Category Review
Municipal bond funds are down for the year after a third-quarter selloff erased the first-half gain
First Trust Smith Opportunistic Fixed Income ETF
$41.51+0.04 (+0.10%)
- 0.65%
- $2.9B
- −2.5%
- 4.96%
- 0.4M sh
- $41.48
- low $38.56high $45.16
The ETF.net FIXD Grade
C
Score 50 out of 100
- 83 of 117
Score 50 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.F9 out of 100Rank 106 of 117Mission
Whether the fund did what it promised, tested against its stated mandate.A100 out of 100Rank 1 of 101Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.D32 out of 100Rank 102 of 116Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.B64 out of 100Rank 28 of 117Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.C51 out of 100Rank 68 of 116Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.A75 out of 100Rank 27 of 117
Our read on FIXD
CMost of the aggregate-bond aisle is index tracking on autopilot. FIXD goes the other way: an active manager roaming roughly 900 bonds under a mandate to maximize long-term total return, with distributions paid monthly.
The Fund seeks to maximize long-term total return. Under normal market conditions, it invests at least 80% of its net assets in fixed income securities.
Why people hold it
- Genuinely active: at least 80% of net assets sit in fixed income, but the manager roams sectors by conviction rather than replicating an index.ftportfolios.com
- Roughly 900 bond positions under the hood, so no single issuer carries the portfolio.
- Distributions land monthly, the cadence many core bond holders build income around.
- Live since its 2017 launch and now a multi-billion-dollar fund that has stayed inside its stated fixed income mandate.
Worth knowing
- The 0.65% fee is the trade-off. Index core bond funds like BND and SPAB charge 0.03%, so the manager's calls have to cover that gap.
- No index anchors it. Outcomes follow a manager's positioning, so it can diverge from the broad bond market in either direction.
- Trading is moderate rather than heavy next to the category's index giants, so spreads can matter more on larger orders.
FIXD Holdings
- Bonds
- 408
- 27%
- U.S. Treasury Note, 4.375%, due 05/15/2036
Sectors
- Utilities71.4%
- Financials28.6%
Geography
- United States93.37%
- Canada2.32%
- Switzerland0.89%
- Cayman Islands0.85%
- United Kingdom0.84%
- Saudi Arabia0.53%
- Denmark0.52%
- Ireland0.38%
- 0.30%
FIXD Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Not enough history yet.
FIXD$9,750
Returns run to the Oct 12, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | FIXD |
|---|---|
| Year to date | −3.2% |
| 1 month | −1.5% |
| 3 months | −3.2% |
| 1 year | −2.5% |
| 3 years | +4.3% |
| 5 years | −1.1% |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | FIXD |
|---|---|---|
| 2026 YTD | −3.2% | |
| 2025 | +7.9% | |
| 2024 | +0.5% | |
| 2023 | +5.7% | |
| 2022 | −14.9% | |
| 2021 | −1.3% | |
| 2020 | +8.9% |
FIXD in the news
FIXD Dividends
- 4.96%
- $2.06
- $0.17 per share
- Monthly
Distribution history
FIXD Risk
- 6.5%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- −0.07
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −19.7%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 1.13
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
FIXD Cost
0.65%
FIXD0.65%
- The middle half of US Aggregate Bond funds
- Median 0.34%
101 of the 113 US Aggregate Bond funds charge less.
Other funds in US Aggregate Bond
- CVBNDVident U.S. Bond Strategy ETFExpense ratio 0.41%1 year return −2.0%
- CBNDCNorthern Trust Core Bond ETFExpense ratio 0.49%1 year return −2.4%
- CFIXTTCW Core Plus Bond ETFExpense ratio 0.40%1 year return −1.9%
- CZHOGF/m Opportunistic Income ETFExpense ratio 0.40%1 year return —
- CMAGGMadison Aggregate Bond ETFExpense ratio 0.36%1 year return −2.1%