First Trust Smith Unconstrained Bond ETF
UCON
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- First Trust Smith Unconstrained Bond ETF (UCON) 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 a diversified portfolio of fixed income securities, including U.S. Treasury notes and bonds, Treasury Inflation-Protected Securities, agency mortgage-backed securities such as those issued by Fannie Mae and Freddie Mac, asset-backed securities, residential and commercial mortgage-backed securities, corporate bonds, high yield securities, bank loans, emerging market debt, non-agency securities, and listed or over-the-counter derivatives for duration management, yield curve positioning, and hedging; its average portfolio duration typically ranges from 0 to 10 years, with flexibility to allocate up to 50% in each of asset-backed securities, residential mortgage-backed securities, and commercial mortgage-backed securities, up to 70% in high yield bonds, up to 60% in emerging markets, and up to 50% in foreign currency-denominated securities. The fund, launched on June 4, 2018 and domiciled in the United States, is advised by First Trust Advisors L.P., an affiliate of First Trust Portfolios L.P., and headquartered in Wheaton, Illinois; it benchmarks against the Bloomberg US Aggregate Bond Index, ICE BofA US Dollar 3-Month Deposit Offered Rate Average Index, and ICE BofA US Dollar 3-Month US Treasury Bill Index, targeting income-oriented investors seeking unconstrained fixed income exposure across investment-grade, high yield, and securitized sectors primarily in U.S. and global markets. In May 2025, the fund underwent a significant strategic shift as shareholders approved Smith Capital Investors, LLC as its new investment sub-advisor, replacing TCW Investment Management Company LLC, accompanied by revisions to certain non-fundamental investment policies to align with Smith Capital's fixed income philosophy; the ETF was renamed from First Trust TCW Unconstrained Plus Bond ETF to its current name to reflect this change, with no other major acquisitions, funding rounds, or product launches reported in the past two years.