First Trust Announces Shareholder Approval of New Investment Sub-Advisory Agreement and “Manager of Managers” Structure for First Trust Smith Opportunistic Fixed Income ETF (FIXD) and First Trust Smith Unconstrained Bond ETF (UCON)

WHEATON, Ill.--(BUSINESS WIRE)--First Trust Advisors L.P. (“FTA”) announced today that the shareholders of First Trust Smith Opportunistic Fixed Income ETF (formerly known as First Trust TCW Opportunistic Fixed Income ETF) (FIXD) and First Trust Smith Unconstrained Bond ETF (formerly known as First Trust TCW Unconstrained Plus Bond ETF) (UCON) (the “Funds”), each a series of First Trust Exchange-Traded Fund VIII (the “Trust”), have voted to approve for the applicable Fund (1) a new investment sub-advisory agreement (the “New Sub-Advisory Agreement”) among the Trust, on behalf of the Fund, FTA, as investment advisor, and Smith Capital Investors, LLC (“Smith Capital”), as investment sub-advisor, and (2) a “manager of managers” structure (the “Manager of Managers Structure”).

New Sub-Advisory Agreement. At a meeting held on March 9-10, 2025 (the “Board Meeting”), at the recommendation of FTA, the Board of Trustees of the Trust (the “Board”) unanimously approved, on behalf of each Fund: (1) the termination of TCW Investment Management Company LLC (“TCW”), the Fund’s previous sub-advisor; (2) the appointment of Smith Capital as sub-advisor to the Fund pursuant to an interim sub-advisory agreement (“Interim Agreement”) which became effective as of the close of business on May 9, 2025 following the termination of the Fund’s prior sub-advisory agreement with TCW; and (3) the longer-term appointment of Smith Capital as sub-advisor to the Fund and, subject to shareholder approval, the implementation of the New Sub-Advisory Agreement. For each Fund, the New Sub-Advisory Agreement became effective upon shareholder approval and the Interim Agreement, pursuant to which Smith Capital was previously providing investment sub-advisory services, is no longer in effect.

Manager of Managers Structure. At the Board Meeting, with respect to each Fund, the Board approved, and recommended that shareholders approve, the Manager of Managers Structure. As indicated above, the Manager of Managers Structure has been approved by shareholders of each Fund. In general terms, under each Fund’s Manager of Managers Structure, FTA and the Trust, subject to approval by the Board, may enter into and materially amend investment sub-advisory agreements with affiliated and unaffiliated sub-advisors for the Fund without obtaining shareholder approval. In addition, under the Manager of Managers Structure, each Fund is permitted to disclose, as applicable, certain information regarding investment advisory and sub-advisory fees on an aggregate, rather than an individual, basis in various disclosure documents.

As the investment sub-advisor to each Fund, Smith Capital is responsible for, among other things, the selection and ongoing monitoring of the securities in the Fund’s investment portfolio. Smith Capital, with principal offices at 1430 Blake Street, Denver, Colorado 80202, was founded in 2018 and provides a disciplined, fundamentally driven approach to fixed-income investment management and advisory services. As of July 11, 2025, Smith Capital had approximately $12 billion under management or committed to management.

FTA is a federally registered investment advisor and serves as each Fund’s investment advisor. FTA and its affiliate, First Trust Portfolios L.P. (“FTP”), a FINRA registered broker-dealer, are privately-held companies that provide a variety of investment services. FTA has collective assets under management or supervision of approximately $268 billion as of May 30, 2025 through unit investment trusts, exchange-traded funds, closed-end funds, mutual funds and separate managed accounts. FTA is the supervisor of the First Trust unit investment trusts, while FTP is the sponsor. FTP is also a distributor of mutual fund shares and exchange-traded fund creation units. FTA and FTP are based in Wheaton, Illinois.

The information presented is not intended to constitute an investment recommendation for, or advice to, any specific person. By providing this information, FTA is not undertaking to give advice in any fiduciary capacity within the meaning of ERISA, the Internal Revenue Code or any other regulatory framework. Financial professionals are responsible for evaluating investment risks independently and for exercising independent judgment in determining whether investments are appropriate for their clients.

Each Fund’s daily closing price and net asset value per share as well as other information can be found at www.ftportfolios.com.