At a glance
MMKT charges 0.2% a year, below the 0.5% average of the 1 funds most like it. It has $72.7M in assets; it paid 3.6% of its price in distributions over the past 12 months, monthly. Over the past year it returned +3.6% with distributions reinvested. Its ten largest positions make up 76.4% of the fund, out of 28 in all.
The short version
Texas Capital Government Money Market ETF (MMKT) is a government money market fund that trades on an exchange. It holds short-term US Treasury bills and repurchase agreements backed by government securities. Unlike a traditional money market fund, its share price floats with the market value of its holdings. Its 0.20% expense ratio compares with 0.50% for the closest similar fund we track.
Price history
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MMKT +3.6% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| MMKT official prospectus, to Dec 31, 2025 | — | +4.13% | — | — | — | +4.24% |
| MMKT price data to Oct 27, 2026 | +2.9% | +3.6% | — | — | — | +4.0% |
- Over the year to Oct 27, 2026, MMKT returned +3.6%.
- Its worst full calendar year was 2025 (+4.2%); its best was 2025 (+4.2%).
- The deepest fall in its price history was 0% (Apr 3, 2025 to Apr 4, 2025), recovered by Apr 8, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +2.9% | — |
| 2025 | +4.2% | +4.13% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $2.9277 | |
| 2025 | $4.0100 |
What's inside
As of Jun 30, 2026, the fund held 28 securities; the ten largest made up 76.36% of assets.
| Holding | Weight | |
|---|---|---|
| N/A Bonds and notes | 42.53% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 4.57% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 3.99% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 3.98% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 3.85% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 3.77% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 3.68% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 3.48% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 3.32% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 3.20% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 2.64% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 2.61% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 2.58% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 2.52% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 2.32% |
By country
United States 99.04%By issuer
US Treasury 53.92%Other 42.53%US government-sponsored enterprises 2.59%The bonds mature in 0.3 years on average (weighted by size), with an average coupon of 0.43%.
Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors added a net $511.00 (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.29%, +0.28%, +0.29%.
How it works
MMKT is actively managed and does not track an index. Its adviser is Texas Capital Bank Wealth Management Services, Inc., which does business as Texas Capital Bank Private Wealth Advisors. The adviser picks short-term government money market instruments based on relative value and on market and economic conditions. It puts safety of principal and liquidity ahead of yield, so it may not buy the highest-paying securities. To count as a government money market fund under federal rules, the fund keeps 99.5% or more of its total assets in cash, government securities and fully collateralized repurchase agreements.
A repurchase agreement, or repo, works like a very short-term loan. The fund buys government securities from a dealer and agrees to sell them back at a set price, often the next day. As of June 30, 2026, one repo with Mirae Asset Securities (USA) made up about 42.5% of the fund. US Treasury securities made up about 54%, mostly bills maturing between July 2026 and April 2027. The average time to maturity was about 0.3 years.
The key mechanical difference: MMKT does not use amortized-cost accounting to hold its net asset value (NAV) per share steady. Its NAV follows the market value of its holdings. Its exchange price can also drift slightly above or below NAV with supply and demand.
What it really costs
- MMKT charges 0.2% a year, versus an average of 0.5% for the similar funds below.
- Using the prospectus's standard example, $10,000 invested would cost about $20 in the first year and $255 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| MMKT | $20 | $64 | $113 | $255 |
Structure and tax notes
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
Its holdings mature in a few months on average and its price has barely moved since launch, so it may serve as a cash reserve rather than a source of growth.
MMKT could act as a cash reserve for money that may be needed for spending soon. Its history is short. It launched on September 24, 2024, so it did not exist during the 2008, 2020 or 2022 downturns. Its only full calendar year, 2025, returned 4.13%, according to the prospectus. Its deepest dip rounded to 0%, from April 3 to April 4, 2025, and it had recovered by April 8. The trailing 12-month yield was 3.6% as of October 27, 2026, paid monthly. That income will shrink if short-term rates fall, and over long periods cash-like returns may trail inflation. The 0.20% expense ratio works out to about $20 in the first year on $10,000 in the SEC's standard example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a government money market fund they can hold in a brokerage account and trade during market hours like a stock.
- People setting aside near-term spending money who value monthly income; the trailing yield was 3.6% as of October 27, 2026.
- Cost-conscious savers: the 0.20% expense ratio is well below the 0.50% charged by the closest similar fund we track.
Look elsewhere if
- Investors who need a fixed share price; MMKT's NAV floats with market values rather than being held steady by amortized-cost accounting.
- Anyone seeking long-term growth or inflation protection; returns follow short-term interest rates and will drop if those rates fall.
- Those wary of a small, young fund: about $72.7 million in assets as of June 30, 2026, and roughly two years of history.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
| Fund | Avg. maturity | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| MMKT this fund | 0.3 yrs | 0.2% | $72.7M | +3.6% | — |
| ARCM Arrow Reserve Capital Management ETF | 0.4 yrs | 0.5% | $51.0M | +3.3% | +4.4% |
Questions investors ask
Is MMKT a money market fund or an ETF?
Both. MMKT is an exchange-traded fund that aims to qualify as a government money market fund, keeping 99.5% or more of its total assets in cash, government securities and fully collateralized repurchase agreements. Unlike a traditional money market fund, it trades on an exchange throughout the day, and its net asset value floats with the market value of its holdings instead of being held steady. It launched on September 24, 2024.
Does MMKT pay monthly dividends?
Yes. MMKT pays income monthly. Over the 12 months to October 27, 2026, it paid about $3.61 per share, a trailing yield of 3.6%. The income comes from Treasury bills and repurchase agreements, so it rises and falls with short-term interest rates and tends to lag when rates change. Some Treasury income may be exempt from state and local income tax, but repo income may not be.
Can you lose money in MMKT?
Yes, although it has not had a meaningful loss in its short history. The prospectus says plainly that investors could lose money because the share price floats. Its deepest drop since launch rounded to 0% and lasted a few days in April 2025. One risk is a repo counterparty failing to complete a trade. As of June 30, 2026, a single repo with Mirae Asset Securities (USA) made up about 42.5% of the fund.
MMKT vs ARCM: what's the difference?
Cost is the clearest difference. MMKT charges 0.20% a year, compared with 0.50% for Arrow Reserve Capital Management ETF (ARCM). ARCM is the closest match by average maturity and issuer mix, but the two funds are only partly similar. Over the year to October 27, 2026, MMKT returned 3.6% and ARCM returned 3.3%. ARCM had a slightly longer average maturity (0.4 years versus 0.3) and about $51.0 million in assets as of July 31, 2026.
How much does MMKT cost to own?
MMKT's expense ratio is 0.20%, all of it a management fee, according to its prospectus filed April 30, 2026. In the SEC's standard example, $10,000 invested with a 5% yearly return would cost about $20 after one year, $64 after three, $113 after five and $255 after ten. Buying and selling on an exchange can add brokerage commissions and a bid-ask spread, which is the small gap between the buying and selling price.