EURO MMFs without tx fees on IBKR


1	EURO MMFs without commissions on IBKR; some non-free & ETFs included for comparison
2	FUND NAME	TYPE	AUM	WAM	WAL	AGCYS	ISIN	FREE TX	STTL	1Y	6M	6M ANN.	MINIM.	WHY CONSIDER?
3	BLACKROCK ICS EURO ULTRA SHORT BOND AG (EUR) ACC	Std. VNAV	€4.7B	89	236	1	IE00B5781752	n/a	+1d	4.11%	2.18%	4.41%	1M	benchmark only; can't trade AG class on IBKR
4	BNP PARIBAS INSTICASH EUR 3M I (EUR) ACC	Std. VNAV	€7.3B	12	138		LU0423949717	No	+0d	4.08%	2.09%	4.22%	10M	good yield, but high min.; not tx-free
5	BLACKROCK ICS EURO ULTRA SHORT BOND CORE (EUR) ACC	Std. VNAV	€4.7B	89	236	1	IE00B1B82251	Yes	+1d	3.97%	2.09%	4.22%	1M	AAf, yield, tx-free, but high min. & volatility
6	AMUNDI EURO LIQUIDITY-RATED SRI I2 (EUR) ACC	Std. VNAV	€33.7B	4	140	1	FR0013016607	No	+0d	4.04%	2.08%	4.20%	15K	Af, low min.; but not tx-free
7	AMUNDI EURO LIQUIDITY SRI I2 (EUR) ACC	Std. VNAV	€58.5B	4	134		FR0013095312	No	+0d	4.02%	2.07%	4.18%
8	AMUNDI EURO LIQUIDITY SHORT TERM SRI I2 (EUR) ACC	ST VNAV	€20.7B	8	57	1	FR0013016615	No	+0d	3.91%	2.02%	4.08%		AAAmf ST VNAV, 0 min.; but not tx-free
9	AMUNDI EURO LIQUIDITY SRI C (EUR) ACC	Std. VNAV	€58.5B	4	134		FR0011630557	Yes		3.78%	2.01%	4.06%		good yield, 0 min., settles fast; acc fund
10	BLACKROCK ICS EURO LIQUIDITY AG (EUR) ACC	LVNAV	€56.0B	45	62	3	IE00B3KF1681	No		3.86%	2.01%	4.06%	1M	triple-agency rated; excllnt perf. but >1M
11	ALLIANZ EURO CASH A (EUR) INC	Std. VNAV	€1.5B	E.D. 44			LU0052221412	Yes	+2d	3.78%	2.00%	4.04%	0.5K	yield, low min, dist; but note C-19 drawdown
12	Overnight €STR						EU000A2X2A25			3.89%	1.99%	4.02%
13	X EUR OVERNIGHT RATE SWAP 1C (XEON ETF)	SWAP ETF	€7.9B				LU0290358497	No		3.85%	1.99%	4.02%	ETF	need an ETF / not paying ETF commissions
14	ALLIANZ SECURICASH SRI RC (EUR) ACC	Std. VNAV	€2.8B	E.D. 33			FR0010785865	Yes		3.84%	1.97%	3.98%		good yield & 0 min.; acc fund
15	BLACKROCK ICS EURO ULTRA SHORT BOND ADMIN III (EUR) ACC	Std. VNAV	€4.7B	89	236	1	IE00B41NRZ94	Yes	+1d	3.71%	1.96%	3.96%	50K	AAf, good yield, but somewhat high min.
16	BNP PARIBAS INSTICASH EUR 3M C (EUR) ACC	Std. VNAV	€7.3B	12	138		LU0423950210	Yes	+0d	3.77%	1.95%	3.94%
17	LO FUNDS SHORT-TERM MONEY MARKET (EUR) P (EUR) ACC	ST VNAV	€1.7B	54	102		LU0209997997	Yes	+1d	3.75%	1.95%	3.94%	3K	ST VNAV with low min.; acc fund
18	LO FUNDS SHORT-TERM MONEY MARKET (EUR) P (EUR) INC	ST VNAV	€1.7B	54	102		LU0209998615	Yes	+1d	3.75%	1.95%	3.94%	3K	ST VNAV with low min.; dist fund
19	AMUNDI EURO LIQUIDITY SHORT TERM SRI E (EUR) ACC	ST VNAV	€20.7B	8	57	1	FR0011176635	Yes	+0d	3.70%	1.94%	3.92%		AAAmf ST VNAV with 0 min.
20	AMUNDI EURO LIQUIDITY SHORT TERM SRI P (EUR) ACC	ST VNAV	€20.7B	8	57	1	FR0011176627	Yes		3.64%	1.94%	3.92%		AAAmf ST VNAV (but prefer E class)
21	BLACKROCK ICS EURO LIQ ENVIR AWARE CORE T0 (EUR) ACC	ST VNAV	€7.3B	45	60	1	IE00B971B497	Yes		3.72%	1.93%	3.90%	1M	note IBKR miscaption of fund as INC (dist)
22	BLACKROCK ICS EURO LIQ ENVIR AWARE CORE (EUR) ACC	ST VNAV	€7.3B	45	60	1	IE00B8N9LN96	Yes	+0d	3.72%	1.93%	3.90%	1M
23	BLACKROCK ICS EURO LIQUIDITY CORE T0 (EUR) ACC	LVNAV	€56.0B	45	62	3	IE0005023803	Yes	+0d	3.73%	1.92%	3.88%	1M	don't; use agency (AG) class instead
24	BLACKROCK ICS EURO LIQUIDITY CORE ACC	LVNAV	€56.0B	45	62	3	IE0005023910	Yes	+0d	3.73%	1.92%	3.88%	1M	don't; use agency (AG) class instead
25	AMUNDI EURO LIQUIDITY SHORT TERM GOVIES I (EUR) ACC	ST VNAV	€3.6B	3	2	1	FR0007493549	No	+0d	3.72%	1.91%	3.86%		AAAmmf public debt with 0 min.; not tx-free
26	BNP PARIBAS EURO MONEY MARKET C (EUR) ACC	Std. VNAV	€2.5B	14	150		LU0083138064	Yes	+3d	3.71%	1.91%	3.86%
27	BNP PARIBAS EURO MONEY MARKET C (EUR) INC	Std. VNAV	€2.5B	14	150		LU0083137926	Yes	+3d	3.71%	1.91%	3.86%
28	BLACKROCK ICS EURO LIQUIDITY ADMIN I T0 (EUR) ACC	LVNAV	€56.0B	45	62	3	IE0030004943	Yes		3.63%	1.90%	3.84%	500K
29	BLACKROCK ICS EURO LIQUIDITY ADMIN I (EUR) ACC	LVNAV	€56.0B	45	62	3	IE00B3KDB060	Yes		3.63%	1.90%	3.84%	500K
30	BGF EURO RESERVE A2 (EUR) ACC	ST VNAV	€0.2B	42	56		LU0432365988	Yes	+3d	3.66%	1.89%	3.82%
31	SCHRODER ISF EURO LIQUIDITY A ACC	Std. VNAV	€0.4B	E.D. 73			LU0136043394	Yes	+3d	3.70%	1.89%	3.82%	1K
32	SCHRODER ISF EURO LIQUIDITY A1 (EUR) ACC	Std. VNAV	€0.4B	E.D. 73			LU0135992385	Yes	+3d	3.70%	1.89%	3.82%	1K
33	SCHRODER ISF EURO LIQUIDITY B ACC	Std. VNAV	€0.4B	E.D. 73			LU0136043550	Yes	+3d	3.70%	1.89%	3.82%	1K
34	BGF EURO RESERVE C2 (EUR) ACC	ST VNAV	€0.2B	42	56		LU0432366366	Yes	+3d	3.61%	1.89%	3.82%	1K
35	BLACKROCK ICS EURO GOVERNMENT LIQ CORE (EUR) ACC	CNAV	€2.9B	29	29	3	IE00B39VCB93	Yes	+1d	3.55%	1.87%	3.77%	1M	CNAV (but high min.)
36	BLACKROCK ICS EURO GOVERNMENT LIQ CORE T0 (EUR) ACC	CNAV	€2.9B	29	29	3	IE00B39VC974	Yes	+1d	3.57%	1.87%	3.77%	1M	CNAV (but high min.)
37	BLACKROCK ICS EURO LIQUIDITY ADMIN II T0 (EUR) INC	LVNAV	€56.0B	45	62	3	IE0030005023	Yes		3.58%	1.87%	3.77%	250K
38	BLACKROCK ICS EURO LIQUIDITY ADMIN II (EUR) ACC	LVNAV	€56.0B	45	62	3	IE00B29LM231	Yes		3.58%	1.87%	3.77%	250K
39	BNP PARIBAS INSTICASH EUR 1D C (EUR) ACC	LVNAV	€24.3B	11	68	1	LU0167237543	Yes	+0d	3.61%	1.86%	3.75%		AAAm LVNAV tx-free with 0 min.
40	BNP PARIBAS INSTICASH EUR 1D CT1 (EUR) ACC	LVNAV	€24.3B	11	68	1	LU0547770783	Yes	+1d	3.61%	1.86%	3.75%		AAAm LVNAV tx-free with 0 min.
41	AMUNDI SERENITE PEA P (EUR) ACC	Std. VNAV	€3.8B				FR0011408350	Yes		3.57%	1.85%	3.73%
42	LO FUNDS SHORT-TERM MONEY MARKET (EUR) R (EUR) ACC	ST VNAV	€1.7B	54	102		LU0360265457	Yes	+1d	3.55%	1.85%	3.73%	1K
43	SWISSCANTO (LU) MONEY MKT FUND RESP. EUR AT (EUR) ACC	Std. VNAV	€0.1B	M.D. 120			LU0141249770	Yes	+2d	3.58%	1.84%	3.71%
44	AMUNDI ETF GOVIES 0-6 MONTHS (C3M ETF)	GOV ETF	€0.4B				FR0010754200	No		3.45%	1.80%	3.63%	ETF	need govies but can't use FR0007493549
45	BLACKROCK ICS EURO LIQ ENVIR AWARE ADMINIII (EUR) ACC	ST VNAV	€7.3B	45	60	1	IE00B91T7078	Yes		3.46%	1.80%	3.63%	50K
46	BLACKROCK ICS EURO LIQUIDITY ADMIN III T0 (EUR) ACC	LVNAV	€56.0B	45	62	3	IE0030005130	Yes		3.42%	1.79%	3.61%	50K
47	BLACKROCK ICS EURO LIQUIDITY ADMIN III (EUR) ACC	LVNAV	€56.0B	45	62	3	IE00B29LM454	Yes		3.42%	1.79%	3.61%	50K
48	BGF EURO RESERVE E2 (EUR) ACC	ST VNAV	€0.2B	42	56		LU0432366952	Yes	+3d	3.40%	1.77%	3.57%	1K
49	BLACKROCK ICS EURO LIQUIDITY ADMIN IV (EUR) ACC	LVNAV	€56.0B	45	62	3	IE00B3L10463	Yes		3.16%	1.67%	3.37%	25K
50
51	Notes
52	Performance data as of mid-May 2024, but some end-Apr. 6M & 6M ANN. are a better guide since €STR was on the move 1yr ago but has been stable for > 6mos. Performance is net of fund fees.
53	6M ANN. = annualized 6M yield (multiplied by itself) -- this is approximate; small differences shouldn't be interpreted as definite performance advantages/disadvantages
54	AGCYS = number of agencies providing rating (S&P, Moodys, Fitch); such external ratings are paid for by fund companies
55	MINIM. = minimum initial investment (subsequent investments may be smaller)
56	FREE TX = can buy/sell without commission on IBKR
57	WAM/WAL = Wgt Avg Maturity/Life (E.D. = effective duration, M.D. = modified duration) as of last monthly/weekly report ~Apr 2024
58	AUM = fund total net assets (all share classes)
59
60	Links	(none require payment, some require registration)
61	MMF types	https://www.immfa.org/about-mmfs/investor-help.html
62	Fitch European Money Market Fund Compare - 1Q24	https://www.fitchratings.com/research/fund-asset-managers/european-money-market-fund-compare-1q24-02-05-2024
63	S&P 500 European 'AAAm' Money Market Fund Trends (1Q24)	https://www.spglobal.com/ratings/en/research/articles/240429-european-aaam-money-market-fund-trends-first-quarter-2024-13086409
64	Historical €STR	https://data.ecb.europa.eu/data/datasets/EST/EST.B.EU000A2X2A25.WT
65	How effective is the EU MMF Regulation? Lessons from […]	https://www.ecb.europa.eu/press/financial-stability-publications/macroprudential-bulletin/html/ecb.mpbu202104_2~a205b46756.en.html
66	Vulnerabilities in money market funds	https://www.esma.europa.eu/sites/default/files/trv_2021_1-vulnerabilities_in_money_market_funds.pdf
67	A Guide to Money Market Funds under the MMFR	https://www.dilloneustace.com/download/1/Publications/Financial%20Services/A%20Guide%20to%20Money%20Market%20Funds%20under%20the%20MMFR.pdf
68	IBKR fund scanner	https://www.interactivebrokers.com/en/trading/fundscanner.php#/
69	How swap ETFs work	https://www.justetf.com/en/academy/synthetic-replication-of-etfs.html
70	ETF counterparty risks	https://www.ecb.europa.eu/press/financial-stability-publications/fsr/special/html/ecb.fsrart201811_3.en.html
71
72	Advantages of MMFs vs ETFs (w/IBKR)
73	Some are free to trade; flat fee €4.95 for the rest (irrespective of order size).
74	Some have better performance than overnight rate swaps/short-term govies ETFs.
75	Seem better regulated; some are externally rated.
76	No entry/exit fees for UCITS, even for funds that list them, as far as I can tell.
77	Fractional trading always available.
78
79	Disadvantages
80	May take days to settle.
81	Better performing share classes often come with high minimum init'l investments and are rarely free to trade.
82	Interface not great.
83
84	How to trade
85	Find by ISIN.
86	Buy € amounts, sell number of shares.
87	Wait patiently, it may take days to settle. Initial fill price may be misleading, you may get a later price (e.g. +1 day). Quantity may also be misleading, but gets corrected upon settlement.
88	You will get shares with a precision of 1/1000th. Any unused € cash will be returned to your account; you won't be overcharged (even if it seems so at first due to bug in BOT order summary).
89	This is personal research that may or may not be helpful to you. I am not qualified to give you financial advice. Money in MMFs is not guaranteed by investor protection or bank deposit schemes (you may lose all of it).