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News coverage for First Trust Smith Unconstrained Bond ETF (UCON) focuses on developments affecting the fund’s advisory arrangements, governance, and structural features. UCON is a series of First Trust Exchange-Traded Fund VIII and is associated with the fixed income market, as reflected in its name and its inclusion in communications alongside other fixed income funds.
Recent announcements describe shareholder approval of a new investment sub-advisory agreement under which Smith Capital Investors, LLC serves as investment sub-advisor to UCON. These updates also explain the termination of the prior sub-advisor and the transition to Smith Capital under an interim agreement followed by a longer-term sub-advisory agreement. As sub-advisor, Smith Capital is responsible for the selection and ongoing monitoring of the securities in UCON’s portfolio.
Another key news theme is the adoption of a manager of managers structure for UCON and certain related funds. Under this structure, First Trust Advisors L.P. and the trust, with Board approval, may enter into and materially amend sub-advisory agreements without obtaining additional shareholder approval, and may report certain advisory and sub-advisory fee information on an aggregate basis in disclosure documents.
Investors following UCON-related news can expect updates on advisory relationships, board and governance decisions affecting the fund, and shareholder voting outcomes on proposals such as trustee elections and structural changes. These items help explain how the fund is managed, how oversight is exercised by the Board of Trustees, and how advisory responsibilities are allocated between First Trust Advisors L.P. and Smith Capital Investors, LLC.
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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