ProShares Debuts Money Market ETF to Meet the GENIUS Act

IQMM seeks to provide competitive current income that is consistent with both preservation of capital and liquidity. Following a fee waiver, the fund’s net expense ratio is 15 basis points. Notably, the advisor has agreed to assume all management fees associated with this ETF’s investments. 

As a money market ETF, IQMM typically invests in U.S. Treasury notes, bills, and bonds, along with cash. The fund looks to keep its portfolio at a dollar-weighted average maturity of 60 days or less. In particular, IQMM’s team seeks to select securities to construct a portfolio with a distinct focus on stability and preservation. 

However, where IQMM looks to stand out is through its compliance with the Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025 (GENIUS Act). The GENIUS Act was established to help establish a consistent regulatory framework for stablecoins. 

According to ProShares, IQMM is the first money market ETF to have reached the requirements of the GENIUS Act. As such, as ProShares notes, the fund is eligible for investment for stablecoin reserves. 

Being the first money market to meet the requirements of the GENIUS Act may help IQMM accrue notable attention from investors and institutions alike. After all, investor interest in stablecoins remains robust, and IGMM receiving the green light for investment in stablecoin reserves makes it a fund worth keeping an eye on. 

Additionally, stablecoin providers and institutional investors alike may find great appeal in IQMM’s structure and approach. This is because IQMM offers greater flexibility through its same-day settlement features. Meanwhile, traditional investors can lean into the fund for its merits as a compelling vehicle for putting cash to work, especially given its weekly distributions. 

“We are also calculating two NAVs a day,” adds Simeon Hyman, CFA, Global Investment Strategist at ProShares.”You have 12:00 pm and 4:00 pm calculations that support T+0 execution. That’s a very helpful feature, and can also be useful for institutional investors.” 

IQMM is a historic fund for more reasons than its compliance with the GENIUS Act. According to ProShares, IQMM is the largest money market ETF in the world. 

A proven provider of a variety of different ETF strategies, ProShares has well over 150 different funds listed in the United States. This includes funds engaged in the cryptocurrency industry, such as the ProShares Bitcoin ETF (BITO A+), which has well over $1.8 billion in assets under management. 

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