Yield Distribution & Fees

mTBILL Yield Distribution

mTBILL is a yield-bearing token, meaning the yield generated by the underlying assets is distributed through the mTBILL token's price appreciation.

The 1:1 exchange rate with the underlying IB01 shares is made possible thanks to this accumulating feature inherent to IB01, which also auto-compounds.

Example: Net Asset Value Accumulation

The mTBILL token provides investors with on-chain exposure to the Federal Reserve's risk-free rate. Each mTBILL represents one share in the BlackRock Treasury Bond (fund) that exclusively holds short-dated U.S. government debt.

Once the underlying T-Bills reach maturity, assets are reinvested, increasing the net asset value (NAV) of the fund. As the NAV of the overall fund accumulates, the value of each corresponding token increases in turn.

Note that users are free to redeem mTBILL for the net asset value of the underlying at any time.

Date	Price ($)	% Change	Annualised Yield	mTBILL ($)
03/01/2023	103.13	-	-	103.1
03/06/2023	105.40	2.2%	4.5%	105.4

*Price = ETF share price ($) *mTBILL = Redeemable for net asset value per token ($)

Fee Structure

Category	Fee
On/Off-Ramp Fees	Pass-through, typically 0%*
Midas Issuance Fee	0%
Midas Redemption Fee	0.15% (waived)**
Midas Management Fee	0%
ETF Management Fee	0.07%

* Subscriptions and redemptions are available in fiat and stablecoin transfers. On-ramp and off-ramp costs are passed through on a cost basis.

** Issuance and redemption fees are waived until December 2024.