VBIL Fees and Costs — Vanguard 0-3 Month Treasury Bill ETF
Data updated: 2026-08-28
The net expense ratio is 0.06%: a 0.05% management fee plus 0.01% other expenses. There are no sales loads or redemption fees.
VBIL Fees and Expenses
Annual operating expenses and sales charges of VBIL. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.05% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.01% |
| Gross expense ratio | 0.06% |
| Fee waiver | — |
| Net expense ratio | 0.06% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
VBIL Costs Over Time
On $10,000 invested in VBIL, assuming 5% a year before costs, total costs come to $38 over 5 years, cutting the return by 0.06% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.06%) | $6 | $20 | $35 |
| Lost growth on money paid in costs | $0 | $1 | $3 |
| Total costs | $6 | $21 | $38 |
| Value after costs | $10,494 | $11,555 | $12,725 |
| Impact on return, per year | 0.06% | 0.06% | 0.06% |
VBIL Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $14.1B
- Portfolio turnover (prospectus): —
- Securities lending: none during the year
VBIL Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Vanguard Market Liquidity Fund | $2.8B | 21.98% |
| CITADEL SECURITIES LP | $2.4B | 19.00% |
| MORGAN STANLEY | $2.2B | 16.89% |
| Bank of Montr??al | $1.2B | 9.66% |
| JPMORGAN CHASE & CO. | $945.2M | 7.35% |
| Nomura Securities International, Inc. | $738.3M | 5.74% |
| WELLS FARGO & COMPANY | $720.1M | 5.60% |
| BARCLAYS PLC | $692.4M | 5.38% |
| MITSUBISHI UFJ FINANCIAL GROUP, INC. | $691.0M | 5.37% |
| DEUTSCHE BANK AKTIENGESELLSCHAFT | $387.8M | 3.02% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.