First Trust Exchange-Traded Fund VIII First Trust Smith Opportunistic Fixed Income ETF

USAdvisors Wealth Management reduced its position in First Trust Smith Opportunistic Fixed Income ETF (FIXD) by 86,075 shares, worth $3.8 million, in Q4 2025. The firm shifted focus toward lower-cost bond index funds and increased allocations to large-cap stock ETFs, suggesting concerns about FIXD's active management strategy relative to its fees.

The US bond market has had a rough ride for much of the past two years, but the powerful rally over the last two months suggests the worst is over.

As the Treasury curve flattened and yields rose, spreads on investment-grade corporates and taxable municipals continued to show signs of weakness.

The bond market is finally bottoming out over the coming months and should begin a major rally into 2023.

Dan Ivascyn, Group CIO, discusses the evolving yield curve and how bonds can help bolster portfolios against negative economic scenarios, like market shocks or a slowdown in growth.