UYLD vs XHLF

UYLDCAngel Oak Ultrashort Income ETF

XHLFABondBloxx Bloomberg Six Month Target Duration US Treasury ETF

In short

UYLD Angel Oak's ultrashort fund comes out of a securitized-credit shop, not a bill ladder: active, roughly 500 bonds, average maturity kept under two years and duration under one year, for 0.35% net of a waiver through September 30, 2027.

XHLF Most cash-parking funds pick a maturity bucket. XHLF picks a number: it blends Treasury bills to an average duration of about six months, resets to that target monthly, and charges three basis points to do it.

Stated mandate

UYLD The Fund seeks current income while aiming to limit price volatility and preserve liquidity. Its portfolio is managed to maintain a dollar-weighted average maturity below two years and duration below one year.

XHLF The Fund seeks to track the investment results of an index composed of U.S. Treasury securities.

Why people hold it

• UYLD The mandate is specific: dollar-weighted average maturity below two years, duration below one year, aiming at current income while limiting price swings and preserving liquidity.
• Angel Oak built its business in securitized credit and runs this as one of its actively managed bond ETFs, a specialist lane rather than a Treasury bill tracker.businesswire.com
• Roughly 500 positions, monthly distributions, and over a billion dollars in assets: real breadth and scale for an actively run short-duration credit sleeve.

• XHLF Costs 0.03% a year, against a typical short-Treasury peer near 0.14%. In cash-like funds, where returns come from bills everyone owns, fee is the main lever.
• Tracks an index built to hold an average duration of roughly six months, rebalanced monthly, so exposure stays anchored instead of drifting as bills mature.bondbloxxetf.com
• Sits in the gap between 0-3 month bill funds and one-year funds. Its sibling XONE targets a one-year duration at the same 0.03%, so the two can be mixed to dial in duration.
• US Treasury bills only, no credit bets hiding in the portfolio, run in a multi-billion-dollar fund that has stayed close to its index.

Worth knowing

• UYLD Cost is the trade-off: 0.35% net of a waiver through September 30, 2027 (0.56% gross), above the category median, while bill funds like VBIL at 0.06% and CLIP at 0.07% undercut it.
• The objective aims to limit price volatility, not remove it. This is active credit rather than Treasury bills, so the share price can move more than a pure bill fund's.businesswire.com
• In a peer group crowded with ultra-cheap bill trackers, it sits in the lower half of the field, mostly on price rather than on how it runs the portfolio.

• XHLF Six months of duration is not zero. Prices move a touch more when yields shift than in 0-3 month bill funds such as BIL or CLIP.
• Income rides whatever Treasury bills happen to pay, and distributions arrive on an irregular rhythm rather than a fixed amount or schedule.
• Volume is moderate next to the largest bill ETFs, so spreads can be a bit wider, which matters more on big tickets than small ones.

Full UYLD profile⁠

Full XHLF profile⁠