---
ticker: "UCON"
name: "First Trust Smith Unconstrained Bond ETF"
url: "https://etf.net/etf/UCON"
grade: "C"
score: 54
graded_at: "2026-10-12"
category: "US Aggregate Bond"
category_rank: "72 of 117"
methodology: "https://etf.net/methodology"
---

# UCON: First Trust Smith Unconstrained Bond ETF

Grade **C**, Score 54 of 100. Rank 72 of 117 in US Aggregate Bond.

Graded Oct 12, 2026.

## Grade pillars

| Pillar | Score | Category rank |
| --- | --- | --- |
| Cost | 3 | 114 of 117 |
| Mission | 96 | 64 of 101 |
| Risk | 66 | 22 of 116 |
| Tradability | 55 | 50 of 117 |
| Holdings | 80 | 11 of 116 |
| Durability | 78 | 18 of 117 |

## Top holdings

The fund holds 451 positions. These are the largest 30, by weight.

| # | Ticker | Name | Weight |
| --- | --- | --- | --- |
| 1 | — | U.S. Treasury Note, 4.25%, due 07/31/2028 | 2.47% |
| 2 | — | U.S. Treasury Bond, 5.125%, due 08/15/2046 | 2.40% |
| 3 | — | U.S. Treasury Note, 4.125%, due 08/31/2028 | 1.83% |
| 4 | — | U.S. Treasury Note, 4.75%, due 09/30/2028 | 1.55% |
| 5 | — | U.S. Treasury Note, 4.375%, due 05/15/2036 | 1.06% |
| 6 | — | U.S. Treasury Note, 4.375%, due 08/31/2031 | 0.97% |
| 7 | — | Fannie Mae FN BM7755, 4%, due 06/01/2064 | 0.91% |
| 8 | — | U.S. Treasury Note, 4.625%, due 08/15/2036 | 0.88% |
| 9 | — | ALBERTSONS COS/SAFEWAY 6.50%, due 02/15/2028 | 0.88% |
| 10 | — | U.S. Treasury Note, 4.375%, due 07/31/2031 | 0.81% |
| 11 | — | Fannie Mae FN FA6190, 5%, due 06/01/2056 | 0.80% |
| 12 | — | Freddie Mac FR SL6333, 5%, due 07/01/2056 | 0.77% |
| 13 | — | U.S. Treasury Bond, 5%, due 05/15/2056 | 0.76% |
| 14 | — | U.S. Treasury Bond, 1.625%, due 11/15/2050 | 0.73% |
| 15 | — | Fannie Mae Series 2024-82, Class CF, Variable rate, due 11/25/2054 | 0.70% |
| 16 | — | THE BOEING CO 7.008%, due 05/01/2064 | 0.69% |
| 17 | — | AMNEAL PHARMACEUTICALS LLC 6.875%, due 08/01/2032 | 0.69% |
| 18 | — | Fannie Mae FN BQ7973, 2%, due 02/01/2051 | 0.64% |
| 19 | — | GILDAN ACTIVEWEAR INC 4.70%, due 10/07/2030 | 0.63% |
| 20 | — | HILCORP ENERGY I/HILCORP 7.25%, due 02/15/2035 | 0.62% |
| 21 | — | BANK OF AMERICA CORP Variable rate, due 09/21/2036 | 0.61% |
| 22 | — | MERIDIAN ARC HOLDCO LLC 6.25%, due 04/30/2031 | 0.59% |
| 23 | — | PERMIAN RESOURCES OPERATING LLC 7%, due 01/15/2032 | 0.59% |
| 24 | — | FIRST CITIZENS BANCSHARES Variable rate, due 03/12/2040 | 0.53% |
| 25 | — | U.S. Treasury Inflation Indexed Note, 1.25%, due 04/15/2031 | 0.52% |
| 26 | — | CROWDSTRIKE HOLDINGS INC 3%, due 02/15/2029 | 0.52% |
| 27 | — | Fannie Mae FN FA4541, 5%, due 02/01/2056 | 0.52% |
| 28 | — | Raising Cane's Restauran Rzncan Tl B 1L USD | 0.52% |
| 29 | — | VF CORP 2.95%, due 04/23/2030 | 0.51% |
| 30 | — | U.S. Treasury Inflation Indexed Note, 1.875%, due 01/15/2036 | 0.51% |

Source: etf.net, https://etf.net/etf/UCON. Please cite the page URL.