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- Fund Details
First Trust TCW Unconstrained Plus Bond ETF(UCON)
Advisory History & Simulated Performance *
*as per simulation (see disclosures)- ALL
- 1Y
- 1M
- 1W
- BUY Advisory
- SELL Advisory (Profit)
- SELL Advisory (Loss)
- Profit
- Loss
- PASS (Skip)
Stock price based on last close Advisory Performance History (Simulated)
Upturn Advisory & Investor View for UCON
09/16/2026: UCON (2-star) is a SELL. SELL for 5 days. Simulated Profits (-1.22%). Updated daily EoD!
The First Trust TCW Unconstrained Plus Bond ETF (UCON) is an actively managed fund that provides flexible exposure across global fixed-income markets, aiming to capture total return while actively managing credit and interest rate risk. Its primary strength lies in the institutional-grade sub-advisory expertise of TCW, which allows the fund to pivot tactically rather than following a rigid index. It serves as a useful core-plus holding for investors looking to outsource bond selection. However, investors must consider the higher expense ratio compared to passive indices and the inherent market and credit risks associated with its unconstrained mandate. It is best suited for income-oriented investors who value active management and are willing to pay for potential tactical outperformance.
How to Read the Upturn Advisory
The Upturn Star Rating and the current BUY, SELL, or PASS advisory are generated by Upturn’s AI advisory engine based on proprietary signal analysis, price behavior, advisory history, and historical signal performance.
ETF holdings, costs, diversification, valuation, risks, and market conditions provide supporting context about the fund.
Investor Fit
| Investor style | Fit | Why |
|---|---|---|
| Growth investor | Weak fit | This fund is designed for income and risk management rather than capital appreciation. |
| Momentum investor | Mixed fit | Strong fit only while the manager's tactical market signals remain positive. |
| Value investor | Mixed fit | It can offer value when the manager identifies undervalued credit sectors, but it is not a traditional value play. |
| Dividend/Income investor | Strong fit | The fund focuses on income generation and total return, making it suitable for income-seeking portfolios. |
| Low-risk investor | Mixed fit | While it manages risk, its unconstrained nature introduces volatility that may exceed conservative bond fund expectations. |
Investor Profile
Ideal Investor Profile
The ideal investor is looking for professional active management in the fixed-income space to diversify away from purely passive bond indices and is comfortable with higher expense ratios in exchange for potential tactical outperformance.
Suitability
This fund is best suited for long-term investors seeking income and modest capital appreciation, rather than short-term traders or those seeking exclusively low-cost index exposure.
Risk Profile
| Risk factor | Level | Why it matters |
|---|---|---|
| Volatility | Medium | The fund's active shifts in duration and credit can lead to performance fluctuations. |
| Market risk | Medium / high | Broad changes in interest rates directly impact the valuation of the underlying bond holdings. |
| Concentration | Medium | The manager may tactically concentrate in specific sectors, increasing sensitivity to those areas. |
| Tracking/expense | Medium | Higher active management fees compared to passive ETFs require consistent alpha to justify costs. |
| Liquidity | Medium | Some underlying fixed-income securities can become less liquid during market panics. |
| Business/sector quality | Medium | Exposure to high-yield and emerging market debt introduces credit quality risks. |
Risk Analysis
Volatility
UCON exhibits moderate historical volatility, consistent with an active bond fund that holds a mix of high-quality and credit-sensitive securities.
Market Risk
The fund is primarily exposed to interest rate risk, credit risk, and prepayment risk from its mortgage-backed security holdings.
What the ETF Owns
| Exposure Type | Exposure | Weight (%) | Retail Investor Read |
|---|---|---|---|
| Fixed-income type | Investment Grade Corporate Bonds | 45 | These holdings provide core income and stability typical of high-quality corporate debt. |
| Fixed-income type | Securitized Debt (ABS/MBS) | 25 | Securitized assets offer potential yield enhancement and diversification beyond traditional corporate bonds. |
| Fixed-income type | High Yield Corporate Bonds | 20 | Allocations to high yield seek to boost overall portfolio income through increased credit risk. |
| Cash/collateral | Cash and Cash Equivalents | 10 | Cash holdings provide liquidity for the manager to capitalize on sudden market opportunities. |
Price Behavior
Flat / Range-Bound
The stock price has been trading within a narrow range with minimal directional movement.
Smooth
The stock has moved along a generally orderly path with only modest fluctuations.
Analysis of Past Performance
Type ETF | Historic Profit 8.4% | Avg. Invested days 68 | Today’s Advisory SELL |
Upturn Advisory Rating  | Upturn Advisory Performance  3.0 | ETF Returns Performance  3.0 |
| Profits based on simulation | Last Close 09/16/2026 |
ETF Fundamentals 
Source: EOD Historical Data • Updated Sep 16, 2026
Fund Basics
| Metric | Value |
|---|---|
| Fund Size (AUM) | $3.26B |
| Issuer | First Trust |
| Expense Ratio | 0.8500000000000001% |
| Distribution Yield | 4.75% |
| Inception | Jun 4, 2018 |
Performance
| Period | Total Return |
|---|---|
| YTD | -0.54% |
| 1 Year | +0.87% |
| 3 Year | +4.98% |
| 5 Year | +2.41% |
| 10 Year | +0.00% |
Risk Metrics
| Metric | Value |
|---|---|
| 1Y Volatility | 2.49% |
| 3Y Volatility | 3.46% |
| 3Y Sharpe Ratio | 0.22 |
Ratings
| Metric | Value |
|---|---|
| Morningstar Rating | ★★★★★ |
Market Cap Distribution
| Cap Size | Weight |
|---|---|
| Mid Cap | 0.19% |
Top Sectors
| Sector | Weight |
|---|---|
| Basic Materials | 0.00% |
| Consumer Cyclicals | 0.00% |
| Financial Services | 0.00% |
| Real Estate | 0.00% |
Asset Allocation
Portfolio Characteristics
| Metric | Value |
|---|---|
| Holdings Turnover | 2.57% |
Top Holdings
| Holding | Weight |
|---|---|
| SCHW 4 | 0.44% |
Upturn AI Summary
AI Summarization is directionally correct and might not be accurate.
Summarized information shown could be a few years old and not current.
Fundamental Rating based on AI could be based on old data.
AI-generated summaries may have inaccuracies (hallucinations). Please verify the information before taking action.
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