Key Takeaways
- • ProShares' GENIUS Money Market ETF (IQMM) won the Product Innovation and New Product Development award at the inaugural 2026 Financial Times Asset Management STAR Awards North America, presented October 19, 2026 in Boston.
- • ProShares CEO Michael L. Sapir states IQMM is the first money market ETF to meet the stringent requirements of the GENIUS Act while offering ETF convenience and flexibility.
- • IQMM has become the world's largest money market ETF, according to U.S. News & World Report as of October 7, 2026, investing exclusively in short-term U.S. Treasuries.
- • ProShares and its mutual fund affiliate ProFunds manage more than $112 billion in assets as of September 30, 2026.
- • The fund's prospectus flags stablecoin-issuer redemption pressure, a non-stable NAV, and lower yield relative to broader money market funds as key risks.
Summary
ProShares announced on October 21, 2026 that its ProShares GENIUS Money Market ETF (IQMM) won the Product Innovation and New Product Development award at the 2026 Financial Times Asset Management STAR Awards North America. The inaugural awards recognize asset managers for excellence, creativity and leadership across the North American investment industry. Winners were selected by an independent panel of industry judges following an open nomination and evaluation process, and the awards were presented on October 19 in Boston.
CEO Michael L. Sapir said the recognition reflects ProShares' longstanding commitment to developing innovative investment products, and claimed IQMM is the first money market ETF to meet the stringent requirements of the GENIUS Act while offering the convenience and flexibility of an ETF. According to U.S. News & World Report, cited by the firm as of October 7, 2026, IQMM is now the world's largest money market ETF. The fund invests exclusively in short-term U.S. Treasuries with a focus on principal preservation and stability.
ProShares, which has offered ETFs since 2006, said it manages more than $112 billion in assets together with its mutual fund affiliate ProFunds, as of September 30, 2026. The firm recently announced plans to expand into active management and private markets, and cited recent launches including BUYB, a buyback-focused ETF; KRYP, tracking the CoinDesk 20 index; and leveraged single-stock ETFs tied to SpaceX (SPCF) and SK hynix (SKHU).
The fund's offering documents highlight material risks. IQMM will not seek to maintain a stable NAV using amortized cost or penny rounding, and its NAV will fluctuate with market value. The fund is not FDIC-insured, and its sponsor is not required to reimburse losses. Shares are expected to be held primarily by stablecoin issuers as reserve assets, so redemptions tied to market stress or digital asset volatility could affect liquidity, yield and NAV stability. Future GENIUS Act rulemaking may alter permitted reserve assets, and the fund's yield may be lower than money market funds with broader mandates. Distribution is through SEI Investments Distribution Co., which is not affiliated with the advisor or sponsor.
CEO Michael L. Sapir said the recognition reflects ProShares' longstanding commitment to developing innovative investment products, and claimed IQMM is the first money market ETF to meet the stringent requirements of the GENIUS Act while offering the convenience and flexibility of an ETF. According to U.S. News & World Report, cited by the firm as of October 7, 2026, IQMM is now the world's largest money market ETF. The fund invests exclusively in short-term U.S. Treasuries with a focus on principal preservation and stability.
ProShares, which has offered ETFs since 2006, said it manages more than $112 billion in assets together with its mutual fund affiliate ProFunds, as of September 30, 2026. The firm recently announced plans to expand into active management and private markets, and cited recent launches including BUYB, a buyback-focused ETF; KRYP, tracking the CoinDesk 20 index; and leveraged single-stock ETFs tied to SpaceX (SPCF) and SK hynix (SKHU).
The fund's offering documents highlight material risks. IQMM will not seek to maintain a stable NAV using amortized cost or penny rounding, and its NAV will fluctuate with market value. The fund is not FDIC-insured, and its sponsor is not required to reimburse losses. Shares are expected to be held primarily by stablecoin issuers as reserve assets, so redemptions tied to market stress or digital asset volatility could affect liquidity, yield and NAV stability. Future GENIUS Act rulemaking may alter permitted reserve assets, and the fund's yield may be lower than money market funds with broader mandates. Distribution is through SEI Investments Distribution Co., which is not affiliated with the advisor or sponsor.
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