ProShares has launched the ProShares GENIUS Money Market ETF, trading under ticker IQMM, designed to qualify as an eligible reserve asset under the GENIUS Act for potential use by stablecoin issuers.
The ETF invests exclusively in short-term US Treasurys and uses a floating net asset value based on market pricing while trading intraday on an exchange, rather than maintaining a stable NAV like conventional government money market funds.
According to the prospectus, the structure includes same-day settlement and dual NAV features tailored for institutional reserve management, and shares are expected to be held primarily by one or more stablecoin issuers backing outstanding tokens.
The fund warned that because it is limited to GENIUS Act reserve-eligible assets, its yield may be lower than broader money market funds, and future rulemaking under the legislation could affect how the ETF is used as a reserve vehicle.
The GENIUS Act, passed in July 2025, establishes federal standards requiring payment stablecoins to be backed by high-quality, short-duration instruments such as US Treasurys, positioning IQMM as a compliant option within that framework.