FXED - Sound Income Strategies

Stay Invested, Generate Income

SDEF has a new ticker name as of 4/03/23, all fund documents are in the process of being updated.

Fund Information

With historically elevated levels of inflation, central banks around the globe reacted by tightening monetary policies last year. The US central bank raised rates so fast they caused several regional banks to close. While we believe now can be a good time to invest in fixed income bonds, bonds can be tricky, you buy on price but get paid on yields, duration matters, and you get taxed on the coupons.

As rates begin to level out and sticky inflationary pressures show signs of subsiding, we believe income investors have an opportunity to re-position portfolios and capitalize on the current macroeconomic environment using the FXED ETF.

Blended corporate credit income strategies like FXED uses, historically the domain of Hedge Funds, could represent a complimentary solution for a 10% allocation in your portfolio, over traditional sources of fixed income.

Utilizing a combination of investment grade and below investment grade debt securities, US Equity Dividend Stocks, BDCs (Business Develop Companies), REITs, and Specialty Bond ETFs of specific segments within corporate bonds that may be poised to benefit in this environment.

FXED’s fixed income management philosophy reflects a goal of consistently outperforming the broader bond market over full market cycles while seeking to maintain below-average volatility with an emphasis on capital preservation.

Sound Enhanced Fixed Income ETF (FXED) is an actively managed exchange-traded fund (ETF) that seeks current income while providing the opportunity for capital appreciation by investing in more tax efficient fixed-income securities than treasury bonds.

Fund Documents

Fact Sheet

Prospectus

Summary Prospectus

SAI

Fiscal Q1 Holdings

Annual Report

Semi Annual Report

Fiscal Q3 Holdings

Form 8937 2022

Investment Case

Fund Information

Fund Name	Sound Enhanced Fixed Income ETF
Fund Inception	12/30/20
Ticker	FXED
Primary Exchange	NYSE Arca
CUSIP	886364819
NAV Symbol	SDEF.NV
Expense Ratio*	2.12%
30 Day SEC Yield**	6.76%

wdt_ID	New column	New column
1	Fund Name	Sound Enhanced Fixed Income ETF
2	Fund Inception	12/30/20
3	Ticker	FXED
4	Primary Exchange	NYSE Arca
5	CUSIP	886364819
6	NAV Symbol	SDEF.NV
7	Expense Ratio*	0.61%

Name	date	value
30-Day SEC Yield	11/30/2023	7.13

Name	date	value
30-Day SEC Yield	11/30/2023	7.13

Fund Data and Pricing

Name
12/07/2023

Name	value
Net Assets	$30.36m
NAV	$17.86
Shares Outstanding	1,700,000.00
Premium/discount Percentage	0.16%
Closing Price	$17.89
Median 30 Day Spread**	1.02%

Data as of

*The Expense Ratio includes management fees and Acquired Fund Fees and Expenses. If Acquired Fund Fees and Expenses were excluded, the Expense Ratio would be 0.49%.
**The 30-Day Yield represents net investment income earned by the Fund over a 30-Day period, expressed as an annual percentage rate based on the Fund’s share price at the end of the 30-Day period. The 30-Day unsubsidized SEC Yield does not reflect any fee waivers/reimbursements/limits in effect.

Performance

Month-End

Quarter-End

Month-End

Name
11/30/2023

Fund Name	Fund Ticker	1 Month	3 Month	6 Month	YTD	1 Year	3 Year	5 Year	Since Inception Cumulative	Since Inception Annualized	Date
Sound Enhanced Fixed Income ETF	FXED NAV	7.13	2.42	5.87	10.67	7.21	–	–	3.06	1.04	11/30/2023
Sound Enhanced Fixed Income ETF	FXED MKT	7.71	2.67	6.50	10.30	7.96	–	–	3.71	1.26	11/30/2023
Bloomberg U.S. Universal Bond Index	BCUNIV	4.50	0.47	-0.19	2.29	1.94	–	–	-11.90	-4.25	11/30/2023

Quarter-End

Name
6/30/2023

Fund Name	Fund Ticker	1 Month	3 Month	6 Month	YTD	1 Year	3 Year	5 Year	Since Inception Cumulative	Since Inception Annualized	Date
Sound Enhanced Fixed Income ETF	FXED NAV	2.17	1.54	6.80	6.80	6.81	–	–	-0.54	-0.22	06/30/2023
Sound Enhanced Fixed Income ETF	FXED MKT	2.04	1.62	5.68	5.68	6.78	–	–	-0.63	-0.25	06/30/2023
Bloomberg U.S. Universal Bond Index	BCUNIV	-0.16	-0.59	2.32	2.32	-0.04	–	–	-11.88	-4.93	06/30/2023

As of January 31, 2023 (Cumulative)				As of December 31, 2022 (Annualized)
	MTD	QTD	YTD	QTD	YTD	1 Year	3 Year	Since Inception
Market Price	7.43%	7.43%	7.43%	5.79%	-14.69%	-14.69%	–	-3.03%
Fund NAV	8.65%	8.65%	8.65%	4.38%	-15.22%	-15.22%	–	-3.49%
Index	3.10%	3.10%	3.10%	2.24%	-12.99%	-12.99%	–	-7.19%

The performance data quoted represents past performance. Past performance does not guarantee future results. Current performance may be lower or higher than the performance data quoted. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Returns less than one year are not annualized. For the most recent month-end-performance, please call (833) 916-9056. You cannot invest directly in an index. Shares are bought and sold at market price (closing price), not net asset value (NAV), and are individually redeemed from the Fund. Market performance is determined using the bid/ask midpoint at 4:00pm Eastern time when the NAV is typically calculated. Brokerage commissions will reduce returns.

Performance Returns Calendar Year

	YTD 2023
Market Price	7.43%
Fund NAV	8.65%

Distribution Detail

FXED	3/24/2021	3/25/2021	3/29/2021	0.2039
FXED	6/1/2021	6/2/2021	6/4/2021	0.0403
FXED	6/15/2021	6/16/2021	6/18/2021	0.0403
FXED	6/29/2021	6/30/2021	7/2/2021	0.0403
FXED	7/13/2021	7/14/2021	7/16/2021	0.0406
FXED	7/27/2021	7/28/2021	7/30/2021	0.0400
FXED	8/17/2021	8/18/2021	8/20/2021	0.0400
FXED	8/31/2021	9/1/2021	9/3/2021	0.0400
FXED	9/14/2021	9/15/2021	9/17/2021	0.0400
FXED	9/28/2021	9/29/2021	10/1/2021	0.0400
FXED	10/12/2021	10/13/2021	10/15/2021	0.0400
FXED	10/26/2021	10/27/2021	10/29/2021	0.0400
FXED	11/16/2021	11/17/2021	11/19/2021	0.0400
FXED	11/30/2021	12/1/2021	12/3/2021	0.0400
FXED	12/14/2021	12/15/2021	12/17/2021	0.0400
FXED	12/28/2021	12/29/2021	12/31/2021	0.0800
FXED	2/23/2022	2/24/2022	2/28/2022	0.0400
FXED	4/12/2022	4/13/2022	4/18/2022	0.0400
FXED	4/26/2022	4/27/2022	4/29/2022	0.0400
FXED	5/11/2022	5/12/2022	5/16/2022	0.0400
FXED	5/25/2022	5/26/2022	5/31/2022	0.0400
FXED	6/13/2022	6/14/2022	6/16/2022	0.0400
FXED	6/27/2022	6/28/2022	6/30/2022	0.0400
FXED	7/12/2022	7/13/2022	7/15/2022	0.0400
FXED	7/26/2022	7/27/2022	7/29/2022	0.0400
FXED	8/11/2022	8/12/2022	8/16/2022	0.0400
FXED	8/25/2022	8/26/2022	8/30/2022	0.0400
FXED	9/12/2022	9/13/2022	9/16/2022	0.0400
FXED	9/27/2022	9/28/2022	9/30/2022	0.0400
FXED	10/25/2022	10/26/2022	10/28/2022	0.0400
FXED	11/25/2022	11/28/2022	11/30/2022	0.0400
FXED	12/13/2022	12/14/2022	12/16/2022	0.0400
FXED	12/23/2022	12/27/2022	12/28/2022	0.0496
FXED	1/10/2023	1/11/2023	1/13/2023	0.0400
FXED	1/26/2023	1/27/2023	1/27/2023	0.0400
FXED	2/14/2023	2/15/2023	2/17/2023	0.0400
FXED	2/23/2023	2/24/2023	2/28/2023	0.0400
FXED	3/13/2023	3/14/2023	3/16/2023	0.0400
FXED	4/11/2023	4/12/2023	4/14/2023	0.0400
FXED	4/25/2023	4/26/2023	4/28/2023	0.0400
FXED	5/11/2023	5/12/2023	5/16/2023	0.0400
FXED	5/25/2023	5/26/2023	5/31/2023	0.0400
FXED	6/13/2023	6/14/2023	6/16/2023	0.0400
FXED	6/27/2023	6/28/2023	6/30/2023	0.0400
FXED	7/12/2023	7/13/2023	7/17/2023	0.0400
FXED	7/26/2023	7/27/2023	7/31/2023	0.0400
FXED	8/11/2023	8/14/2023	8/16/2023	0.0400
FXED	8/28/2023	8/29/2023	8/31/2023	0.0400
FXED	9/12/2023	9/13/2023	9/15/2023	0.0400
FXED	9/26/2023	9/27/2023	9/29/2023	0.0400
FXED	10/11/2023	10/12/2023	10/16/2023	0.0400
FXED	10/26/2023	10/27/2023	10/31/2023	0.0400
FXED	11/13/2023	11/14/2023	11/16/2023	0.0400
FXED	11/27/2023	11/28/2023	11/30/2023	0.0400

Top 10 Holdings

Holdings subject to change.

Name
12/11/2023

Date	Account	SecurityName	StockTicker	CUSIP	Shares	Price	MarketValue	Weightings	NetAssets	SharesOutstanding	CreationUnits	MoneyMarketFlag
12/11/2023	FXED	AMC NETWORKS INC 4.75% 08/01/2025	00164VAE3	00164VAE3	670,000	95.66	640,889.64	2.11%	30,311,170	1,700,000	68
12/11/2023	FXED	AT&T INC	00206R706	00206R706	31,108	18.75	583,275.00	1.92%	30,311,170	1,700,000	68
12/11/2023	FXED	AEGON FUNDING COMPANY LLC	00775V104	00775V104	30,839	20.82	642,067.98	2.12%	30,311,170	1,700,000	68
12/11/2023	FXED	ALLSTATE CORP	020002838	020002838	29,968	21.29	638,018.72	2.10%	30,311,170	1,700,000	68
12/11/2023	FXED	AMERICAN AXLE & MFG INC 5% 10/01/2029	02406PBB5	02406PBB5	609,000	83.87	510,747.11	1.69%	30,311,170	1,700,000	68
12/11/2023	FXED	APA CORPORATION 5.1% 09/01/2040	037411AW5	037411AW5	669,000	82.04	548,871.02	1.81%	30,311,170	1,700,000	68
12/11/2023	FXED	ASSOCIATED BANC CORP	045487402	045487402	29,097	18.02	524,330.85	1.73%	30,311,170	1,700,000	68
12/11/2023	FXED	BANK AMER CORP	06053U601	06053U601	30,638	22.41	686,597.58	2.27%	30,311,170	1,700,000	68
12/11/2023	FXED	CMS ENERGY CORP	125896845	125896845	29,902	24.27	725,718.55	2.39%	30,311,170	1,700,000	68
12/11/2023	FXED	CAPITAL ONE FINL CORP	14040H782	14040H782	32,247	17.86	575,931.42	1.90%	30,311,170	1,700,000	68
12/11/2023	FXED	CLEVELAND-CLIFFS INC NEW 5.875% 06/01/2027	185899AH4	185899AH4	497,000	98.66	490,319.48	1.62%	30,311,170	1,700,000	68
12/11/2023	FXED	DELL INC 6.5% 04/15/2038	24702RAF8	24702RAF8	520,000	104.34	542,565.92	1.79%	30,311,170	1,700,000	68
12/11/2023	FXED	EQUITRANS MIDSTREAM CORP 5.5% 07/15/2028	26885BAC4	26885BAC4	603,000	97.86	590,082.96	1.95%	30,311,170	1,700,000	68
12/11/2023	FXED	HILTON DOMESTIC OPER CO INC 4.875% 01/15/2030	432833AF8	432833AF8	662,000	94.14	623,180.65	2.06%	30,311,170	1,700,000	68
12/11/2023	FXED	JPMORGAN CHASE & CO	48128B648	48128B648	29,365	25.09	736,767.85	2.43%	30,311,170	1,700,000	68
12/11/2023	FXED	METLIFE INC	59156R850	59156R850	30,705	20.41	626,689.05	2.07%	30,311,170	1,700,000	68
12/11/2023	FXED	MORGAN STANLEY	61762V804	61762V804	31,510	21.03	662,655.30	2.19%	30,311,170	1,700,000	68
12/11/2023	FXED	MORGAN STANLEY	61762V861	61762V861	30,554	18.62	568,915.48	1.88%	30,311,170	1,700,000	68
12/11/2023	FXED	MURPHY OIL CORP 5.875% 12/01/2027	626717AM4	626717AM4	736,000	98.64	725,958.16	2.40%	30,311,170	1,700,000	68
12/11/2023	FXED	NATIONAL FUEL GAS CO 4.75% 09/01/2028	636180BP5	636180BP5	669,000	95.47	638,663.06	2.11%	30,311,170	1,700,000	68
12/11/2023	FXED	OLIN CORP 5.125% 09/15/2027	680665AJ5	680665AJ5	669,000	95.88	641,443.89	2.12%	30,311,170	1,700,000	68
12/11/2023	FXED	RADIAN GROUP INC 4.875% 03/15/2027	750236AW1	750236AW1	669,000	95.73	640,413.63	2.11%	30,311,170	1,700,000	68
12/11/2023	FXED	SOUTHERN CO	842587800	842587800	30,505	21.80	665,009.00	2.19%	30,311,170	1,700,000	68
12/11/2023	FXED	TARGA RES PARTNERS / TARGA RES SR GLBL NT 5% 28 5% 01/15/2028	87612BBG6	87612BBG6	669,000	97.14	649,884.64	2.14%	30,311,170	1,700,000	68
12/11/2023	FXED	TRINITY INDS INC 4.55% 10/01/2024	896522AH2	896522AH2	669,000	98.14	656,549.91	2.17%	30,311,170	1,700,000	68
12/11/2023	FXED	TRUIST FINL CORP	89832Q745	89832Q745	30,103	21.97	661,212.40	2.18%	30,311,170	1,700,000	68
12/11/2023	FXED	UNITED RENTALS NORTH AMER INC SR GLBL NT 28 4.875% 01/15/2028	911365BG8	911365BG8	619,000	96.50	597,304.70	1.97%	30,311,170	1,700,000	68
12/11/2023	FXED	WELLS FARGO CO NEW	94988U128	94988U128	32,046	19.67	630,344.82	2.08%	30,311,170	1,700,000	68
12/11/2023	FXED	APPLE HOSPITALITY REIT INC	APLE	03784Y200	8,355	16.90	141,199.50	0.47%	30,311,170	1,700,000	68
12/11/2023	FXED	ARES CAPITAL CORP COM	ARCC	04010L103	50,173	20.08	1,007,473.84	3.32%	30,311,170	1,700,000	68
12/11/2023	FXED	ALLIANCEBERNSTEIN GLOBAL HIGH COM	AWF	01879R106	85,367	9.85	840,864.95	2.77%	30,311,170	1,700,000	68
12/11/2023	FXED	ISHARES INC JP MRGN EM HI BD	EMHY	464286285	21,605	35.48	766,636.14	2.53%	30,311,170	1,700,000	68
12/11/2023	FXED	GOLUB CAP BDC INC COM	GBDC	38173M102	60,278	14.63	881,867.14	2.91%	30,311,170	1,700,000	68
12/11/2023	FXED	GAMING & LEISURE PPTYS INC	GLPI	36467J108	2,183	46.08	100,592.64	0.33%	30,311,170	1,700,000	68
12/11/2023	FXED	GLOBAL MED REIT INC	GMRE	37954A204	25,619	10.53	269,768.07	0.89%	30,311,170	1,700,000	68
12/11/2023	FXED	GLOBAL NET LEASE INC	GNL	379378201	19,602	9.10	178,378.20	0.59%	30,311,170	1,700,000	68
12/11/2023	FXED	HERCULES CAPITAL INC	HTGC	427096508	58,402	15.46	902,894.92	2.98%	30,311,170	1,700,000	68
12/11/2023	FXED	VANECK ETF TRUST EMERGING MRKT HI	HYEM	92189F353	32,354	18.26	590,784.04	1.95%	30,311,170	1,700,000	68
12/11/2023	FXED	OMEGA HEALTHCARE INVS INC	OHI	681936100	9,028	30.52	275,534.56	0.91%	30,311,170	1,700,000	68
12/11/2023	FXED	INVESCO EXCH TRADED FD TR II EMRNG MKT SVRG	PCY	46138E784	32,632	19.86	648,071.52	2.14%	30,311,170	1,700,000	68
12/11/2023	FXED	PENNANTPARK FLOATING RATE CAP COM	PFLT	70806A106	79,946	11.48	917,780.08	3.03%	30,311,170	1,700,000	68
12/11/2023	FXED	ALPINE INCOME PPTY TR INC	PINE	02083X103	18,136	16.75	303,778.00	1.00%	30,311,170	1,700,000	68
12/11/2023	FXED	PARK HOTELS & RESORTS INC	PK	700517105	11,757	15.18	178,471.26	0.59%	30,311,170	1,700,000	68
12/11/2023	FXED	PLYMOUTH INDL REIT INC	PLYM	729640102	18,555	22.99	426,579.45	1.41%	30,311,170	1,700,000	68
12/11/2023	FXED	RUNWAY GROWTH FINANCE CORP	RWAY	78163D100	5,310	12.80	67,968.00	0.22%	30,311,170	1,700,000	68
12/11/2023	FXED	ISHARES TR 0-5YR HI YL CP	SHYG	46434V407	22,074	41.74	921,368.76	3.04%	30,311,170	1,700,000	68
12/11/2023	FXED	SIMON PPTY GROUP INC NEW	SPG	828806109	3,948	132.88	524,610.24	1.73%	30,311,170	1,700,000	68
12/11/2023	FXED	SPIRIT RLTY CAP INC NEW	SRC	84860W300	8,296	41.31	342,707.76	1.13%	30,311,170	1,700,000	68
12/11/2023	FXED	SIXTH STREET SPECIALTY LENDING COM	TSLX	83012A109	40,275	21.14	851,413.50	2.81%	30,311,170	1,700,000	68
12/11/2023	FXED	VICI PPTYS INC	VICI	925652109	14,525	30.51	443,157.75	1.46%	30,311,170	1,700,000	68
12/11/2023	FXED	WHITEHORSE FIN INC	WHF	96524V106	56,906	12.44	707,910.64	2.34%	30,311,170	1,700,000	68
12/11/2023	FXED	Cash & Other	Cash&Other	Cash&Other	598,090	1.00	598,090.08	1.97%	30,311,170	1,700,000	68	Y

Data as of

ETF holdings and allocations are subject to change at any time and should not be interpreted as an offer of these securities.

How to purchase our ETFs

Sound Income Strategies FXED ETF is available through various channels including via phone (833) 916-9056, broker-dealers, investment advisors, and other financial services firms, including:

The Fund is not affiliated with these financial service firms. Their listing should not be viewed as a recommendation or endorsement.

Sound Income ETFs

Before investing you should carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other information is in the prospectus. A prospectus may be obtained by calling (833) 916-9056 or viewing here. Please read the prospectus carefully before you invest.

Investing involves risk, including the potential loss of principal. There is no guarantee that the Funds investment strategy will be successful. Shares may trade at a premium or discount to their NAV in the secondary market. The Fund is new and has a limited operating history. The Fund has a limited number of financial institutions that are authorized to purchase and redeem shares directly from the Fund; and there may be a limited number of market makers or other liquidity providers in the marketplace. Since the Fund is actively managed it does not seek to replicate the performance of a specified index. The Fund may frequently trade all or a significant portion of its portfolio; and have higher portfolio turnover than funds that do seek to replicate the performance of an index. Securities rated below investment grade are often referred to as high yield securities or “junk bonds.” Investments in lower rated corporate debt securities typically entail greater price volatility and principal and income risk. High yield securities may be more susceptible to real or perceived adverse economic and competitive industry conditions than investment grade securities.

The Fund may, at times, hold illiquid securities. The Fund could lose money if it is unable to dispose of an illiquid investment at a time or price that is most beneficial to the Fund. The Fund’s investments in bonds and other debt securities will change in value based on changes in interest rates. If rates rise, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. The Fund is considered to be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund.

The Fund is distributed by Foreside Fund Services, LLC.