RMME vs VBIL

RMMEDRareview Government Money Market ETF

VBILAVanguard 0-3 Month Treasury Bill ETF

In short

RMME Most cash-parking ETFs only act money-market-ish. RMME actually is one: a Rule 2a-7 government money market fund in an ETF wrapper, priced at 0.30% net of a waiver through January 31, 2027, with a floating share price instead of the traditional fixed $1.00.

VBIL Vanguard's cash-parking ETF: roughly two dozen Treasury bills, none maturing more than three months out, at 0.06% a year. It landed in 2025 and undercut most of the T-bill shelf on price.

Stated mandate

RMME Its objective is to generate current income while preserving capital and maintaining liquidity.

VBIL VBIL seeks to track the performance of a market-weighted Treasury index with an ultra-short-term dollar-weighted average maturity, using a passive approach designed to follow the Bloomberg U.S. Treasury Bills 0-3 Months Index.

Why people hold it

• RMME A genuine Rule 2a-7 government money market fund in an ETF: at least 99.5% of assets sit in cash, US government securities, or fully collateralized repo.sec.govrareviewcapital.com
• Money market mandate, ETF plumbing: intraday trading on an exchange at market price, published holdings, and monthly distributions.rareviewcapital.com
• Actively managed with an initial focus on overnight repurchase agreements, which the prospectus notes often yield more than owning the government paper directly.sec.gov

• VBIL It charges 0.06% a year, well under the 0.14% median for 0-1 year Treasury funds and under the category veteran, BIL.
• Plain passive mandate on the Bloomberg U.S. Treasury Bills 0-3 Months Index, tracked very closely. One of the tightest implementations in its peer group.vanguard.com
• Roughly two dozen bills backed by the US Treasury, every one maturing inside three months. Interest goes out monthly.
• A multi-billion-dollar fund with active daily trading, which tends to keep bid-ask costs small.

Worth knowing

• RMME Costs 0.30% net of a waiver through January 31, 2027 (0.50% gross), above the category median; bill funds like VBIL at 0.06% and CLIP at 0.07% carry no waiver.
• No stable $1.00 share price here. NAV moves with the market value of the holdings, and shares trade at market price, which can sit above or below NAV.rareviewcapital.comsec.gov
• Small and thinly traded since its 2025 launch, so bid/ask spreads are part of the cost of getting in and out.

• VBIL The payout floats with short-term rates. Monthly income rises and falls with what bills yield, and nothing about it is fixed.
• It opened in 2025, so its live record is short next to T-bill funds that have been running for years.
• Stretching maturity gets cheaper: peer XONE targets one-year duration at 0.03%, trading lower cost for more rate sensitivity.

Full RMME profile⁠

Full VBIL profile⁠