GENIUS-Compliant ETF Gathers $22 B, Rivals BIL’s Treasury Yield
BIL•ProShares’ newly launched GENIUS-compliant ETF IQMM attracted $22 billion in under four months, driven by stablecoin regulatory demand. IQMM’s yield closely matches established Treasury ETFs like BIL, though BIL’s 0.09% expense ratio remains lower than IQMM’s 0.15%.
1. IQMM Launch Drives Institutional Demand
ProShares introduced the GENIUS Money Market ETF (IQMM) on February 17, 2026, to meet new stablecoin reserve requirements. The ETF achieved $22 billion in assets under management within four months by offering intraday liquidity, same-day settlement, and a legal structure qualifying under the GENIUS Act.
2. Yield and Cost Comparison
IQMM holds U.S. Treasury securities maturing within 93 days, delivering yields on par with Treasury ETFs such as BIL. However, IQMM charges a 0.15% expense ratio, compared with BIL’s 0.09%, making BIL slightly cheaper for investors who don’t require GENIUS Act compliance.
3. Impact on BIL and Market Dynamics
The rapid growth of IQMM highlights institutional appetite for compliant liquidity vehicles, potentially diverting some demand from traditional funds like BIL. Retail and institutional investors will weigh BIL’s lower costs against IQMM’s regulatory advantages when allocating cash to short-term Treasury ETFs.
