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SPBO vs UCON: Differences, Returns & Fees

SPBO's duration was 6.9 years on Jun 30, 2026 and UCON's 4.4 on May 31, 2026; SPBO charges 0.03% to UCON's 0.86%. Net assets: $2.1bn on Oct 8, 2026 for State Street SPDR Portfolio Corporate Bond ETF, and $3.1bn on Oct 9, 2026 for First Trust Smith Unconstrained Bond ETF.

SPBO costs 0.83 points a year less; their one-year returns differ by 1.1 points; UCON is 1.5 times larger.

SPBO vs UCON: Differences, Returns & Fees
SPBOUCON
Expense ratio0.03%0.86%
Net assets, as of Oct 8, 2026$2.1bn$3.1bn
Total return, 1 year−1.8%−0.7%
What it tracksBloomberg U.S. Corporate Bond Index ?No index, actively managed
Holdings in common4%
Below its high4.0%, high on Feb 26, 20263.2%, high on Jun 29, 2026

Holdings in common uses holdings dated May 31, 2026 and Jun 30, 2026.

−1.8%
SPBO total return, 1 year
−0.7%
UCON total return, 1 year
0.03%
SPBO expense ratio
0.86%
UCON expense ratio

What they hold in common

By the books each fund has filed, SPBO 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 and Jun 30, 2026.

half

4% in common

Positions both hold, largest shared weight first
Holding SPBO UCON
Bank of America Corp, due Sep 21, 2036 0.14% 0.34%
Amazon.com Inc, due Mar 13, 2036 0.12% 0.25%
Wells Fargo & Co, due Jan 23, 2035 0.10% 0.14%
Wells Fargo & Co, due Apr 24, 2034 0.10% 0.16%
Oracle Corp, due Feb 4, 2031 0.10% 0.15%
JPMorgan Chase & Co, due Apr 22, 2035 0.10% 0.10%
US Bancorp, due Nov 3, 2036 0.09% 0.22%
JPMorgan Chase & Co, due Jun 1, 2029 0.09% 0.15%
Bank of America Corp, due Apr 23, 2037 0.08% 0.15%
Meta Platforms Inc, due Nov 15, 2030 0.08% 0.22%
Alphabet Inc, due Feb 15, 2036 0.07% 0.08%
Bank of America Corp, due Apr 23, 2032 0.07% 0.11%
Only in SPBO
Bank of America Corp, due Jul 21, 2028 0.27%
Bank of America Corp, due May 14, 2038 0.22%
Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide Inc, due Feb 1, 2046 0.20%
BAT Capital Corp, due Aug 2, 2043 0.18%
Bank of America Corp, due Mar 5, 2029 0.16%
Bank of America Corp, due Dec 20, 2028 0.16%
CVS Health Corp, due Jun 1, 2044 0.16%
JPMorgan Chase & Co, due Jul 23, 2036 0.15%
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

SPBO
State Street SPDR Portfolio Corporate Bond ETF
UCON
First Trust Smith Unconstrained Bond ETF
Where it sits Bond ETF Bond ETF
Issuer State Street First Trust
What it is Tracks an index Actively managed
Total return, 1 year −1.8% −0.7%
Its benchmark over the same days −1.9% (VTC) not published
Gap to its benchmark +0.1 pts vs VTC not available
Expense ratio 0.03% 0.86%
Holdings 4403 453
Net assets, SPBO as of Oct 8, 2026 and UCON as of Oct 9, 2026 $2.1bn $3.1bn

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

About SPBO

SPBO tracks an index. Over the year to Oct 9, 2026 it returned −1.8% with distributions reinvested, against −1.9% for its benchmark, the Bloomberg U.S. Corporate Bond Index ?. The prospectus expense ratio is 0.03% a year. It sat 4.0% below its high of Feb 26, 2026 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, SPBO or UCON?
In the year to Oct 9, 2026, with distributions reinvested, SPBO returned −1.8% and UCON −0.7%.
Which is cheaper, SPBO or UCON?
SPBO is cheaper, by 0.83 percentage points a year. That is about $83 on $10,000 held for a year. Fees come from each fund's prospectus.
Other comparisons
IBDX vs SPBOCGMS vs SPBOCORP vs SPBOSPBO vs VTCCORP vs UCONBSCW vs UCONBSCX vs UCONIBDX vs UCON
SPBO on its own →UCON on its own →Hold both: look the portfolio through →Rankings →Standards and sources →
Where these figures came from
SPBO filings on SEC EDGAR ↗SPBO prospectus with the expense ratio (SEC) ↗State Street website ↗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, SPBO against UCON, data as of Oct 9, 2026. https://etfiq.com/compare/any/spbo-vs-ucon

Open data

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