TBLL vs VUSI

TBLLAInvesco Short Term Treasury ETF

VUSICVoya Ultra Short Income ETF

In short

TBLL The bill fund that stretches to a full year. TBLL owns U.S. Treasuries maturing in one year or less and charges 0.08%, well under the typical fund in its 0-1 year Treasury group.

VUSI Voya's late-2025 arrival in the cash-parking aisle: an actively managed ultra-short bond fund built to hunt current income while keeping principal steady. A new name in a category ruled by entrenched giants.

Stated mandate

TBLL The fund invests primarily in U.S. Treasury obligations with maturities of one year or less and seeks exposure to the ICE U.S. Treasury Short Bond Index.

VUSI VUSI seeks high current income while preserving capital. It is actively managed and normally invests at least 80% of its assets in diversified income-producing bonds or economically similar derivatives.

Why people hold it

• TBLL Charges 0.08% a year against a 0.14% median for its 0-1 year Treasury cohort, and undercuts BIL, the 1-3 month bill fund at 0.14%.
• Fishes the entire under-one-year curve, about 90 Treasury positions, instead of camping in 1-3 month paper like much of the peer shelf.
• Live since 2017 and a multi-billion-dollar fund, with index tracking among the tighter implementations in its 17-fund group.
• Distributions land monthly, and the portfolio is Treasury obligations only, so no corporate credit rides along.

• VUSI Actively managed, not index-shackled: at least 80% of assets sit in diversified income-producing bonds or economically similar derivatives, with a stated goal of high current income while preserving capital.
• The prospectus sets a monthly income distribution schedule, which matches how most people use a cash-adjacent holding.
• The mandate isn't fenced to US paper. It can reach into international and emerging market issuers, a wider pool of short-dated bonds than a Treasury-only fund shops from.
• Ordinary 1940 Act fund plumbing. No partnership wrapper, no K-1 arriving in your mailbox in March.

Worth knowing

• TBLL Not the cheapest seat in the row: XONE runs 0.03% and VBIL 0.06%, so the cost gap is a few basis points.
• Reaching out to one-year maturities carries slightly more interest-rate sensitivity than a strict 1-3 month bill portfolio.
• Moderately traded rather than the volume leader of its category, so spreads deserve a look on larger orders.

• VUSI Active costs more here: 0.25% a year against a category median of 0.20%, and above the aisle's scale players (VUSB at 0.10%, SHV and PULS at 0.15%).
• Launched in November 2025, so there's no long record to judge and the fund is still building scale. Newer, smaller funds tend to trade with wider bid-ask spreads than category veterans.stockanalysis.com
• Ultra-short is not the same as cash. This holds bonds, and the mandate allows derivatives and non-US credit, so the share price can move.

Full TBLL profile⁠

Full VUSI profile⁠