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.


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 redemption process (paid in USDC). This fee is computed on-chain and will be floated into Investment Manager's treasury address.


Transaction Fee Rate

Fee charged on transactions occurring on weekdays

5 bps

Minimum Transaction Fee

A floor rate for transaction fee


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

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