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, 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. 

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.

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:

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 2–4 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.

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. 

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.

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.}