Core Viewpoint - IFP Advisors, Inc has reduced its holdings in the First Trust Enhanced Short Maturity ETF, indicating a strategic shift in its investment approach while the ETF continues to focus on short-term U.S. debt securities for enhanced yield with low interest rate risk [1][2][11]. Group 1: ETF Overview - The First Trust Enhanced Short Maturity ETF (FTSM) has a market capitalization of $6.16 billion and aims to provide enhanced yield while minimizing interest rate risk through active management of high-quality, short-term debt instruments [6][9]. - As of December 1, 2025, the ETF's price was $59.90, with a dividend yield of 4.34% and a one-year total return of 4.58% [4][8]. Group 2: Recent Transactions - IFP Advisors, Inc sold 395,379 shares of FTSM, reducing its position by approximately $23.66 million, which represents about 0.6116% of the fund's assets under management (AUM) [2][7]. - Post-sale, IFP Advisors holds 361,611 shares valued at $21.66 million, which now accounts for approximately 0.56% of the fund's AUM, placing it outside the fund's top five holdings [2][8]. Group 3: Investment Strategy - The ETF targets institutional and individual investors seeking competitive income and low volatility, maintaining a portfolio of U.S. dollar-denominated fixed- and variable-rate debt securities with an average duration of less than one year and average maturity below three years [9][10]. - Despite its focus on short-term debt, U.S. Treasury notes due in 2027 are the largest holding at 1.2% of the portfolio, while fixed-rate corporate bonds constitute 46.7% of the overall portfolio [12].