Texas Capital Government Money Market ETF
MMKT
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- Texas Capital Government Money Market ETF (MMKT) is a government money market exchange-traded fund that seeks to provide a high level of current interest income consistent with maintaining liquidity and stability of principal. The Fund invests 99.5% of its total assets in cash, U.S. government securities including fixed, floating, and variable rate securities, and repurchase agreements fully collateralized by U.S. government securities or cash; it complies with SEC Rule 2a-7 under the Investment Company Act of 1940, while operating as an ETF with a fluctuating net asset value based on market valuation rather than a stable $1 NAV. Holdings as of December 2025 include repurchase agreements and short-term U.S. Treasury bills and agency securities such as Federal Home Loan Banks, with top positions in instruments maturing through mid-2026; sector allocation comprises approximately 87% repurchase agreements, 10% Treasuries, and 3% agencies. Texas Capital Bank Wealth Management Services, Inc., doing business as Texas Capital Bank Private Wealth Advisors (PWA), a wholly owned subsidiary of Texas Capital Bank, N.A., serves as investment adviser, with portfolio management led by Carlos Pena, CFA; Ultimus Fund Solutions, LLC acts as administrator and fund accountant, and Northern Lights Distributors, LLC serves as distributor. The Fund trades on the NYSE Arca exchange under the ticker MMKT with CUSIP 88224A508 and a gross expense ratio of 0.20%; it targets investors seeking money market-like characteristics with ETF intraday trading flexibility. Launched on September 24, 2024, as the first ETF to adhere to Rule 2a-7 money market fund standards without a stable NAV, MMKT represents an expansion of the Texas Capital Funds Trust, a Delaware statutory trust formed in 2023. This launch follows Texas Capital's entry into ETFs with the Texas Equity Index ETF (TXS) in 2023 and builds on the firm's broader ETF and funds management platform amid growing interest in converting traditional money market assets to ETF structures. The Fund has grown assets under management to approximately $485 million as of late 2025, with no reported acquisitions, partnerships, or major strategic shifts in the past year. Texas Capital Bank, founded in 1998 and headquartered in Dallas, Texas, with additional offices across the state, oversees the platform through its wealth management arm.