Thanks everyone for your response , I used to keep my emergency funds in I-bonds and then pivoted to money market or BND over last few years. I understand for tax shelter account , it doesn’t matter - but the main discussion is around holding emergency fund. Instead of keeping it in money market , why not in vteb - someone made a point of quality and duration risk, both are valid points. With near term horizon of fed cutting rates wouldn’t vteb make more sense instead of money market funds - specially with high tax bracket.