Overview
US Treasury floating rate notes with weekly coupon resets — iShares' cash-equivalent workhorse, the direct rival to USFR.
Top Holdings
| Ticker | Holding | Weight |
|---|---|---|
| UST FRN | Treasury FRN Jul 2027 | 22.6% |
| UST FRN | Treasury FRN Apr 2027 | 21.2% |
| UST FRN | Treasury FRN Jan 2027 | 20.4% |
| UST FRN | Treasury FRN Oct 2026 | 19.8% |
| UST FRN | Treasury FRN Jul 2026 | 15.4% |
| CASH | Cash & equivalents | 0.6% |
Fund Details
Investment Thesis
TFLO and USFR are functionally twins — same asset, same fee, same near-zero duration — so the fund is less an investment thesis than a piece of cash infrastructure: T-bill yield, weekly resets, monthly payouts, zero credit risk, state-tax-exempt interest. iShares' version offers the convenience of the BlackRock ecosystem for investors already there. When the Fed cuts, the yield follows immediately; that is the contract.
Who It's For
Cash parked in a brokerage that should earn full T-bill yield with none of the drama — emergency funds, settlement money, dry powder. Choosing between TFLO and USFR is a coin flip; owning either beats a sweep account.
10-Year History
| Year | Close | % Chg |
|---|---|---|
| 2016 | $49.35 | -- |
| 2017 | $49.45 | +0.2% |
| 2018 | $49.65 | +0.4% |
| 2019 | $49.80 | +0.3% |
| 2020 | $49.75 | -0.1% |
| 2021 | $49.70 | -0.1% |
| 2022 | $50.00 | +0.6% |
| 2023 | $50.35 | +0.7% |
| 2024 | $50.50 | +0.3% |
| 2025 | $50.60 | +0.2% |
| Year | Yield |
|---|---|
| 2016 | 0.40% |
| 2017 | 0.90% |
| 2018 | 1.90% |
| 2019 | 2.20% |
| 2020 | 0.50% |
| 2021 | 0.10% |
| 2022 | 2.00% |
| 2023 | 5.00% |
| 2024 | 5.10% |
| 2025 | 4.40% |
| Year | AUM | % Chg |
|---|---|---|
| 2016 | $0.3B | -- |
| 2017 | $0.3B | +0.0% |
| 2018 | $0.6B | +100.0% |
| 2019 | $1B | +66.7% |
| 2020 | $0.8B | -20.0% |
| 2021 | $0.9B | +12.5% |
| 2022 | $3B | +233.3% |
| 2023 | $7B | +133.3% |
| 2024 | $8B | +14.3% |
| 2025 | $6.5B | -18.8% |
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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