State Street Debuts Low-Cost Active Money Market ETF

“For decades, State Street Investment Management has delivered cash solutions to many of the world’s most sophisticated institutional investors,” noted State Street Investment Management Chief Business Officer Anna Paglia. “With the launch of MMK, that same expertise becomes accessible to all investors looking for ways to manage their cash with an emphasis on income, liquidity and flexibility.”

MMK is an actively managed fund that aims to provide current income consistent with liquidity and preservation of capital. Despite its active management, the fund’s net expense ratio sits at the relatively low level of 18 basis points.

In constructing its portfolio, MMK managers focused on investing in a variety of different short-term money market instruments. The fund’s portfolio team used its own credit analysis to find attractive securities with a focus on high quality and minimal credit risk. State Street’s team constructs the overall portfolio with diversification and liquidity in mind. 

MMK comes online while benefiting from State Street’s expertise in piloting short-term fixed income funds. With rate cuts seemingly on pause for now and money market funds appearing more attractive in the near-term, solutions like MMK could offer a potent use case.

“State Street Investment Management has a strong presence with institutional and retail investors that build portfolios using their broad suite of products,” added Todd Rosenbluth, head of research at VettaFi. “It is great to see them continue to expand their lineup and offer an even more stable alternative to BIL.” 

Many of State Street’s short-term fixed income ETFs have been the source of significant investor interest. For example, the State Street SPDR Bloomberg 1-3 Month T-Bill ETF (BIL A-) has well over $42 billion in assets over management, as of February 11, 2026. 

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