Sound Enhanced Fixed Income ETF
FXED
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- Sound Enhanced Fixed Income ETF (FXED) is an actively managed exchange-traded fund that seeks current income and capital appreciation by investing primarily in tax-efficient fixed-income securities, including a blend of investment-grade and below investment-grade corporate debt, U.S. equity dividend stocks, business development companies (BDCs), real estate investment trusts (REITs), and specialty bond exchange-traded funds. The ETF's portfolio emphasizes holdings such as Ares Capital Corporation, iShares 0-5 Year High Yield Corporate Bond ETF, Hercules Capital, Inc., and JPMorgan Chase & Co. perpetual securities, alongside preferred stocks and high-yield bond ETFs like iShares J.P. Morgan EM High Yield Bond ETF; it maintains a net expense ratio of approximately 2.12% (including acquired fund fees and expenses) and targets a 30-day SEC yield around 6.76% as of recent data. FXED trades on the NYSE Arca exchange under ticker FXED with CUSIP 886364819 and NAV symbol SDEF.NV. Launched on December 30, 2020, FXED is issued through Tidal ETF Trust and sub-advised by Sound Income Strategies, LLC, a Fort Lauderdale, Florida-based registered investment adviser founded by David J. Scranton with over $4 billion in assets under management as of late 2025; Tidal Investments, LLC serves as the primary adviser. Sound Income Strategies acts as sub-adviser pursuant to agreements outlining portfolio security recommendations, with fund managers including Michael Venuto, Charles Ragauss, and Eric Lutton overseeing operations focused on outperforming broader bond markets through lower-duration, higher-yield strategies amid interest rate volatility. In recent developments, Sound Income Strategies, the ETF's sub-adviser, surpassed $4 billion in total assets under management in late 2025, reflecting robust growth in its income-focused strategies. The firm expanded distribution by launching separately managed account (SMA) models on the Orion platform in 2024, enhancing accessibility for advisors, and continues to emphasize blended corporate credit approaches historically associated with hedge funds. FXED maintains steady operations with assets under management around $42-45 million, a dividend yield near 6.4%, and no reported acquisitions, mergers, or major strategic shifts specific to the ETF in 2024-2025.