All money market funds by 7-day yield

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adamhg
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All money market funds by 7-day yield

Post by adamhg »

We typically keep our cash holdings in box spreads (I run boxtrades.com for this) but were recently informed by our mortgage broker that they won't accept anything but "cash equivalents" as proof of funds. As a result, I've been researching alternatives and right now it seems like money market funds are the top yielding instrument that provides the flexibility we need.

I ended up pulling all money market funds off FINRA and checked each 7-day yield from NASDAQ and minimum initial investment from TDA. Not all of the data is 100%, but from my checks, the yield seems mostly accurate. Minimums change per brokerage (often drastically) and some expenses and AUM are wrong or missing. I may track these long term and build a proper screener, but until then, this Google sheet will have to do:

https://docs.google.com/spreadsheets/d/ ... sp=sharing
ETA: This is now updated daily through at: moneymarket.fun

Is there an easy way to see what brokerages offer each fund? In my checks, for example, the minimum investment is also useless as TDA has MISXX as $10MM minimum whereas E-trade has it at $1k? My understanding is that yield is after expenses and I don't mind paying a higher expense for a fund yielding slightly higher in the short term. Thoughts?

Update: I added WAM, WAL, last filing dates, and % US Treasuries and % US Gov Agencies as new columns
Last edited by adamhg on Mon Apr 17, 2023 12:40 am, edited 2 times in total.
Valuethinker
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Re: All money market funds by 7-day yield

Post by Valuethinker »

adamhg wrote: Mon Mar 20, 2023 12:29 am We typically keep our cash holdings in box spreads (I run boxtrades.com for this) but were recently informed by our mortgage broker that they won't accept anything but "cash equivalents" as proof of funds. As a result, I've been researching alternatives and right now it seems like money market funds are the top yielding instrument that provides the flexibility we need.

I ended up pulling all money market funds off FINRA and checked each 7-day yield from NASDAQ and minimum initial investment from TDA. Not all of the data is 100%, but from my checks, the yield seems mostly accurate. Minimums change per brokerage (often drastically) and some expenses and AUM are wrong or missing. I may track these long term and build a proper screener, but until then, this Google sheet will have to do:

https://docs.google.com/spreadsheets/d/ ... sp=sharing

Is there an easy way to see what brokerages offer each fund? In my checks, for example, the minimum investment is also useless as TDA has MISXX as $10MM minimum whereas E-trade has it at $1k? My understanding is that yield is after expenses and I don't mind paying a higher expense for a fund yielding slightly higher in the short term. Thoughts?
Markets today will be interesting. Credit Suisse was bailed out-- but at serious cost to bondholders. However the Federal Reserve has announced swap lines with key Central Banks - in other words, this might not be the last major bank to flirt with collapse. There is a liquidity squeeze going on out there.

Safety over yield. Find a MMF which is invested in truly safe & liquid securities.
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Re: All money market funds by 7-day yield

Post by NYCaviator »

Valuethinker wrote: Mon Mar 20, 2023 3:07 am Safety over yield. Find a MMF which is invested in truly safe & liquid securities.
That’s the hard part with the traditional “prime” MMFs. I’m sticking with ones made up of treasuries. A little lower yield, but seemingly a lot more safety.
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Re: All money market funds by 7-day yield

Post by nisiprius »

Thanks for compiling the list.

The whole point of a bunch of stuff that they did, when? 2012 or so? was to draw a bright line between "retail" and "institutional" money market mutual funds, and I think us retail investors are well advised to stick to the "retail" funds. I think you should identify which are which and list them separately.

The whole point of FDIC deposit insurance is to eliminate the need to evaluate the financial strength of a bank. You see the logo and you just plump your money into the bank.

Money market mutual funds were actually given FDIC insurance for a brief period of time after 2008-2009, but that time is long gone.

Right now, we are still in the land of the fiction that we all are performing due diligence on the financial strength and safety of our money market funds. So we oughta do something more than just looking at the yield.

I would add that during the lead-up to 2008-2009, there were really a lot of nasty cases of people investing in things that were presented as sorta-kinda-almost as safe as a money market fund, but paid half a percent more... that blew up. Auction rate securities. The GE Enhanced Cash fund. The Schwab YieldPlus fund. The Fidelity Ultrashort Bond fund.
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adamhg
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Re: All money market funds by 7-day yield

Post by adamhg »

NYCaviator wrote: Mon Mar 20, 2023 6:40 am
Valuethinker wrote: Mon Mar 20, 2023 3:07 am Safety over yield. Find a MMF which is invested in truly safe & liquid securities.
That’s the hard part with the traditional “prime” MMFs. I’m sticking with ones made up of treasuries. A little lower yield, but seemingly a lot more safety.
There is a column to indicate prime but not Treasury yet. Trying to find a data source for USGO % but I don't think that's easy to come by for automated TEY calculations.
nisiprius wrote: Mon Mar 20, 2023 6:45 am Thanks for compiling the list.

The whole point of a bunch of stuff that they did, when? 2012 or so? was to draw a bright line between "retail" and "institutional" money market mutual funds, and I think us retail investors are well advised to stick to the "retail" funds. I think you should identify which are which and list them separately.
...snip...
FINRA does provide the Investor Type as either Retail or Institutional. I have it in column G. Not sure why some of them are empty though.
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Re: All money market funds by 7-day yield

Post by White Coat Investor »

Seems like a great asset class to trust the boring old stodgy providers with excellent long term records. I use Vanguard Federal and Vanguard Municipal. Their yields are always at or near the top, I already have accounts there, and they have a long track record of putting investors first.
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Re: All money market funds by 7-day yield

Post by nisiprius »

adamhg wrote: Mon Mar 20, 2023 3:22 pm
nisiprius wrote: Mon Mar 20, 2023 6:45 am Thanks for compiling the list.

The whole point of a bunch of stuff that they did, when? 2012 or so? was to draw a bright line between "retail" and "institutional" money market mutual funds, and I think us retail investors are well advised to stick to the "retail" funds. I think you should identify which are which and list them separately.
...snip...
FINRA does provide the Investor Type as either Retail or Institutional. I have it in column G. Not sure why some of them are empty though.
:oops: Of course you did. Sorry. I didn't bother to scroll sideways. Well, I think you should sort on that column, and, as I say, list them by investor type first, and then by yield within investor type.
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Re: All money market funds by 7-day yield

Post by Yesterdaysnews »

Schwab is the worst when it comes to MMF. I consolidated at Schwab and got a nice bonus, but it annoys me.
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Re: All money market funds by 7-day yield

Post by tonyclifton »

Yesterdaysnews wrote: Mon Mar 20, 2023 5:06 pm Schwab is the worst when it comes to MMF. I consolidated at Schwab and got a nice bonus, but it annoys me.
What do you mean by "the worst"?

SWVXX, which I own, is "only" .3219% less yield than the "best" on the chart. If I had a million dollars this would make a whopping difference of $3,129 each year.
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Re: All money market funds by 7-day yield

Post by tonyclifton »

adamhg wrote: Mon Mar 20, 2023 12:29 am I ended up pulling all money market funds off FINRA and checked each 7-day yield from NASDAQ and minimum initial investment from TDA.
Thanks for doing this and putting together the data. One heads up...Save yourself some data entry. The expense ratio doesn't (shouldn't matter) as the yield is after expenses.
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Re: All money market funds by 7-day yield

Post by Yesterdaysnews »

tonyclifton wrote: Mon Mar 20, 2023 5:37 pm
Yesterdaysnews wrote: Mon Mar 20, 2023 5:06 pm Schwab is the worst when it comes to MMF. I consolidated at Schwab and got a nice bonus, but it annoys me.
What do you mean by "the worst"?

SWVXX, which I own, is "only" .3219% less yield than the "best" on the chart. If I had a million dollars this would make a whopping difference of $3,129 each year.
Fidelity will allow you to make your sweep account a treasury MM fund yielding 4.25%. At Schwab your uninvested money earns 0.45, unless you invest it manually into a MM fund. This is absurd imo and is basically the way they make money, but people not realizing it and Schwab taking the large carry as pure profit.

Sure, maybe not an issue for a decade where everything yielded nothing, but we are in a new investing era now and I may slowly shift my money.
Fidelity is really good also customer service wise.
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Re: All money market funds by 7-day yield

Post by tonyclifton »

Yesterdaysnews wrote: Mon Mar 20, 2023 6:29 pm At Schwab your uninvested money earns 0.45, unless you invest it manually into a MM fund.
Ahhh…I get it. In all my various Schwab accounts I have zero uninvested cash. The closest to cash in the SWVXX money market fund.
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Re: All money market funds by 7-day yield

Post by mudd »

Nice job!

I currently have most of my cash in FZDXX in my CMA acct. MY 2 Roth IRA's I set the sweep to FDRXX.
Been wondering if I should change these to Treasury only MM's. Not sure which Fidelity options I would have to do this.
Your sheet doesn't seem to clarify which are treasury only... or I don't know enough to decipher.
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Re: All money market funds by 7-day yield

Post by UpperNwGuy »

Yesterdaysnews wrote: Mon Mar 20, 2023 5:06 pm Schwab is the worst when it comes to MMF. I consolidated at Schwab and got a nice bonus, but it annoys me.
Schwab has some fine money market funds. Your complaint is probably about their low-yielding settlement fund which is not a money market fund.
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Re: All money market funds by 7-day yield

Post by NinnyMuggins »

It seems none of these are open to new investors. Am I missing something?
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intendi
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Re: All money market funds by 7-day yield

Post by intendi »

mudd wrote: Mon Mar 20, 2023 9:06 pm Nice job!

I currently have most of my cash in FZDXX in my CMA acct. MY 2 Roth IRA's I set the sweep to FDRXX.
Been wondering if I should change these to Treasury only MM's. Not sure which Fidelity options I would have to do this.
Your sheet doesn't seem to clarify which are treasury only... or I don't know enough to decipher.
FDLXX is the treasury only option at Fidelity. I just moved from FZDXX-->FDLXX myself.
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Re: All money market funds by 7-day yield

Post by mudd »

intendi wrote: Tue Mar 21, 2023 10:01 am
mudd wrote: Mon Mar 20, 2023 9:06 pm Nice job!

I currently have most of my cash in FZDXX in my CMA acct. MY 2 Roth IRA's I set the sweep to FDRXX.
Been wondering if I should change these to Treasury only MM's. Not sure which Fidelity options I would have to do this.
Your sheet doesn't seem to clarify which are treasury only... or I don't know enough to decipher.
FDLXX is the treasury only option at Fidelity. I just moved from FZDXX-->FDLXX myself.
Thanks! I see 7 day yield is 4.16%. Not too much lower than the 4.46 on FZDXX or 4.28 on FDRXX. and no minimum.
I might be switching some, but not really all that sure i should be concerned.
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Re: All money market funds by 7-day yield

Post by intendi »

mudd wrote: Tue Mar 21, 2023 10:20 am
intendi wrote: Tue Mar 21, 2023 10:01 am
mudd wrote: Mon Mar 20, 2023 9:06 pm Nice job!

I currently have most of my cash in FZDXX in my CMA acct. MY 2 Roth IRA's I set the sweep to FDRXX.
Been wondering if I should change these to Treasury only MM's. Not sure which Fidelity options I would have to do this.
Your sheet doesn't seem to clarify which are treasury only... or I don't know enough to decipher.
FDLXX is the treasury only option at Fidelity. I just moved from FZDXX-->FDLXX myself.
Thanks! I see 7 day yield is 4.16%. Not too much lower than the 4.46 on FZDXX or 4.28 on FDRXX. and no minimum.
I might be switching some, but not really all that sure i should be concerned.

FDLXX 7 day yield is 4.27.

https://institutional.fidelity.com/app/ ... fdlxx.html

FZDXX 7 day yield is 4.45.

https://institutional.fidelity.com/app/ ... fzdxx.html

Honestly, I'm not sure if I should be concerned either.
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Re: All money market funds by 7-day yield

Post by mudd »

intendi wrote: Tue Mar 21, 2023 11:37 am
mudd wrote: Tue Mar 21, 2023 10:20 am
intendi wrote: Tue Mar 21, 2023 10:01 am
mudd wrote: Mon Mar 20, 2023 9:06 pm Nice job!

I currently have most of my cash in FZDXX in my CMA acct. MY 2 Roth IRA's I set the sweep to FDRXX.
Been wondering if I should change these to Treasury only MM's. Not sure which Fidelity options I would have to do this.
Your sheet doesn't seem to clarify which are treasury only... or I don't know enough to decipher.
FDLXX is the treasury only option at Fidelity. I just moved from FZDXX-->FDLXX myself.
Thanks! I see 7 day yield is 4.16%. Not too much lower than the 4.46 on FZDXX or 4.28 on FDRXX. and no minimum.
I might be switching some, but not really all that sure i should be concerned.

FDLXX 7 day yield is 4.27.

https://institutional.fidelity.com/app/ ... fdlxx.html

FZDXX 7 day yield is 4.45.

https://institutional.fidelity.com/app/ ... fzdxx.html

Honestly, I'm not sure if I should be concerned either.
weird..this page shows FDLXX as 4.16% https://fundresearch.fidelity.com/mutua ... /31617H300
intendi
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Re: All money market funds by 7-day yield

Post by intendi »

mudd wrote: Tue Mar 21, 2023 1:34 pm
intendi wrote: Tue Mar 21, 2023 11:37 am
mudd wrote: Tue Mar 21, 2023 10:20 am
intendi wrote: Tue Mar 21, 2023 10:01 am
mudd wrote: Mon Mar 20, 2023 9:06 pm Nice job!

I currently have most of my cash in FZDXX in my CMA acct. MY 2 Roth IRA's I set the sweep to FDRXX.
Been wondering if I should change these to Treasury only MM's. Not sure which Fidelity options I would have to do this.
Your sheet doesn't seem to clarify which are treasury only... or I don't know enough to decipher.
FDLXX is the treasury only option at Fidelity. I just moved from FZDXX-->FDLXX myself.
Thanks! I see 7 day yield is 4.16%. Not too much lower than the 4.46 on FZDXX or 4.28 on FDRXX. and no minimum.
I might be switching some, but not really all that sure i should be concerned.

FDLXX 7 day yield is 4.27.

https://institutional.fidelity.com/app/ ... fdlxx.html

FZDXX 7 day yield is 4.45.

https://institutional.fidelity.com/app/ ... fzdxx.html

Honestly, I'm not sure if I should be concerned either.
weird..this page shows FDLXX as 4.16% https://fundresearch.fidelity.com/mutua ... /31617H300
The institutional pages are updated daily.

4.16% is the 7 day yield as of 2/28.

4.27% is the 7 day yield as of 3/20.
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Re: All money market funds by 7-day yield

Post by erp »

intendi wrote: Tue Mar 21, 2023 11:37 am
mudd wrote: Tue Mar 21, 2023 10:20 am
intendi wrote: Tue Mar 21, 2023 10:01 am FDLXX is the treasury only option at Fidelity. I just moved from FZDXX-->FDLXX myself.
Thanks! I see 7 day yield is 4.16%. Not too much lower than the 4.46 on FZDXX or 4.28 on FDRXX. and no minimum.
I might be switching some, but not really all that sure i should be concerned.

FDLXX 7 day yield is 4.27.

https://institutional.fidelity.com/app/ ... fdlxx.html

FZDXX 7 day yield is 4.45.

https://institutional.fidelity.com/app/ ... fzdxx.html

Honestly, I'm not sure if I should be concerned either.
I just moved from fzdxx to fdlxx also. Turns out after tax, fdlxx has been better at my tax rate for a while. ie for me,

4.27 * (1-fed) > 4.45 * (1-fed-state)
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Re: All money market funds by 7-day yield

Post by mudd »

erp wrote: Tue Mar 21, 2023 2:12 pm
intendi wrote: Tue Mar 21, 2023 11:37 am
mudd wrote: Tue Mar 21, 2023 10:20 am
intendi wrote: Tue Mar 21, 2023 10:01 am FDLXX is the treasury only option at Fidelity. I just moved from FZDXX-->FDLXX myself.
Thanks! I see 7 day yield is 4.16%. Not too much lower than the 4.46 on FZDXX or 4.28 on FDRXX. and no minimum.
I might be switching some, but not really all that sure i should be concerned.

FDLXX 7 day yield is 4.27.

https://institutional.fidelity.com/app/ ... fdlxx.html

FZDXX 7 day yield is 4.45.

https://institutional.fidelity.com/app/ ... fzdxx.html

Honestly, I'm not sure if I should be concerned either.
I just moved from fzdxx to fdlxx also. Turns out after tax, fdlxx has been better at my tax rate for a while. ie for me,

4.27 * (1-fed) > 4.45 * (1-fed-state)
i'm not even sure how it would matter for me taxwise. i'm in Illinois so i'd guess prob the same for me. no income other than SS tho..
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Re: All money market funds by 7-day yield

Post by Kevin M »

adamhg wrote: Mon Mar 20, 2023 12:29 am We typically keep our cash holdings in box spreads (I run boxtrades.com for this) but were recently informed by our mortgage broker that they won't accept anything but "cash equivalents" as proof of funds. As a result, I've been researching alternatives and right now it seems like money market funds are the top yielding instrument that provides the flexibility we need.
Treasuries of about the same maturity as your box expiration dates would be the closest replacement in terms of yield and risk. I was using box spreads and getting a small premium over Treasuries (smaller after considering taxes), but after failing to get my last few attempts filled at reasonable premiums, I've just gone back to short-term Treasuries.

A Treasury MM fund, like VUSXX, might appear to provide a slightly higher yield (4.58% as of yesterday), while a 1 month Treasury yield is about 4.01% today, and 2-month is 4.41%. One unknown is how much VUSXX income will be USGO in 2022, so we don't know what the taxable equivalent yield is--a 2-month Treasury could end up having a higher TEY as of now, depending on your fed and state income tax rates.

Personally I am holding a good chunk in VUSXX and the rest in taxable in short-term Treasuries (out to about 6 month maturity).

Kevin
If I make a calculation error, #Cruncher probably will let me know.
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Re: All money market funds by 7-day yield

Post by Scrooge McDuck »

adamhg wrote: Mon Mar 20, 2023 12:29 am We typically keep our cash holdings in box spreads (I run boxtrades.com for this) but were recently informed by our mortgage broker that they won't accept anything but "cash equivalents" as proof of funds. As a result, I've been researching alternatives and right now it seems like money market funds are the top yielding instrument that provides the flexibility we need.

I ended up pulling all money market funds off FINRA and checked each 7-day yield from NASDAQ and minimum initial investment from TDA. Not all of the data is 100%, but from my checks, the yield seems mostly accurate. Minimums change per brokerage (often drastically) and some expenses and AUM are wrong or missing. I may track these long term and build a proper screener, but until then, this Google sheet will have to do:

https://docs.google.com/spreadsheets/d/ ... sp=sharing

Is there an easy way to see what brokerages offer each fund? In my checks, for example, the minimum investment is also useless as TDA has MISXX as $10MM minimum whereas E-trade has it at $1k? My understanding is that yield is after expenses and I don't mind paying a higher expense for a fund yielding slightly higher in the short term. Thoughts?
Cool. I recently did something similar except that I scraped yields for Vanguard, Fidelity and Schwab from their websites. Much less comprehensive than what you have done. I didn't know about FINRA. Can anyone get their data?

I have a website where I let you view the various funds and sort by yield, but I think by forum rules I'm not allowed to promote it (or even name it) here.
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Re: All money market funds by 7-day yield

Post by adamhg »

I updated today's data and also figured out how to scrape EDGAR which is a game changer. I added WAM, WAL, last filing dates, and % US Treasuries and % US Gov Agencies as new columns. I don't think there's an easy way to pull municipals unfortunately.
Kevin M wrote: Tue Mar 21, 2023 5:12 pm Treasuries of about the same maturity as your box expiration dates would be the closest replacement in terms of yield and risk. I was using box spreads and getting a small premium over Treasuries (smaller after considering taxes), but after failing to get my last few attempts filled at reasonable premiums, I've just gone back to short-term Treasuries.

A Treasury MM fund, like VUSXX, might appear to provide a slightly higher yield (4.58% as of yesterday), while a 1 month Treasury yield is about 4.01% today, and 2-month is 4.41%. One unknown is how much VUSXX income will be USGO in 2022, so we don't know what the taxable equivalent yield is--a 2-month Treasury could end up having a higher TEY as of now, depending on your fed and state income tax rates.

Personally I am holding a good chunk in VUSXX and the rest in taxable in short-term Treasuries (out to about 6 month maturity).

Kevin
I'm leaning towards VUSXX as well, but GABXX looks pretty enticing on E*Trade. From pure yield, IPPXX is also available from IB, but no USGO.
Scrooge McDuck wrote: Tue Mar 21, 2023 6:25 pm Cool. I recently did something similar except that I scraped yields for Vanguard, Fidelity and Schwab from their websites. Much less comprehensive than what you have done. I didn't know about FINRA. Can anyone get their data?

I have a website where I let you view the various funds and sort by yield, but I think by forum rules I'm not allowed to promote it (or even name it) here.
Yeah FINRA has a mutual fund look up tool, but I'm seeing a lot of the data it comes back with is old and some funds have been wound down already. EDGAR might be a better source ultimately. I'll try to figure it out next to get a 100% comprehensive list.

Wouldn't mind a pm for your site to check it out
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Re: All money market funds by 7-day yield

Post by Starbase »

tonyclifton wrote: Mon Mar 20, 2023 5:37 pm
Yesterdaysnews wrote: Mon Mar 20, 2023 5:06 pm Schwab is the worst when it comes to MMF. I consolidated at Schwab and got a nice bonus, but it annoys me.
What do you mean by "the worst"?

SWVXX, which I own, is "only" .3219% less yield than the "best" on the chart. If I had a million dollars this would make a whopping difference of $3,129 each year.
$3k is nothing to sneeze at
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Re: All money market funds by 7-day yield

Post by tonyclifton »

Starbase wrote: Thu Mar 23, 2023 1:20 am
tonyclifton wrote: Mon Mar 20, 2023 5:37 pm
Yesterdaysnews wrote: Mon Mar 20, 2023 5:06 pm Schwab is the worst when it comes to MMF. I consolidated at Schwab and got a nice bonus, but it annoys me.
What do you mean by "the worst"?

SWVXX, which I own, is "only" .3219% less yield than the "best" on the chart. If I had a million dollars this would make a whopping difference of $3,129 each year.
$3k is nothing to sneeze at
Point taken! If I walked by that sitting on the sidewalk I would for sure pick it up. Same for pennies. That $3k difference needs to be put into context. The "best" on the chart are primarily for institutional investor and not available to me, the retail investor. If I had $1m in a money market fund I would need a new gameplan!
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Re: All money market funds by 7-day yield

Post by Starbase »

tonyclifton wrote: Thu Mar 23, 2023 5:35 am
Starbase wrote: Thu Mar 23, 2023 1:20 am
tonyclifton wrote: Mon Mar 20, 2023 5:37 pm
Yesterdaysnews wrote: Mon Mar 20, 2023 5:06 pm Schwab is the worst when it comes to MMF. I consolidated at Schwab and got a nice bonus, but it annoys me.
What do you mean by "the worst"?

SWVXX, which I own, is "only" .3219% less yield than the "best" on the chart. If I had a million dollars this would make a whopping difference of $3,129 each year.
$3k is nothing to sneeze at
Point taken! If I walked by that sitting on the sidewalk I would for sure pick it up. Same for pennies. That $3k difference needs to be put into context. The "best" on the chart are primarily for institutional investor and not available to me, the retail investor. If I had $1m in a money market fund I would need a new gameplan!
I only have about $45k in SWVXX (my son's tuition until it has to be paid to the school). It's much better than keeping it in a checking account which are still not giving almost any interest.
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adamhg
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Re: All money market funds by 7-day yield

Post by adamhg »

Today's data has a bit more from Edgar, including the full list of money market funds that filed in the last month. Also the Category is better too, including identifying Treasury and SingleState funds. Some Treasury funds seem show 0% under US Treasuries column I think because they hold repurchase agreements instead of actual treasuries. Single state munis you'll need to filter and then sort though. Only about 50 in total. Min investment is also back, but this time from the filing, so individual brokerages might still vary. Only thing coming from NASDAQ now is 7-day yield
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Re: All money market funds by 7-day yield

Post by Arby »

intendi wrote: Tue Mar 21, 2023 10:01 am
mudd wrote: Mon Mar 20, 2023 9:06 pm Nice job!

I currently have most of my cash in FZDXX in my CMA acct. MY 2 Roth IRA's I set the sweep to FDRXX.
Been wondering if I should change these to Treasury only MM's. Not sure which Fidelity options I would have to do this.
Your sheet doesn't seem to clarify which are treasury only... or I don't know enough to decipher.
FDLXX is the treasury only option at Fidelity. I just moved from FZDXX-->FDLXX myself.
FDLXX appears to be closed to new investors. Would FDRXX be the closest equivalent Fido money market fund?

How about 1 month CDs? Zions Bancorp is paying 4.95% interest. Their stock got hammered today but if they went belly up I would only lose the interest. How long would it take to retrieve my money in that scenario? Ally and Linkbank are paying 4.9%.
Ferdinand2014
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Re: All money market funds by 7-day yield

Post by Ferdinand2014 »

Arby wrote: Fri Mar 24, 2023 5:08 am
intendi wrote: Tue Mar 21, 2023 10:01 am
mudd wrote: Mon Mar 20, 2023 9:06 pm Nice job!

I currently have most of my cash in FZDXX in my CMA acct. MY 2 Roth IRA's I set the sweep to FDRXX.
Been wondering if I should change these to Treasury only MM's. Not sure which Fidelity options I would have to do this.
Your sheet doesn't seem to clarify which are treasury only... or I don't know enough to decipher.
FDLXX is the treasury only option at Fidelity. I just moved from FZDXX-->FDLXX myself.
FDLXX appears to be closed to new investors. Would FDRXX be the closest equivalent Fido money market fund?

How about 1 month CDs? Zions Bancorp is paying 4.95% interest. Their stock got hammered today but if they went belly up I would only lose the interest. How long would it take to retrieve my money in that scenario? Ally and Linkbank are paying 4.9%.
I can't see where it shows closed to new investors? FZFXX is another option. Not as pure as FDLXX, but still no commercial paper that I am aware of.
“You only find out who is swimming naked when the tide goes out.“ — Warren Buffett
Ferdinand2014
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Re: All money market funds by 7-day yield

Post by Ferdinand2014 »

This appears to be the relatively infrequent time that my fixed income of only short term treasury's has been an advantage over the typical investment grade bond fund. I value stability and safety over all else for my fixed income.
“You only find out who is swimming naked when the tide goes out.“ — Warren Buffett
Ferdinand2014
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Re: All money market funds by 7-day yield

Post by Ferdinand2014 »

intendi wrote: Tue Mar 21, 2023 1:42 pm
mudd wrote: Tue Mar 21, 2023 1:34 pm
intendi wrote: Tue Mar 21, 2023 11:37 am
mudd wrote: Tue Mar 21, 2023 10:20 am
intendi wrote: Tue Mar 21, 2023 10:01 am

FDLXX is the treasury only option at Fidelity. I just moved from FZDXX-->FDLXX myself.
Thanks! I see 7 day yield is 4.16%. Not too much lower than the 4.46 on FZDXX or 4.28 on FDRXX. and no minimum.
I might be switching some, but not really all that sure i should be concerned.

FDLXX 7 day yield is 4.27.

https://institutional.fidelity.com/app/ ... fdlxx.html

FZDXX 7 day yield is 4.45.

https://institutional.fidelity.com/app/ ... fzdxx.html

Honestly, I'm not sure if I should be concerned either.
weird..this page shows FDLXX as 4.16% https://fundresearch.fidelity.com/mutua ... /31617H300
The institutional pages are updated daily.

4.16% is the 7 day yield as of 2/28.

4.27% is the 7 day yield as of 3/20.
If you look under the 'performance and risk tab' of the retail site you will find the updated yield data usually within 1 day of current.


https://fundresearch.fidelity.com/mutua ... =sq-NavBar
“You only find out who is swimming naked when the tide goes out.“ — Warren Buffett
Arby
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Re: All money market funds by 7-day yield

Post by Arby »

Ferdinand2014 wrote: Fri Mar 24, 2023 5:42 am
Arby wrote: Fri Mar 24, 2023 5:08 am
intendi wrote: Tue Mar 21, 2023 10:01 am
mudd wrote: Mon Mar 20, 2023 9:06 pm Nice job!

I currently have most of my cash in FZDXX in my CMA acct. MY 2 Roth IRA's I set the sweep to FDRXX.
Been wondering if I should change these to Treasury only MM's. Not sure which Fidelity options I would have to do this.
Your sheet doesn't seem to clarify which are treasury only... or I don't know enough to decipher.
FDLXX is the treasury only option at Fidelity. I just moved from FZDXX-->FDLXX myself.
FDLXX appears to be closed to new investors. Would FDRXX be the closest equivalent Fido money market fund?

How about 1 month CDs? Zions Bancorp is paying 4.95% interest. Their stock got hammered today but if they went belly up I would only lose the interest. How long would it take to retrieve my money in that scenario? Ally and Linkbank are paying 4.9%.
I can't see where it shows closed to new investors? FZFXX is another option. Not as pure as FDLXX, but still no commercial paper that I am aware of.
You're right. Upon closer examination, it was closed but has now reopened.
Historical Fund Information Historical Fund Information Additional Information
Fund Closed to New Accounts: This fund is closed to new investors. 4/1/2020 - 8/31/2020
Fund Closed to New Accounts: This fund is closed to new investors. 12/23/2008 - 6/30/2010
CloseEnough
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Re: All money market funds by 7-day yield

Post by CloseEnough »

intendi wrote: Tue Mar 21, 2023 11:37 am
mudd wrote: Tue Mar 21, 2023 10:20 am
intendi wrote: Tue Mar 21, 2023 10:01 am
mudd wrote: Mon Mar 20, 2023 9:06 pm Nice job!

I currently have most of my cash in FZDXX in my CMA acct. MY 2 Roth IRA's I set the sweep to FDRXX.
Been wondering if I should change these to Treasury only MM's. Not sure which Fidelity options I would have to do this.
Your sheet doesn't seem to clarify which are treasury only... or I don't know enough to decipher.
FDLXX is the treasury only option at Fidelity. I just moved from FZDXX-->FDLXX myself.
Thanks! I see 7 day yield is 4.16%. Not too much lower than the 4.46 on FZDXX or 4.28 on FDRXX. and no minimum.
I might be switching some, but not really all that sure i should be concerned.

FDLXX 7 day yield is 4.27.

https://institutional.fidelity.com/app/ ... fdlxx.html

FZDXX 7 day yield is 4.45.

https://institutional.fidelity.com/app/ ... fzdxx.html

Honestly, I'm not sure if I should be concerned either.
Both would appear to me to be very low risk investments to park a substantial cash position. Although not a huge difference in yield, there is some, so, just curious what the concern is that caused you (and others?) to make that move?
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sperry8
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Re: All money market funds by 7-day yield

Post by sperry8 »

adamhg wrote: Mon Mar 20, 2023 12:29 am We typically keep our cash holdings in box spreads (I run boxtrades.com for this) but were recently informed by our mortgage broker that they won't accept anything but "cash equivalents" as proof of funds. As a result, I've been researching alternatives and right now it seems like money market funds are the top yielding instrument that provides the flexibility we need.

I ended up pulling all money market funds off FINRA and checked each 7-day yield from NASDAQ and minimum initial investment from TDA. Not all of the data is 100%, but from my checks, the yield seems mostly accurate. Minimums change per brokerage (often drastically) and some expenses and AUM are wrong or missing. I may track these long term and build a proper screener, but until then, this Google sheet will have to do:

https://docs.google.com/spreadsheets/d/ ... sp=sharing

Is there an easy way to see what brokerages offer each fund? In my checks, for example, the minimum investment is also useless as TDA has MISXX as $10MM minimum whereas E-trade has it at $1k? My understanding is that yield is after expenses and I don't mind paying a higher expense for a fund yielding slightly higher in the short term. Thoughts?

Update: I added WAM, WAL, last filing dates, and % US Treasuries and % US Gov Agencies as new columns
What a great list! I may have to look at why I'm earning ~.2% less with Vanguards sweep money market fund...
BH Contests: 23 #89 of 607 | 22 #512 of 674 | 21 #66 of 636 |20 #253/664 |19 #233/645 |18 #150/493 |17 #516/647 |16 #121/610 |15 #18/552 |14 #225/503 |13 #383/433 |12 #366/410 |11 #113/369 |10 #53/282
intendi
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Re: All money market funds by 7-day yield

Post by intendi »

CloseEnough wrote: Fri Mar 24, 2023 7:42 am
intendi wrote: Tue Mar 21, 2023 11:37 am
mudd wrote: Tue Mar 21, 2023 10:20 am
intendi wrote: Tue Mar 21, 2023 10:01 am
mudd wrote: Mon Mar 20, 2023 9:06 pm Nice job!

I currently have most of my cash in FZDXX in my CMA acct. MY 2 Roth IRA's I set the sweep to FDRXX.
Been wondering if I should change these to Treasury only MM's. Not sure which Fidelity options I would have to do this.
Your sheet doesn't seem to clarify which are treasury only... or I don't know enough to decipher.
FDLXX is the treasury only option at Fidelity. I just moved from FZDXX-->FDLXX myself.
Thanks! I see 7 day yield is 4.16%. Not too much lower than the 4.46 on FZDXX or 4.28 on FDRXX. and no minimum.
I might be switching some, but not really all that sure i should be concerned.

FDLXX 7 day yield is 4.27.

https://institutional.fidelity.com/app/ ... fdlxx.html

FZDXX 7 day yield is 4.45.

https://institutional.fidelity.com/app/ ... fzdxx.html

Honestly, I'm not sure if I should be concerned either.
Both would appear to me to be very low risk investments to park a substantial cash position. Although not a huge difference in yield, there is some, so, just curious what the concern is that caused you (and others?) to make that move?
Speaking for myself: Fear and the urge to do something about it I suppose.

Roughly 75% liquid assets for FZDXX vs. 100% for FDLXX.

75% isn't too shabby.
grandnexus
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Re: All money market funds by 7-day yield

Post by grandnexus »

Maybe I'm missing something in this thread, but why not just do VUSXX? Expense ratio is 0.09%, 4.61% yield, and 71% of it is in US Treasury Bills.

The only reason I'd consider SNSXX, which is 0.35 expense, 4.19% yield, is because it is 100% in US treasury bills and I'm in a state where there is state income tax. But even then, would the 29% difference in non-US treasury bills....does that compensate for the difference in yield and expense ratio?

Also FDLXX looks good, 4.16% yield, 0.42% expense ratio, 87% treasuries.

UPDATE. I can't seem to buy VUSXX from my Schwab brokerage account. Anyone else seeing this?
Also can't seem to buy FDLXX...lol.

Well...I guess I should just buy treasuries directly on the secondary market?
Last edited by grandnexus on Fri Mar 24, 2023 8:59 pm, edited 1 time in total.
ofckrupke
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Re: All money market funds by 7-day yield

Post by ofckrupke »

grandnexus wrote: Fri Mar 24, 2023 6:09 pm Well...I guess I should just buy treasuries directly on the secondary market?
That's what I do (or sometimes at auction if I have a bill maturing on the issue date for the bill at auction)...and I sweep the spare change into SNSXX.
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Kevin M
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Re: All money market funds by 7-day yield

Post by Kevin M »

grandnexus wrote: Fri Mar 24, 2023 6:09 pm Maybe I'm missing something in this thread, but why not just do VUSXX? Expense ratio is 0.09%, 4.61% yield, and 71% of it is in US Treasury Bills.
We don't know what the % USGO will be for 2023. We don't know how much is in USGO now, but only as of Feb 28. Hopefully the repos have been short term holdings, and the % USGO will be higher than 71% for the year.

One slightly bad sign is that VUSXX 7-day yield jumped 5 basis points yesterday (compared to VMFXX jump of 8 bps). MM funds with more repos react more quickly to fed rate hikes.
If I make a calculation error, #Cruncher probably will let me know.
grandnexus
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Re: All money market funds by 7-day yield

Post by grandnexus »

Kevin M wrote: Fri Mar 24, 2023 9:18 pm
grandnexus wrote: Fri Mar 24, 2023 6:09 pm Maybe I'm missing something in this thread, but why not just do VUSXX? Expense ratio is 0.09%, 4.61% yield, and 71% of it is in US Treasury Bills.
We don't know what the % USGO will be for 2023. We don't know how much is in USGO now, but only as of Feb 28. Hopefully the repos have been short term holdings, and the % USGO will be higher than 71% for the year.

One slightly bad sign is that VUSXX 7-day yield jumped 5 basis points yesterday (compared to VMFXX jump of 8 bps). MM funds with more repos react more quickly to fed rate hikes.
Isn't that true of any MMF? You will never know what the % USGO will be for 2023?
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adamhg
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Re: All money market funds by 7-day yield

Post by adamhg »

grandnexus wrote: Fri Mar 24, 2023 9:29 pm
Kevin M wrote: Fri Mar 24, 2023 9:18 pm
grandnexus wrote: Fri Mar 24, 2023 6:09 pm Maybe I'm missing something in this thread, but why not just do VUSXX? Expense ratio is 0.09%, 4.61% yield, and 71% of it is in US Treasury Bills.
We don't know what the % USGO will be for 2023. We don't know how much is in USGO now, but only as of Feb 28. Hopefully the repos have been short term holdings, and the % USGO will be higher than 71% for the year.

One slightly bad sign is that VUSXX 7-day yield jumped 5 basis points yesterday (compared to VMFXX jump of 8 bps). MM funds with more repos react more quickly to fed rate hikes.
Isn't that true of any MMF? You will never know what the % USGO will be for 2023?
We should know the % USGO for all of 2023 after the fact.

I also updated today's data with % US Treasury Repos and % US Gov Agency Repo to get the full picture for Treasury and Gov Agency MMFs. enjoy
Lyrrad
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Re: All money market funds by 7-day yield

Post by Lyrrad »

grandnexus wrote: Fri Mar 24, 2023 9:29 pm Isn't that true of any MMF? You will never know what the % USGO will be for 2023?
Some MMFs specifically commit to try to avoid using repos, so they're much more likely to qualify as for state tax exemptions, particularly in NY, CA, and CT, where at least 50% needs to be in USGO as of each quarter end to qualify for any exemption.


TTTXX (Blackrock Treasury Trust Fund) Prospectus:
Treasury Trust Fund invests 100% of its total assets in cash, U.S. Treasury bills, notes and other obligations issued or guaranteed as to principal and interest by the U.S. Treasury.
FSIXX (Fidelity Investments Money Market Treasury Only Portfolio) Prospectus:
Normally investing at least 99.5% of total assets in cash and U.S. Treasury securities.
Compare with:

VUSXX (Vanguard Treasury Money Market Fund) Prospectus:
Under normal circumstances, at least 80% of the Fund’s assets will be invested in U.S. Treasury securities and in repurchase agreements fully collateralized by U.S. Treasury securities; the remainder of the assets will also be invested in U.S. Treasury securities and in repurchase agreements fully collateralized by U.S. Treasury securities.
FISXX (Fidelity Investments Money Market Treasury Portfolio) Prospectus:
Normally investing at least 99.5% of total assets in cash, U.S. Treasury securities and/or repurchase agreements for those securities.
grandnexus
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Re: All money market funds by 7-day yield

Post by grandnexus »

Kevin M wrote: Fri Mar 24, 2023 9:18 pm I also updated today's data with % US Treasury Repos and % US Gov Agency Repo to get the full picture for Treasury and Gov Agency MMFs. enjoy
Thanks! What is WAM and WAL? Also, is there anyway you can add the expense ratio? That would be super useful.
grandnexus
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Re: All money market funds by 7-day yield

Post by grandnexus »

Kevin M wrote: Fri Mar 24, 2023 9:18 pm I also updated today's data with % US Treasury Repos and % US Gov Agency Repo to get the full picture for Treasury and Gov Agency MMFs. enjoy
Thanks! What is WAM and WAL? Also, is there anyway you can add the expense ratio? That would be super useful.
Edit: Nevermind, it is in the earlier sheets, I think you forgot to copy/paste that column over.
grandnexus
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Re: All money market funds by 7-day yield

Post by grandnexus »

I did some of my own calculations with excel, and based off what I'm seeing the % of the fund in treasuries doesn't seem to have a significant impact on the gains given a certain percentage of state income tax.

Example. Lets say the state income tax is 5.75%, here are two funds:

Ticker Initial Invest 7-day Yield Exp. Ratio % in treasury State Income Gainzzzz
VMRXX $100,000.00 4.6700% 0.10% 42.80% 5.75% $4,419.69
FSIXX $100,000.00 4.4100% 0.21% 100.00% 5.75% $4,200.00

Even with 100% of FSIXX in treasuries, it still has less gainz simply due to a lower yield and higher expense ratio. Therefore, unless your state income tax is insane, it seems like the total yield (yield - expense ratio) is more important.

Here are more examples:

Ticker Initial Invest 7-day Yield Exp. Ratio % in treasury State Income Gainzzzz
VUSXX $100,000.00 4.6600% 0.09% 75.70% 5.75% $4,506.15
VMRXX $100,000.00 4.6700% 0.10% 42.80% 5.75% $4,419.69
SPAXX $100,000.00 4.2200% 0.42% 5.50% 5.75% $3,593.52
FZFXX $100,000.00 4.2300% 0.42% 12.21% 5.75% $3,617.67
FSIXX $100,000.00 4.4100% 0.21% 100.00% 5.75% $4,200.00
FDLXX $100,000.00 4.2400% 0.42% 94.00% 5.75% $3,806.82
SWGXX $100,000.00 4.2500% 0.45% 10.00% 5.75% $3,603.35
SNOXX $100,000.00 4.4100% 0.35% 10.00% 5.75% $3,849.90
SNSXX $100,000.00 4.1500% 0.34% 100.00% 5.75% $3,810.00
SWVXX $100,000.00 4.5800% 0.35% 0.00% 5.75% $3,986.78


NOTE for SWGXX, SNOXX, SWVXX I couldn't find the exact % in treasuries since the portfolio PDF from the schwab website was weird, but who cares..the math still shows that it doesn't matter. Going either further, it seems like getting a CD @ 5.25% is the optimal move. The only downside is that it is locked in, so not liquid at all.....

So....am I missing something here? Is there a variable that I didn't account for?

Bleh....anyone know how to make the text line up like a table?
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adamhg
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Re: All money market funds by 7-day yield

Post by adamhg »

grandnexus wrote: Sat Mar 25, 2023 10:12 am
Kevin M wrote: Fri Mar 24, 2023 9:18 pm I also updated today's data with % US Treasury Repos and % US Gov Agency Repo to get the full picture for Treasury and Gov Agency MMFs. enjoy
Thanks! What is WAM and WAL? Also, is there anyway you can add the expense ratio? That would be super useful.
Edit: Nevermind, it is in the earlier sheets, I think you forgot to copy/paste that column over.
https://www.ici.org/print/pdf/node/832221
What is weighted average maturity (WAM)?
A fund’s weighted average maturity is a dollar-weighted average measure of the maturity of a fund’s portfolio securities. As defined under Rule 2a-7 under the Investment Company Act of 1940—the rule that regulates U.S. money market funds—WAM takes into account maturity-shortening provisions, such as the date of an instrument’s next interest rate reset date and/or tender dates. Currently, money market funds must maintain a WAM of 60 days or less.

What is weighted average life (WAL)?
The weighted average life is a dollar-weighted average of the maturity of a fund’s portfolio. It differs from a fund’s WAM because the WAL uses the stated final maturity date of a security—the date on which the fund has an unconditional right to receive payment of principal and interest. For securities with a demand feature (such as a “put provision”), the WAL calculation allows the fund to set the security’s final maturity date equal to the next date at which the fund may demand payment of principal and interest. Currently, money market funds must maintain a WAL of 120 days or less. The effect of the WAL restriction is to limit the ability of the fund to invest in long-term floating-rate securities.
I expense ratio off when I switched to Edgar from Finra. I'll see about adding it back, but in the mean time, you can reference the older columns and other people have already pointed out that yield is net of expense.
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Kevin M
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Re: All money market funds by 7-day yield

Post by Kevin M »

grandnexus wrote: Fri Mar 24, 2023 9:29 pm
Kevin M wrote: Fri Mar 24, 2023 9:18 pm
grandnexus wrote: Fri Mar 24, 2023 6:09 pm Maybe I'm missing something in this thread, but why not just do VUSXX? Expense ratio is 0.09%, 4.61% yield, and 71% of it is in US Treasury Bills.
We don't know what the % USGO will be for 2023. We don't know how much is in USGO now, but only as of Feb 28. Hopefully the repos have been short term holdings, and the % USGO will be higher than 71% for the year.

One slightly bad sign is that VUSXX 7-day yield jumped 5 basis points yesterday (compared to VMFXX jump of 8 bps). MM funds with more repos react more quickly to fed rate hikes.
Isn't that true of any MMF? You will never know what the % USGO will be for 2023?
No. Before VUSXX started using repos so much, the yield rose gradually, while VMFXX and VMRXX, which both are heavy into repos, jumped right after each fed rate hike.

Image

Just showing the last month so we can see the recent changes more clearly:

Image

I think I'll start assuming 75% or 80% USGO for VUSXX for 2023.

Kevin
If I make a calculation error, #Cruncher probably will let me know.
erp
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Re: All money market funds by 7-day yield

Post by erp »

grandnexus wrote: Sat Mar 25, 2023 12:04 pm I did some of my own calculations with excel, and based off what I'm seeing the % of the fund in treasuries doesn't seem to have a significant impact on the gains given a certain percentage of state income tax.

Example. Lets say the state income tax is 5.75%, here are two funds:

Ticker Initial Invest 7-day Yield Exp. Ratio % in treasury State Income Gainzzzz
VMRXX $100,000.00 4.6700% 0.10% 42.80% 5.75% $4,419.69
FSIXX $100,000.00 4.4100% 0.21% 100.00% 5.75% $4,200.00
Two corrections:
- you shouldn't subtract the exp ratio. It's already reflected in the yield.
- for your gainzzzz you need to consider your fed tax rate. As the fed tax rate goes up, the impact of the state deduction gets relatively larger. At 40.8%, the gainzzzz for this example are almost the same (within a dollar)

Finally, for some states like CA, if the gov oblig holdings falls below 50% at the end of any quarter, you get 0% state deduction (VMRXX falls into that category, so the 42.8% is really replaced by a 0% for them)
grandnexus
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Re: All money market funds by 7-day yield

Post by grandnexus »

erp wrote: Sat Mar 25, 2023 3:40 pm
grandnexus wrote: Sat Mar 25, 2023 12:04 pm I did some of my own calculations with excel, and based off what I'm seeing the % of the fund in treasuries doesn't seem to have a significant impact on the gains given a certain percentage of state income tax.

Example. Lets say the state income tax is 5.75%, here are two funds:

Ticker Initial Invest 7-day Yield Exp. Ratio % in treasury State Income Gainzzzz
VMRXX $100,000.00 4.6700% 0.10% 42.80% 5.75% $4,419.69
FSIXX $100,000.00 4.4100% 0.21% 100.00% 5.75% $4,200.00
Two corrections:
- you shouldn't subtract the exp ratio. It's already reflected in the yield.
- for your gainzzzz you need to consider your fed tax rate. As the fed tax rate goes up, the impact of the state deduction gets relatively larger. At 40.8%, the gainzzzz for this example are almost the same (within a dollar)

Finally, for some states like CA, if the gov oblig holdings falls below 50% at the end of any quarter, you get 0% state deduction (VMRXX falls into that category, so the 42.8% is really replaced by a 0% for them)
Thanks. Do you know where I can lookup which state requires a certain percentage to be in gov obligations or else 0% deductions?
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