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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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