Victory Portfolios II VictoryShares Short-Term Bond ETF

USTB

Market cap $2.17B

Short-term investment-grade bond strategies, with durations in the two-to-three-year range, are well positioned to capture a meaningful yield advantage without the rate sensitivity that has challenged longer duration strategies in recent months. The yield to worst on a diversified short-term bond portfolio currently sits between 4.5% and 5.0%, more than 100 basis points above what bank savings accounts and government money market funds are currently yielding. Although the path for rates is highly uncertain, the range of outcomes in which short-term bonds outperform cash is considerably wider than the range in which they don't.

The asset management landscape continues to evolve with Victory Capital Management affirming its fully financed, actionable proposal to acquire Janus Henderson Group, which rivals a previous bid from Trian Fund Management. If the proposal is accepted, this would result in a strategic merger, creating a powerhouse in both the ETF and mutual fund ecosystems.

BlueStem bought 209,508 shares of USTB in the fourth quarter. The firm held a position in USTB valued at $10.6 million at the end of the quarter.

Acquired 245,676 shares of USTB; estimated trade size $12.5 million based on quarterly average price. Quarter-end position value rose by $12.51 million, reflecting both trading and price changes.

Merit Financial increased its stake by 167,898 shares; estimated trade size ~$8.55 million based on quarterly average price. The quarter-end position value rose by $8.17 million, reflecting both trading and price changes.

Purchased 69,053 shares of USTB; estimated trade size was approximately $3.5 million based on quarterly average price. Quarter-end position value increased by $3.4 million, reflecting both trading activity and price movement.

Sold 138,413 shares of USTB; estimated transaction value $7.05 million based on quarterly average pricing. Quarter-end position value dropped $7.09 million, reflecting both share sales and price shifts.

Decreased holding by 245,575 shares as of September 30, 2025; estimated transaction value of $12.48 million Represents a 2.0% shift in 13F reportable assets under management (AUM) for the period ended Q3 2025 Post-trade stake: 420 shares, valued at $25,360 as of September 30, 2025 The position was previously 2.56% of the fund's AUM as of June 30, 2025, and is now nearly eliminated

Pennsylvania-based Amplius Wealth increased its USTB holding by 90,135 shares for an estimated $4.6 million in the third quarter. The transaction value represented about 0.4% of reportable assets at quarter-end.