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Name

As of 06/01/2026

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

First Trust Smith Unconstrained Bond ETF

UCON | Active ETF

$24.91

$3.23 B

4.58%

$1.14

0.86%

Vitals

YTD Return

0.8%

1 yr return

5.8%

3 Yr Avg Return

5.8%

5 Yr Avg Return

2.8%

Net Assets

$3.23 B

Holdings in Top 10

20.4%

52 WEEK LOW AND HIGH

$24.9
$24.58
$25.38

Expenses

OPERATING FEES

Expense Ratio 0.86%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A

Min Investment

Standard (Taxable)

N/A

IRA

N/A

Fund Classification

Fund Type

Exchange Traded Fund

Name

As of 06/01/2026

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

First Trust Smith Unconstrained Bond ETF

UCON | Active ETF

$24.91

$3.23 B

4.58%

$1.14

0.86%

UCON - Profile

Distributions

  • YTD Total Return 0.8%
  • 3 Yr Annualized Total Return 5.8%
  • 5 Yr Annualized Total Return 2.8%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 1.90%
DIVIDENDS
  • Dividend Yield 4.6%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    First Trust Smith Unconstrained Bond ETF
  • Fund Family Name
    First Trust Advisors L.P
  • Inception Date
    Jun 04, 2018
  • Shares Outstanding
    47650002
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Stephen Kane

Fund Description

Under normal market conditions, the Fund invests at least 80% of its net assets (including investment borrowings) in a portfolio of fixed income securities. The Fund’s investment sub-advisor, Smith Capital Investors,LLC (“Smith Capital” or the “Sub-Advisor”), manages the Fund’s portfolio in an “unconstrained” manner, meaning that its investment universe is not limited to the securities of any particular index and it has discretion to invest in fixed income securities of any type or credit quality, including up to 70% of its net assets in high yield (or “junk”) securities, up to 25% of its net assets in securities issued by issuers with significant ties to emerging market countries and up to 10% of its net assets in securities denominated in non-U.S. currencies. Additionally, under normal market conditions, the Fund’s average portfolio duration will vary from between 0 to 10 years. Duration is a measure of the expected price volatility of a fixed income security as a result of changes in market rates of interest. Smith Capital believes that markets move in cycles, which requires adaptability, discipline, and deep fundamental research. As part of this philosophy,Smith Capital seeks to proactively adjust risk exposure over market cycles by moving between defensive, neutral, and opportunistic positioning informed by macroeconomic views on the business and economic cycle, and valuations that exist in the market. Smith Capital’s investment process starts with bottom-up analysis on individual credit exposures and applies a top-down macroeconomic assessment. Pursuant to this investment strategy, the Fund may invest principally in the following types of fixed income securities: securities issued or guaranteed by the U.S. government or its agencies, instrumentalities or U.S. government-sponsored entities; Treasury Inflation Protected Securities (“TIPS”); residential and commercial mortgage-backed securities; asset-backed securities; U.S. corporate bonds; fixed income securities issued by non-U.S. corporations and governments, including those with significant ties to emerging market countries; bank loans, including first lien senior secured floating rate bank loans (“Senior Loans”) and covenant lite loans; municipal bonds; collateralized loan obligations ("CLOs"); Rule 144A securities; and other debt securities bearing fixed, floating or variable interest rates of any maturity. The Fund may also invest in money market funds and other cash equivalents, fixed-to-floating rate securities, repurchase agreements, common stock and exchange-traded funds (“ETFs”), that invest primarily in fixed-income securities. The Fund may invest up to 25% of its total assets in preferred and convertible securities. The Fund may invest a significant portion of its assets in securitized investment products, including up to 50% of its net assets in each of asset-backed securities, residential mortgage-backed securities and commercial mortgage-backed securities. The Fund may invest in mortgage-backed securities issued or guaranteed by the U.S. government, its agencies or instrumentalities (such as Ginnie Mae), and U.S. government-sponsored entities (such as Fannie Mae and Freddie Mac). Government agency or instrumentality securities have different levels of credit support. The Fund may invest in such government supported mortgage-backed securities by investing in to-be-announced transactions (“TBA Transactions”). The Fund may invest up to 50% of its total assets in the following non-agency, non-government-sponsored entity securities and privately-issued mortgage-related and other asset-backed securities: residential mortgage- backed securities, commercial mortgage-backed securities, asset-backed securities and CLOs (collectively, “Private MBS/ABS”). As stated above, the Fund may invest up to 70% of its net assets in securities rated below investment grade by one or more nationally recognized statistical rating organization (“NRSROs”), or, if unrated, judged to be of comparable quality by the Sub-Advisor (commonly referred to as “high yield” or “junk” bonds). Additionally, for newly-issued securities, the Fund may consider an expected rating provided by an NRSRO as if it were a final rating. The Fund may also invest in distressed securities, which are securities that are in default and are not expected to pay the current coupon. The Sub-Advisorconsiders emerging market countries to be countries that are characterized by developing commercial and financial infrastructure with significant potential for economic growth and increased capital market participation by non-U.S. investors. Though the Fund does not typically expect to use derivatives, for purposes of meeting its policy to invest at least 80% of net assets in fixed income securities, the Fund may hold derivatives that have characteristics similar to the securities in which the Fund may directly invest. In addition to considering economic factors such as the effect of interest rates on the Fund’s investments, the Sub-Advisor typically applies a “bottom up” approach in choosing investments. This means that the Sub-Advisor looks at income producing securities one at a time to determine if a security is an attractive investment opportunity and if it is consistent with the Fund’s investment policies. The Sub-Advisor additionally considers the expected risk-adjusted return on a particular investment and the Fund’s overall risk allocations and volatility. The Fund may utilize listed and over-the-counter traded derivatives instruments including, but not limited to, futures, options, swap agreements (including credit default swaps) and forward contracts for duration/yield curve management and/or hedging purposes. The Fund may invest up to 25% of its total assets in over-the-counter derivatives that are used to reduce currency, interest rate or credit risk arising from the Fund’s investments. The Fund’s investments in over-the-counter derivatives that are not used to hedge the Fund’s portfolio against currency, interest rate or credit risk will be limited to 20% of the Fund’s total assets. For purposes of these percentage limitations on over-the-counter derivatives, the weight of such derivatives will be calculated as the aggregate gross notional value of such over-the-counter derivatives.
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UCON - Performance

Return Ranking - Trailing

Period UCON Return Category Return Low Category Return High Rank in Category (%)
YTD 0.8% -7.0% 6.4% 62.02%
1 Yr 5.8% -11.7% 19.2% 54.81%
3 Yr 5.8%* -6.0% 14.9% 72.60%
5 Yr 2.8%* -8.0% 12.2% 45.38%
10 Yr N/A* -1.0% 11.3% 8.10%

* Annualized

Return Ranking - Calendar

Period UCON Return Category Return Low Category Return High Rank in Category (%)
2025 2.1% -21.9% 12.9% 45.69%
2024 -0.4% -17.6% 5.4% 64.38%
2023 2.6% -12.0% 8.9% 53.99%
2022 -8.6% -31.8% 18.4% 24.10%
2021 -1.2% -16.2% 25.7% 40.75%

Total Return Ranking - Trailing

Period UCON Return Category Return Low Category Return High Rank in Category (%)
YTD 0.8% -7.0% 6.4% 62.02%
1 Yr 5.8% -11.7% 19.2% 54.81%
3 Yr 5.8%* -6.0% 14.9% 72.60%
5 Yr 2.8%* -8.0% 12.2% 45.38%
10 Yr N/A* -1.0% 11.3% N/A

* Annualized

Total Return Ranking - Calendar

Period UCON Return Category Return Low Category Return High Rank in Category (%)
2025 7.0% -9.2% 20.9% 70.93%
2024 4.7% -11.7% 18.6% 78.43%
2023 7.7% -6.5% 22.2% 57.35%
2022 -5.7% -23.0% 21.1% 28.52%
2021 1.0% -7.8% 49.9% 71.14%

UCON - Holdings

Concentration Analysis

UCON Category Low Category High UCON % Rank
Net Assets 3.23 B 2.65 M 226 B 24.84%
Number of Holdings 456 4 10796 56.61%
Net Assets in Top 10 665 M -204 M 91.6 B 28.39%
Weighting of Top 10 20.39% 5.1% 105.1% 63.09%

Top 10 Holdings

  1. T 4.25 01/31/30 2.77%
  2. T 3.75 01/31/31 2.56%
  3. T 4.625 11/15/45 2.25%
  4. T 4.625 11/15/55 2.20%
  5. T 4 05/31/30 2.06%
  6. TII 1.625 10/15/29 2.02%
  7. T 3.625 08/31/27 1.76%
  8. T 4.125 02/15/36 1.75%
  9. T 3.5 10/31/27 1.52%
  10. Dreyfus Government Cash Management Funds SH BEN INT 1.50%

Asset Allocation

Weighting Return Low Return High UCON % Rank
Bonds 		94.41% -5.04% 180.51% 31.94%
Other 		4.99% -37.46% 104.06% 47.10%
Cash 		1.50% -94.66% 98.41% 75.97%
Convertible Bonds 		1.37% 0.00% 33.50% 46.10%
Preferred Stocks 		0.49% 0.00% 12.59% 25.65%
Stocks 		0.00% -7.68% 100.00% 99.19%

Bond Sector Breakdown

Weighting Return Low Return High UCON % Rank
Securitized 		44.79% 0.00% 99.65% 16.00%
Corporate 		22.82% 0.00% 96.66% 67.17%
Government 		16.12% 0.00% 99.43% 41.17%
Cash & Equivalents 		1.50% 0.00% 98.41% 69.09%
Municipal 		0.14% 0.00% 54.26% 33.67%
Derivative 		0.00% -29.08% 11.34% 61.00%

Bond Geographic Breakdown

Weighting Return Low Return High UCON % Rank
US 		94.41% -5.04% 162.24% 19.19%
Non US 		0.00% 0.00% 67.48% 99.84%

UCON - Expenses

Operational Fees

UCON Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.86% 0.14% 9.86% 70.90%
Management Fee 0.85% 0.00% 2.29% 77.96%
12b-1 Fee 0.00% 0.00% 1.00% 18.10%
Administrative Fee N/A 0.00% 0.70% N/A

Sales Fees

UCON Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.00% 5.75% N/A
Deferred Load N/A 1.00% 1.50% N/A

Trading Fees

UCON Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.50% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

UCON Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 632.00% 13.69%

UCON - Distributions

Dividend Yield Analysis

UCON Category Low Category High UCON % Rank
Dividend Yield 4.58% 0.00% 23.30% 47.69%

Dividend Distribution Analysis

UCON Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Annually Monthly Monthly

Net Income Ratio Analysis

UCON Category Low Category High UCON % Rank
Net Income Ratio 1.90% -1.55% 11.51% 81.48%

Capital Gain Distribution Analysis

UCON Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

View More +

UCON - Fund Manager Analysis

Managers

Stephen Kane

Start Date

Tenure

Tenure Rank

Jun 04, 2018

3.99

4.0%

Stephen M. Kane, CFA Group Managing Director U.S. Fixed Income Mr. Kane is a Generalist Portfolio Manager in the U.S. Fixed Income Group. He joined TCW in 2009 during the acquisition of Metropolitan West Asset Management LLC (MetWest). At MetWest, Mr. Kane was responsible for leading MetWest's AlphaTrak, Ultra Short and Liability Driven Investment (LDI) products, and he co-manages many of the firm's mutual funds. Under his co-leadership, the MetWest investment team was recognized as Morningstar's Fixed Income Manager of the Year for 2005. Prior to establishing MetWest, he was a fixed income portfolio manager at Hotchkis and Wiley. He also served as a Vice President at PIMCO. Mr. Kane earned a BS in Business from the University of California, Berkeley and an MBA from the University of Chicago Booth School of Business.

Bryan Whalen

Start Date

Tenure

Tenure Rank

Jun 04, 2018

3.99

4.0%

Bryan T. Whalen, CFA Group Managing Director U.S. Fixed Income Mr. Whalen is a Generalist Portfolio Manager in the U.S. Fixed Income Group. Mr. Whalen joined TCW in 2009 during the acquisition of Metropolitan West Asset Management LLC (MetWest) as co-head of the Securitized Products division. Prior to joining TCW, Mr. Whalen was a partner and co-head of MetWest's Securitized Products division. Prior to joining MetWest in 2004, he was a director in the fixed income department at Credit Suisse First Boston in New York. Previously, he was a vice president at Donaldson, Lufkin & Jenrette. Mr. Whalen earned a BA in Economics from Yale University. He is a CFA charterholder.

Laird Landmann

Start Date

Tenure

Tenure Rank

Jun 04, 2018

3.99

4.0%

Laird R. Landmann Group Managing Director Co-Director Fixed Income U.S. Fixed Income Mr. Landmann is a Generalist Portfolio Manager in the U.S. Fixed Income Group. He joined TCW in 2009 during the acquisition of Metropolitan West Asset Management LLC (MetWest). Mr. Landmann currently serves on the boards of the Trust Company of the West and the Metropolitan West Mutual Funds. He is a leader of the MetWest investment team that was recognized as Morningstar's Fixed Income Manager of the Year for 2005 and has been nominated for the award eight times. Prior to founding MetWest in 1996, Mr. Landmann was a principal and the co-director of fixed income at Hotchkis and Wiley. He also served as a portfolio manager and vice president at PIMCO. Mr. Landmann holds an AB in Economics from Dartmouth College and an MBA from the University of Chicago Booth School of Business.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.02 28.19 5.66 3.19

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