UCON vs FBND: Holdings Overlap
UCONFirst Trust Smith Unconstrained Bond ETF
First Trust · 504 holdings · $3.3B · as of 2026-05-31
Fidelity · 4503 holdings · $27.3B · as of 2026-05-31
How similar are UCON and FBND?
First Trust Smith Unconstrained Bond ETF (UCON, by First Trust) holds 504 positions; Fidelity Total Bond ETF (FBND, by Fidelity) holds 4503. They have 105 holdings in common, and by portfolio weight the two funds are 4.6% identical. In practical terms the pair is essentially distinct, holding almost none of the same securities.
- Overlap by Weight
- 4.6%Sum of the smaller weight of each shared holding
- Shared Holdings
- 105UCON holds 504 · FBND holds 4503
- Weight in Shared Holdings
- UCON 27%·FBND 6%Share of each fund's weight in stocks both funds own
Based on each fund's latest official holdings. How is this calculated?
What makes each fund different
Only in UCON
399 of 504 positions (71.6% of the fund) are not held by FBND. Showing the top 30 by weight.
- U.S. Treasury Notes/Bonds2.33%
- FN BM77550.96%
- FNR 2024-82 CF0.73%
- Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC0.71%
- FN BQ79730.65%
- Amneal Pharmaceuticals LLC0.62%
Only in FBND
4398 of 4503 positions (99.7% of the fund) are not held by UCON. Showing the top 30 by weight.
- U.S. Treasury Notes2.34%
- U.S. Treasury Notes2.21%
- U.S. Treasury Notes2.17%
- U.S. Treasury Notes1.81%
- U.S. Treasury Bonds1.53%
- U.S. Treasury Notes1.49%
Performance
| Fund | 1M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) | 10Y (ann.) | Yield |
|---|---|---|---|---|---|---|---|
| UCON | -0.1% | +0.7% | +3.7% | +5.5% | +2.7% | — | 4.72% |
| FBND | -0.2% | +0.3% | +2.8% | +4.9% | +0.5% | +2.3% | 4.74% |
Total returns including dividends, from adjusted daily closes as of 2026-08-07. 3Y/5Y/10Y are annualized. Yield is trailing-12-month distributions over the last close. Past performance does not predict future results.
Project the growth of $10,000 in UCON vs FBND →
Shared Holdings(105)
The top 10 shared positions account for 76% of the overlap, led by U.S. Treasury Notes, U.S. Treasury Bonds and U.S. Treasury Notes/Bonds.
| U.S. Treasury Notes | 1.69% | 1.02% | 1.02% |
|---|---|---|---|
| U.S. Treasury Bonds | 2.12% | 0.96% | 0.96% |
| U.S. Treasury Notes/Bonds | 1.04% | 0.83% | 0.83% |
| U.S. Treasury Notes | 1.18% | 0.25% | 0.25% |
| U.S. Treasury Bonds | 2.13% | 0.10% | 0.10% |
| U.S. Treasury Bonds | 0.09% | 1.12% | 0.09% |
| HCA, Inc. | 0.08% | 0.17% | 0.08% |
| JPMORGAN CHASE and CO 4.946%/VAR 10/22/2035 | 0.09% | 0.07% | 0.07% |
| WELLS FARGO and CO NEW 5.499%/VAR 01/23/2035 | 0.14% | 0.06% | 0.06% |
| HUT 8 DC LLC 6.192% 11/15/2042 144A | 0.15% | 0.06% | 0.06% |
| WELLS FARGO and CO NEW 5.605%/VAR 04/23/2036 | 0.20% | 0.06% | 0.06% |
| Boeing Co. (The) | 0.48% | 0.06% | 0.06% |
| Meta Platforms, Inc. | 0.15% | 0.05% | 0.05% |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 0.05% | 0.05% | 0.05% |
| U.S. Treasury Bonds | 0.35% | 0.03% | 0.03% |
| ABG Intermediate Holdings 2 LLC, Term Loan B | 0.23% | 0.03% | 0.03% |
| Asurion LLC/ Asurion Co-Issuer Inc. | 0.12% | 0.03% | 0.03% |
| BX Commercial Mortgage Trust 2020-VIV3 | 0.10% | 0.03% | 0.03% |
| Oak-Eagle AcquireCo, Inc (Electronic Arts, Inc; EA), Term Loan | 0.06% | 0.03% | 0.03% |
| Morgan Stanley | 0.25% | 0.03% | 0.03% |
| Morgan Stanley Bank NA | 0.13% | 0.03% | 0.03% |
| PR RNO Property Owner 1, LLC | 0.15% | 0.03% | 0.03% |
| CoreWeave, Inc. | 0.25% | 0.02% | 0.02% |
| APLD ComputeCo LLC | 0.25% | 0.02% | 0.02% |
| Kroger Co. (The) | 0.13% | 0.02% | 0.02% |
Frequently Asked Questions
How much do UCON and FBND overlap?
UCON and FBND overlap by 4.6% of portfolio weight. They share 105 holdings (UCON holds 504 positions and FBND holds 4503), based on each fund's latest SEC-reported holdings.
Is it redundant to own both UCON and FBND?
The two portfolios are 4.6% identical by weight. Owning both is genuine diversification: the funds hold almost none of the same securities.
What are the biggest shared holdings of UCON and FBND?
The largest positions held by both funds are U.S. Treasury Notes, U.S. Treasury Bonds, U.S. Treasury Notes/Bonds, U.S. Treasury Notes and U.S. Treasury Bonds. Together the top 10 shared positions account for 76% of the total overlap.
What does UCON own that FBND doesn't?
399 positions (71.6% of UCON) are unique to UCON, led by U.S. Treasury Notes/Bonds, FN BM7755 and FNR 2024-82 CF. In the other direction, 4398 positions (99.7% of FBND) are unique to FBND.