Mercury Treasury is offered by Mercury Advisory, an SEC-registered investment adviser. To help you understand how your return is calculated, this article explains the yield figures we use for each mutual fund and how they factor into the net yield displayed in your dashboard.
What net yield represents
Net yield is an annualized estimate of the return you may earn from your Mercury Treasury portfolio, net of all fees, based on the recent performance of your investments. Mercury updates this figure weekly and it reflects publicly reported yield data from the funds in your portfolio.
Fixed-income mutual funds have a variable yield, meaning your net yield is expected to fluctuate over time as market conditions ebb and flow.
Why different funds use different yield measures
Mercury Treasury portfolios are allocated across two types of mutual funds: a money market fund, and an ultra short-term bond fund. Because these funds fall into different categories, Mercury Advisory uses each fund’s industry-standard, SEC-defined yield formula when calculating your net yield. This ensures our reporting aligns with how fund managers and the broader industry measure performance:
J.P. Morgan U.S. Treasury Plus Money Market Fund (JTCXX)
Money market funds report a 7-day SEC yield, which reflects the annualized measure of the fund's income over the previous 7 days. This is the industry-standard yield measure for money market funds. The 7-day SEC yield is updated at the end of each business day.
Morgan Stanley Ultra Short Income Portfolio (MULSX)
Non-money market funds, such as this bond fund, report a 30-day SEC Yield, which measures the fund’s income over the most recent 30 days and is the industry-standard calculation for non-money market fixed-income funds. The 30-day SEC yield is updated at the end of each month.
How we calculate the net yield shown in your dashboard
- In your Mercury dashboard, we refresh the appropriate annualized SEC yield for each underlying fund on a weekly basis:
- 7-day SEC yield for the JP Morgan money market fund, JTCXX
- 30-day SEC yield for the Morgan Stanley ultra short bond fund, MULSX
- We weight each yield by your current portfolio allocation
- We subtract Mercury Advisory’s annualized advisory fee to arrive at your displayed net yield
Here’s an example:
| Mutual Fund | % of Portfolio | Yield Measure | Yield | Weighted Average Yield |
|---|---|---|---|---|
| JTCXX | 70% | 7-day SEC yield | 3.89% | 2.72% |
| MULSX | 30% | 30-day SEC yield | 4.08% | 1.22% |
| Gross Yield | 3.94% | |||
| Minus Mercury Advisory Fee | - 0.15% | |||
| Net Yield* | 3.79% | |||
*This is an illustrative calculation using yields from 12/9/2025, assuming total Mercury deposits of $20M.
Mercury Treasury is offered by Mercury Advisory, LLC, an SEC-registered investment adviser. This communication does not constitute an offer to sell or the solicitation of any offer to purchase any security. Funds in Mercury Treasury are subject to investment risks, including possible loss of the principal invested, and past performance is not indicative of future results. Please see full disclosures at mercury.com/treasury. Mercury Advisory is a wholly-owned subsidiary of Mercury Technologies.