MMK vs VUSB: Grades, Fees and Holdings Compared

State Street Prime Money Market ETF

MMKCNYSE

Vanguard Ultra-Short Bond ETF

VUSBACboe

Overlap

0.0%by weight

Expense ratio

VUSB −0.08pt a year

MMK0.18%VUSB0.10%

Avg volume · 30D

VUSB 951.0×the volume

MMK2.07KVUSB1.97M

MMK vs VUSB Performance

Jul 31, 2026 – Oct 30, 2026

+0.9%MMK+0.8%VUSB

Expense ratio: MMK 0.18%; VUSB 0.10%, better
Fund size: MMK $32M; VUSB $9.9B
1Y total return: MMK No data; VUSB +3.7%
Yield (12M): MMK No data; VUSB 4.27%
Holdings: MMK 74; VUSB 1348
Avg volume (30D): MMK 2.07K sh; VUSB 1.97M sh, better
NAV per share: MMK $100.31; VUSB $49.62
52W range

ETF.net Grade

Pillar letters and Scores for MMK, VUSB, with each pillar’s weight
Pillar	MMK	VUSB
Cost30% weight	C53	A84Higher
Mission25% weight	A100	A100
Risk15% weight	C49	C53Higher
Tradability15% weight	D39	B66Higher
Holdings10% weight	C45	A90Higher
Durability5% weight	C44	A89Higher

Rank among Cash & Ultra-Short Income funds

How we build Categories ›

Same Category. MMK 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 MMK 39th 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 36BVNLAJanus Henderson Short Duration Income ETFScore 61
Rank 39CMMKState Street Prime Money Market ETFScore 60
Rank 40BCBILCorgi 3-12 Month T-Bill ETFScore 59

Our read on each fund

ETF.net Research

MMKCState Street Prime Money Market ETF

VUSBAVanguard Ultra-Short Bond ETF

In short

MMK A money market fund that trades like a stock. MMK is built to qualify under Rule 2a-7, and it's the prime version, so State Street's cash desk underwrites short-term credit instead of sticking to government paper only.

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

MMK The Fund seeks to maximize current income while maintaining capital preservation and liquidity.

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

MMK Built to qualify as a money market fund under Rule 2a-7, the same rulebook as traditional money funds, but bought and sold intraday like any ETF.ssga.com statestreet.com
Prime mandate, run by State Street's cash management team with a dedicated short-term credit research team behind the paper it buys.ssga.com
Costs 0.18% a year, a shade under the median for cash-alternative ETFs.
Measured against the ICE BofA SOFR Overnight Rate Index, so there's a plain overnight-cash yardstick to judge it by.ssga.com

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

MMK A 2026 launch that is still small and thinly traded, which can mean wider bid-ask spreads than long-running cash ETFs.
Prime paper carries bank and corporate credit risk that government-only money funds sidestep, and the fund is not FDIC insured.statestreet.com
Cheaper cash options exist: SBIL and IQMM charge 0.15% and ICSH 0.08%, though those run government or ultra-short bond mandates.

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 MMK profile⁠

Full VUSB profile⁠

MMK vs VUSB Holdings

How MMK and VUSB differ

Overlap by weight

0.0%

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

Level by level

Asset classCash, Fixed Income0.0%
Holdings0 in both0.0%
Countryby domicile76.9%

Sector

No Sector split for MMK and VUSB.

Country, concentration and asset class

Country by domicile

Country weights in MMK and VUSB, widest gap first
Country	More in MMKMore in VUSB	MMK	VUSB
United States	MMK +23.1 points	100.0%	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%
Switzerland	VUSB +1.0 points	0.0%	1.0%
Other countries (13)	VUSB +3.6 points	0.0%	3.6%

Concentration

Weight in the 10 largest Holdings

MMK44.8%
VUSB11.2%

Securities held

MMK57
VUSB1,342

Asset class

MMK: Cash
VUSB: Fixed Income

Holdings

Only in MMK57
In both0
Only in VUSB1,342

Only in MMK

57 securities, 66.9% of MMK by weight

Anglesea Fdg PLC & Ang3.32%
Treasury Bill2.85%
Wells Fargo Bank Na2.57%
United Overseas Bk Ltd2.12%
Park Ave Coll Notes2.12%
Credit Indl Et Coml Instl Ctf1.96%
Aust & New Zea1.91%
Bank Nova Scotia Houston Tex1.81%
Verto Cap I Compartment 11/26 Zcp1.81%
Hsbc Bank PLC1.51%
Natl Australia Bk Lt1.51%
Barclays Bank Uk1.51%
Mackinac Funding1.34%
Dnb Nor Bank Asa1.34%
Toyota Motor Credit Corp1.27%
Verto Cap I 144A Disc Coml Pap 11/26 Zcp1.21%
Bpce1.12%
Bank Montreal Chicago Brh1.06%
Nordea Bank Abp1.06%
Swedbank Ab Publ Iam Coml Pape 02/27 Var1.06%
Royal Bank of Canada1.06%
Kbc Bk NV Instl Ctf Dep Progra1.06%
Legacy Capital Company1.06%
Credit Agricole Corp & Invt Bk 03/27 Fixed 4.471.06%
Merrill Lynch Tri Party E Repo1.06%
Norinchukin Bk New York Brh In ZCP11/20261.06%
Norinchukin Bk New York Brh In 11/26 Fixed 3.931.06%
Mufg Bk Ltd1.06%
Chesham Fnc/ Chesh Llc1.06%
Aquitaine Fdg Co Llc1.06%
Verto Cap I Compartment E Disc 11/26 Zcp1.06%
Hqla Fdg Llc Ser Champlain Ser1.06%
Helvetica Fdg Co Llc Disc Coml 12/26 Zcp1.05%
Brigantine Fdg Co Llc Disc Com 12/26 Zcp1.05%
Ing Bk NV Disc Coml Paper1.05%
Svenska Handlsbnkn A1.05%
Tokeneke Fdg Co Llc Disc Coml 03/27 Zcp1.04%
Westpac Banking Corp.1.04%
Citibank Na N Y Brh Instl0.91%
Bnp Paribas Ny Branch 12/26 Fixed 4.00.91%
Skandin Ens Banken AG0.87%
Svenska Handelsbanken Ab 05/27 Var0.76%
Aquitaine Fdg 12/26 Var0.76%
Dnb Bk Asa New York 11/26 Fixed 3.920.76%
BANQUE NATIONALE DU CANADA TD - 05Nov260.76%
Jpm Clearing Corp Tri Party E0.76%
Citigroup Tri Party E Repo0.76%
Nordea Bk Ab Publ0.76%
Compo Fdg Co Llc 11/26 Zcp0.76%
Bank of America0.75%

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

MMK and VUSB share no securities.

All 45 MMK 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.

MMK vs VUSB Cost

Overpaying MMK vs VUSB

$1,643

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

MMK 0.18%
$3,749
VUSB 0.10%
$2,106

Amount$10,000

Years30 years

Cost over time

MMK 0.18%
VUSB 0.10%
Overpaying

Year by year

Year	MMK	VUSB	Overpaying
10	$328	$183	$145
20	$1,281	$717	$564
30	$3,749	$2,106	$1,643

Expense ratio

0.18%MMK
0.10%VUSB, cheaper

VUSB0.10%MMK0.18%

0.03%1.00%

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

VUSB 13th cheapest of 78 funds

MMK 36th cheapest of 78 funds

MMK vs VUSB Dividends

Last 12 months to Oct 30, 2026

Yield (12M): MMK No data; VUSB 4.27%
Payout (12M): MMK No data; VUSB $2.12
Last payment: MMK $0.31; VUSB $0.18
Ex-dividend: MMK Oct 1, 2026; VUSB Oct 1, 2026
Paid on: MMK Oct 6, 2026; VUSB Oct 5, 2026
Frequency: MMK Monthly; VUSB Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

MMKMonthly · 8 paymentsAll MMK payments⁠

VUSBMonthly · 45 paymentsAll VUSB payments⁠

MMK vs VUSB Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: MMK No dataVUSB 0.8%
Return per unit of riskSharpe ratio, 3 years: MMK No dataVUSB 0.86
Worst fallMax drawdown, 5 years: MMK No dataVUSB −1.7%
Market sensitivityBeta, 5 years: MMK −0.004VUSB 0.10; Market = 1

MMK and VUSB in the news

All news⁠

ETF Filings
State Street's $29 million prime money market ETF trades with a floating NAV
Sep 10, 2026MMK

Popular comparisons

MMKCvsICSHA
State Street Prime Money Market ETF · iShares Ultra Short Duration Bond Active ETF
Expense ratio
0.18% · 0.08%
Category
VUSBAvsICSHA
Vanguard Ultra-Short Bond ETF · iShares Ultra Short Duration Bond Active ETF
Expense ratio
0.10% · 0.08%
Category
MMKCvsCLIPA
State Street Prime Money Market ETF · Global X 1-3 Month T-Bill ETF
Expense ratio
0.18% · 0.07%
Category
VUSBAvsCLIPA
Vanguard Ultra-Short Bond ETF · Global X 1-3 Month T-Bill ETF
Expense ratio
0.10% · 0.07%
Category
MMKCvsTBLLA
State Street Prime Money Market ETF · Invesco Short Term Treasury ETF
Expense ratio
0.18% · 0.08%
Category
VUSBAvsTBLLA
Vanguard Ultra-Short Bond ETF · Invesco Short Term Treasury ETF
Expense ratio
0.10% · 0.08%
Category

MMK vs VUSB

In short

Stated mandate

Why people hold it

Worth knowing

How MMK and VUSB differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in MMK

Only in VUSB

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

State Street's $29 million prime money market ETF trades with a floating NAV

How MMK and VUSB differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in MMK

Only in VUSB

Weight gaps