Managing your Rho Treasury account

This article explains how to set up your Rho Treasury portfolio and manage your holdings over time. For step-by-step setup instructions, visit About Rho Treasury. For quick answers, reference our Understanding Rho Treasury article.

Rho Treasury is the trade name of RBB Treasury LLC, an SEC-registered investment adviser and a subsidiary of Rho. RBB Treasury LLC gives investment advice and manages your portfolio. Apex Clearing Corp. and Interactive Brokers LLC hold your assets, run your trades, and produce your statements.

Understanding the Rho Treasury dashboard

Navigate to the Treasury tab in Rho. Rho Treasury has two overview tiles at the top of the dashboard, and the rest is organized into two tabs, Activity and Portfolio.

Overview

Balance is the total market value of your portfolio as of the last market close, including cash, invested assets, and yield earned, net of fees. Pending transfers are not included.

Available same day is the amount you can transfer from Treasury to your Rho Checking account that day. It includes your IJTXX balance and any uninvested cash. Submit the transfer by 3:00 PM ET on a business day to use funds the same day.

Realized P&L includes interest earned on T-Bills at maturity or sale, fund dividends paid, and proceeds from completed asset sales. 

The portfolio section shows you the target allocation of your Treasury portfolio across the four asset classes. If you still hold VFSTX, it appears as a separate position alongside VFSUX. Together they make up your Vanguard allocation.

Net yield is the weighted average yield across your portfolio:

Σ (target allocation % × current asset yield) - management fees  

This is net of Rho's management fee and updates automatically as underlying yields change.

Activity

A chronological log of all activity including deposits, withdrawals, asset purchases, sales, and maturities, fund dividends, cash interest, management fee charges, market value adjustments, and ACATs.

Market value adjustments are daily revaluations of your Treasury holdings to reflect current NAV. These are unrealized. No money moves until you sell.

Portfolio

Treasury Bills (T-Bills)

T-Bills are short-term U.S. government debt securities backed by the U.S. Treasury. They are a stable, predictable way to earn yield on idle funds, with maximum principal stability and no NAV variability.

Rho exclusively purchases 13-week (90-day) T-Bills in $1,000 increments. If your proportional T-Bill allocation falls below $1,000 for a given deposit, that portion is held as cash and invested at next deposit or rebalance or swept into IJTXX (if enrolled). 

You can evaluate your holdings details by reviewing the following information in the Portfolio tab. 

T-Bills are purchased at a discount and redeemed at face value at maturity. For example, a T-Bill purchased for $989.96 matures at $1,000.00, the $10.04 difference is your return.

At maturity, T-Bill face value is credited as cash and automatically reinvested per your target allocation. If sold before maturity, the T-Bill is sold at current market price which may result in receiving less than your purchase price.

Note:  T-Bill interest is subject to federal income tax but exempt from state and local income taxes.

Mutual Funds

Morgan Stanley Ultra-Short Income Fund (MULSX)

MULSX invests in high-quality, short-duration money market instruments including commercial paper, corporate debt, and asset-backed securities. NAV is variable but designed to remain highly stable. 

Vanguard Short-Term Investment-Grade Fund (VFSTX & VFSUX)

VFSUX and VFSTX are currently closed to new investments in Rho Treasury. Learn more about why here. 

VFSUX and VFSTX are share classes of the same Vanguard fund. It invests mainly in investment-grade corporate bonds, with additional exposure to government and securitized debt. NAV moves with changes in interest rates.

VFSUX is the Admiral Shares class and has a lower expense ratio. It is the only Vanguard fund available for new allocations.

If you hold VFSTX today: your position stays invested and all new money buys VFSUX. You still set a single Vanguard target in the 'Edit Portfolio' flow, but your 'Portfolio' tab will show separate VFSTX and VFSUX positions that together make up that target. When your Vanguard allocation is sold from, shares are sold first-in, first-out, so VFSTX is sold before VFSUX. Once your VFSTX balance reaches $0.00, only VFSUX appears. VFSTX entries remain in your Activity history.

Dividends accrue daily and are paid monthly at the start of each calendar month. Dividends appear as realized P&L in your Treasury overview and are reinvested per your target allocation.

You can evaluate your holdings by reviewing the following information in the Portfolio tab.

Money Market Funds

JPMorgan U.S. Treasury Plus Money Market Fund (IJTXX)

IJTXX is a government money market fund that invests in U.S. Treasury securities and repurchase agreements backed by them. The fund seeks to maintain a stable share price of $1.00.

IJTXX works as a cash sweep. Cash allocated to IJTXX remains in your account during the day, Apex Clearing Corp. ("Apex"), an unaffiliated third-party custodian, automatically sweeps the cash into the fund each business day. There are no minimum purchase or redemption amounts. Dividends accrue daily and are paid monthly.

IJTXX is the only Rho Treasury investment with same-day access. Submit a withdrawal by 3:00 PM ET on a business day, and funds will land in your Rho Checking account that same day, provided the amount does not exceed your available balance.

You must accept the sweep terms before IJTXX becomes active on your account. For more details, see our helpful article.

You can evaluate your holdings details by reviewing the following information in the Portfolio tab. 

Cash

Cash in your Treasury portfolio is money waiting to be invested. It comes from deposits, sale and maturity proceeds, dividends, and T-Bill purchase rounding differences.

If you are enrolled in the IJTXX sweep, Apex moves idle cash into IJTXX at the end of each business day, so cash rarely sits uninvested overnight.

If you are not enrolled, cash earns a small amount of interest and is reinvested across your target assets on the 6th of every month. Cash interest is paid monthly, mid-month. 

Hover over a column header in the ‘Portfolio’ tab to view additional details and definitions.

Looking for statements? Click the ‘Documents’ button in the upper-right corner of the Rho Treasury page to open the statements page. 

Funding your portfolio

New funds top up IJTXX first, then go to your other assets.

1. If your IJTXX balance is below its target percentage, incoming funds are allocated to IJTXX until the target is restored.

2. Any remaining money is invested proportionally across T-Bills, MULSX, and VFSTX or VFSUX at your target percentages.

3. If IJTXX is already at target, the full amount is invested proportionally across all four assets.

This applies to deposits you make, T-Bill maturity proceeds, fund dividends, and cash interest. IJTXX is refilled first because it is the asset you draw from first.

Investments take 1 to 2 business days to settle. IJTXX settles on the same business day.

Portfolio allocation

You control how your cash is split across assets. Allocations are percentage-based, set in 5% increments, and must total 100%. Four preset strategies are available as starting points, or you can build a custom allocation:

Note: The Vanguard fund is closed to new investments. If your account already holds Vanguard (VFSTX or VFSUX), any change you make to your portfolio caps Vanguard at 35%. If you hold more than 35% today, a change sells the extra shares at the current market price, and this sale can realize a loss. This limit reflects the fund's longer time horizon. It is best suited for cash you won't need for at least 12 months, not operating capital. Contact the Rho team if you need a higher limit or have questions.

Editing your portfolio

1. Navigate to Treasury → Edit Portfolio

2. Review your current allocation and compare asset options

3. Adjust allocation percentages in 5% increments (must total 100%)

4. Review your updated blended net yield

5. Review & confirm

Rho rebalances by selling from over-allocated assets and buying into under-allocated ones. Typically takes 2 to 4 business days to complete. You cannot make changes while a rebalance is in progress. Your funds remain invested during this time.

How rebalancing works

Your portfolio stays on target through:

• New money in – every deposit, maturity, dividend, and interest payment is automatically invested according to your target allocation, with IJTXX topped up first. 

• Allocation changes – editing your target triggers an immediate rebalance.

• Monthly rebalancing – on the 6th of each month, Rho reviews your portfolio. If any holding has drifted more than 5% from its target allocation, we automatically rebalance your portfolio.

Withdrawing from your portfolio

How your withdrawal is funded depends on the amount you request and your same-day available balance.

If your withdrawal is equal to or less than your available balance, the full amount is pulled from IJTXX and cash. Request it before 3:00 PM ET on a business day and Rho wires the funds to your Rho Checking account the same day. Request it after 3:00 PM ET and the funds arrive the next business day.

If your withdrawal is more than your available balance, the full amount comes from your other assets instead. Rho sells T-Bills, MULSX, and your Vanguard position proportionally to your current allocation. Your IJTXX balance is left untouched, so your same-day buffer stays intact. These sales settle on the normal timelines below.

We do not split a withdrawal across IJTXX and your other assets, and you cannot select which assets are sold. Shares are sold first-in, first-out (FIFO). 

Example: Your portfolio is 20% IJTXX ($20,000) and 80% MULSX ($80,000).

• You withdraw $15,000 before 3:00 PM ET. It comes from IJTXX and lands in Checking the same day.

• You withdraw $30,000. That is more than your $20,000 IJTXX balance, so the full $30,000 is sold from MULSX. Your IJTXX balance stays at $20,000, and the funds arrive in 1 to 2 business days.

Settlement timelines

Cutoffs apply on business days only. Requests made on weekends and market holidays are processed on the next business day.

After a withdrawal, incoming deposits, dividends, and maturity proceeds refill IJTXX first, so your same-day buffer is restored over time.

Automate transfers by turning on our maintain minimum balance auto transfer rule. Learn more here.

Statements, Trade confirmations, and more

Monthly statements are generated by Apex, our custodian partner. Statements are posted within 7 business days of the start of each month and can be accessed in your Rho dashboard under Settings → Account Statements → Treasury Account.

Monthly statements are generated for accounts with deposits, withdrawals, or trades in that month. Accounts without qualifying activity receive a combined quarterly statement instead.

Note: Dividends, interest, and changes in market value do not count as qualifying activity and will not generate a standalone monthly statement on their own. If there are no deposits, withdrawals, or trades during the month, this activity will instead be included in your combined quarterly statement.

Emails from Apex

As a Rho Treasury customer, you may receive account-related communications directly from Apex. These emails are legitimate. If applicable, emails will be delivered from the following email domains. 

Prospectuses are delivered after your first purchase of each asset. If you ever have questions about an email you've received from Apex, contact clientservice@rho.co and we'll confirm it for you.

Management fees

Rho Treasury charges an annualized management fee of 0.15%-0.60%, billed monthly based on total AUM.

Fees are calculated daily and charged monthly from your portfolio cash balance. If insufficient cash is available, Rho automatically sells a small amount of holdings.

The blended yield shown on your dashboard is already net of fees.

_{Investment management and advisory services provided by RBB Treasury LLC dba Rho Treasury, an SEC-registered investment adviser and subsidiary of Rho. RBB Treasury LLC facilitates investments in securities: investments are not deposits and are not FDIC-insured. Investments are not bank guaranteed, and may lose value. Investment products involve risk, including the possible loss of the principal invested, and past performance does not indicate future results. Registration with the SEC does not imply a certain level of skill or training. Treasury and custodial services provided through Apex Clearing Corp. ("Apex") and Interactive Brokers LLC ("Interactive"), registered broker dealers and members FINRA/SIPC. Interactive rates may vary from Apex rate shown above. For additional information about investment management and advisory services provided by Rho Treasury, please refer to Rho Treasury’s ADV-2A Wrap Fee Brochure. Rho is a fintech company, not a bank or an FDIC-insured depository institution. Checking account and card services provided by Webster Bank, a division of Santander Bank, N.A. Member FDIC . Savings account services provided by American Deposit Management Co. and its partner banks. International and foreign currency payments services are provided by Wise US Inc. FDIC deposit insurance coverage is available only to protect you against the failure of an FDIC-insured bank that holds your deposits and subject to FDIC limitations and requirements. It does not protect you against the failure of Rho or other third party. Products and services offered through the Rho platform are subject to approval.}

_{This material presented is for informational purposes only and should not be construed as legal, tax, accounting or investment advice. Under no circumstances should any of this material be used for or considered as an offer to sell or a solicitation of any offer to buy an interest in any securities. Any analysis or discussion of financial planning matters, investments, sectors or the market generally are based on current information, including from public sources, that we consider reliable, but we do not represent that any research or the information provided is accurate or complete, and it should not be relied on as such. Our views and opinions are current at the time of publication and are subject to change. You should consult with your attorney or relevant professional advisor for advice particular to your personal or business situation.}

_{Rho Treasury is not insured by the FDIC. Rho Treasury investments are not deposits or other obligations of Webster Bank, a division of Santander Bank, N.A. , or American Deposit Management Co.’s partner banks, and are not guaranteed by Webster Bank a division of Santander Bank, or American Deposit Management Co.’s partner banks. Rho Treasury products are subject to investment risks, including possible loss of the principal invested.}

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