Investment objective & strategy
As of Feb. 6, 2025 · prospectusObjective. The Fund seeks to track the performance of a market-weighted Treasury index with an ultra-short-term dollar-weighted average maturity.
Strategy. The Fund employs an indexing investment approach designed to track the Bloomberg U.S. Treasury Bills 0-3 Months Index (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 3 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 net assets (plus any borrowings for investment purposes) in the securities comprising the Index and in securities that the advisor determines have economic characteristics that are substantially … The Fund employs an indexing investment approach designed to track the Bloomberg U.S. Treasury Bills 0-3 Months Index (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 3 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 net assets (plus any borrowings for investment purposes) 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 the 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. As of December 31, 2024, the dollar-weighted average maturity of the Index was 1.2 months.
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| U.S. Treasury Bills | B | $425.51M | 6.38% |
| U.S. Treasury Bills | B | $380.85M | 5.71% |
| U.S. Treasury Bills | 912797TH | $369.83M | 5.54% |
| U.S. Treasury Bills | B | $365.60M | 5.48% |
| U.S. Treasury Bills | — | $364.90M | 5.47% |
| U.S. Treasury Bills | — | $354.85M | 5.32% |
| U.S. Treasury Bills | B | $353.47M | 5.30% |
| U.S. Treasury Bills | — | $349.02M | 5.23% |
| U.S. Treasury Bills | B | $343.82M | 5.15% |
| U.S. Treasury Bills | B | $342.83M | 5.14% |
Portfolio moves
Dec 31, 2025 → Mar 31, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF · BCD | 76% | 0.30% |
| abrdn Bloomberg All Commodity Strategy K-1 Free ETF · BCI | 73% | 0.26% |
| Fidelity Series Treasury Bill Index Fund · FHQFX | 73% | 0.00% |
Advisers
| Firm | Role |
|---|---|
| The Vanguard Group, Inc. | Adviser |
Footnotes
- Expense ratio as of February 2, 2026, from the fund's prospectus.
- Net assets and holdings count as of March 31, 2026, from the fund's N-PORT filing.
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