VANGUARD ULTRA-SHORT BOND ETF
Actively managed U.S. bond ETF
As of its 2026 Q2 report, VANGUARD ULTRA-SHORT BOND ETF held 1,289 positions with $8.94B in net assets. Its ten largest holdings made up 8.8% of the fund. The VUSB share class costs 0.1% a year. Over the 12 months to May 2026, VUSB returned 4.6%, with dividends reinvested. In 2026 Q2 it added 119 new positions and exited 121.
Vanguard Ultra-Short Bond ETF (the Fund) seeks to provide current income while maintaining limited price volatility.
The fund actively manages a diversified portfolio of investment-grade bonds, targeting a dollar-weighted average maturity of 0 to 2 years to provide current income with limited price volatility. Holdings consist primarily of high-quality bonds rated A3 or better, with up to medium-quality bonds rated Baa1–Baa3, including corporate, Treasury, government agency, and mortgage-backed securities. The fund may use derivatives including interest rate swaps, credit default swaps, and fixed income futures to implement its strategy.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
United States Treasury Bill 0.00% · due 2027-06-10 | 4.19% | $374.32M | — |
United States Treasury Note/Bond 3.88% · due 2027-07-31 | 0.67% | $59.93M | — |
The PNC Financial Services Group Inc 4.62% floating · due 2029-10-26 | 0.58% | $51.81M | — |
United States Treasury Note/Bond 4.00% · due 2028-06-30 | 0.52% | $46.48M | — |
Regions Bank/Birmingham AL 4.75% floating · due 2029-07-27 | 0.51% | $45.68M | — |
US Bancorp 5.78% floating · due 2029-06-12 | 0.50% | $44.70M | — |
The Charles Schwab Corp 4.60% floating · due 2029-07-27 | 0.49% | $43.95M | — |
Vanguard Cmt Funds-Vanguard Market Liquidity Fund | 0.48% | $42.80M | — |
Truist Bank 4.42% floating · due 2028-07-24 | 0.44% | $39.60M | — |
Westlake Flooring Master Trust 4.23% · due 2029-10-15 | 0.44% | $39.20M | — |
The 200 largest of 1,289 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 71.64% |
| Securitized | 27.11% |
| Cash & short-term | 0.48% |
| Derivatives | 0.01% |
Derivatives are shown at market value, not notional exposure.
By sector
- Securitized
- 27.3%
- Financials
- 15.1%
- International
- 14.6%
- Other
- 13.5%
- 12 other sectors
- 29.5%
- Securitized
- 27.3%
- Financials
- 15.1%
- International
- 14.6%
- Other
- 13.5%
- Government
- 7.5%
- Utilities
- 4.6%
- Real Estate
- 3.8%
- Industrials
- 3.3%
- Information Technology
- 3.1%
- Health Care
- 1.9%
- Consumer Staples
- 1.4%
- Energy
- 1.1%
- Consumer Discretionary
- 0.7%
- Materials
- 0.7%
- Communication Services
- 0.7%
- Cash
- 0.5%
How it has done
VUSB share class · total returns with dividends reinvested
Volatility over the last 12 months: 0.62%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Fees & fund details
VANGUARD ULTRA-SHORT BOND ETF is an actively managed U.S. bond ETF.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- ETF
- Credit quality
- Investment grade
- Rate sensitivity
- Short duration
- Expense ratio, by class
- 0.10%· VUSB 0.10%
- Portfolio turnover
- 65.00% a year · as of 2026 Q2
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
119 new· the largest 8
121 exited· the largest 6
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 66.3% |
| Floating rate | 29.4% |
| Zero-coupon or unclassified | 4.2% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 17.6% |
| 1-3y | 58.0% |
| 3-5y | 15.1% |
| 5-10y | 7.3% |
| 10y+ | 2.1% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 55% |
| Interest rates | 45% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +1.18 yr |
| High yield | +0.01 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.12 yr | 12% |
| 1 yr | 0.74 yr | 76% |
| 5 yr | 0.11 yr | 11% |
| 10 yr | 0.01 yr | 1% |
30 yr is NEGATIVE (-0.01 yr) — a deliberate hedge at that point on the curve, so it is not part of the band above.
| 3 mo | 0.06 yr | 5% |
| 1 yr | 0.86 yr | 72% |
| 5 yr | 0.28 yr | 23% |
| 10 yr | 0.00 yr | 0% |
| 30 yr | 0.00 yr | 0% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.12 | +0.06 | +0.00 | $49.8k | $813 |
| 1 yr | +0.74 | +0.85 | +0.01 | $760.6k | $7.3k |
| 5 yr | +0.11 | +0.28 | +0.00 | $247.3k | $961 |
| 10 yr | +0.01 | +0.00 | +0.00 | $1.1k | $0 |
| 30 yr | -0.01 | +0.00 | +0.00 | $4 | $0 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Duration contribution in years, summing to the fund's 0.97 yr.
This is where the fund's rate exposure sits, not its currency risk — most international bond funds hedge the currency back to dollars, and the size of those hedges is not in the filing. Tenors are also summed across curves, so a 5-year JPY point and a 5-year USD point are added together.
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