iShares Prime Money Market ETF
PMMF
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- iShares Prime Money Market ETF (PMMF) is an actively managed exchange-traded fund that seeks as high a level of current income as is consistent with liquidity and stability of principal by investing in a broad range of U.S. dollar-denominated short-term money market instruments. The fund adheres to the strict quality, maturity, liquidity, and diversification requirements of SEC Rule 2a-7 under the Investment Company Act of 1940, as amended, maintaining at least 25% daily liquid assets and 50% weekly liquid assets, with a dollar-weighted average maturity of 60 days or less and average life of 120 days or less. Its portfolio primarily comprises certificates of deposit; financial company commercial paper; U.S. government agency repurchase agreements; asset-backed commercial paper; tri-party repurchase agreements with counterparties including Goldman Sachs & Co. LLC, Wells Fargo Securities LLC, J.P. Morgan Securities LLC, BofA Securities Inc., and BNP Paribas; floating rate notes; and cash equivalents. PMMF trades intraday on NYSE Arca with a floating net asset value struck daily at 4:00 p.m. ET, monthly distributions, and a net expense ratio of 0.20%, offering real-time price discovery and secondary market liquidity distinct from traditional constant-NAV money market funds. Launched on February 4, 2025 and managed by BlackRock's Global Cash Management team led by portfolio managers including a Managing Director as Head of U.S. Portfolio Management for Cash Management, the ETF targets institutional and retail investors seeking prime money market exposure in the United States. In recent developments since inception, PMMF has demonstrated compliance with 2023-amended SEC Rule 2a-7 reforms, including elimination of redemption gates, conditional liquidity fees only if weekly liquidity falls below 30%, and robust stress testing maintaining weekly liquidity above 50%, as evidenced in its Q2 2025 report amid volatile markets with inflation pressures and interest rate fluctuations. The fund grew its net assets to approximately $344 million by September 30, 2025, with a 7-day SEC yield of 4.13%, 30-day SEC yield of 4.25%, and weighted average maturity of 25 days, reflecting steady income generation through monthly dividends such as $0.33712 payable June 5, 2025. As part of BlackRock, Inc.'s iShares brand, PMMF complements the firm's companion iShares Government Money Market ETF (GMMF) and leverages BlackRock's nearly 50 years of cash management expertise overseeing nearly $1 trillion in related assets.