Texas Capital Government Money Market Fund (MMKT)
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Money Market ETFs: An Opportunity to Attract Mutual Fund Assets
Since they began trading in 1993, ETFs have been steadily encroaching on the various segments of the mutual fund industry. Starting with U.S. large-cap stocks in a passive portfolio, they have moved into almost all areas covered by mutual funds.
Texas Capital Debuts New Money Market ETF
Today, Texas Capital launched its latest fund, the Texas Capital Government Money Market ETF (MMKT). MMKT has a net expense ratio of 0.20%.
Texas Capital Government Money Market Fund Investors
| Name | Quantity | Cost | Value | Profit ($) | Gain (%) |
|---|---|---|---|---|---|
 Bill McVay Red Tortoise LLC | 280 | $28,070 | $28,064.4 | -$5.6 | -0.02% |
 Gintare Zubrute PROATHLETE WEALTH MANAGEMENT LLC | 113 | $11,334.82 | $11,327.11 | -$7.71 | -0.07% |
| CW Chung Wu Chung Wu Investment Group LLC | 800 | $80,175.2 | $80,148 | -$27.2 | -0.03% |
| KH Kristine Harrell Uniting Wealth Partners LLC | 16,000 | $1.6M | $1.6M | -$800 | -0.05% |
Texas Capital Government Money Market Fund (MMKT) FAQ
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Texas Capital Government Money Market Fund Profile
| NYSE Exchange | US Country |
Overview
MMKT stands out as the inaugural ETF to align with Rule 2a-7 under the 1940 Act, thereby establishing itself as a government money market fund. This particular rule is vital for preserving the fund's stability and liquidity, a key feature that ensures the fund can meet redemption requests efficiently. Unlike traditional money market funds that maintain a stable net asset value (NAV) of $1, MMKT takes a different approach; it does not uphold a constant NAV. The core strategy of MMKT involves allocating a minimum of 99.5% of its total assets towards cash, U.S. government securities, or fully collateralized repurchase agreements. Its primary goal is to offer competitive yields while simultaneously safeguarding capital. It's essential to note that MMKT heavily invests in overnight repurchase agreements, which may carry tax implications at the state and local levels, potentially affecting the after-tax yield for investors when compared to traditional government securities.
Products and Services
- Government Money Market Fund
MMKT aligns with the provisions of Rule 2a-7 under the 1940 Act, categorizing it as a government money market fund. This categorization emphasizes its commitment to maintaining high levels of stability and liquidity, thereby ensuring it can effectively respond to redemption requests. Unlike typical funds that strive to keep a stable NAV of $1, MMKT adopts a flexible NAV approach. This strategic move aims at generating competitive yields while prioritizing the preservation of capital for its investors.
- Investment in U.S. Government Securities and Cash
Committing at least 99.5% of its assets into cash, U.S. government securities, or fully collateralized repurchase agreements, MMKT focuses on investments deemed as safe havens. This substantial allocation is designed to mitigate risks and safeguard investors' capital, aligning with the fund's overarching goal of capital preservation. By investing in these low-risk assets, MMKT endeavors to offer its investors a secure path towards earning competitive yields.
- Fully Collateralized Repurchase Agreements
A significant portion of MMKT's investment portfolio comprises overnight repurchase agreements. These agreements are fully collateralized, ensuring a high level of security for the invested capital. However, potential investors should be aware that income generated from these repurchase agreements might not be exempt from state and local taxes. This distinctive feature could influence the after-tax yield of the fund, possibly affecting its attractiveness when juxtaposed with traditional government securities that typically offer tax-exempt income.
