Fees

Total Expense Ratio

The Total Expense Ratio is charged by the Investment Manager and accrues daily on-chain for the management of the U.S. T-Bills portfolio.

Item	Description	Fee
Total Expense Ratio	Annual Expense Ratio charged daily on the current TVL.	0.30% p.a.

The scope of the Total Expense Ratio includes:

• Maintaining the target weighted-average maturity of the portfolio

• Rolling over matured U.S. T-Bills into new securities and compounding earned returns

• Complying with the regulatory requirements of management of Investors’ capital

• Commissioning third-party audits of portfolio assets

• Commissioning regular smart contract audits and security reviews of the TBILL Vault by third-party providers

• Custodian fees

Transaction Fees

The transaction fee will be imposed on a user during a subscription or redemption process (paid in USDC). This fee is computed on-chain and will be floated into Investment Manager's treasury address.

Item	Description	Fee
Transaction Fee Rate	Fee charged on subscription and redemption transactions	5 bps

The Transaction Fee will mainly cover the operational costs of maintaining the Vault across on-chain and off-chain venues. Some of the costs to be incurred are:

• Ethereum gas fees

• Bank wire fees

• Digital asset to fiat conversion fees