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The $6.3 Trillion Money-Market Industry Just Got Its First ETF
A new exchange-traded fund attempting to carve out a slice of the $6.3 trillion sitting in traditional money-market funds is launching Wednesday.
The Texas Capital Government Money Market ETF begins trading under the ticker MMKT, according to a press release. While other short-dated bond ETFs exist, MMKT is the first to follow the so-called Rule 2a-7 — a provision of a 1940s Securities and Exchange Commission law that governs money-market funds. MMKT’s portfolio will have the characteristics of a traditional money-market fund and be governed by the same SEC provision, there's one crucial difference: MMKT won't maintain a stable net-asset value of $1. MMKT, which carries an annual expense ratio of 20 basis points, must invest 99.5% of its assets in cash or short-dated government securities.
The maturities of its holdings can be as short as overnight, in the form of repurchase agreements, or as long as 13 months, according to SEC filings.
The Texas Capital Government Money Market ETF begins trading under the ticker MMKT, according to a press release. While other short-dated bond ETFs exist, MMKT is the first to follow the so-called Rule 2a-7 — a provision of a 1940s Securities and Exchange Commission law that governs money-market funds. MMKT’s portfolio will have the characteristics of a traditional money-market fund and be governed by the same SEC provision, there's one crucial difference: MMKT won't maintain a stable net-asset value of $1. MMKT, which carries an annual expense ratio of 20 basis points, must invest 99.5% of its assets in cash or short-dated government securities.
The maturities of its holdings can be as short as overnight, in the form of repurchase agreements, or as long as 13 months, according to SEC filings.
$CSOP USD Money Market Fund (SGXZ96797238.MF)$ $Fullerton SGD Cash Fund (SG9999005961.MF)$ $iShares Russell 2000 ETF (IWM.US)$ $Invesco QQQ Trust (QQQ.US)$ $INVESCO ESG NASDAQ 100 ETF (QQMG.US)$ $Roundhill Magnificent Seven ETF (MAGS.US)$ $SPDR S&P 500 ETF (SPY.US)$ $Vanguard S&P 500 ETF (VOO.US)$ $iShares Core S&P 500 ETF (IVV.US)$ $Invesco S&P 500 Momentum Etf (SPMO.US)$
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