First Trust Smith Opportunistic Fixed Income ETF
FIXD
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- First Trust Smith Opportunistic Fixed Income ETF (FIXD) is an actively managed exchange-traded fund that seeks to maximize long-term total return by investing at least 80% of its net assets in fixed income securities, including U.S. government bonds, agency mortgage-backed securities, corporate bonds, asset-backed securities, and high yield securities; it maintains a weighted average duration within one year of the Bloomberg U.S. Aggregate Bond Index and may employ derivatives such as credit default swaps, futures, and options. The fund, previously known as First Trust TCW Opportunistic Fixed Income ETF, allocates primarily to U.S. bonds (approximately 93%), with smaller exposures to non-U.S. bonds, cash, and other assets; top holdings include U.S. Treasury Notes and Bonds, Federal Home Loan Mortgage Corp. securities, and collateralized loan obligations. FIXD trades on the Nasdaq, targets intermediate core-plus bond investors seeking income and capital appreciation across broad maturities and credit qualities, and pays monthly dividends. Launched on February 14, 2017, the ETF is advised by First Trust Advisors L.P., based in Wheaton, Illinois, with Smith Capital Investors, LLC serving as the current sub-adviser. In a major strategic shift, the Board of Trustees approved the termination of the prior sub-advisory agreement with TCW Investment Management Company LLC effective May 9, 2025; shareholders subsequently approved a new sub-advisory agreement with Smith Capital and a "manager of managers" structure, enabling flexible sub-adviser changes without further shareholder votes, alongside revisions to non-fundamental investment policies to align with Smith Capital's fixed income philosophy. The fund manages approximately $3.4 billion in assets with a net expense ratio of 0.65% and is available to investors in the United States and Canada.