Theoretical calculations and experimental measurements for an acoustic wave bound to and guided by a fluid layer between two semi‐infinite isotropic elastic solids are reported. Discussion of theory includes wave propagation characteristics, mode existence criteria, and the distribution of elastic energy in the structure, treating separately the cases where the geometry is symmetric and nonsymmetric about a plane of bisection. Experimental results include measured propagation characteristics for the layered geometry and a device realization of this particular structure.