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Vanguard today introduced its first active bond ETF, managed by its in-house fixed income team. The Vanguard Ultra-Short Bond ETF (VUSB) offers a low-cost, diversified option for investors seeking income and limited price volatility. Kmspico to activate office 2019. Waves plugins adobe audition 1 5. The ETF, which is listed on the Chicago Board Options Exchange (Cboe), has an expense ratio of 0.10%, compared to a categorical average of 0.22%.

The “Vanguard Ultra-Short Bond ETF offers the features of an ETF structure for investors seeking an option for anticipated cash needs in the range of 6 to 18 months,” said Kaitlyn Caughlin, head of Vanguard Portfolio Review Department. “An ultra-short strategy bridges the gap between money market funds offering a stable share price and short-term bond funds, which are meant for longer investment time horizons.”

VUSB offers a similar strategy to that of the $17.5 billion actively managed Vanguard Ultra-Short-Term Bond Fund, which debuted in 2015. Both the fund and the new ETF invest in diversified portfolios consisting of high-quality and, to a lesser extent, medium-quality fixed income securities, including investment-grade credit and government bonds. However, the ETF also provides investors and advisors the flexibility to trade at intraday market prices.

Like the existing Ultra-Short-Term Bond Fund, this new ETF is co-managed by Samuel C. Martinez, CFA, Arvind Narayanan, CFA, and Daniel Shaykevich. With the addition of VUSB, Vanguard now offers 20 U.S.-domiciled fixed income ETFs, representing more than $300 billion in client assets.

Keeping the Active Run Going

Rich Powers, Vanguard’s Head of ETF and Index Product Management, explained that the firm has a long history with actively managed fixed income products, with a team that manages some $900 billion in assets. “So we’ve extended the capabilities that they offered on mutual fund side into the ETF side,” he said.

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The ETF structure offers several benefits, said Powers, such as the ability to enter the fund at a lower price point. At launch, VUSB costs just $50/share, compared to $3,000/share for the comparable mutual fund. Plus, he added, “nearly all ETF platforms offer trading commission-free,” as compared to mutual funds platforms, which assign a fee to buy and sell funds. Lastly, there’s the benefit of intraday ability to transact in the ETF, as compared to the once-a-day transaction window at 4 PM.

Addressing active management’s advantage in fixed income, Powers notes that there really isn’t a good index-based proxy for this market segment, and those that exist tend to be oriented toward Treasuries. “If you go down that route, though, then you are forgoing the opportunity for a little more return by not accessing corporate or asset-backed securities that are available in this marketplace. So by launching this [ultra short-term bond ETF]as an active strategy, we give portfolio managers the flexibility to lean into areas of the market where the opportunities exist.”

Fitting ‘VUSB’ in the Right Spot

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Powers explains that VUSB is not a substitute for money market funds. Rather, “money market funds have a very specific role around wanting to maintain principal stability for near-term cash feeds. In the case of this product, if the advisor is thinking of tiering out the near-term liquidity for their clients, they might have an allocation to money markets for their near term needs; and there are liquidity needs in the 2-3 year range, which is where a conventional short-term bond fund would be used. Then there’s probably another bucket where the client has a need in the 6-18 month window, and our product could fill that need.”

One distinguishing characteristic of VUSB is its one-year duration. “That’s a bit longer than what you see in the rest of the competitive set,” said Powers. “If you have a duration shorter than a year, then your interest rate sensitivity is less than your credit spread sensitivity. So by picking a spot on the curve at one year, we’re able to have both the interest rate sensitivity and the credit spread sensitivity equal. So that in a falling rate environment, the investors get the benefit of rates falling and prices increasing.”

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