IQMM vs XHLF

IQMMBProShares GENIUS Money Market ETF

XHLFABondBloxx Bloomberg Six Month Target Duration US Treasury 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.

XHLF Most cash-parking funds pick a maturity bucket. XHLF picks a number: it blends Treasury bills to an average duration of about six months, resets to that target monthly, and charges three basis points to do it.

Stated mandate

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

XHLF The Fund seeks to track the investment results of an index composed of U.S. Treasury securities.

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.

• XHLF Costs 0.03% a year, against a typical short-Treasury peer near 0.14%. In cash-like funds, where returns come from bills everyone owns, fee is the main lever.
• Tracks an index built to hold an average duration of roughly six months, rebalanced monthly, so exposure stays anchored instead of drifting as bills mature.bondbloxxetf.com
• Sits in the gap between 0-3 month bill funds and one-year funds. Its sibling XONE targets a one-year duration at the same 0.03%, so the two can be mixed to dial in duration.
• US Treasury bills only, no credit bets hiding in the portfolio, run in a multi-billion-dollar fund that has stayed close to its index.

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.

• XHLF Six months of duration is not zero. Prices move a touch more when yields shift than in 0-3 month bill funds such as BIL or CLIP.
• Income rides whatever Treasury bills happen to pay, and distributions arrive on an irregular rhythm rather than a fixed amount or schedule.
• Volume is moderate next to the largest bill ETFs, so spreads can be a bit wider, which matters more on big tickets than small ones.

Full IQMM profile⁠

Full XHLF profile⁠