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This article answers the most common questions about how Rho Treasury works, including where your assets are held, how fees are calculated, what tax forms to expect, and how to protect your funds. For step-by-step instructions on setting up and managing your account, see Managing your Rho Treasury account . General Is Treasury a bank account? No. Rho Treasury is an investment account, not a bank account. Your cash is invested in short-duration securities, T-Bills, MULSX, and/or VFSTX, held directly in your company's name at our custodial partner, Apex Clearing Corporation. Treasury assets are not deposits and are not FDIC-insured. Treasury assets held at Apex Clearing Corporation. are covered by Securities Investor Protection Corporation (SIPC) insurance up to $500,000 (including a $250,000 limit for cash). What assets can I hold in Rho Treasury? Rho Treasury supports three assets, which you can hold simultaneously in any combination: T-Bills (13-week) – U.S. government-backed securities. Suitable for cash you won't need for at least 3 months. MULSX – Morgan Stanley Ultra-Short Income Fund. Suitable for cash you won't need for 4-6 months. VFSTX – Vanguard Short-Term Investment-Grade Fund. Suitable for cash you won't need for at least 18-24 months. Are my assets pooled with those of other clients? No. Securities are held directly in your business's name and are not pooled with other clients' assets. Who can move funds in and out of my Treasury account? Funds can only be transferred to and from your Rho Checking account by individuals you have authorized in your Rho account settings, or through auto-transfer rules you have configured. Read more on auto transfer rules here ! Eligibility and setup What information is required to apply? Applying for Treasury requires standard KYC information including SSN/TIN. You may also be asked to provide formation documents, a business license, a certificate of good standing, and beneficial ownership and authorization forms. What are the eligibility requirements? To open a Rho Treasury account, your business must: Be a U.S.-registered business Operate primarily in the United States Have at least one founder based in the United States Maintain at least $100,000 in total deposits If you’re eligible, go to the Treasury tab in your Rho dashboard and follow the steps to apply. The application takes less than 10 minutes, and approval typically takes 2 business days. You may be asked to provide supporting documents during signup. Can I give my accountant access to my Treasury account? Yes. You can set your accountant up with read-only access to your Treasury account. They will be able to view your monthly statements, trade confirmations, and tax documents. Can I close my Treasury account? Yes, at any time by contacting Rho. Closing requires liquidating all holdings, which typically takes 2-3 business days. Assets sold during closure are sold at current market prices and may lose value compared to your original investment. Protection and insurance What protection do I have on my Treasury assets? Treasury assets held at Apex Clearing Corporation. are covered by Securities Investor Protection Corporation (SIPC) insurance up to $500,000 (including a $250,000 limit for cash). SIPC protects against the loss of assets in the event of a brokerage failure – it does not protect against the decline in value of your securities. Are Treasury assets FDIC-insured? No. Treasury assets are securities, not bank deposits, and are not FDIC-insured. T-Bills are backed by the full faith and credit of the U.S. government. MULSX and VFSTX are mutual funds subject to market risk, including NAV fluctuation. For FDIC-insured coverage, see Rho Checking accounts. Yield and fees What does Rho Treasury cost? Rho Treasury charges an annualized management fee of 0.15%–0.60%, billed monthly. Your fee tier is based on your total assets under management (AUM), calculated as the combined balance of all Rho banking accounts. Learn more about AUM-based fees here . Total AUM Annual fee > $20M 0.15% (15 bps) $10M-$20M 0.25% (25 bps) $5M-$10M 0.35% (35 bps) $2M-$5M 0.45% (45 bps) Under $2M 0.60% (60 bps) How is the fee calculated and charged? Fees are calculated daily and charged monthly. Each day, the fee is computed as: (Portfolio value × fee rate) ÷ 365 = Daily fee For example, a portfolio of $2,500,000 at a 0.45% fee rate: ($2,500,000 × 0.0045) ÷ 365 = $30.82 At month end, the accumulated daily fees are deducted from your portfolio cash balance. If your cash balance is insufficient, Rho will automatically sell a small amount of holdings to cover the fee. Is the yield shown on my dashboard before or after fees? The yield shown on your Treasury dashboard is net of fees. It already reflects the management fee deducted. Tax and reporting What tax forms will I receive? Depending on your entity type and activity, Apex may generate a 1099 tax form. Absent an extension, Apex is required to deliver these forms to the account holder by the regulatory due dates. All tax forms will be emailed to the account holder from rho@tax-docs.com and uploaded to Rho’s document section. Why didn't I receive a 1099? If your activity did not meet IRS reporting thresholds, a 1099 will not be issued. Thresholds are $10 for dividends and interest, $20 for cash in lieu, and $600 for miscellaneous income. Additionally, C corporations are generally exempt from 1099 reporting under IRS broker reporting rules. Not receiving a 1099 does not mean your income is non-taxable. Consult your CPA. Are T-Bill returns subject to state tax? Interest earned on T-Bills is subject to federal income tax but is exempt from state and local income taxes. Mutual fund distributions from MULSX and VFSTX may include a portion of income exempt from state tax depending on the fund's government securities holdings. Consult your CPA for details. How do I get my statements for tax purposes? Go to Settings → Account Statements → Treasury Account to download trade confirmations, monthly or quarterly statements, and tax documents. Your CPA can use full-year statements (January 1 – December 31) to prepare your return. When are statements generated? Monthly statements are generated for accounts with deposits, withdrawals, or trades in that month. Accounts without qualifying activity receive a combined quarterly statement instead. How does Rho Treasury affect QSBS eligibility? Rho does not manage accounts for Qualified Small Business Stock (QSBS) eligibility or compliance, and clients should consult with their CPA or tax advisor to ensure all applicable QSBS requirements are properly met. For a deeper dive, read our blog post on QSBS . Custody & account management Where is my money custodied? Your funds are held in your company's name at Apex Clearing Corporation (for accounts opened after July 2024). Accounts opened before July 2024 are custodied through Interactive Brokers LLC (Rho Prime). Rates and terms may differ. Contact support for details specific to your account. Can I transfer my Treasury holdings to another brokerage via ACAT? Yes. ACAT transfers are initiated by the receiving brokerage. Note that once an ACAT transfer is initiated, you will be unable to add or withdraw funds for up to 90 days. Your holdings will continue earning returns during that period. Because transfers are initiated externally, Rho's ability to support issues related to the transfer may be limited. Investment management and advisory services provided by RBB Treasury LLC dba Rho Treasury, an SEC-registered investment adviser. Investments are not deposits, not FDIC-insured, not bank guaranteed, and may lose value. Treasury and custodial services provided through Apex Clearing Corporation.

Auto transfer rules help you keep your Rho Checking account funded while putting excess cash to work in your Rho Treasury account. This article explains how auto transfer rules work, how to set them up, and what to expect in less common scenarios. What are auto transfer rules? Auto transfer rules automatically move funds from your Rho Treasury account to your Rho Checking account when your available balance drops below a minimum you set. They help you: Keep enough funds in your Checking account for day-to-day operations Keep excess cash working in Treasury Reduce manual money movement Maintain a consistent operating buffer You can set a minimum balance for your Checking account and configure a top up amount to add an additional cushion. How to set up an auto transfer rule Navigate to the Banking or Treasury tab in the Rho platform. Click the Setup button at the top of the page. If a rule already exists, click the Manage 1 Rule button instead. Create, edit, or delete your keep minimum balance auto transfer rule. Click Create. If you are updating an existing rule, click the Save & Update button instead. Changes take effect immediately after you save them. Balances are monitored every business day at 8 a.m. ET. How auto transfer rules work Every business day at 8 a.m. ET, Rho checks the available balance in your Checking account. If your available balance is below your minimum balance, a Treasury withdrawal is initiated. If your available balance is at or above your minimum balance, no transfer occurs. Auto transfer rules run once per business day. If your balance drops below your minimum after the daily check runs, the transfer initiates on the next business day. If a Treasury withdrawal is already pending and has not settled, the rule is skipped for that day. The system checks again at 8 a.m. ET on the next business day. This prevents duplicate transfers and keeps your cash working. How Rho calculates your balance Auto transfer rules use your available balance. Your available balance is the amount of money you can use today. It excludes pending transactions. How the minimum balance and top up amount work If your available balance is below your minimum at 8 a.m. ET, Rho calculates the transfer amount using this formula: [( minimum balance – Checking available balance) + top up amount ] or $25,000 (whichever is greater) The transfer amount will: Restore your Checking account to its minimum balance Add your selected top up buffer Meet the $25,000 minimum transfer requirement This design reduces the frequency of sweeps and helps maintain a healthy operating balance while keeping your cash working. Example Let’s say: Your minimum Checking account balance is $250,000 Your top-up amount is $25,000 Your available balance drops to $200,000 At 8 a.m. ET, the auto transfer rule checks your available balance and transfers $75,000 to your Checking account. ($250,000 –$200,000) + $25,000 = $75,000 Requirements Minimum transfer amount: $25,000 Minimum Checking balance requirement: $250,000 If you need to customize these values, contact Rho Client Service or your account manager. What to know in less common scenarios The rule did not trigger Auto transfer rules run once per business day at 8 a.m. ET. If your balance dropped after the check ran, the transfer initiates on the next business day. Rules are skipped on market holidays and will trigger the following business day. You have a manual Treasury withdrawal in progress If a withdrawal from your Treasury account to your Checking account is already pending, the auto transfer rule pauses until it settles. Your Treasury account does not have enough funds If the required sweep amount exceeds the available funds in your Treasury account, the transfer does not execute. Your funds are tied up in a pending purchase If your Treasury funds are being used to purchase an asset, those funds are not available until the purchase settles. The transfer does not execute until settlement is complete. The transfer amount is larger than expected The transfer not only covers the shortfall but also includes your configured top-up amount, with a minimum of $25,000. This is intentional and helps reduce the frequency of transfers. If you have questions about setting up or adjusting auto transfer rules, contact Rho Client Service at clientservice@rho.co or by calling 855-743-8746.

This article explains how to set up your Rho Treasury portfolio and manage your holdings over time. For step-by-step setup instructions, see About Rho Treasury. For step-by-step setup instructions, visit About Rho Treasury. For quick answers, reference our Understanding Rho Treasury article . 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. Realized P&L includes interest earned on T-Bills at maturity or sale, mutual fund dividends paid, and proceeds from completed asset sales. The portfolio section shows you the target allocation of your Treasury portfolio across the three asset classes. 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/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 Understanding your holdings 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 the next deposit or rebalance. You can evaluate your holdings details by reviewing the following information in the Portfolio tab. Field What it means Yield Based on the difference between purchase price and face value, and the holding period Shares Quantity of T-Bills held Market value Market value = shares x current price Purchase price Average discounted price paid per bill Current price Yesterday's market price per share Current allocation Shows your actual allocation and drift from your target Maturity date The date the T-Bill term ends and face value is paid 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. VFSTX (Vanguard Short-Term Investment-Grade Fund) VFSTX is a short-term bond fund investing primarily in investment-grade corporate bonds, with additional exposure to government and securitized debt. NAV fluctuates with changes in interest rates. 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 holding details by reviewing the following information in the Portfolio tab. Field What it means Yield Morgan Stanley (MULSX): 7-Day Yield Vanguard (VFSTX): 30-Day SEC Yield Shares Quantity of fund shares held Market value Market value = shares x current price Purchase price Average NAV at time of purchase Current price Yesterday's NAV per share Current allocation Shows your actual allocation and drift from your target Distribution date Dividend distribution date Cash Cash in your Treasury portfolio represents proceeds awaiting reinvestment and T-Bill purchase rounding differences. Cash earns a small interest. When enough cash has accumulated to fund a purchase based on your portfolio allocation, it is automatically reinvested across your target assets. Cash interest is paid monthly. Funding your portfolio New funds are invested proportionally based on your target allocation. Investments take 1-2 business days to settle. All T-Bill maturities, mutual fund dividends, and cash interest are reinvested per your target allocation. [Beta] Portfolio allocation You control how your cash is split across assets. Allocations are percentage-based, set in 5% increments, and must total 100%. Three preset strategies are available as starting points, or you can build a custom allocation: Strategy Holding period Allocation Best for Capital preservation 3 months 100% Treasury Bills Cash you may need in 3 months. Maximum principal stability, no NAV variability. Balanced income 4-12 months 40% Treasury Bills 60% MULSX Cash you won’t need for at least 4 months. Adds modest yield on top of a T-Bill foundation. Optimized yield 12+ months 15% Treasury Bills 60% MULSX 25% VFSTX Cash you won’t need for at least 12 months. Highest yield potential. Custom Your choice! Editing your portfolio Navigate to Treasury → Edit Portfolio Review your current allocation and compare asset options Adjust allocation percentages in 5% increments (must total 100%) Review your updated blended net yield Review & confirm Rho rebalances by selling from over-allocated assets and buying into under-allocated ones. Typically takes 2–4 business days to complete. You cannot make changes while a rebalance is in progress. Your funds remain invested during this time. How rebalancing works Rho does not run rebalancing on a fixed schedule. Your portfolio stays on target through: New money in – every deposit, maturity, dividend, and interest payment is allocated based on your target allocation. Allocation changes – editing your target triggers an immediate rebalance. Withdrawing from your portfolio Assets are sold proportionally based on your current portfolio allocation. For example, if your portfolio is 40% T-Bills / 60% MULSX, a $5,000 withdrawal would sell $2,000 of T-Bills and $3,000 of MULSX. You cannot select which asset is sold. Funds typically settle in 1-2 business days, depending on your portfolio. Rho initiates a security sale and awaits settlement. Once funds are available in Apex, Rho wires funds to your account. T-Bills sold before 5 PM ET typically settle the next business day. Mutual funds sold before 4 PM ET generally settle within 1-2 business days. 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. 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. Type Email address Trade Confirmations notifications@investordelivery.com Statements notifications@investordelivery.com Tax documents rho@tax-docs.com Prospectuses prospectus_mbox@investordelivery.com Proxy notices id@proxyvote.com 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 across all Rho banking accounts. Total AUM Annual fee $20M+ 0.15% (15 bps) $10M–$20M 0.25% (25 bps) $5M–$10M 0.35% (35 bps) $2M–$5M 0.45% (45 bps) Under $2M 0.60% (60 bps) 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. Investments are not deposits, not FDIC-insured, not bank guaranteed, and may lose value. Treasury and custodial services provided through Apex Clearing Corp.

Rho Treasury helps you earn yield on idle cash without adding complexity. It’s built into the Rho platform, so you can manage cash, spend, and investments in one place. What is Rho Treasury Rho Treasury invests your cash in short-duration assets held in your company’s name with our custodial partner, Apex Clearing Corporation. You choose how your cash is allocated, and Rho handles the rest – investing deposits, processing withdrawals, and reinvesting distributions to keep your portfolio aligned with your target allocation. Available assets Each asset is designed for a different holding duration. Choosing the right asset for your cash horizon is important, as holding a longer-duration asset for too short a period increases your risk of realizing a loss. Asset Description Learn more Treasury Bills (13-week) U.S. government-backed securities purchased at a discount and redeemed at face value at maturity. Returns are fixed at purchase with no NAV variability. Suitable for cash you won't need for at least 3 months. For any funds needed sooner, keep funds in your Rho Checking account. Blog post Morgan Stanley’s Ultra-Short Income Portfolio (MULSX) Invests in high-quality, short-duration money market instruments including commercial paper, corporate debt, and asset-backed securities. It is not a money market fund - NAV is variable but designed to remain highly stable. Interest accrues daily and dividends are paid monthly. Suitable for cash you won't need for at least 6 months. Redeeming early risks selling at a NAV below your purchase price. Fund page Vanguard’s Short-Term Investment-Grade Bond Fund (VFSTX) Invests in short-term corporate bonds and other investment-grade fixed income securities. Offers the highest yield potential of the three assets, but carries meaningful NAV variability due to interest rate movements. Interest accrues daily and dividends are paid monthly. Suitable for cash you won't need for at least 1 year. Do not allocate near-term operating cash to VFSTX. Fund page T-Bills are purchased in $1,000 increments. MULSX and VFSTX are bought at daily NAV price. All investments and earnings, including proceeds at maturity and fund distributions, are automatically reinvested. [Beta] Portfolio allocation You control how your cash is split across assets. Allocations are percentage-based, set in 5% increments, and must total 100%. Three preset strategies are available as starting points, or you can build a custom allocation: Strategy Duration Allocation Best for Capital preservation 3 months 100% Treasury Bills Cash you may need in 3 months. Maximum principal stability, no NAV variability. Balanced income 4-12 months 40% Treasury Bills60% MULSX Cash you won’t need for at least 4 months. Adds modest yield on top of a T-Bill foundation. Optimized yield 12+ months 15% Treasury Bills60% MULSX25% VFSTX Cash you won’t need for at least 12 months. Highest yield potential. Custom Your choice! Reach out to a Rho representative to join the Beta! Yield and fees Your Treasury dashboard shows your net yield, based on your current allocation and asset yields. Yields are variable, can change at any time, and are not guaranteed. Net yield: Reflects the weighted performance of your portfolio Updates automatically as yields change with the market Is net of Rho’s annual advisory fee Rho Treasury, RBB Treasury LLC (a Rho subsidiary), charges an annualized management fee of 0.15%–0.60% based on assets under management (AUM), billed monthly. AUM includes the combined balance of your Rho Checking and Treasury accounts. The fee is deducted from your portfolio cash balance; if insufficient cash is available, Rho will automatically sell a small amount of holdings to cover it. Getting started To open a Rho Treasury account, your business must: Be a U.S.-registered business Operate primarily in the United States Have at least one founder based in the United States Maintain at least $50,000 in total deposits If you’re eligible, go to the Treasury tab in your Rho dashboard and follow the steps to apply. The application takes less than 10 minutes, and approval typically takes 2 business days. You may be asked to provide supporting documents during signup. What is Rho Prime Rho Prime was the previous name for Rho’s treasury product for accounts opened before July 2024. Rho Prime accounts are custodied through Interactive Brokers LLC (IBKR). If your account was opened before July 2024, your custody, rates, and terms may differ. Refer to your account documentation or contact support@rho.co for details. Visit rho.co/treasury to sign up. Related: Understanding Rho Treasury · Managing your Treasury account Investment management and advisory services provided by RBB Treasury LLC (dba Rho Treasury), an SEC-registered investment adviser. 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 and past performance does not guarantee 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. Treasury and custodial services provided through Interactive Brokers LLC for clients with accounts opened prior to July 2024; IBKR rates may vary from Apex rates shown above. Please see the ADV Wrap Fee Brochure for further information regarding fees and Rho Treasury. Banking services provided and cards issued by Webster Bank, N.A., Member FDIC. International and foreign currency payments services provided by Wise US, LLC. All Rights reserved. 2019-2026 Under Technologies, Inc. DBA Rho Technologies. Rho is a trademark of Under Technologies, Inc. Rho is not a bank. Rho partners with FDIC-insured banks to offer banking products and services. By using Rho services, you agree to and are bound by the Rho Terms of Service. https: //www.rho.co/terms-of-service