Deep Dive
Financials drop 2.4% after the Fed's first hike since 2023 and a Bank of America fee warning
Sound Enhanced Fixed Income ETF
$16.41+0.04 (+0.25%)
- 0.49%
- $40M
- −2.7%
- 7.61%
- 0M sh
- $17.55
- low $16.22high $18.58
The ETF.net FXED Grade
D
Score 30 out of 100
- 29 of 31
Score 30 of 100 falls in the D band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.B55 out of 100Rank 13 of 31Mission
Whether the fund did what it promised, tested against its stated mandate.F11 out of 100Rank 26 of 26Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.D29 out of 100Rank 26 of 31Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.F7 out of 100Rank 29 of 31Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.C52 out of 100Rank 17 of 29Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.F20 out of 100Rank 30 of 31
Our read on FXED
DAn actively run income fund with no index to hug, paying out monthly, and priced more like a private managed account than a bond ETF. Small, hands-on, and the opposite of the cheap-beta approach that owns the bond aisle.
The Fund seeks current income while also offering the possibility of capital appreciation.
Why people hold it
- The mandate is plain: current income first, with capital appreciation framed as a possibility rather than the point.
- Cash comes monthly, matching the rhythm of monthly bills instead of arriving in quarterly lumps.
- No declared index to track, so the manager can lean into whichever corners of the bond market are paying best.
- Trading since January 2021, so there is a real multi-year record to examine rather than a backtest.
Worth knowing
- Fee is the headline: 2.51% a year, against 0.03% at index giants BND, SPAB and SCHZ. Income clears that bar before it reaches you.
- Assets are small and shares trade thinly, so spreads can run wider and limit orders matter more than with a household-name bond fund.
- Inside its aggregate-bond peer group it sits in the bottom quartile, with cost the main drag.
FXED Holdings
- Bonds
- 56
- 27%
- GBDC
Sectors
- Financials61.1%
- Real Estate38.9%
Geography
- United States100.00%
FXED Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Not enough history yet.
FXED$9,734
Returns run to the Oct 12, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | FXED |
|---|---|
| Year to date | −4.8% |
| 1 month | −2.8% |
| 3 months | −4.5% |
| 1 year | −2.7% |
| 3 years | +5.5% |
| 5 years | +1.2% |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | FXED |
|---|---|---|
| 2026 YTD | −4.8% | |
| 2025 | +5.7% | |
| 2024 | +5.2% | |
| 2023 | +15.1% | |
| 2022 | −14.7% | |
| 2021 | +10.8% |
FXED in the news
FXED Dividends
- 7.61%
- $1.25
- $0.04 per share
- Bi-Weekly
Distribution history
FXED Risk
- 7.9%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- 0.11
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −19.7%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 0.65
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
FXED Cost
0.49%
FXED0.49%
- The middle half of Preferred Securities funds
- Median 0.50%
12 of the 31 Preferred Securities funds charge less.
Other funds in Preferred Securities
- CPFFAVirtus InfraCap U.S. Preferred Stock ETFExpense ratio 2.11%1 year return −0.5%
- CJPRFJPMorgan Preferred and Income Securities ETFExpense ratio 0.61%1 year return —
- CQTPIExchange Place Advisors Trust - North Square RCIM Tax-Advantaged Preferred and Income Securities ETFExpense ratio 0.60%1 year return +1.0%
- FPRIZZacks Preferred Income ETFExpense ratio 1.07%1 year return —
- FVPFFVIRTUS INFRACAP PREFERRED AND INCOME SECURITIES ETFExpense ratio 0.80%1 year return —