What this ETF is trying to do

The Texas Capital Government Money Market ETF (MMKT) is designed to act like a money market fund. These types of ETFs generally aim to provide a stable place to keep cash while earning a modest amount of income.

What the numbers show

As of October 9, 2026, the share price was $100.14. To understand how the fund performed, we look at two different types of returns:

• Price Return: This measures only the change in the share price. The one-year price return was -0.13%, and the year-to-date (YTD) price return was -0.08%.

• Total Return: This measures the overall return, including the cash distributions paid to investors. The one-year total return was 3.57%, and the YTD total return was 2.67%.

An estimated price from roughly one year ago was $100.27. If you had invested $10,000 based on that estimated price, the price-only decline of -0.13% would mean your shares were worth approximately $9,987 before counting any cash distributions.

Income and distribution explanation

This ETF pays out cash very frequently. In the last 12 months, it made 53 payouts, mostly on Fridays. The distribution yield is approximately 3.64%.

It is important for new investors to remember that a high distribution yield alone can be misleading. Yield tells you how much cash is being paid out relative to the price, but it does not guarantee that the total value of your investment is growing.

NAV erosion explanation

"NAV erosion" happens when the underlying value of an ETF's assets drops over time, which can lead to a permanently lower share price.

For this ETF, the erosion-risk score is 94, and the erosion severity is labeled as "good." The erosion label is "Stable / sideways," and the severe erosion-risk flag is false. This suggests the fund has not shown the patterns typically associated with severe price deterioration.

Pros

• Frequent Income: The fund provides very regular cash payouts (weekly-like).

• Price Stability: The erosion-risk measurements indicate the fund is currently stable.

• Positive Total Return: While the share price dipped slightly, the total return (which includes distributions) remained positive over the last year.

Cons

• Negative Price Return: The share price itself has declined slightly over the last year and year-to-date.

• Limited Diversification: The fund has a very small number of holdings.

Beginner takeaway

MMKT is a fund where the share price stays very close to $100, but the primary goal is to collect frequent cash distributions. While the share price has dropped a tiny amount, the total return shows that the distributions helped the overall investment value.