RMME vs XHLF

RMMEDRareview Government Money Market ETF

XHLFABondBloxx Bloomberg Six Month Target Duration US Treasury ETF

In short

RMME Most cash-parking ETFs only act money-market-ish. RMME actually is one: a Rule 2a-7 government money market fund in an ETF wrapper, priced at 0.30% net of a waiver through January 31, 2027, with a floating share price instead of the traditional fixed $1.00.

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

RMME Its objective is to generate current income while preserving capital and maintaining liquidity.

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

Why people hold it

• RMME A genuine Rule 2a-7 government money market fund in an ETF: at least 99.5% of assets sit in cash, US government securities, or fully collateralized repo.sec.govrareviewcapital.com
• Money market mandate, ETF plumbing: intraday trading on an exchange at market price, published holdings, and monthly distributions.rareviewcapital.com
• Actively managed with an initial focus on overnight repurchase agreements, which the prospectus notes often yield more than owning the government paper directly.sec.gov

• 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

• RMME Costs 0.30% net of a waiver through January 31, 2027 (0.50% gross), above the category median; bill funds like VBIL at 0.06% and CLIP at 0.07% carry no waiver.
• No stable $1.00 share price here. NAV moves with the market value of the holdings, and shares trade at market price, which can sit above or below NAV.rareviewcapital.comsec.gov
• Small and thinly traded since its 2025 launch, so bid/ask spreads are part of the cost of getting in and out.

• 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 RMME profile⁠

Full XHLF profile⁠