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FLHY vs SPHY: Differences, Returns & Fees

On Jun 30, 2026 FLHY's duration was 3.1 years and SPHY's 3.2; SPHY charges 0.05% to FLHY's 0.40%. Net assets on Oct 20, 2026: $1.2bn for Franklin High Yield Corporate ETF and $11.7bn for State Street SPDR Portfolio High Yield Bond ETF.

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Ask IQ about FLHY and SPHY

Answers cite the figures on this page.

SPHY costs 0.35 points a year less; their one-year returns differ by 0.9 points; SPHY is 9.6 times larger.

FLHY vs SPHY: Differences, Returns & Fees
FLHYSPHY
Expense ratio0.40%0.05%
Net assets$1.2bn$11.7bn
Total return, 1 year+2.0%+1.1%
What it tracksNo index, actively managedICE BofA US High Yield Index
Holdings in common17%

Holdings in common uses holdings dated Jun 30, 2026.

+2.0%
FLHY total return, 1 year
+1.1%
SPHY total return, 1 year
0.40%
FLHY expense ratio
0.05%
SPHY expense ratio

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Client brief · page 1 of 2Report BR-FAAC5CB305

FLHY and SPHY are built for the same job. How do they differ in cost, holdings and results?

  1. What each follows. FLHY follows No index, actively managed and SPHY follows ICE BofA US High Yield Index.
  2. Holdings in common. 17% of the weight is in the same securities (holdings dated Jun 30, 2026).
  3. Number of holdings. FLHY holds 289 positions and SPHY holds 1930.

Data as of Oct 20, 2026. The differences are picked by a fixed rule, in a fixed order; the PDF prints it. Page 2 has the returns, overlap, risks and sources.

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What they hold in common

By the books each fund has filed, FLHY and SPHY hold 17% of their money in the same securities at the same weight. Holdings dated Jun 30, 2026.

half

17% in common

Positions both hold, largest shared weight first
Holding FLHY SPHY
TRACTD 6.5 05/01/31 144A, due May 1, 2031 0.43% 0.30%
TRACTC 5.875 03/01/31 144A, due Mar 1, 2031 0.52% 0.27%
WULF 7.75 10/15/30 144A, due Oct 15, 2030 0.55% 0.24%
ASUCOR 8.375 02/01/34 144A, due Feb 1, 2034 0.24% 0.25%
VENLNG 9.5 02/01/29 144A, due Feb 1, 2029 0.59% 0.24%
ASUCOR 8 12/31/32 144A, due Dec 31, 2032 0.36% 0.22%
EA 7.25 07/01/33 144A, due Jul 1, 2033 0.31% 0.21%
NLSN 9.29 04/15/29 144A, due Apr 15, 2029 0.22% 0.19%
ISATLN 9 09/15/29 144A, due Sep 15, 2029 0.72% 0.19%
CHTR 7 02/01/33 144A, due Feb 1, 2033 0.67% 0.18%
DVA 4.625 06/01/30 144A, due Jun 1, 2030 0.93% 0.18%
WBD 5.05 03/15/42 **, due Mar 15, 2042 0.18% 0.20%
Only in FLHY
AKTGHL 7.5 05/15/33 144A, due May 15, 2033 0.73%
VST 7.75 10/15/31 144A, due Oct 15, 2031 0.65%
NEWARC 9.75 03/01/33 144A, due Mar 1, 2033 0.58%
FLTR 5.875 06/04/31 144A, due Jun 4, 2031 0.57%
CANPCK 6 05/15/31 144A, due May 15, 2031 0.48%
TLN 6.375 05/01/33 144A, due May 1, 2033 0.48%
NEOENE 6.625 06/11/31, due Jun 11, 2031 0.37%
CCL 5.75 03/15/30 144A, due Mar 15, 2030 0.36%
Only in SPHY
1261229 BC Ltd, due Apr 15, 2032 0.42%
EchoStar Corp, due Nov 30, 2029 0.40%
Meridian Arc Holdco LLC, due Apr 30, 2031 0.40%
Cloud Software Group Inc, due Mar 31, 2029 0.28%
Cloud Software Group Inc, due Sep 30, 2029 0.27%
American Airlines Inc/AAdvantage Loyalty IP Ltd, due Apr 20, 2029 0.25%
Core Scientific Finance I LLC, due May 15, 2031 0.24%
CRC Insurance Group LLC, due Jun 1, 2031 0.24%

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On the same fields

FLHY
Franklin High Yield Corporate ETF
SPHY
State Street SPDR Portfolio High Yield Bond ETF
Where it sits Bond ETF Bond ETF
Issuer Franklin State Street
What it is Actively managed Tracks an index
Total return, 1 year +2.0% +1.1%
Its benchmark over the same days +1.2% (USHY) +1.0% (BBHY)
Gap to its benchmark +0.8 pts vs USHY +0.1 pts vs BBHY
Expense ratio 0.40% 0.05%
Holdings 289 1930
Net assets $1.2bn $11.7bn

FLHY and SPHY on the fields both publish, as of Oct 20, 2026. Source: ETFIQ.

About FLHY

FLHY is actively managed and tracks no index. Over the year to Oct 20, 2026 it returned +2.0% with distributions reinvested, against +1.2% for its benchmark, the ICE BofA U.S. High Yield Constrained Index. The prospectus expense ratio is 0.40% a year.

About SPHY

SPHY tracks an index. Over the year to Oct 20, 2026 it returned +1.1% with distributions reinvested, against +1.0% for its benchmark, the ICE BofA US High Yield Index. The prospectus expense ratio is 0.05% a year.

Questions people ask

Which returned more over the last year, FLHY or SPHY?
In the year to Oct 20, 2026, with distributions reinvested, FLHY returned +2.0% and SPHY +1.1%.
Which is cheaper, FLHY or SPHY?
SPHY is cheaper, by 0.35 percentage points a year. That is about $35 on $10,000 held for a year. Fees come from each fund's prospectus.
Other comparisons
FLHY vs USHYFLHY vs PHYLFLHY vs JBBBFLHY vs HYGVHYGV vs SPHYHFSI vs SPHYJBBB vs SPHYHYDB vs SPHY
FLHY on its own →SPHY on its own →Hold both: look the portfolio through →Rankings →FLHY dividend history →FLHY holdings →SPHY dividend history →SPHY holdings →Standards and sources →
Where these figures came from
FLHY filings on SEC EDGAR ↗FLHY prospectus with the expense ratio (SEC) ↗Franklin website ↗SPHY filings on SEC EDGAR ↗SPHY prospectus with the expense ratio (SEC) ↗State Street website ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.

How this is computed

Overlap adds up the smaller of the two weights for each security both funds hold.

Cite this pageCitation, APA and Markdown

ETFIQ, FLHY against SPHY, data as of Oct 20, 2026. https://etfiq.com/compare/any/flhy-vs-sphy

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.