Drake & Associates, LLC reduced its holding in First Trust Smith Opportunistic Fixed Income ETF (FIXD 0.07%) by $23.45 million during Q3 2025, according to a Nov. 6, 2025 SEC filing.
What happened
According to a filing with the Securities and Exchange Commission dated Nov. 6, 2025, Drake & Associates, LLC sold 533,049 shares of First Trust Smith Opportunistic Fixed Income ETF (FIXD 0.07%) in Q3 2025. The estimated value of the transaction, based on average prices for the period, was $23.45 million. After the sale, the fund held 41,985 shares valued at $1.86 million.
What else to know
The sale reduced FIXD to 0.39% of fund AUM as of Q3 2025, placing it outside the fund's top five holdings.
Top holdings after the filing (as of Q3 2025, ended Sept. 30):
UNK:FBND: $38.70 million (8.1% of AUM)
RECS: $37,615,582 (7.9% of AUM)
PVAL: $31,333,508 (6.56% of AUM)
SPYG: $30,521,072 (6.4% of AUM)
JAAA: $29,320,326 (6.1% of AUM)
As of Nov. 5, 2025, shares were priced at $44.42, down 1.4% from the 52-week high
One-year total return: 6% (for the 1-year period ending 2025-11-05); underperformed the S&P 500 by 12.8 percentage points over the same period.
Annualized dividend yield stands at 4.28% as of Nov. 6, 2025.
ETF overview
| Metric | Value |
|---|---|
| AUM | $3.4 billion |
| Price (as of market close 11/05/2025) | $44.42 |
| Dividend yield | 4.37% |
| 1-year total return | 7.61% |
ETF snapshot
FIXD invests at least 80% of assets in fixed income securities and may invest up to 35% of assets in corporate, non-U.S, and non-agency debt, as well as other securities rated below investment grade. The First Trust TCW Opportunistic Fixed Income ETF provides diversified access to the fixed income market, with a flexible mandate that allows allocation across a broad range of debt securities.
NASDAQ: FIXD
Key Data Points
Foolish take
Drake divested 533,000 FIXD shares, a 93% reduction in its allocation of the ETF. That's a significant sale -- FIXD was the No. 5 holding before the sale, and now sits at No. 41. The ETF has returned 7.6% year to date compared to about 18% for the S&P 500's total return. With explosive growth in technology stocks over the past few years, it's little wonder the comparatively stodgy holdings of the FIXD ETF have underperformed.
As its ticker suggests, FIXD invests mainly in fixed-income securities, which usually feature low volatility and steady income. Drake & Associates focuses specifically on retirement planning, and fixed-income products are generally considered good investments for those with shorter investment time horizons, like investors who are in or approaching retirement.
Drake initiated a significant stake in the Putnam Focused Large Cap Value ETF this quarter, which is designed to provide exposure to undervalued U.S. large-cap stocks with strong potential for capital growth and current income. This may point to a change in direction for Drake.
Glossary
ETF (Exchange-Traded Fund): An investment fund traded on stock exchanges, holding a basket of assets like stocks or bonds.
Assets Under Management (AUM): The total market value of assets that an investment firm or fund manages on behalf of clients.
13F Reportable Assets: Securities that institutional investment managers must disclose quarterly to the SEC if they manage over $100 million.
Dividend Yield: Annual dividends paid by an investment, expressed as a percentage of its current price.
Fixed Income Securities: Investments that pay regular interest, such as bonds or notes, typically with lower risk than stocks.
Non-agency Debt: Bonds not issued or guaranteed by government agencies, often carrying higher risk.
Below Investment Grade: Bonds rated lower than BBB- (S&P) or Baa3 (Moody’s), considered higher risk and often called "junk bonds."
Total Return: The investment's price change plus all dividends and distributions, assuming those payouts are reinvested.
Annualized: A figure (such as return or yield) converted to a yearly rate, regardless of the actual period measured.
Mandate: The set of rules or guidelines that govern how a fund manager invests the fund’s assets.
Stake: The amount of ownership or investment held in a particular asset or company.
Diversified Exposure: Investing across a range of assets to reduce risk from any single investment.
