IQMM vs VBIL

IQMMBProShares GENIUS Money Market ETF

VBILAVanguard 0-3 Month Treasury Bill 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.

VBIL Vanguard's cash-parking ETF: roughly two dozen Treasury bills, none maturing more than three months out, at 0.06% a year. It landed in 2025 and undercut most of the T-bill shelf on price.

Stated mandate

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

VBIL VBIL seeks to track the performance of a market-weighted Treasury index with an ultra-short-term dollar-weighted average maturity, using a passive approach designed to follow the Bloomberg U.S. Treasury Bills 0-3 Months Index.

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.

• VBIL It charges 0.06% a year, well under the 0.14% median for 0-1 year Treasury funds and under the category veteran, BIL.
• Plain passive mandate on the Bloomberg U.S. Treasury Bills 0-3 Months Index, tracked very closely. One of the tightest implementations in its peer group.vanguard.com
• Roughly two dozen bills backed by the US Treasury, every one maturing inside three months. Interest goes out monthly.
• A multi-billion-dollar fund with active daily trading, which tends to keep bid-ask costs small.

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.

• VBIL The payout floats with short-term rates. Monthly income rises and falls with what bills yield, and nothing about it is fixed.
• It opened in 2025, so its live record is short next to T-bill funds that have been running for years.
• Stretching maturity gets cheaper: peer XONE targets one-year duration at 0.03%, trading lower cost for more rate sensitivity.

Full IQMM profile⁠

Full VBIL profile⁠