Overview
- IQMM’s day-one trading topped $17 billion, eclipsing BlackRock’s IBIT, which logged $1 billion on debut in 2024.
- Bloomberg’s Eric Balchunas said the flows look like a bring‑your‑own‑assets move, with ProShares’ own funds now using IQMM for cash positions.
- Nate Geraci initially floated the possibility of a pre‑arranged placement by a major stablecoin issuer such as Circle, a claim not confirmed by the parties.
- The ETF is designed to meet GENIUS Act reserve rules for stablecoins, holding very short‑term U.S. Treasuries and cash with a target maturity of 60 days or less.
- Operational features include twice‑daily NAV to support same‑day (T+0) settlement, weekly distributions, and a 15 bps net expense ratio after a fee waiver, positioning it for institutional treasury use.