VANGUARD 0-3 MONTH TREASURY BILL ETF
VANGUARD INSTITUTIONAL INDEX FUNDS · 1 share class
Fund classification
Classified from what the fund holds · as of 2026 Q2
VANGUARD 0-3 MONTH TREASURY BILL ETF is a U.S. bond index ETF that tracks the Bloomberg U.S. Treasury Bills 0-3 Months Index.
- Asset class
- Bonds
- Region
- United States
- Management
- Index (passive)
- Fund type
- ETF
- Rate sensitivity
- Short duration
Fund profile
As filed in the prospectus · 2026 Q2
Vanguard 0-3 Month Treasury Bill ETF (the Fund) seeks to track the performance of a market-weighted Treasury Index with an ultra-short-term dollar-weighted average maturity.
The fund tracks the Bloomberg U.S. Treasury Bills 0-3 Months Index using a sampling approach, holding a range of Treasury securities with maturities of three months or less that approximate the index's key characteristics. Because the fund samples rather than holds all index constituents, its returns may diverge from the index.
| Share class | Expense ratio |
|---|---|
| VBIL | 0.06% |
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 99.94% |
| Cash & short-term | 0.04% |
Latest quarter
What changed since the fund's previous filing
Largest new: United States Treasury Bill ×8
Largest exited: United States Treasury Bill ×8
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
May 2026 and Jun 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
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.
| Zero-coupon or unclassified | 100.0% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 100.0% |
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
This fund filed the credit-spread disclosure and reported no sensitivity — measured, and the answer is none.
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.
| Interest rates | 100% |
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 duration at each point, shortest first. This filer signs its rate and credit disclosures differently; the direction shown follows its interest-rate filing, and a negative reading is the least-supported figure here.
| 3 mo | 0.10 yr | 100% |
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.10 | +0.00 | +0.00 | $0 | $0 |
| 1 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
| 5 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
| 10 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
| 30 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | United States Treasury Bill0.00% · due 2026-07-09 | 6.78% | $633.56M | — |
| — | United States Treasury Bill0.00% · due 2026-08-06 | 6.10% | $570.21M | — |
| — | United States Treasury Bill0.00% · due 2026-07-02 | 5.61% | $524.02M | — |
| — | United States Treasury Bill0.00% · due 2026-07-16 | 5.41% | $505.31M | — |
| — | United States Treasury Bill0.00% · due 2026-07-23 | 5.18% | $484.11M | — |
| — | United States Treasury Bill0.00% · due 2026-07-14 | 5.17% | $483.37M | — |
| — | United States Treasury Bill0.00% · due 2026-07-21 | 5.15% | $481.03M | — |
| — | United States Treasury Bill0.00% · due 2026-07-30 | 5.12% | $478.96M | — |
| — | United States Treasury Bill0.00% · due 2026-07-07 | 5.03% | $469.72M | — |
| — | United States Treasury Bill0.00% · due 2026-07-28 | 4.72% | $441.24M | — |
Top 10 positions are 54.25% of net assets, top 25 98.68%, across 2 issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
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