FTSM vs VUSB: Grades, Fees and Holdings Compared

First Trust Enhanced Short Maturity ETF

FTSMBNasdaq

Vanguard Ultra-Short Bond ETF

VUSBACboe

Overlap

0.0%by weight

Expense ratio

VUSB −0.19pt a year

FTSM0.29%VUSB0.10%

Avg volume · 30D

VUSB 2.7×the volume

FTSM720KVUSB1.97M

5Y return · a year

FTSM+3.7%VUSB+3.7%

FTSM vs VUSB Performance

Oct 29, 2021 – Oct 30, 2026

+20.2%FTSM+20.0%VUSB

Expense ratio: FTSM 0.29%; VUSB 0.10%, better
Fund size: FTSM $6.8B; VUSB $9.9B
1Y total return: FTSM +3.6%; VUSB +3.7%, better
Yield (12M): FTSM 4.45%, better; VUSB 4.27%
Holdings: FTSM 742; VUSB 1348
Avg volume (30D): FTSM 720K sh; VUSB 1.97M sh, better
NAV per share: FTSM $59.60; VUSB $49.62
52W range

ETF.net Grade

Pillar letters and Scores for FTSM, VUSB, with each pillar’s weight
Pillar	FTSM	VUSB
Cost30% weight	F13	A84Higher
Mission25% weight	A100	A100
Risk15% weight	C49	C53Higher
Tradability15% weight	A76Higher	B66
Holdings10% weight	A93Higher	A90
Durability5% weight	A88	A89Higher

Rank among Cash & Ultra-Short Income funds

How we build Categories ›

Same Category. FTSM 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 FTSM 36th 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 33BNUSBNuveen Ultra Short IncomeScore 62
Rank 36BFTSMFirst Trust Enhanced Short Maturity ETFScore 61
Rank 36BMINTPIMCO Enhanced Short Maturity Active Exchange-Traded FundScore 61

Our read on each fund

ETF.net Research

FTSMBFirst Trust Enhanced Short Maturity ETF

VUSBAVanguard Ultra-Short Bond ETF

In short

FTSM A 2014-vintage active take on the cash-parking shelf: First Trust's managers roam short-duration investment-grade debt across sectors instead of tracking an index, chasing current income while preserving capital and keeping daily liquidity.

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

FTSM The fund seeks current income while preserving capital and maintaining daily liquidity. It is actively managed and invests in short-duration, primarily U.S.-dollar-denominated, investment-grade securities across a broad range of asset classes.

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

FTSM No index to follow. The team picks short-duration, mostly US-dollar investment-grade paper across a broad range of asset classes, aiming for current income with capital preservation and daily liquidity.ftportfolios.com
Live since 2014, it has run through an entire rate cycle and grown into a multi-billion-dollar fund that trades actively, so entering and exiting is generally straightforward.
Roughly 400 positions keep any single issuer a small slice of the pot, and income is paid out monthly rather than quarterly.

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

FTSM Active management carries an active price: 0.29% a year against a 0.20% median for cash-alternative peers. ICSH charges 0.08% and JPST 0.18% for a similar job.
You are buying a manager's credit and duration calls, not a rulebook. Two ultra-short funds can hold quite different paper and behave differently in a stressed market.
It is a 1940 Act ETF, not a money market fund or a bank deposit. The share price can move, and preserving capital is a stated goal rather than a promise.ftportfolios.com

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 FTSM profile⁠

Full VUSB profile⁠

FTSM vs VUSB Holdings

How FTSM and VUSB differ

Overlap by weight

0.0%

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

Level by level

Asset classCash, Fixed Income0.0%
Holdings0 in both0.0%
Countryby domicile89.5%

Sector

No Sector split for VUSB.

Country, concentration and asset class

Country by domicile

Country weights in FTSM and VUSB, widest gap first
Country	More in FTSMMore in VUSB	FTSM	VUSB
United States	FTSM +4.8 points	81.7%	76.9%
Cayman Islands	FTSM +4.5 points	7.0%	2.5%
Japan	VUSB +2.1 points	0.0%	2.1%
United Kingdom	VUSB +2.0 points	1.5%	3.5%
Germany	VUSB +1.7 points	0.0%	1.7%
Canada	VUSB +1.4 points	5.8%	7.2%
Switzerland	VUSB +1.0 points	0.0%	1.0%
Spain	VUSB +0.7 points	0.0%	0.7%
Other countries (14)	VUSB +0.4 points	4.0%	4.4%

Concentration

Weight in the 10 largest Holdings

FTSM6.3%
VUSB11.2%

Securities held

FTSM733
VUSB1,342

Asset class

FTSM: Cash
VUSB: Fixed Income

Holdings

Only in FTSM733
In both0
Only in VUSB1,342

Only in FTSM

733 securities, 100% of FTSM by weight

AUTONATION INC 0%, due 11/02/20260.96%
TARGA RESOURCES CORP 0%, due 11/02/20260.89%
U.S. Treasury Note, 4.125%, due 06/30/20280.85%
GILDAN ACTIVEWEAR INC 0%, due 11/02/20260.65%
HUNTINGTON NATIONAL BANK Variable rate, due 04/12/20280.52%
T-MOBILE USA INC 3.75%, due 04/15/20270.51%
GOLDMAN SACHS GROUP INC Variable rate, due 01/21/20290.51%
KINDER MORGAN INC 1.75%, due 11/15/20260.49%
WORKDAY INC 3.50%, due 04/01/20270.49%
CRH AMERICA FINANCE INC 3.40%, due 05/09/20270.48%
CITIBANK NA Variable rate, due 06/18/20290.47%
WILLIS NORTH AMERICA INC 4.65%, due 06/15/20270.46%
SOLVENTUM CORP 5.45%, due 02/25/20270.45%
HUNTINGTON NATIONAL BANK Variable rate, due 05/17/20280.45%
Fannie Mae - CAS Series 2024-R05, Class 2A1, Variable rate, due 07/25/20440.45%
HYATT HOTELS CORP 5.75%, due 01/30/20270.44%
AON NORTH AMERICA INC 5.125%, due 03/01/20270.44%
FIFTH THIRD BANK NA Variable rate, due 01/28/20280.44%
ZIMMER BIOMET HOLDINGS 4.70%, due 02/19/20270.44%
BANK OF AMERICA CORP Variable rate, due 04/27/20280.44%
AMRIZE FINANCE US LLC 4.70%, due 04/07/20280.44%
AUTODESK INC 3.50%, due 06/15/20270.44%
ASHTEAD CAPITAL INC 4.375%, due 08/15/20270.44%
AMCOR FLEXIBLES NORTH AMERICA 4.80%, due 03/17/20280.43%
BROWN & BROWN INC 4.60%, due 12/23/20260.43%
CADENCE DESIGN SYS INC 4.20%, due 09/10/20270.43%
AMRIZE FINANCE US LLC 4.60%, due 04/07/20270.42%
MARRIOTT INTERNATIONAL 0%, due 11/18/20260.41%
COOPERATIEVE RABOBANK UA Variable rate, due 04/06/20280.41%
DANSKE BANK A/S Variable rate, due 03/01/20280.39%
ENERGY TRANSFER LP 0%, due 11/02/20260.39%
IQVIA INC 5.70%, due 05/15/20280.38%
BANK OF NY MELLON CORP Variable rate, due 01/22/20300.38%
US BANK NA CINCINNATI Variable rate, due 05/20/20290.38%
U.S. Treasury Note, 4.25%, due 07/31/20280.37%
THE BOEING CO 3.25%, due 02/01/20280.37%
GE HEALTHCARE TECH INC 5.65%, due 11/15/20270.37%
WELLS FARGO & COMPANY Variable rate, due 04/22/20280.37%
BANK OF MONTREAL N/C, Variable rate, due 01/13/20280.37%
THE CAMPBELLS COMPANY 5.20%, due 03/19/20270.37%
SVENSKA HANDELSBANKEN NY N/C, Variable rate, due 02/11/20270.37%
CAPITAL ONE FINANCIAL CO Variable rate, due 05/10/20280.37%
COMMONWEALTH BK AUSTRALIA N/C, Variable rate, due 02/12/20270.37%
SWEDBANK Variable rate, due 11/09/20260.37%
WESTPAC BANKING CORP Variable rate, due 05/21/20270.37%
GLOBAL PAYMENTS INC 0%, due 11/03/20260.37%
QUANTA SERVICES INC 4.30%, due 08/09/20280.37%
JPMORGAN CHASE & CO Variable rate, due 02/01/20280.37%
AGILENT TECHNOLOGIES INC 4.20%, due 09/09/20270.37%
PNC FINANCIAL SERVICES Variable rate, due 10/26/20290.37%

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

FTSM and VUSB share no securities.

All 742 FTSM 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.

FTSM vs VUSB Cost

Overpaying FTSM vs VUSB

$3,846

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

FTSM 0.29%
$5,952
VUSB 0.10%
$2,106

Amount$10,000

Years30 years

Cost over time

FTSM 0.29%
VUSB 0.10%
Overpaying

Year by year

Year	FTSM	VUSB	Overpaying
10	$527	$183	$344
20	$2,044	$717	$1,327
30	$5,952	$2,106	$3,846

Expense ratio

0.29%FTSM
0.10%VUSB, cheaper

VUSB0.10%FTSM0.29%

0.03%1.00%

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

VUSB 13th cheapest of 78 funds

FTSM 68th cheapest of 78 funds

FTSM vs VUSB Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FTSM 4.45%, better; VUSB 4.27%
Payout (12M): FTSM $2.65; VUSB $2.12
Last payment: FTSM $0.21; VUSB $0.18
Ex-dividend: FTSM Oct 30, 2026; VUSB Oct 1, 2026
Paid on: FTSM Pays Nov 3, 2026; VUSB Oct 5, 2026
Frequency: FTSM Monthly; VUSB Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

FTSMMonthly · 46 paymentsAll FTSM payments⁠

VUSBMonthly · 45 paymentsAll VUSB payments⁠

FTSM vs VUSB Risk

Fall from peak · 5 years

FTSM
VUSB

Risk facts

VolatilityStd dev, 3 years: FTSM 0.5%, betterVUSB 0.8%
Return per unit of riskSharpe ratio, 3 years: FTSM 0.29VUSB 0.86, better
Worst fallMax drawdown, 5 years: FTSM −0.6%, betterVUSB −1.7%
Market sensitivityBeta, 5 years: FTSM 0.05VUSB 0.10; Market = 1

Popular comparisons

FTSMBvsICSHA
First Trust Enhanced Short Maturity ETF · iShares Ultra Short Duration Bond Active ETF
Expense ratio
0.29% · 0.08%
Category
VUSBAvsICSHA
Vanguard Ultra-Short Bond ETF · iShares Ultra Short Duration Bond Active ETF
Expense ratio
0.10% · 0.08%
Category
FTSMBvsCLIPA
First Trust Enhanced Short Maturity ETF · Global X 1-3 Month T-Bill ETF
Expense ratio
0.29% · 0.07%
Category
VUSBAvsCLIPA
Vanguard Ultra-Short Bond ETF · Global X 1-3 Month T-Bill ETF
Expense ratio
0.10% · 0.07%
Category
FTSMBvsTBLLA
First Trust Enhanced Short Maturity ETF · Invesco Short Term Treasury ETF
Expense ratio
0.29% · 0.08%
Category
VUSBAvsTBLLA
Vanguard Ultra-Short Bond ETF · Invesco Short Term Treasury ETF
Expense ratio
0.10% · 0.08%
Category