Vanguard 0-3 Month Treasury Bill ETF·Financial Services
The fund seeks to track the performance of a market-weighted Treasury index with an ultra-short-term dollar-weighted average maturity. The fund employs an indexing investment approach designed to track the Bloomberg US Treasury Bills 0-3 Months (the Index). The Index includes U.S. Treasury Bills (not including inflation-protected bonds, floating rate securities, and certain other security types) that have maturities of three months or less. The fund invests by sampling the Index, meaning that it holds a range of securities that, in the aggregate, approximates the full Index in terms of key risk factors and other characteristics. Under normal circumstances, the fund will generally invest all, but at least 80% of its assets in the securities comprising the Index and in securities that the advisor determines have economic characteristics that are substantially identical to the economic characteristics of the securities that comprise the Index.In seeking to track its target index, the fund may also invest in debt securities that are not included in the Index, cash and cash equivalents, or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by the advisor). The fund seeks to maintain a dollar-weighted average maturity consistent with that of the Index, which, under normal circumstances, is expected to be under 3 months.
Financial Services
Asset Management
2025-02-12
-0.01
Market Peers







The yield on the 10-year note finished May 22, 2026 at 4.56% while the 2-year note ended at 4.13%. The chart below overlays the daily performance of several Treasury bonds, starting from the pre-recession equity market peaks, along with the Federal Funds Rate (FFR) since 2007.

Buffett suggests that most investors should keep at least a small cash position in their portfolios. Here's the Vanguard ETF that does the job.

The yield on the 10-year note finished May 15, 2026 at 4.59% while the 2-year note ended at 4.09%. This marks the highest level for each since February 2025.

Vanguard 0-3 Month Treasury Bill ETF offers an ultra-short 0.1-year duration, functioning as a near-cash, spot yield vehicle with minimal rate sensitivity. VBIL stands out for its competitive 0.06% expense ratio, outperforming similar ultra-short ETFs like the iShares Floating Rate Bond ETF and the iShares Ultra Short Duration Bond Active ETF on cost efficiency. In the current inflationary and volatile geopolitical environment, we favor cash-like positions over duration bets, as rate cuts appear unlikely.

The yield on the 10-year note finished May 8, 2026 at 4.38%. Meanwhile, the 2-year note ended at 3.90% and the 30-year yield ended at 4.95%.

Our monthly market valuation updates have long had the same conclusion: U.S. stock indexes are significantly overvalued.