UCON vs USHY: Holdings Overlap
UCONFirst Trust Smith Unconstrained Bond ETF
First Trust · 504 holdings · $3.3B · as of 2026-05-31
USHYiShares Broad USD High Yield Corporate Bond ETF
iShares · 1896 holdings · $28.6B · as of 2026-04-30
Holdings snapshots are 31 days apart (UCON: 2026-05-31, USHY: 2026-04-30). Weights and index membership change between snapshots, so the true current overlap is typically higher than shown. For funds tracking the same index, the gap can be 5–15 points.
How similar are UCON and USHY?
First Trust Smith Unconstrained Bond ETF (UCON, by First Trust) holds 504 positions; iShares Broad USD High Yield Corporate Bond ETF (USHY, by iShares) holds 1896. They have 141 holdings in common, and by portfolio weight the two funds are 8.6% identical. In practical terms the pair is lightly overlapping, with most of each portfolio distinct.
- Overlap by Weight
- 8.6%Sum of the smaller weight of each shared holding
- Shared Holdings
- 141UCON holds 504 · USHY holds 1896
- Weight in Shared Holdings
- UCON 29%·USHY 10%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
363 of 504 positions (69.5% of the fund) are not held by USHY. Showing the top 30 by weight.
- U.S. Treasury Notes/Bonds2.33%
- U.S. Treasury Bonds2.13%
- U.S. Treasury Bonds2.12%
- U.S. Treasury Notes1.69%
- U.S. Treasury Notes1.18%
- U.S. Treasury Notes/Bonds1.04%
Only in USHY
1755 of 1896 positions (87.4% of the fund) are not held by UCON. Showing the top 30 by weight.
- 1261229 BC Ltd0.47%
- EchoStar Corp0.41%
- SV RNO Property Owner 1 LLC0.27%
- Cloud Software Group Inc0.26%
- WULF Compute LLC0.25%
- HUB International Ltd0.25%
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% |
| USHY | +0.3% | +2.5% | +5.7% | +8.7% | +4.2% | — | 6.91% |
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 USHY →
Shared Holdings(141)
The top 10 shared positions account for 19% of the overlap, led by Carnival Corp. Ltd., Neptune Bidco US, Inc. and Nexstar Media, Inc..
| Carnival Corp. Ltd. | 0.45% | 0.21% | 0.21% |
|---|---|---|---|
| Neptune Bidco US, Inc. | 0.25% | 0.18% | 0.18% |
| Nexstar Media, Inc. | 0.31% | 0.18% | 0.18% |
| APLD ComputeCo LLC | 0.25% | 0.18% | 0.18% |
| CVS Health Corp. | 0.49% | 0.16% | 0.16% |
| Directv Financing LLC / Directv Financing Co-Obligor Inc | 0.27% | 0.16% | 0.16% |
| APLD ComputeCo 2 LLC | 0.18% | 0.15% | 0.15% |
| TransDigm, Inc. | 0.25% | 0.15% | 0.15% |
| PetSmart LLC / PetSmart Finance Corp | 0.48% | 0.14% | 0.14% |
| CCO Holdings LLC / CCO Holdings Capital Corp | 0.14% | 0.18% | 0.14% |
| Black Pearl Compute LLC | 0.23% | 0.13% | 0.13% |
| CoreWeave, Inc. | 0.25% | 0.13% | 0.13% |
| CCO Holdings LLC / CCO Holdings Capital Corp | 0.24% | 0.13% | 0.13% |
| Asurion LLC/ Asurion Co-Issuer Inc | 0.12% | 0.25% | 0.12% |
| Herc Holdings, Inc. | 0.19% | 0.12% | 0.12% |
| Shift4 Payments LLC / Shift4 Payments Finance Sub Inc | 0.43% | 0.12% | 0.12% |
| Jane Street Group / JSG Finance Inc. | 0.24% | 0.12% | 0.12% |
| Asurion LLC/ Asurion Co-Issuer Inc. | 0.12% | 0.23% | 0.12% |
| Meridian Arc Holdco LLC | 0.21% | 0.11% | 0.11% |
| Neptune Bidco US, Inc. | 0.21% | 0.11% | 0.11% |
| SM Energy Co. | 0.26% | 0.11% | 0.11% |
| PR RNO Property Owner 1, LLC | 0.15% | 0.11% | 0.11% |
| 1011778 BC ULC / New Red Finance Inc. | 0.13% | 0.11% | 0.11% |
| Chart Industries, Inc. | 0.24% | 0.11% | 0.11% |
| Univision Communications, Inc. | 0.16% | 0.10% | 0.10% |
Frequently Asked Questions
How much do UCON and USHY overlap?
UCON and USHY overlap by 8.6% of portfolio weight. They share 141 holdings (UCON holds 504 positions and USHY holds 1896), based on each fund's latest SEC-reported holdings.
Is it redundant to own both UCON and USHY?
The two portfolios are 8.6% identical by weight. Owning both is not redundant. Most of each portfolio is distinct, so the funds can serve different roles.
What are the biggest shared holdings of UCON and USHY?
The largest positions held by both funds are Carnival Corp. Ltd., Neptune Bidco US, Inc., Nexstar Media, Inc., APLD ComputeCo LLC and CVS Health Corp.. Together the top 10 shared positions account for 19% of the total overlap.
What does UCON own that USHY doesn't?
363 positions (69.5% of UCON) are unique to UCON, led by U.S. Treasury Notes/Bonds, U.S. Treasury Bonds and U.S. Treasury Bonds. In the other direction, 1755 positions (87.4% of USHY) are unique to USHY.