ProShares ETF Sets First-Day Trading Records with $17 Billion Volume

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TLDR

  • On February 19, 2026, ProShares launched the GENIUS Money Market ETF (IQMM), registering $17 billion in first-day trading volume.
  • This surpasses all previous ETF first-day volume records, including BlackRock’s IBIT bitcoin ETF which had $1 billion in volume on its first day in 2024.
  • IQMM is the first money market ETF to meet the requirements of the GENIUS Act, making it eligible to hold stablecoin reserves.
  • Analysts suggest that Circle, the issuer of USDC, might be behind the large initial capital inflow.
  • The fund provides same-day settlement, twice-daily NAV calculations, and weekly distributions.

ProShares launched its new GENIUS Money Market ETF (NYSE: IQMM) on February 19, 2026. It had $17 billion in trading volume on its first day.

That figure is a new all-time record for any ETF on its debut day. Bloomberg senior ETF analyst Eric Balchunas confirmed this on X, calling it “far beyond the all-time record for an ETF.”

For comparison, BlackRock’s iShares Bitcoin Trust (IBIT) launched in January 2024. It had $1 billion in first-day volume, which was itself regarded as a strong debut.

Balchunas said he didn’t anticipate this level of interest. He initially thought IQMM would be a niche product, with investors sticking to existing money market substitutes like BIL or SHV.

He also raised the possibility of a “BYOA” strategy — where a large asset manager directs client capital into its own fund rather than a competitor’s.

Nate Geraci, President of NovaDius Wealth Management, suggested on X that the capital might have come from a deal with a major U.S.-based stablecoin issuer. He pointed to Circle, the company behind USDC, as the most likely candidate.

What the GENIUS Act Has to Do With It

IQMM is designed to comply with the Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025, known as the GENIUS Act. The law was signed in July 2025.

The GENIUS Act requires stablecoin issuers to back their tokens 1:1 with safe, liquid assets such as U.S. Treasury bills. IQMM is the first money market ETF to meet these reserve requirements.

This implies that stablecoin issuers can use IQMM as a compliant place to park their reserves. That could account for the large first-day inflows.

The fund holds U.S. Treasury notes, bills, bonds, and cash. It aims for a dollar-weighted average maturity of 60 days or less.

Fund Structure and Features

IQMM has a net expense ratio of 15 basis points after a fee waiver. Its advisor has agreed to absorb all management fees related to the fund’s investments.

The fund calculates its net asset value twice daily, at 12:00 pm and 4:00 pm. This enables same-day, or T+0, trade execution.

Simeon Hyman, Global Investment Strategist at ProShares, said the dual NAV calculation is useful for institutional investors who require fast settlement.

IQMM also offers weekly distributions, which might appeal to cash investors seeking regular income.

ProShares currently has over 150 ETFs listed in the U.S., including the ProShares Bitcoin ETF (BITO), which manages over $1.8 billion in assets.

Crypto’s total stablecoin supply currently stands at around $300 billion. A recent study involving Coinbase and Artemis found that stablecoin holders allocate about a third of their savings to crypto and stablecoins.

On the same day IQMM launched, crypto advocates and banking groups met to continue negotiations over how stablecoin yields could shape a broader crypto market structure bill.