At a glance
FIXD charges 0.65% a year, above the 0.1% average of the 7 funds most like it (the most expensive of 8). It has $3.20B in assets, the 8th largest of that group; it paid 5.42% of its price in distributions over the past 12 months, monthly. Over the past year it returned −1.7% with distributions reinvested, the weakest of those 8 funds; over three years it returned +5.5% a year. At its worst it fell 8.5% in the 2020 crash (S&P 500: 33.7%) and 16.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 2 months and 40 months after the lows. Its ten largest positions make up 25.7% of the fund, out of 419 in all.
The short version
First Trust TCW Opportunistic Fixed Income ETF (FIXD) is an actively managed bond fund. Its manager can move across Treasuries, mortgage-backed securities, corporate bonds, bank loans and up to 35% in high-yield ("junk") debt. Its expense ratio is 0.65%, compared with 0.03% for AGG and BND. For that extra cost, a manager shifts the fund between defensive and opportunistic positions. Its trailing yield was 5.42% as of October 27, 2026, paid monthly.
Price history
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FIXD -1.7% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| FIXD official prospectus, to Dec 31, 2024 | — | +0.92% | — | -0.51% | — | +1.21% |
| FIXD price data to Oct 27, 2026 | -1.7% | -1.7% | +5.5% | -0.7% | — | +1.9% |
- Over the year to Oct 27, 2026, FIXD returned -1.7%, 8th of 8 among similar funds.
- Its 5-year annualized return was -0.7%.
- In the 2020 COVID crash it fell 8.5% and regained its old high 2.1 months after the low.
- Its worst full calendar year was 2022 (-14.9%); its best was 2019 (+10.8%).
- The deepest fall in its price history was 20.3% (Aug 4, 2021 to Oct 20, 2022), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -1.7% | — |
| 2025 | +8.5% | — |
| 2024 | +0.9% | +0.92% |
| 2023 | +5.8% | +5.71% |
| 2022 | -14.9% | -15.35% |
| 2021 | -1.0% | -1.12% |
| 2020 | +9.0% | +9.15% |
| 2019 | +10.8% | +8.96% |
| 2018 | +0.1% | +0.23% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 2.5% over that stretch · deepest drop along the way 8.5%, back to its old high 2.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 16.8% over that stretch · deepest drop along the way 16.8%, back to its old high 40 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.7000 | |
| 2025 | $2.2300 | +9.9% |
| 2024 | $2.0300 | +12.8% |
| 2023 | $1.8000 | +26.3% |
| 2022 | $1.4250 | +48.4% |
| 2021 | $0.9600 | -44.2% |
| 2020 | $1.7200 | -38.1% |
| 2019 | $2.7775 | +92.2% |
| 2018 | $1.4450 |
What's inside
As of Aug 31, 2026, the fund held 419 securities; the ten largest made up 25.73% of assets.
| Holding | Weight | |
|---|---|---|
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 4.97% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 4.31% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 3.39% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 2.71% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 2.58% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 2.41% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 2.17% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 1.25% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 1.00% | |
| BOEING COMPANY (THE) Bonds and notes | 0.96% | |
| GILDAN ACTIVEWEAR INC Bonds and notes | 0.82% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 0.74% | |
| FIRST CITIZENS BANCSHARES INC Bonds and notes | 0.70% | |
| Fnma Pass-Thru I Mortgage-backed securities | 0.68% | |
| ALBERTSONS COMPANIES INC / SAFEWAY INC / NEW ALBERTSONS LP / ALBERTSONS LLC Bonds and notes | 0.65% |
By country
United States 93.35%Canada 1.52%Bermuda 0.69%Switzerland 0.61%Cayman Islands 0.58%By issuer
Companies 48.91%US Treasury 29.44%US government-sponsored enterprises 16.33%US government agencies 3.52%The bonds mature in 14.4 years on average (weighted by size), with an average coupon of 4.88%.
Source: N-PORT holdings report as of Aug 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $52.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.29%, -1.50%, +0.41%.
How it works
FIXD does not track an index. Its prospectus, filed December 29, 2025, calls it the First Trust Smith Opportunistic Fixed Income ETF. It names Smith Capital Investors as the sub-advisor, the firm that picks the bonds. The goal is to maximize long-term total return. At least 80% of net assets go into fixed income. That includes Treasuries, TIPS (Treasuries that adjust for inflation), mortgage- and asset-backed securities, corporate and foreign bonds, bank loans, municipal bonds and CLOs (bundles of business loans).
Smith Capital starts by researching bonds one at a time. It then adds its view of the economic cycle, moving between defensive, neutral and opportunistic positions. The fund can hold up to 35% in junk bonds, up to 30% in privately issued mortgage and asset-backed securities, and up to 20% in non-dollar securities. Duration measures how much a bond's price reacts to interest-rate changes. The fund's duration must stay within 45% above or below that of the Bloomberg U.S. Aggregate Index. Portfolio turnover was 384%, which means heavy trading.
As of August 31, 2026, the fund held 419 securities: 29% Treasuries, 49% corporate debt and about 20% government-sponsored and agency debt. The average maturity was 14.4 years. Derivatives are allowed, but none were reported on that date. The fund may handle creations and redemptions in cash, so it can be less tax-efficient than ETFs that do them in kind.
What it really costs
- FIXD charges 0.65% a year, versus an average of 0.1% for the similar funds below (8th of 8, cheapest first).
- Of that, 0.64% is the management fee; the rest covers other fund expenses.
Structure and tax notes
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
It spreads money across Treasuries, mortgages and corporate bonds, and its duration is tied to the Bloomberg U.S. Aggregate Index, so it can fill a portfolio's main bond slot, though through active management at a higher cost.
FIXD launched in 2017, so it has no record from the 2008 crisis. In the 2020 COVID crash it fell 8.5% in March 2020 and recovered in about two months. 2022 was harder. It lost 15.35%, its worst calendar year. Its 16.8% drop from January to October 2022 took about 40 months to recover, until February 2026. Its deepest fall, 20.3% from August 2021 to October 2022, had not been fully made up as of October 27, 2026. Anyone who had to sell shares during that stretch would have locked in losses.
Income is a strength: the trailing yield was 5.42% as of October 27, 2026, paid monthly. The 0.65% expense ratio compares with a 0.10% average for similar funds. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a manager to shift among Treasuries, mortgages, corporate bonds and up to 35% junk bonds, rather than track an index.
- People who want monthly income; the trailing yield was 5.42% as of October 27, 2026.
- Investors holding it in IRAs or other tax-advantaged accounts, where its 384% turnover and cash redemptions matter less for taxes.
Look elsewhere if
- Cost-focused investors: the 0.65% expense ratio compares with 0.03% for AGG, BND and SCHZ.
- Anyone who needs a steady bond cushion: the fund fell 15.35% in 2022, and its 2022 drop took about 40 months to recover.
- Investors looking for proof that active management paid off: the five-year return was -0.7% a year as of October 27, 2026.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
| Fund | Avg. maturity | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| FIXD this fund | 14.4 yrs | 0.65% | $3.20B | -1.7% | +5.5% |
| FBND Fidelity Total Bond ETF | 14.4 yrs | 0.36% | $28.16B | -0.2% | +5.4% |
| IUSB iShares Core Total USD Bond Market ETF | 11.8 yrs | 0.06% | $43.00B | -0.3% | +5.1% |
| AGG iShares Core U.S. Aggregate Bond ETF | 12.4 yrs | 0.03% | $138.32B | -0.4% | +4.7% |
| SCHZ Schwab U.S. Aggregate Bond ETF | 12.5 yrs | 0.03% | $10.60B | -1.1% | +5.2% |
| BND Vanguard Total Bond Market ETF | 11.7 yrs | 0.03% | $397.11B | -0.4% | +4.7% |
| BIV Vanguard Intermediate-Term Bond ETF | 7.5 yrs | 0.03% | $52.45B | -0.7% | +5.1% |
| PULS PGIM Ultra Short Bond ETF | 8.8 yrs | 0.15% | $18.71B | +4.1% | +5.2% |
Questions investors ask
Does FIXD pay monthly dividends?
Yes. FIXD pays income monthly. Over the 12 months to October 27, 2026, it paid $2.27 per share, a trailing yield of 5.42%. The income comes from interest on the fund's bonds, loans and mortgage securities, so the monthly amount is not fixed. It can rise or fall as the manager changes holdings and as interest rates move.
What's the difference between FIXD and FBND?
Fidelity Total Bond ETF (FBND) is the closest match to FIXD by average maturity and issuer mix. Both average 14.4 years to maturity. FBND charges 0.36% a year, compared with FIXD's 0.65%. It is also much larger, at about $28.2 billion in net assets against FIXD's $3.2 billion. Three-year returns were close: 5.6% for FBND and 5.5% for FIXD. Over one year, FBND lost 0.6% and FIXD lost 1.7% (as of late October 2026).
Who manages FIXD, TCW or Smith Capital?
First Trust is the fund's issuer. The ETF is listed under a TCW name, but its December 29, 2025 prospectus calls it the First Trust Smith Opportunistic Fixed Income ETF. That prospectus names Smith Capital Investors, LLC as sub-advisor. Smith Capital chooses the holdings. It combines bond-by-bond credit research with its view of the economic cycle, and it moves the fund between defensive, neutral and opportunistic positions.
Is FIXD good for retirement income?
It can provide income: it pays monthly, and its trailing yield was 5.42% as of October 27, 2026. The drawbacks are cost and losses in bad years. Its 0.65% expense ratio is well above the 0.10% average for similar funds. It also lost 15.35% in 2022, and that decline took about 40 months to recover. Retirees who draw income during a slump like that may have to sell shares at a loss.
How risky is FIXD compared with other bond funds?
FIXD carries more credit risk than a plain index bond fund. It can hold up to 35% in junk bonds, plus bank loans and private mortgage securities. Its average maturity of 14.4 years makes it sensitive to interest rates. Its worst quarter was -6.36%, in early 2022. Its deepest decline was 20.3%. Over the year to October 27, 2026, volatility was 4.4%, and its beta to the stock market was a low 0.15.