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First Trust Advisors L.P. announced that shareholders of First Trust Smith Opportunistic Fixed Income ETF (FIXD) and First Trust Smith Unconstrained Bond ETF (UCON) have approved two significant changes. First, shareholders approved a new investment sub-advisory agreement with Smith Capital Investors, LLC, replacing TCW Investment Management Company LLC. Second, they approved a "manager of managers" structure that allows First Trust to modify sub-advisory agreements without shareholder approval.
Smith Capital, managing approximately $12 billion in assets, will oversee the funds' investment portfolios. First Trust Advisors, the funds' investment advisor, currently manages $268 billion in assets as of May 30, 2025.
[ "New manager of managers structure provides operational flexibility by allowing sub-advisory changes without shareholder approval", "Transition to Smith Capital brings fresh investment management perspective with $12 billion AUM", "Streamlined disclosure process for advisory and sub-advisory fees" ]First Trust Advisors (FTA) announced that the Board of Trustees has voted to terminate the investment sub-advisory agreements for First Trust TCW Opportunistic Fixed Income ETF and First Trust TCW Unconstrained Plus Bond ETF, effective May 9, 2025. The Board approved Smith Capital Investors as the new sub-advisor, pending shareholder approval.
Smith Capital, founded in 2018 with $5.298 billion under management, will be responsible for portfolio management. The Board also approved a 'manager of managers' structure, allowing FTA to appoint and replace sub-advisors without shareholder approval, subject to Board and shareholder approval.
FTA, with approximately $266 billion in assets under management, will continue as the Funds' investment advisor. A special shareholder meeting will be held to vote on these changes.
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