FXED Fees and Costs — Sound Enhanced Fixed Income ETF
Data updated: 2026-07-29
The net expense ratio is 1.89%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $2K in broker commissions, 0.0039% of average net assets, and portfolio turnover was 8%.
FXED Fees and Expenses
Annual operating expenses and sales charges of FXED. Prospectus, as of March 26, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.49% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 1.89% |
| Fee waiver | — |
| Net expense ratio | 1.89% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
FXED Costs Over Time
On $10,000 invested in FXED, assuming 5% a year before costs, total costs come to $1,164 over 5 years, cutting the return by 1.99% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 1.89%) | $198 | $613 | $1,054 |
| Trading costs (broker commissions) | $0 | $1 | $2 |
| Lost growth on money paid in costs | $0 | $31 | $108 |
| Total costs | $199 | $645 | $1,164 |
| Value after costs | $10,301 | $10,931 | $11,599 |
| Impact on return, per year | 1.99% | 1.99% | 1.99% |
FXED Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending November 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0039%
- Total broker commissions: $2K
- Bought from dealers (principal trades, not a cost): $3.2M
- Portfolio turnover (prospectus): 8%
- Securities on loan, average value: $8.1M
- Net income from securities lending: $26K (0.062% of average net assets)
FXED Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| ROBERT W. BAIRD & CO. INCORPORATED | $1K | 74.17% |
| TELSEY ADVISORY GROUP LLC | $361 | 22.32% |
| WELLS FARGO SECURITIES LLC | $57 | 3.51% |
FXED Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| FALCON SQUARE CAPITAL LLC | $1.9M | 58.28% |
| COHEN & COMPANY SECURITIES LLC | $469K | 14.69% |
| U.S. BANCORP INVESTMENTS INC. | $454K | 14.24% |
| CREWS & ASSOCIATES INC. | $409K | 12.80% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.