CMBO vs VUSB: Grades, Fees and Holdings Compared

Wayfinder Dynamic U.S. Interest Rate ETF

CMBOCNasdaq

Vanguard Ultra-Short Bond ETF

VUSBACboe

Overlap

0.0%by weight

Expense ratio

VUSB −0.05pt a year

CMBO0.15%VUSB0.10%

Avg volume · 30D

VUSB 3526.7×the volume

CMBO559VUSB1.97M

CMBO vs VUSB Performance

Dec 31, 2025 – Oct 30, 2026

+3.3%CMBO+2.8%VUSB

Expense ratio: CMBO 0.15%; VUSB 0.10%, better
Fund size: CMBO $3M; VUSB $9.9B
1Y total return: CMBO No data; VUSB +3.7%
Yield (12M): CMBO No data; VUSB 4.27%
Holdings: CMBO 3; VUSB 1348
Avg volume (30D): CMBO 559 sh; VUSB 1.97M sh, better
NAV per share: CMBO $102.13; VUSB $49.62
52W range

ETF.net Grade

Pillar letters and Scores for CMBO, VUSB, with each pillar’s weight
Pillar	CMBO	VUSB
Cost30% weight	B66	A84Higher
Mission25% weight	A100	A100
Risk15% weight	B55Higher	C53
Tradability15% weight	F18	B66Higher
Holdings10% weight	C42	A90Higher
Durability5% weight	F8	A89Higher

Rank among Cash & Ultra-Short Income funds

How we build Categories ›

Same Category. CMBO and VUSB are both graded against the same 78 Cash & Ultra-Short Income funds, so their Grades compare head to head.

Cash & Ultra-Short Income⁠

Category · 78 funds

See all 78 ›

VUSB ranks 3rd and CMBO 67th of 78 funds in the Cash & Ultra-Short Income Category.

Rank 1AICSHiShares Ultra Short Duration Bond Active ETFScore 85
Rank 2ACLIPGlobal X 1-3 Month T-Bill ETFScore 82
Rank 3AVUSBVanguard Ultra-Short Bond ETFScore 81
Rank 4ATBLLInvesco Short Term Treasury ETFScore 80
Rank 67CCBOXCalamos Tax-Aware Collateral ETFScore 40
Rank 67CCMBOWayfinder Dynamic U.S. Interest Rate ETFScore 40
Rank 69DBAMUBrookstone Ultra-Short Bond ETFScore 38

Our read on each fund

ETF.net Research

CMBOCWayfinder Dynamic U.S. Interest Rate ETF

VUSBAVanguard Ultra-Short Bond ETF

In short

CMBO Most bond funds pick a duration and live with it. CMBO is actively run to roam across fixed-income sectors, maturities and credit quality using bond ETFs and rate derivatives, at a 0.15% fee.

VUSB Vanguard's first actively managed bond ETF, run by its in-house fixed income team and priced at 0.10%. It holds investment-grade paper maturing inside two years: a step past a money fund, well short of a real bond fund.

Stated mandate

CMBO The Fund seeks total return through an actively managed strategy focused primarily on fixed-income ETFs and derivatives referencing fixed-income instruments or indices. Its exposure may span multiple fixed-income sectors, maturities, durations, and quality levels.

VUSB The fund seeks current income with limited price volatility while investing in diversified high- and medium-quality fixed-income securities. It expects to maintain a dollar-weighted average maturity of 0–2 years.

Why people hold it

CMBO 0.15% a year for an active mandate, well under the typical fee in its bond peer group.
Duration is a dial, not a fixed setting: the manager can shift across sectors, maturities and quality tiers using fixed-income ETFs and rate derivatives.
What it holds lines up closely with the fixed-income exposure its prospectus describes, so there is no drift between the pitch and the portfolio.

VUSB At 0.10%, it costs half the typical ultra-short bond ETF and undercuts the other leaders in the group: SHV, PULS, FLDR and DUSB all charge 0.15%.
Active, not adventurous. The managers buy investment-grade bonds (A3-or-better high quality plus BBB-tier medium quality) and hold average maturity to zero-to-two years.vanguard.com
Income lands monthly, sourced from roughly 170 bonds, so no single issuer drives the outcome.
A multi-billion-dollar fund that trades actively, and the same portfolio team also runs a similar Vanguard ultra-short fund.vanguard.com

Worth knowing

CMBO A small fund that trades thinly. Spreads can be wide, so limit orders matter more here than in the giant core bond ETFs.
Launched in November 2025, so there is no long record showing how the manager handles a full rate cycle.
Index-tracking rivals like BND and SCHZ charge 0.03%. The extra fee here buys flexibility, and outcomes ride on the manager's rate and sector calls.

VUSB This is not a money market fund. No fixed $1 share price, and the market price can trade above or below the value of the holdings.vanguard.com
The mandate allows BBB-tier credit, a notch of risk a Treasury-only neighbor like SHV doesn't take.vanguard.com
Bonds this short reprice with short-term rates, so the monthly payout drifts up and down instead of holding a set level.vanguard.com

Full CMBO profile⁠

Full VUSB profile⁠

CMBO vs VUSB Holdings

How CMBO and VUSB differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of CMBO and 0.0% of VUSB.

Level by level

Asset classEquity, Fixed Income0.0%
Holdings0 in both0.0%
Countryby domicile77.2%

Sector

No Sector split for CMBO and VUSB.

Country, concentration and asset class

Country by domicile

Country weights in CMBO and VUSB, widest gap first
Country	More in CMBOMore in VUSB	CMBO	VUSB
United States	CMBO +22.6 points	99.5%	76.9%
Canada	VUSB +7.2 points	0.0%	7.2%
United Kingdom	VUSB +3.5 points	0.0%	3.5%
Cayman Islands	VUSB +2.5 points	0.0%	2.5%
Japan	VUSB +2.1 points	0.0%	2.1%
Germany	VUSB +1.7 points	0.0%	1.7%
Australia	VUSB +1.6 points	0.0%	1.6%
Ireland	VUSB +0.8 points	0.0%	0.8%
Other countries (15)	VUSB +3.3 points	0.4%	3.7%

Concentration

Weight in the 10 largest Holdings

CMBO100.0%
VUSB11.2%

Securities held

CMBO3
VUSB1,342

Asset class

CMBO: Equity
VUSB: Fixed Income

Holdings

Only in CMBO3
In both0
Only in VUSB1,342

Only in CMBO

3 securities, 100% of CMBO by weight

Spy 12/18/2026 10.01 C73.00%
Spy 12/18/2026 1010.01 P24.32%
First American Government Obligations Fund 12/01/20312.72%

Only in VUSB

1,342 securities, 96.2% of VUSB by weight

United States Treasury Bill 09/02/20272.24%
United States Treasury Bill 09/30/20272.20%
Regions Bank/Birmingham AL 4.75% 07/27/20290.83%
PNC Financial Services Group Inc/The 4.62% 10/26/20290.50%
National Bank of Canada 5.00% 09/08/20290.49%
Citizens Bank NA/Providence RI 4.87% 08/10/20290.45%
US Bancorp 5.78% 06/12/20290.44%
Charles Schwab Corp/The 4.60% 07/27/20290.42%
Canadian Imperial Bank of Commerce 4.72% 06/16/20290.39%
AbbVie Inc 4.50% 08/18/20280.39%
United States Treasury Note/Bond 3.50% 10/31/20270.39%
Truist Bank 4.42% 07/24/20280.38%
Province of British Columbia Canada 4.70% 01/24/20280.38%
Westlake Flooring Master Trust 4.23% 10/15/20290.38%
UBS Group AG 4.53% 04/10/20300.36%
OneMain Financial Issuance Trust 2026-2 4.98% 01/14/20380.35%
Bank of Montreal 4.63% 09/22/20280.35%
Hyundai Auto Lease Securitization Trust 2026-C 4.68% 07/16/20290.35%
Dllad 2024-1 Llc 5.30% 07/20/20290.34%
National Bank of Canada 4.17% 01/20/20290.33%
Goldman Sachs Group Inc/The 4.15% 01/21/20290.32%
Equitable Holdings Inc 4.35% 04/20/20280.32%
Truist Bank 4.14% 10/23/20290.32%
Wendy's Funding LLC 3.88% 03/15/20480.32%
Bank of America Corp 5.20% 04/25/20290.32%
PFS Financing Corp 5.34% 04/15/20290.31%
Rktl 2026-3 4.51% 08/27/20350.31%
Extra Space Storage LP 5.70% 04/01/20280.31%
NTT Finance Corp 4.57% 07/16/20270.30%
Truist Bank 4.14% 01/27/20290.30%
Intel Corp 4.88% 02/10/20280.30%
Mercedes-Benz Finance North America LLC 4.13% 03/10/20280.30%
Digital Realty Trust LP 4.45% 07/15/20280.30%
American Honda Finance Corp 4.40% 12/11/20260.29%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 3.00% 10/29/20280.29%
Navistar Financial Dealer Note Master Owner Trust II 2025-1 4.18% 09/25/20300.28%
Cheniere Corpus Christi Holdings LLC 5.13% 06/30/20270.27%
UBS Group AG 4.73% 12/23/20290.27%
M&T Bank Auto Receivables Trust 2026-1 4.33% 07/16/20290.27%
BAT Capital Corp 2.26% 03/25/20280.27%
Canadian Imperial Bank of Commerce 4.86% 01/13/20280.26%
M&T Bank Auto Receivables Trust 2026-1 4.66% 06/16/20310.26%
Deutsche Bank AG/New York NY 5.27% 09/18/20290.26%
Citizens Bank NA/Providence RI 4.19% 01/29/20290.26%
NatWest Group PLC 4.89% 05/18/20290.26%
Canadian Imperial Bank of Commerce 4.51% 01/29/20300.26%
Goldman Sachs Group Inc/The 3.81% 04/23/20290.26%
Digital Realty Trust LP 5.55% 01/15/20280.25%
Sprint Capital Corp 6.88% 11/15/20280.25%
Rktl 2026-2 4.33% 05/25/20350.25%

Weight gaps

CMBO and VUSB share no securities.

All CMBO holdings⁠All VUSB holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

CMBO vs VUSB Cost

Overpaying CMBO vs VUSB

$1,031

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

CMBO 0.15%
$3,137
VUSB 0.10%
$2,106

Amount$10,000

Years30 years

Cost over time

CMBO 0.15%
VUSB 0.10%
Overpaying

Year by year

Year	CMBO	VUSB	Overpaying
10	$274	$183	$91
20	$1,071	$717	$354
30	$3,137	$2,106	$1,031

Expense ratio

0.15%CMBO
0.10%VUSB, cheaper

VUSB0.10%CMBO0.15%

0.03%1.00%

Middle half of Cash & Ultra-Short Income funds
Median 0.18%

VUSB 13th cheapest of 78 funds

CMBO 23rd cheapest of 78 funds

CMBO vs VUSB Dividends

Last 12 months to Oct 30, 2026

Yield (12M): CMBO No data; VUSB 4.27%
Payout (12M): CMBO No data; VUSB $2.12
Last payment: CMBO $1.97; VUSB $0.18
Ex-dividend: CMBO Sep 16, 2026; VUSB Oct 1, 2026
Paid on: CMBO Sep 17, 2026; VUSB Oct 5, 2026
Frequency: CMBO Irregular; VUSB Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

CMBOIrregular · 1 paymentAll CMBO payments⁠

VUSBMonthly · 45 paymentsAll VUSB payments⁠

CMBO vs VUSB Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: CMBO No dataVUSB 0.8%
Return per unit of riskSharpe ratio, 3 years: CMBO No dataVUSB 0.86
Worst fallMax drawdown, 5 years: CMBO No dataVUSB −1.7%
Market sensitivityBeta, 5 years: CMBO −0.002VUSB 0.10; Market = 1

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