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% |
Historical figures are ETFHub estimates modelled from asset-class return patterns and may differ from official fund records. Data as of August 2026.
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