MMKT vs XHLF: Grades, Fees and Holdings Compared

Texas Capital Government Money Market ETF

MMKTCNYSE

BondBloxx Bloomberg Six Month Target Duration US Treasury ETF

XHLFANYSE Arca

Overlap

No data

Expense ratio

XHLF −0.17pt a year

MMKT0.20%XHLF0.03%

Avg volume · 30D

XHLF 58.8×the volume

MMKT5.25KXHLF309K

MMKT vs XHLF Performance

Oct 31, 2025 – Oct 30, 2026

+3.5%MMKT+3.6%XHLF

Expense ratio: MMKT 0.20%; XHLF 0.03%, better
Fund size: MMKT $68M; XHLF $2.03B
1Y total return: MMKT +3.5%; XHLF +3.6%, better
Yield (12M): MMKT 3.63%; XHLF 3.75%, better
Holdings: MMKT 30; XHLF 29
Avg volume (30D): MMKT 5.25K sh; XHLF 309K sh, better
NAV per share: MMKT $100.22; XHLF $50.29
52W range

ETF.net Grade

Pillar letters and Scores for MMKT, XHLF, with each pillar’s weight
Pillar	MMKT	XHLF
Cost30% weight	D38	A99Higher
Mission25% weight	A100	A100
Risk15% weight	D39	C47Higher
Tradability15% weight	D36	A79Higher
Holdings10% weight	D35	D35
Durability5% weight	D36	B59Higher

Rank among Cash & Ultra-Short Income funds

How we build Categories ›

Same Category. MMKT and XHLF are both graded against the same 78 Cash & Ultra-Short Income funds, so their Grades compare head to head.

Cash & Ultra-Short Income⁠

Category · 78 funds

See all 78 ›

XHLF ranks 4th and MMKT 60th of 78 funds in the Cash & Ultra-Short Income Category.

Rank 4AVBILVanguard 0-3 Month Treasury Bill ETFScore 80
Rank 4AXHLFBondBloxx Bloomberg Six Month Target Duration US Treasury ETFScore 80
Rank 7ASGOViShares 0-3 Month Treasury Bond ETFScore 79
Rank 59BTLDRThe Laddered T-Bill ETFScore 53
Rank 60CMMKTTexas Capital Government Money Market ETFScore 52
Rank 61CVUSIVoya Ultra Short Income ETFScore 50

Our read on each fund

ETF.net Research

MMKTCTexas Capital Government Money Market ETF

XHLFABondBloxx Bloomberg Six Month Target Duration US Treasury ETF

In short

MMKT Money markets went unchallenged by ETFs for three decades. MMKT was the first fund to run a government money market portfolio under Rule 2a-7 inside an ETF wrapper, with one twist: no fixed $1 share price.

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

MMKT The Fund seeks current interest income while maintaining liquidity and stability of principal. It invests primarily in high-quality U.S. government money market instruments and related repurchase agreements.

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

Why people hold it

MMKT The first ETF built to Rule 2a-7, the SEC rulebook behind government money market funds: at least 99.5% in cash, U.S. government paper and fully collateralized repos.globenewswire.com etf.com sec.gov
Cash-style exposure that lives in the brokerage account and trades intraday on the NYSE, rather than in a separate money fund with an end-of-day cutoff.globenewswire.com sec.gov
Pays income monthly, and the holdings match the mandate on paper: high-quality U.S. government money market instruments and related repurchase agreements, nothing exotic.

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

MMKT No fixed $1 share price. NAV follows the market value of the holdings, and shares can trade a touch above or below it. Not a bank deposit, not FDIC insured.etf.com sec.gov
The 0.20% fee sits right at the category median, while SBIL and IQMM charge 0.15% and ICSH charges 0.08%.
Launched in 2024 and thinly traded, so spreads can run wider than at the cash-alternative giants, and the track record is still short.

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 MMKT profile⁠

Full XHLF profile⁠

MMKT vs XHLF Holdings

How MMKT and XHLF differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Asset classFixed Income100%
Countryby domicile100%

Sector

No Sector split for MMKT and XHLF.

Country, concentration and asset class

Country by domicile

Country weights in MMKT and XHLF, widest gap first
Country	More in MMKTMore in XHLF	MMKT	XHLF
United States	Same weight	100.0%	100.0%

Concentration

Weight in the 10 largest Holdings

MMKT80.0%
XHLF79.1%

Securities held

MMKT29
XHLF29

Asset class

MMKT: Fixed Income
XHLF: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. MMKT holds 29 securities, XHLF 29.

All MMKT holdings⁠All XHLF holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

MMKT vs XHLF Cost

Overpaying MMKT vs XHLF

$3,517

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

MMKT 0.20%
$4,155
XHLF 0.03%
$638

Amount$10,000

Years30 years

Cost over time

MMKT 0.20%
XHLF 0.03%
Overpaying

Year by year

Year	MMKT	XHLF	Overpaying
10	$365	$55	$310
20	$1,421	$216	$1,205
30	$4,155	$638	$3,517

Expense ratio

0.20%MMKT
0.03%XHLF, cheaper

XHLF0.03%MMKT0.20%

0.03%1.00%

Middle half of Cash & Ultra-Short Income funds
Median 0.18%

XHLF cheapest of 78 funds

MMKT 45th cheapest of 78 funds

MMKT vs XHLF Dividends

Last 12 months to Oct 30, 2026

Yield (12M): MMKT 3.63%; XHLF 3.75%, better
Payout (12M): MMKT $3.64; XHLF $1.89
Last payment: MMKT $0.07; XHLF $0.15
Ex-dividend: MMKT Oct 30, 2026; XHLF Oct 1, 2026
Paid on: MMKT Pays Nov 2, 2026; XHLF Oct 6, 2026
Frequency: MMKT Weekly; XHLF Monthly

Distribution history

Per share, 2026, same scale for both

MMKTWeekly · 44 paymentsAll MMKT payments⁠

XHLFMonthly · 9 paymentsAll XHLF payments⁠

MMKT vs XHLF Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: MMKT 0.1%since Oct 2024XHLF 0.3%
Return per unit of riskSharpe ratio, 3 years: MMKT −2.61since Oct 2024XHLF −0.52
Worst fallMax drawdown, 5 years: MMKT −0.04%since Sep 2024XHLF −0.1%since Sep 2022
Market sensitivityBeta, 5 years: MMKT 0.0008XHLF 0.03; Market = 1

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