First Trust lists unconstrained bond ETF with TCW
First Trust is adding to its collection of fixed income ETFs, listing a new actively managed bond fund that is “unconstrained”, and can invest in almost anything. The First Trust TCW Unconstrained Plus Bond ETF (UCON) can invest in bonds of any type or credit quality.
UCON will be managed by TCW, the Los Angeles-based asset management firm, and its CIO Tad Reville, which will pick which securities the fund invests in. TCW will also manage exposure to interest rates, credit sectors and currencies.
UCON can invest up to 70% of its assets in junk bonds; up to 60% of its assets in emerging market debts; and up to 50% in bonds denominated in foreign currencies. It caps non-agency sponsored mortgage-backed securities at 20%. The fund can also invest up to 20% of its assets in over the counter derivatives, including credit default swaps.
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