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LQD vs UCON: Differences, Returns & Fees

On May 31, 2026 LQD's duration was 8.1 years and UCON's 4.4; LQD charges 0.14% to UCON's 0.86%. Net assets on Oct 9, 2026: $28.5bn for iShares iBoxx $ Investment Grade Corporate Bond ETF and $3.1bn for First Trust Smith Unconstrained Bond ETF.

LQD costs 0.72 points a year less; their one-year returns differ by 2.7 points; LQD is 9.1 times larger.

LQD vs UCON: Differences, Returns & Fees
LQDUCON
Expense ratio0.14%0.86%
Net assets$28.5bn$3.1bn
Total return, 1 year−3.4%−0.7%
What it tracksUS investment grade bondsNo index, actively managed
Holdings in common4%
Below its high7.8%, high on Sep 22, 20213.2%, high on Jun 29, 2026

Holdings in common uses holdings dated May 31, 2026.

−3.4%
LQD total return, 1 year
−0.7%
UCON total return, 1 year
0.14%
LQD expense ratio
0.86%
UCON expense ratio

What they hold in common

By the books each fund has filed, LQD and UCON hold 4% of their money in the same securities at the same weight. Above 50%, holding both is close to holding one of them twice. Holdings dated May 31, 2026.

half

4% in common

Positions both hold, largest shared weight first
Holding LQD UCON
Amazon.com Inc, due Mar 13, 2036 0.15% 0.25%
Oracle Corp, due Feb 4, 2036 0.12% 0.14%
Wells Fargo & Co, due Jan 23, 2037 0.11% 0.24%
Meta Platforms Inc, due May 15, 2031 0.11% 0.13%
JPMorgan Chase & Co, due Apr 23, 2032 0.11% 0.15%
Salesforce Inc, due Mar 15, 2036 0.11% 0.27%
Bank of America Corp, due Apr 23, 2032 0.11% 0.11%
JPMorgan Chase & Co, due Apr 23, 2037 0.10% 0.12%
Goldman Sachs Group Inc/The, due Jan 21, 2032 0.09% 0.18%
Wells Fargo & Co, due Apr 24, 2034 0.09% 0.16%
Alphabet Inc, due Nov 15, 2035 0.09% 0.23%
Oracle Corp, due Feb 4, 2031 0.09% 0.15%
Only in LQD
Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide Inc, due Feb 1, 2046 0.20%
CVS Health Corp, due Mar 25, 2048 0.17%
T-Mobile USA Inc, due Apr 15, 2030 0.16%
Meta Platforms Inc, due Nov 15, 2035 0.16%
Pfizer Investment Enterprises Pte Ltd, due May 19, 2053 0.15%
Meta Platforms Inc, due Nov 15, 2055 0.15%
Goldman Sachs Group Inc/The, due Oct 1, 2037 0.15%
Boeing Co/The, due May 1, 2050 0.14%
Only in UCON
T 3.375 02/29/28, due Feb 29, 2028 2.33%
T 4.625 11/15/45, due Nov 15, 2045 2.13%
T 4.75 02/15/56, due Feb 15, 2056 2.12%
T 4.375 05/15/36, due May 15, 2036 1.69%
T 3.875 04/30/31, due Apr 30, 2031 1.18%
T 4.625 11/15/55, due Nov 15, 2055 1.04%
FN BM7755, due Jun 1, 2064 0.96%
FNR 2024-82 CF, due Nov 25, 2054 0.73%

Check overlap with more funds →

On the same fields

LQD
iShares iBoxx $ Investment Grade Corporate Bond ETF
UCON
First Trust Smith Unconstrained Bond ETF
Where it sits Bond ETF Bond ETF
Issuer iShares First Trust
What it is Tracks an index of US investment grade bonds Actively managed
Total return, 1 year −3.4% −0.7%
Expense ratio 0.14% 0.86%
Holdings 3167 453
Net assets $28.5bn $3.1bn

LQD and UCON on the fields both publish, as of Oct 9, 2026. Source: ETFIQ.

About LQD

LQD tracks an index of US investment grade bonds. Over the year to Oct 9, 2026 it returned −3.4% with distributions reinvested. The prospectus expense ratio is 0.14% a year. It sat 7.8% below its high of Sep 22, 2021 on Oct 9, 2026.

About UCON

UCON is actively managed and tracks no index. Over the year to Oct 9, 2026 it returned −0.7% with distributions reinvested. The prospectus expense ratio is 0.86% a year. It sat 3.2% below its high of Jun 29, 2026 on Oct 9, 2026.

Questions people ask

Which returned more over the last year, LQD or UCON?
In the year to Oct 9, 2026, with distributions reinvested, LQD returned −3.4% and UCON −0.7%.
Which is cheaper, LQD or UCON?
LQD is cheaper, by 0.72 percentage points a year. That is about $72 on $10,000 held for a year. Fees come from each fund's prospectus.
Other comparisons
CGMS vs LQDLQD vs SUSCLQD vs SCHILQD vs USIGUCON vs USIGUCON vs VCITCGMS vs UCONSPBO vs UCON
LQD on its own →UCON on its own →Hold both: look the portfolio through →Rankings →Standards and sources →
Where these figures came from
LQD filings on SEC EDGAR ↗LQD prospectus with the expense ratio (SEC) ↗iShares page for LQD ↗UCON filings on SEC EDGAR ↗UCON prospectus with the expense ratio (SEC) ↗First Trust page for UCON ↗

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, LQD against UCON, data as of Oct 9, 2026. https://etfiq.com/compare/any/lqd-vs-ucon

Open data

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