BlackRock has launched the iShares Prime Money Market ETF (PMMF), which the firm said is the industry’s first prime money market exchange-traded fund, according to a Feb. 5 news release.
In addition, BlackRock also introduced another ETF, the iShares Government Money Market ETF (GMMF).
The iShares Money Market ETFs adhere to the guidelines of money market fund regulation under Rule 2a-7 under the Investment Company Act of 1940 and enable investors to diversify their cash holdings beyond traditional deposit accounts, BlackRock said.
Both ETFs are actively managed by BlackRock’s cash management group.
“Cash is a fundamental building block of investor portfolios, providing stability and liquidity,” said Jon Steel, global head of product and platform of BlackRock’s cash management business, in the release. “In 2024, U.S. money market funds surpassed $6 trillion in assets, fueled by the appeal of short-term interest rates. As investors seek smarter ways to manage their cash, iShares Money Market ETFs provide a convenient and transparent solution.”
BlackRock’s cash management group oversees nearly $1 trillion in cash strategies for investors, including corporations, banks, foundations, insurance companies and public funds.
BlackRock's iShares ETFs comprise $4.2 trillion in assets under management as of Dec. 31, 2024. BlackRock has a total of $11.5 trillion in AUM.
