iShares Premium Money Market ETF Declares $0.113 Dividend
1h ago|4 min readStandard
Fazen Markets Editorial Desk
Collective editorial team · methodology
money-market-etfishares-cmrdividend
Fazen Markets Editorial Desk
Collective editorial team · methodology
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BlackRock announced on June 25, 2026, that the iShares Premium Money Market ETF, trading under the ticker CMR, declared a dividend distribution of $0.113 per share. The distribution pertains to the accumulation period of June 2026. This payout reflects the net investment income earned by the fund’s holdings in high-quality, short-term debt securities. The declaration provides a concrete data point for investors assessing the current yield available in ultra-low-risk cash alternatives.
Money market funds and ETFs have remained central to investor portfolios since the Federal Reserve initiated its current hiking cycle in 2022. The aggregate net assets of U.S. money market funds reached a record $5.9 trillion in May 2024, illustrating sustained demand. The June 2026 dividend declaration arrives as the Federal Reserve maintains a policy rate above 5%, following a series of hikes aimed at curtailing inflation. Institutional and retail investors continue to park significant capital in these vehicles while awaiting clearer signals on the trajectory of interest rates and economic growth.
Historically, money market fund yields have closely tracked the effective federal funds rate. The last comparable distribution for CMR was $0.112 per share for May 2026. The current distribution represents a continuation of elevated income generation relative to the near-zero yield environment that persisted for over a decade post-2008. The stability of these payouts, even amid recent banking sector volatility in 2023, reinforces their role as a defensive anchor in multi-asset strategies.
The immediate catalyst for the specific dividend level is the average yield on the fund’s underlying portfolio of government securities, repurchase agreements, and high-grade commercial paper over the accrual period. Secondary factors include the fund’s expense ratio, which competes directly with peers like the JPMorgan Ultra-Short Income ETF (JPST) and the SPDR Bloomberg 1-3 Month T-Bill ETF (BIL). The declared amount signals that short-term rates have remained firm, with no imminent expectation of a sudden dovish pivot by the Fed.
The iShares Premium Money Market ETF (CMR) declared a dividend of $0.113 per share for June 2026. The fund’s net asset value is held constant at $50.00 per share. This distribution equates to an annualized yield of approximately 2.71%, based on the $50 NAV. CMR’s 30-day SEC yield, a standard measure, was reported at 2.73% in the prior week.
| Metric | CMR (June 2026) | Peer Average (Top 5 Money Market ETFs) |
|---|---|---|
| Declared Dividend | $0.113 | $0.109 |
| 30-Day SEC Yield | 2.73% | 2.68% |
| Expense Ratio | 0.18% | 0.15% |
The fund’s assets under management stand at $12.4 billion. This positions it as a mid-sized player within the money market ETF segment, which collectively manages over $150 billion. The dividend represents a 0.9% increase from the $0.112 paid in May 2026. In contrast, the yield on the 3-month U.S. Treasury bill, a core benchmark, traded at 2.75% on June 24, 2026. CMR’s yield tracks this closely, net of fees.
The consistent dividend from CMR and its peers sustains pressure on equity income strategies. Sectors like utilities (XLU) and real estate (VNQ), which offer dividend yields near 3.5%, must now compete with a near-risk-free alternative yielding over 2.7%. This narrows the equity risk premium, potentially capping multiple expansion for yield-sensitive stocks. Conversely, it provides a reliable income stream for conservative portfolios and corporate treasuries managing operational cash.
A counter-argument is that money market yields are inherently transient, poised to fall if the Fed initiates a cutting cycle. Investors locking in longer-duration bonds today could capture significant price appreciation if yields decline. However, the forward curve currently prices only modest cuts through late 2027, suggesting the income advantage for cash may persist. The primary limitation for CMR is its sensitivity to changes in the Fed’s reverse repurchase agreement facility usage, which can affect underlying portfolio composition and yield.
Positioning data from the Investment Company Institute shows institutional investors have been net buyers of money market funds for 14 consecutive weeks. This flow represents a tactical overweight to liquidity and short-duration assets. The activity suggests a cautious stance toward credit and duration risk ahead of key economic data prints. Within the ETF space, flows have favored government-only funds like BIL over prime funds, indicating a continued preference for the highest credit quality.
The next Federal Open Market Committee decision on July 29, 2026, is the primary catalyst for short-term rate expectations. The committee’s updated Summary of Economic Projections will provide crucial guidance on the terminal rate and the pace of any future easing. Second, the U.S. Bureau of Labor Statistics will release the June Consumer Price Index report on July 10, 2026. A significant deviation from the 2.5% core CPI forecast could swiftly repricing money market yields.
Investors should monitor the spread between the 3-month T-bill yield and the average money market ETF SEC yield. A widening beyond 10 basis points typically indicates fee pressure or portfolio drag. The $50.00 NAV for CMR is a key technical level to watch; any break from this fixed price would signal severe stress in the underlying short-term credit markets, an event last seen during the March 2020 liquidity crisis.
The direction of the Fed’s balance sheet runoff, or quantitative tightening, will also influence the supply of short-term government securities. An accelerated pace could elevate T-bill yields, thereby lifting money market fund payouts. A announced slowdown or halt would have the opposite effect, potentially compressing yields before any official rate cut.
For a retail investor, the $0.113 per share dividend represents accessible income from a low-volatility holding. Unlike bond funds, CMR’s principal value is stable, making it suitable for parking emergency funds or cash earmarked for near-term expenses. The yield, while not inflation-beating, provides a positive return with minimal credit risk. Retail investors can compare this yield to high-yield savings accounts, where the top rates are currently around 2.6%.
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