Vanguard 0-3 Month Treasury Bill ETF (VBIL)

Vanguard 0-3 Month Treasury Bill ETF (VBIL) is an index-based exchange-traded fund that invests in U.S. Treasury bills with remaining maturities of three months or less. It seeks to track a market-weighted index of these very short-term government securities.

Because Treasury bills are backed by the full faith and credit of the U.S. government and mature within weeks, the fund has minimal interest rate sensitivity, and its income closely follows prevailing short-term rates. It is used as a cash management or near-cash holding within a broader portfolio. Its holdings are rolled into new bills as existing ones mature, keeping the portfolio's average maturity very short at all times.

The fund is managed by The Vanguard Group, headquartered in Malvern, Pennsylvania.