They own T Bills, so the yield you get is the same as on the T Bill. Any difference is from the management fee (0.05%) or due to T Bills that haven’t matured ye

They own T Bills, so the yield you get is the same as on the T Bill. Any difference is from the management fee (0.05%) or due to T Bills that haven’t matured yet which don’t reflect current rate. There are different ways of measuring a fund’s yield, but at the end of the day this is mechanically how this fund works.