US-based ProShares has recently launched a money market ETF that aims to qualify as an eligible reserve asset under the GENIUS Act, which is designed for stablecoin issuers. The ProShares GENIUS Money Market ETF, identified by the ticker symbol IQMM, is focused solely on short-term US Treasurys and showcases a floating net asset value (NAV) instead of the traditional fixed NAV found in standard government money market funds. This ETF trades throughout the day on an exchange.

According to a recent announcement, the fund’s structure provides same-day settlement and includes dual NAV features tailored for managing institutional reserves. It is important to note that the portfolio is limited to assets that qualify under the GENIUS Act, which may lead to a lower yield compared to other money market funds that have broader guidelines. The prospectus also anticipates that shares will mainly be held by one or more stablecoin issuers supporting the outstanding tokens.

Furthermore, the prospectus issues a caution that future regulations stemming from the GENIUS Act or other federal mandates may impact the ETF’s functionality as a reserve instrument.

The GENIUS Act, which was enacted in July 2025, sets forth federal standards for payment stablecoin reserves, mandating that the assets backing these coins should be comprised of high-quality, short-duration instruments such as US Treasurys.

Founded in 2006, ProShares operates out of Bethesda, Maryland, and has amassed over $95 billion in assets managed across its suite of ETFs and mutual funds.

Additional Information

Recently, several asset managers have introduced new crypto ETFs, including the Canary Staked SUI ETF which is now available on Nasdaq. As these altcoin ETFs launch, traditional spot Bitcoin ETFs continue to face challenges, reflecting ongoing negative sentiment in the crypto market.