IQMM vs SGOV

IQMMBProShares GENIUS Money Market ETF

SGOVAiShares 0-3 Month Treasury Bond ETF

In short

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.

SGOV A cash-parking tool that owns nothing but US Treasury bills maturing in three months or less, pays out monthly, and charges 0.09%. Launched in 2020, it has grown into one of the largest bond ETFs around.

Stated mandate

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

SGOV The fund seeks to track an index of U.S. Treasury bills with remaining maturities of three months or less.

Why people hold it

• 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.

• SGOV 0.09% a year against a 0.14% median for its T-bill peer group, and it is very actively traded, which tends to keep the round-trip cost of getting in and out thin.
• One job, done plainly: track an index of Treasury bills with three months or less to run, and hand out the income monthly. Tracking has been close to the index.ishares.com
• Holdings mature in weeks, so interest-rate sensitivity is minimal and the share price moves very little when yields swing.ishares.com

Worth knowing

• 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.

• SGOV Cheaper bill funds exist. VBIL lists at 0.06% and CLIP at 0.07%, so the fee advantage here is over the pricier half of the group, not the whole field.
• Income tracks short-term rates. Bills roll every few weeks, so the monthly payout resets quickly in whichever direction rates go.
• The flip side of near-zero duration: no price kicker when rates drop, the way longer-dated Treasury funds get.

Full IQMM profile⁠

Full SGOV profile⁠