VanEck 1-3 Month US Treasury Bond ETF (TBIL) Review & Analysis

MER · Top 25%AUM · #280 of 5081Y Return · #339 of 4263Y Return · #289 of 300

What's new this monthData to 30 September 2026

+2.9% in September (total return), ahead of the median international bonds ETF at −1.8%.
Investors added a net $1.1m (1.0% of the fund).
The unit price closed the month at $48.08, 8% below its 12-month high (range $46.16 to $52.04).

About TBIL

TBIL is an international bonds ETF from VanEck, listed on the ASX since May 2023. With $110m under management it is number 15 of 48 international bonds ETFs by size. The management fee is 0.22% a year, about $22 on every $10,000 invested, cheaper than the typical international bonds ETF at 0.50%.

Its largest holdings are United States Treasury Bill, United States Treasury Bill and United States Treasury Bill, and the top 10 make up 74% of the fund. By sector it leans towards bonds & cash (100%).

Over the past year it returned −2.0%, against −0.8% for the median international bonds ETF. With its focus on bonds & fixed income, it is the kind of fund many investors use as a smaller satellite holding alongside a diversified core.

TBIL distributions and dividend dates

TBIL pays distributions monthly, with payment about 15 days after the ex-date. (Pattern estimated from recent payments.)

The latest distribution was $0.15 per unit (0% franked), ex-distribution on 2 November 2026 and paid on 17 November 2026. To receive it you need to own TBIL before the ex-date.

Its distribution yield over the past 12 months is about 3.5%. Distributions vary and past payments are not a guide to future ones.

From ASX announcements, updated nightly. See every ETF in the dividend calendar.

Compare TBIL Check overlap VanEck website ↗

Compare TBIL with

TBILvsUSTB

Global X US Treasury Bond ETF (Currency Hedged)

Fee	0.22%	0.19%
1 year	−2.0%	−1.5%
5 yrs p.a.	–	–
Size	$110m	$453m

Same holdingsNo holdings data

Full comparison →

TBILvsUTIP

Beta Inflation Protected US Treasury Bond Ch ETF

Fee	0.22%	0.22%
1 year	−2.0%	−1.9%
5 yrs p.a.	–	–
Size	$110m	$103m

Same holdingsNo holdings data

Full comparison →

TBILvsGGOV

Betashares US Treasury Bond 20+ Year Currency Hedged ETF

Fee	0.22%	0.22%
1 year	−2.0%	−8.0%
5 yrs p.a.	–	−9.3%
Size	$110m	$80m

Same holdingsNo holdings data

Full comparison →

TBILvsUS10

Betashares US Treasury Bond 7-10Yr Ch ETF

Fee	0.22%	0.22%
1 year	−2.0%	−3.3%
5 yrs p.a.	–	–
Size	$110m	$19m

Same holdingsNo holdings data

Full comparison →

TBIL price by TradingView

Stock Code	TBIL
Fund Manager	VanEck
Asset Class	International bonds
AUM	$110m
MER (%)	0.22%
Net flows (Sep)	+$1.1m
Last Price	$48.08
52-Week Range	$46.16 – $52.04
Bid/Ask Spread	0.08%
Listing Date	18/05/2023
Exchange	ASX
Index tracked	Bloomberg US Treasury Bills 1-3 Months Index (AUD) Index
Issuer website	VanEck ↗

Performance (% return)

1 month+2.9%

1 year−2.0%

3 years p.a.+1.6%

5 years p.a.–

$10,000 invested…

1 year ago$9,8023 years ago$10,503

Value at 30 September 2026 with distributions reinvested, before tax and brokerage.

Total returns including distributions, to 30 September 2026. 1M, 1Y, 3Y and 5Y bars are cumulative.

TBIL at a glance: strengths and things to watch

👍 Strengths

Low cost. At 0.22% a year it is cheaper than 83% of international bonds ETFs.
Cheap to trade. A bid/ask spread of 0.08%, so buying and selling costs little extra.

⚠️ Things to watch

Behind its peers. +1.6% a year over 3 years, against +3.6% for the median international bonds ETF.
Concentrated. The top 10 holdings make up 74% of the fund, so a few companies drive the result.

Worked out from TBIL's fees, size, flows, returns and trend against the 48 international bonds ETFs in Australia, to 30 September 2026. General information, not a recommendation.

etfadviserTrend check

Base since 18 Sep 2026

TBIL is in a base. Here's why that matters.

TBIL's moving averages are tangled and the price is moving sideways. The trend hasn't picked a direction yet.

Why it matters: Bases are where the next big move starts. A breakout can begin a new uptrend, while a breakdown can start a long fall. Buying a satellite before the breakout often means waiting months for nothing to happen.

At ETF Adviser the core of a portfolio stays invested through every stage, and satellite ETFs are only bought in an uptrend. Members get a weekly update on which ETFs are breaking out of a base and which trends have broken.

Get the weekly trend updates: try it free for 30 days How base and trend works →See every ETF's stage →Visit etfadviser.com.au →

Why no chart? Bond, cash and currency fund prices drop each time a distribution is paid, so a price chart makes them look worse than they are. Check the total returns above instead.

Investment Focus

Themes & Sectors

Bonds & fixed income

Portfolio Breakdown

Top 10 holdings (74.2% of the fund)

Symbol	Company	% assets
		9.78%
		9.71%
		8.38%
		7.67%
		6.61%
		6.59%
		6.54%
		6.34%
		6.33%
		6.30%

Sector breakdown

Bonds & cash100.0%

Holdings from the issuer's published portfolio. Compare TBIL's holdings with other ETFs →

Best-endeavours estimate. Built from each issuer's published holdings, which may be weeks or months old, may cover only part of a fund (some publish only their top 10) and are matched by company name. Figures may be incomplete or inaccurate. Check the issuer's website and PDS before relying on them. General information only.

Similar ETFs

Code	Name	Same holdings	MER	AUM	1Y	3Y p.a.	5Y p.a.
USTB	Global X US Treasury Bond ETF (Currency Hedged) Currency hedged	–	0.19%	$453m	−1.5%	+2.6%	–
UTIP	Beta Inflation Protected US Treasury Bond Ch ETF	–	0.22%	$103m	−1.9%	+2.8%	–
GGOV	Betashares US Treasury Bond 20+ Year Currency Hedged ETF Currency hedged	–	0.22%	$80m	−8.0%	−0.7%	−9.3%
US10	Betashares US Treasury Bond 7-10Yr Ch ETF	–	0.22%	$19m	−3.3%	+2.1%	–
GGFD	Betashares Geared Long US Treasury Bond Currency Hedged Complex ETF Geared	–	0.99%	$3.3m	−18.5%	–	–
IUSG	iShares U.S. Treasury Bond (Aud Hedged) ETF Currency hedged	–	0.15%	$33m	−1.7%	+2.4%	–

Same holdings is the share of TBIL's money in companies the other ETF also holds, weighted by size. No other ETF shares much with TBIL, so these are ETFs in the same category. See every ETF like TBIL →

TBIL vs its closest alternatives

What actually differs between TBIL and the ETFs most like it. Data to 30 Sep 2026.

USTB Global X US Treasury Bond ETF (Currency Hedged)

USTB is cheaper (0.19% vs 0.22%), worth about $2,092 on $100,000 over 20 years.
Over 3 years, a year: TBIL +1.6%, USTB +2.6% (USTB ahead by 1.0 percentage points).
USTB is about 4 times larger ($453m vs $110m), which usually means tighter trading spreads.
Different structure: TBIL is a standard fund, USTB is currency hedged.

Full TBIL vs USTB comparison →

UTIP Beta Inflation Protected US Treasury Bond Ch ETF

Both charge the same fee (0.22%).
Over 3 years, a year: TBIL +1.6%, UTIP +2.8% (UTIP ahead by 1.1 percentage points).

Compare TBIL and UTIP side by side →

GGOV Betashares US Treasury Bond 20+ Year Currency Hedged ETF

Both charge the same fee (0.22%).
Over 3 years, a year: TBIL +1.6%, GGOV −0.7% (TBIL ahead by 2.4 percentage points).
Different structure: TBIL is a standard fund, GGOV is currency hedged.

Compare TBIL and GGOV side by side →

General information only. Past performance is not a reliable indicator of future performance.

Popular comparisons

USTB vs TBIL

TBIL FAQs

What is the fee for TBIL?

TBIL charges a management fee (MER) of 0.22% a year, according to the TMX Australia monthly funds report as at 30 September 2026.

How big is TBIL?

TBIL had $110m in funds under management as at 30 September 2026.

How has TBIL performed?

TBIL returned −2.0% over the year to 30 September 2026 (total return, including distributions). Over three years it returned +1.6% a year. Past performance is not a reliable indicator of future performance.

Who manages TBIL?

TBIL is managed by VanEck and has been listed since May 2023.

Is TBIL franked?

Generally no. TBIL invests outside Australia, so its distributions carry little or no franking credits. Franking comes from Australian companies that have paid tax here.

Disclaimer

This review is general information only and does not take into account your objectives, financial situation or needs. Consider the VanEck product disclosure statement (PDS) and target market determination (TMD) before investing. Past performance is not a reliable indicator of future performance.