Overview
Investment-grade corporate floating-rate notes — coupons reset quarterly with short-term rates, near-zero duration with a credit-yield kicker.
Top Holdings
| Ticker | Holding | Weight |
|---|---|---|
| BAC | Bank of America FRN | 3.1% |
| MS | Morgan Stanley FRN | 2.9% |
| JPM | JPMorgan FRN | 2.7% |
| GS | Goldman Sachs FRN | 2.5% |
| C | Citigroup FRN | 2.3% |
| WFC | Wells Fargo FRN | 2.1% |
| HSBC | HSBC Holdings FRN | 1.9% |
| TD | Toronto-Dominion FRN | 1.7% |
| RY | Royal Bank of Canada FRN | 1.6% |
| UBS | UBS Group FRN | 1.4% |
Fund Details
Investment Thesis
FLOT is the corporate cousin of the Treasury floater funds: same near-zero duration, but bank-issued notes paying a credit spread on top — which is how it out-yields USFR and TFLO. In calm markets that spread is free money; in a 2008-style bank stress the notes can wobble where Treasuries wouldn't. A measured yield upgrade, not a substitute for the risk-free version.
Who It's For
Cash-adjacent investors comfortable holding high-grade bank paper for extra yield over Treasury floaters. Works alongside USFR/TFLO as the credit half of a floating-rate cash sleeve.
10-Year History
| Year | Close | % Chg |
|---|---|---|
| 2016 | $49.12 | -- |
| 2017 | $49.36 | +0.5% |
| 2018 | $49.36 | +0.0% |
| 2019 | $50.10 | +1.5% |
| 2020 | $50.20 | +0.2% |
| 2021 | $50.25 | +0.1% |
| 2022 | $49.75 | -1.0% |
| 2023 | $50.50 | +1.5% |
| 2024 | $50.75 | +0.5% |
| 2025 | $50.90 | +0.3% |
| Year | Yield |
|---|---|
| 2016 | 1.00% |
| 2017 | 1.40% |
| 2018 | 2.50% |
| 2019 | 2.80% |
| 2020 | 1.20% |
| 2021 | 0.40% |
| 2022 | 2.40% |
| 2023 | 5.40% |
| 2024 | 5.50% |
| 2025 | 4.90% |
| Year | AUM | % Chg |
|---|---|---|
| 2016 | $3.5B | -- |
| 2017 | $6B | +71.4% |
| 2018 | $9B | +50.0% |
| 2019 | $9B | +0.0% |
| 2020 | $4B | -55.6% |
| 2021 | $6B | +50.0% |
| 2022 | $8B | +33.3% |
| 2023 | $7B | -12.5% |
| 2024 | $8B | +14.3% |
| 2025 | $9B | +12.5% |
Price history from exchange data. Dividend yields from reported distributions; some earlier years are derived from total-return vs price-return data or are ETFHub estimates. AUM history is an ETFHub estimate modelled from current assets and annual returns (fund flows not reflected) and may differ from official fund records. Data as of October 2026.
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