Proshares IQMM Records $17B Trading Volume on NYSE Arca Debut

Proshares GENIUS Money Market ETF (IQMM) recorded $17 billion in trading volume on its first day on NYSE Arca on Feb. 20, 2026, Bloomberg senior ETF analyst Eric Balchunas said. The ETF closed its inaugural session at a net asset value of $100.05 and a market price of $100.06, with more than 47 million shares traded. IQMM holds only short-term U.S. Treasury bills with maturities of 93 days or less and uses market-based pricing rather than amortized cost accounting, introducing minor NAV fluctuations while offering intraday liquidity; its net expense ratio is 0.15%, waived through Jan. 31, 2027. It is the first exchange-traded fund designed to comply with the GENIUS Act reserve standards signed on July 18, 2025, which established a federal framework requiring high-quality liquid reserves and annual audits for large stablecoin issuers, including a 1:1 backing requirement for dollar-backed stablecoins; its opening-day volume surpassed prior launches such as Ishares Bitcoin Trust (IBIT), which posted roughly $1 billion in volume in January 2024.