TLDR vs VUSB: Grades, Fees and Holdings Compared

The Laddered T-Bill ETF

TLDRBCboe

Vanguard Ultra-Short Bond ETF

VUSBACboe

Overlap

0.0%by weight

Expense ratio

VUSB −0.10pt a year

TLDR0.20%VUSB0.10%

Avg volume · 30D

VUSB 35.7×the volume

TLDR55.2KVUSB1.97M

TLDR vs VUSB Performance

Jul 31, 2026 – Oct 30, 2026

+0.9%TLDR+0.8%VUSB

Expense ratio: TLDR 0.20%; VUSB 0.10%, better
Fund size: TLDR $7M; VUSB $9.9B
1Y total return: TLDR No data; VUSB +3.7%
Yield (12M): TLDR No data; VUSB 4.27%
Holdings: TLDR 3; VUSB 1348
Avg volume (30D): TLDR 55.2K sh; VUSB 1.97M sh, better
NAV per share: TLDR $25.01; VUSB $49.62
52W range

ETF.net Grade

Pillar letters and Scores for TLDR, VUSB, with each pillar’s weight
Pillar	TLDR	VUSB
Cost30% weight	D38	A84Higher
Mission25% weight	A97	A100Higher
Risk15% weight	C49	C53Higher
Tradability15% weight	C43	B66Higher
Holdings10% weight	D28	A90Higher
Durability5% weight	D30	A89Higher

Rank among Cash & Ultra-Short Income funds

How we build Categories ›

Same Category. TLDR 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 TLDR 59th 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 54CYEARAB Ultra Short Income ETFScore 54
Rank 59BTLDRThe Laddered T-Bill ETFScore 53
Rank 60CMMKTTexas Capital Government Money Market ETFScore 52

Our read on each fund

ETF.net Research

TLDRBThe Laddered T-Bill ETF

VUSBAVanguard Ultra-Short Bond ETF

In short

TLDR Most T-bill ETFs just track a 0-3 month index. TLDR runs an actively managed ladder of bills maturing inside six months, targeting a 60-day average maturity, with a manager choosing where on the front end to sit.

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

TLDR The Fund seeks current income while preserving capital and maintaining daily 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

TLDR An active ladder, not an index sleeve: REX rolls the bill positions continuously around a targeted 60-day average maturity, tuned to the front end of the Treasury curve.rexshares.com
Under normal conditions at least 80% of net assets sit in US Treasury bills maturing in six months or less, the shortest end of government paper.sec.gov
Distributions land monthly, and the mandate stays plain: current income, capital preservation, daily liquidity.

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

TLDR The 0.20% fee sits above the index bill funds next to it (XONE 0.03%, VBIL 0.06%, BIL 0.14%). The active laddering is what the extra buys.
A small, thinly traded fund so far, so spreads can run wider than the category's giants.
Launched in 2026, so there is little history behind the manager's ladder calls, and the prospectus flags high portfolio turnover as a cost and tax factor.rexshares.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 TLDR profile⁠

Full VUSB profile⁠

TLDR vs VUSB Holdings

How TLDR and VUSB differ

Overlap by weight

0.0%

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

Level by level

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

Sector

No Sector split for TLDR and VUSB.

Country, concentration and asset class

Country by domicile

Country weights in TLDR and VUSB, widest gap first
Country	More in TLDRMore in VUSB	TLDR	VUSB
United States	TLDR +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

TLDR100.0%
VUSB11.2%

Securities held

TLDR2
VUSB1,342

Asset class

TLDR: Equity
VUSB: Fixed Income

Holdings

Only in TLDR2
In both0
Only in VUSB1,342

Only in TLDR

2 securities, 100% of TLDR by weight

Treasury Bill97.82%
First American Government Obli First Am Gov Oblig X2.19%

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

TLDR and VUSB share no securities.

All 4 TLDR 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.

TLDR vs VUSB Cost

Overpaying TLDR vs VUSB

$2,049

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

TLDR 0.20%
$4,155
VUSB 0.10%
$2,106

Amount$10,000

Years30 years

Cost over time

TLDR 0.20%
VUSB 0.10%
Overpaying

Year by year

Year	TLDR	VUSB	Overpaying
10	$365	$183	$182
20	$1,421	$717	$704
30	$4,155	$2,106	$2,049

Expense ratio

0.20%TLDR
0.10%VUSB, cheaper

VUSB0.10%TLDR0.20%

0.03%1.00%

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

VUSB 13th cheapest of 78 funds

TLDR 45th cheapest of 78 funds

TLDR vs VUSB Dividends

Last 12 months to Oct 30, 2026

Yield (12M): TLDR No data; VUSB 4.27%
Payout (12M): TLDR No data; VUSB $2.12
Last payment: TLDR $0.02; VUSB $0.18
Ex-dividend: TLDR Oct 27, 2026; VUSB Oct 1, 2026
Paid on: TLDR Oct 28, 2026; VUSB Oct 5, 2026
Frequency: TLDR Weekly; VUSB Monthly

Distribution history

Per share, 2026, same scale for both

TLDRWeekly · 39 paymentsAll TLDR payments⁠

VUSBMonthly · 9 paymentsAll VUSB payments⁠

TLDR vs VUSB Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: TLDR No dataVUSB 0.8%
Return per unit of riskSharpe ratio, 3 years: TLDR No dataVUSB 0.86
Worst fallMax drawdown, 5 years: TLDR No dataVUSB −1.7%
Market sensitivityBeta, 5 years: TLDR 0.01VUSB 0.10; Market = 1

TLDR and VUSB in the news

All news⁠

Launch Roundup
Ruane Cunniff closed Sequoia into an ETF. Allspring and GMO added a ticker
Oct 23, 2026TLDR
Filings Digest
Four T-REX 2X ETFs will stop trading Nov. 3, and REX will close ULTI and TLDR
Oct 22, 2026TLDR

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TLDR vs VUSB

In short

Stated mandate

Why people hold it

Worth knowing

How TLDR and VUSB differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in TLDR

Only in VUSB

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Ruane Cunniff closed Sequoia into an ETF. Allspring and GMO added a ticker

Four T-REX 2X ETFs will stop trading Nov. 3, and REX will close ULTI and TLDR

How TLDR and VUSB differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in TLDR

Only in VUSB

Weight gaps