US Universal TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Semi-Monthly |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 0.3 years | |||
| Average Tenure: 0.3 years | |||
| Managers (Year): Beyrich Eric (2026), Scranton David (2026), Foy Stephen (2026) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 67 |
| % in Top 10 Holdings: | 26.8% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 4.4% |
Portfolio Allocation |
|
| Domestic Stock: | 29.3% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 27.7% |
| Domestic Bond: | 34.8% |
| Foreign Bond: | 4.4% |
| Convertible Bond: | 0.0% |
| Other: | 0.6% |
| Cash: | 3.2% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Sound ETF |
| Phone Number: | 833-916-9056 |
| Website: | |
| Inception Date: | December 30, 2020 |
Expenses and Fees
| Expense Ratio (%): | 1.89% (Rating: High) |
| Category Average Expense Ratio (%): | 1.62% |
