Vanguard launched two short-term fixed-income exchange-traded funds Tuesday, adding to a spate of recent ETF launches by asset managers. The company’s Ultra-Short Treasury ETF (VGUS) and Vanguard 0-3 Month Treasury Bill ETF (VBIL) will each have an estimated expense ratio of 0.

Here's a closer look at this ETF, including how to invest in the ETF and the role it can play in an investor's portfolio. What is it? What is the Vanguard Intermediate-Term Bond E