PMMF
iShares Prime Money Market ETF
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Most conventional, well known MMFs are not ETFs. MMFs are mostly structured as mutual funds. There are now a few MMF ETFs. Examples: GMMF, PMMF, SGVT, JMMF, IQMM. I have not analyzed them to know much about them. Unlike conventional MMFs they don't hold the share price at exactly $1 at all times. Buying and selling them will incur, probably small, cap losses and gains. If you go with conventional MMFs you will be effectively limited to which MMFs your broker offers. Buying MMFs outside of what your broker offers typically incurs large fees to buy. That is if your broker allows you to buy MMFs not offered at all. Outside of conventional and ETF MMFs there are short term bond funds with durations in the 1 month range that are somewhat equivalent and very safe, particularly Treasury bond funds - SGOV, VBIL, etc. Yield higher than 4% with no downside risk doesn't currently exist that I know of.
PMMF and COMT are going up bigly PMMF been flat since it's inception, wth is there? COMT been up %36 since the war started cause of energy
I pretty much use Fidelity to hold cash in its core position which is a money market fund - which holds short term government debt. I do use other money market funds (like VBIL or PMMF) to earmark funds needed for lump sum payments like property tax and insurance.
Speaking of prime money market funds. Why not PMMF?
I see what you are trying to do. Ok - that makes more sense. But are you sure about that? I've always assumed that the drag on a money market mutual fund used as part of a sweep service is because of the liquidity being offered. Money market funds have regulatory rules (Ie. Rule 2a-7). And Rule 2a-7 gets amended from time to time when there have been liquidity issues. The most current rule changes mandate some much stricter liquidity requirements. It's probably why many money market funds that are part of sweep have a drag relative to ETFs. Anyways - there are some very fascinating interesting new products being introduced are money market ETFs. Try looking at those products - Blackrock has one as part of their iShares product line - PMMF. I have not explored the premium/discount drag relative to iNAV or the spread. But you could see that fits your needs. There is also a smaller fund - Simplified Government Fund - SBIL. I imagine that SSgA and Invesco could offer a product in the future too.
I didn’t know about PMMF. It seems like a great alternative to SGOV, BIL, BOXX, etc.