CLIP vs IQMM

CLIPAGlobal X 1-3 Month T-Bill ETF

IQMMBProShares GENIUS Money Market ETF

In short

CLIP Treasury bills, one to three months out, at half the fee of the category's longtime giant. Global X launched CLIP in 2023 as the cheap challenger in the parking-lot corner of the bond market, and it has hugged its index tightly since.

IQMM A money market strategy in an ETF shell: Treasury-oriented, pays monthly, tradable all day, 0.15% a year. ProShares built it for the boring job cash needs done, with a mandate that puts liquidity and preservation of capital first.

Stated mandate

CLIP CLIP seeks to track, before fees and expenses, the price and yield performance of the Solactive 1-3 month US T-Bill Index. It invests in U.S. government Treasury bills with remaining maturities from one month to under three months.

IQMM The Fund seeks current income while emphasizing liquidity and preservation of capital.

Why people hold it

• CLIP 0.07% a year, half the 0.14% median for its bill-fund cohort and half what category veteran BIL charges for the same one-to-three-month exposure.
• The mandate fits on one line: US Treasury bills maturing in one month to under three, roughly two dozen of them. Government paper only, no corporate credit slipped in.globalxetfs.com
• Sticks to the Solactive 1-3 month US T-Bill Index about as tightly as anything in its peer group, which is the entire job description for a bill fund.
• Distributes monthly, and it has already gathered billions in assets, so it is no thin-ice launch.

• IQMM Charges 0.15% a year against a 0.20% median for cash-alternative ETFs. On money you are parking, the fee gap is most of the story.
• A multi-billion-dollar fund that trades actively, which tends to show up as tighter spreads on the days you actually need the cash out.
• The mandate is plainly written: current income while emphasizing liquidity and preservation of capital. Income lands monthly.proshares.com
• Rates as one of the stronger builds in the cash-alternative group on cost and tradability together, not just one of the two.

Worth knowing

• CLIP Income comes straight off short-term Treasury rates. Monthly payouts move up and down with those rates rather than sitting at a fixed level.
• It opened in 2023, so the track record is short next to the bill funds it undercuts on fee.
• Volume is respectable, not the deepest in the cohort, and a hair cheaper exists (Vanguard's VBIL at 0.06%). At these fee levels the gap is rounding error.

• IQMM ICSH undercuts it at 0.08%. If price is the only tiebreak in your cash sleeve, that is the cheaper door.
• Launched in 2026, so it carries less operating history than the long-running names sharing this shelf.
• Income here follows short-term Treasury rates, so the size of the monthly distribution moves with them rather than sitting still.

Full CLIP profile⁠

Full IQMM profile⁠