First Trust Smith Unconstrained Bond ETF
UCON
275 hedge funds and large institutions have $2.44B invested in First Trust Smith Unconstrained Bond ETF in 2025 Q2 according to their latest regulatory filings, with 21 funds opening new positions, 109 increasing their positions, 133 reducing their positions, and 31 closing their positions.
3.75% less ownership
Funds ownership: 85.57% → 81.82% (-3.8%)
4% less funds holding
Funds holding: 287 → 275 (-12)
17% less capital invested
Capital invested by funds: $2.96B → $2.44B (-$517M)
18% less repeat investments, than reductions
Existing positions increased: 109 | Existing positions reduced: 133
26% less funds holding in top 10
Funds holding in top 10: 34 → 25 (-9)
32% less first-time investments, than exits
New positions opened: 21 | Existing positions closed: 31
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
HAS
HBW Advisory Services
Simi Valley,
California
|
+$8.51M |
| 2 |
SWAG
Spectrum Wealth Advisory Group
Granite Bay,
California
|
+$7.46M |
| 3 |
LOIP
Live Oak Investment Partners
Austin,
Texas
|
+$7.32M |
| 4 |
Royal Bank of Canada
Toronto,
Ontario, Canada
|
+$6.32M |
| 5 |
CAPTRUST Financial Advisors
Raleigh,
North Carolina
|
+$5.39M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
UBS Group
Zurich,
Switzerland
|
-$210M |
| 2 |
WWMSC
Wagner Wealth Management (South Carolina)
Greenville,
South Carolina
|
-$34.8M |
| 3 |
LPL Financial
San Diego,
California
|
-$32.1M |
| 4 |
CJH
Christopher J. Hasenberg
Eau Claire,
Wisconsin
|
-$31.3M |
| 5 |
MFA
Morling Financial Advisors
Fremont,
California
|
-$30.9M |
UCON Hedge Fund Activity: Q2 2025 in Review
275 of the 7,595 institutional investors tracked by Wall St. Rank reported a position in First Trust Smith Unconstrained Bond ETF (UCON) for Q2 2025, worth a combined $2.44B — down 17% from $2.96B a quarter earlier.
Sellers outnumbered buyers: 31 funds closed out of UCON and 21 opened new positions — a net loss of 10 holders — while 133 trimmed existing stakes and 109 added.
The largest buyer was HBW Advisory Services, adding an estimated $8.51M. The largest seller was UBS Group, cutting an estimated $210M.
- 275 institutional investors held First Trust Smith Unconstrained Bond ETF (UCON) as of Q2 2025, down from 287 in Q1 2025.
- Funds reported $2.44B of First Trust Smith Unconstrained Bond ETF stock for Q2 2025, down 17% quarter-over-quarter.
- 21 funds opened new First Trust Smith Unconstrained Bond ETF positions in Q2 2025 and 31 closed out, a net change of -10 holders.
- The largest First Trust Smith Unconstrained Bond ETF buyer in Q2 2025 was HBW Advisory Services, an estimated $8.51M added.
- The largest First Trust Smith Unconstrained Bond ETF seller in Q2 2025 was UBS Group, an estimated $210M sold.
Based on aggregated 13F filings for Q2 2025.