Money Market Fund Statistics 2026: 22 Facts From the SEC and the Fed
U.S. money market funds held $8.44 trillion in August 2026, up 10% in a year. Twenty-two money market fund statistics from SEC Form N-MFP data, the Federal Reserve and the FDIC, on assets, flows, yields, liquidity and holdings.
U.S. money market funds held $8.44 trillion at the end of August 2026, according to the SEC’s Money Market Fund Statistics, up $768.6 billion in a year. Yields have come down from 2025 but still sit far above the average bank account. Here are 22 statistics from the SEC, the Federal Reserve and the FDIC, plus the fund companies’ own pages for the largest funds, each with a date so you can check it.
Data as of October 7, 2026. Industry figures come from the SEC Division of Investment Management’s Analytics Office report on Form N-MFP data for the period ending August 2026 (filings through September 18, 2026), the Federal Reserve’s H.6 Money Stock Measures release dated September 22, 2026, the Fed’s H.15 Selected Interest Rates dated October 6, 2026, and the FDIC’s national rates for September 2026. Where we add, subtract or divide published figures, we say so. Fund yields are variable and can change daily. Money market funds are not FDIC-insured and can lose money. This page is general information, not financial advice.
Key takeaways
- Size: $8.44 trillion in money market fund net assets in August 2026, up 10.0% from a year earlier.
- Mostly government: about 81.9% of assets sat in government and Treasury funds.
- Yields: government funds averaged a 3.53% 7-day net yield in August 2026, down 0.61 points from August 2025.
- Versus banks: the FDIC’s national average savings rate was 0.37% in September 2026.
- Retail cash: households and other retail investors held $3.074 trillion in retail money market funds, about 13.2% of M2.
Money market funds at a glance (August 2026)
| Measure | Value | Source |
|---|---|---|
| Total net assets | $8,439.5 billion | SEC, Aug 2026 |
| Change from August 2025 | +$768.6 billion (+10.0%) | SEC, our calculation |
| Government and Treasury funds | $6,913.1 billion (81.9%) | SEC, Aug 2026 |
| Prime funds | $1,371.7 billion (16.3%) | SEC, Aug 2026 |
| Tax-exempt funds | $154.7 billion (1.8%) | SEC, Aug 2026 |
| Number of money market funds | 295 | SEC, Aug 2026 |
| Net flows in August 2026 | +$55.1 billion | SEC, Aug 2026 |
| Government funds, average 7-day net yield | 3.53% | SEC, Aug 2026 |
| Retail money market funds in M2 | $3,073.9 billion | Federal Reserve H.6, Aug 2026 |
| National average savings rate | 0.37% | FDIC, Sep 2026 |
How big money market funds are
1. Money market funds held $8.44 trillion in August 2026
The SEC’s Analytics Office reports $8,439.5 billion of net assets across money market funds that file Form N-MFP at the end of August 2026. The total excludes feeder funds to avoid double counting. It is based on staff’s compilation of filings received through September 18, 2026.
2. Assets rose $768.6 billion, or 10.0%, in a year
Net assets were $7,670.9 billion in August 2025. The rise to $8,439.5 billion is an increase of $768.6 billion, or 10.0% (our calculation from SEC Table 2.1). The total peaked within the past year at $8,442.4 billion in June 2026.
3. About 82% of the money is in government and Treasury funds
Government funds held $4,514.9 billion and Treasury funds $2,398.2 billion in August 2026, a combined $6,913.1 billion, or about 81.9% of all net assets (our calculation). These funds keep at least 99.5% of assets in cash, government securities and repurchase agreements backed by them.
4. Prime funds held $1.37 trillion
Prime funds, which can also buy corporate debt such as commercial paper and bank CDs, held $1,371.7 billion: $991.8 billion in retail prime funds and $379.9 billion in institutional prime funds. Tax-exempt funds held $154.7 billion.
| Fund category | Net assets, Aug 2026 | Share of total | Net assets, Aug 2025 |
|---|---|---|---|
| Government | $4,514.9B | 53.5% | $4,155.4B |
| Treasury | $2,398.2B | 28.4% | $2,052.0B |
| Retail prime | $991.8B | 11.8% | $973.1B |
| Institutional prime | $379.9B | 4.5% | $349.6B |
| Tax-exempt (all) | $154.7B | 1.8% | $140.8B |
| Total | $8,439.5B | 100% | $7,670.9B |
Source: SEC, Money Market Fund Statistics, August 2026, Table 2.1. Shares are our calculation.
5. Retail money market funds hold $3.07 trillion of M2
The Federal Reserve counts balances in retail money market funds as part of the M2 money stock. The H.6 release puts them at $3,073.9 billion in August 2026, seasonally adjusted, up 5.6% from $2,910.2 billion in August 2025 (our calculation). That is about 13.2% of M2’s $23,342.8 billion.
6. There are 295 money market funds
The SEC counted 295 money market funds reporting in August 2026, excluding feeder funds, up from 279 a year earlier. That includes 140 government funds, 76 Treasury funds, 38 prime funds and 41 tax-exempt funds, run by 86 investment advisers.
7. The 10 largest funds hold 37.4% of the money
Assets are concentrated. In August 2026 the single largest fund held 5.5% of all money market fund net assets, the top 5 held 22.9%, and the top 10 held 37.4%, per SEC Table 2.12. The top 100 funds held 95.4%.
8. The largest retail funds are hundreds of billions each
Fund companies’ own pages show how big individual funds have become. Fidelity reported $464.4 billion of portfolio net assets for Fidelity Government Money Market Fund (SPAXX) on September 30, 2026. Vanguard reported $377.8 billion for Vanguard Federal Money Market Fund (VMFXX) on the same date, and Schwab reported $249.2 billion for Schwab Prime Advantage Money Fund (SWVXX) on October 6, 2026.
Where the money is flowing
9. Investors added $55.1 billion in August 2026
Net flows into money market funds were +$55.1 billion in August 2026, after an outflow of $62.1 billion in July, per SEC Table 3.9. Government funds took in $30.0 billion and Treasury funds $22.1 billion.
10. $761.6 billion of net inflows in 12 months
Adding the SEC’s monthly net flows from September 2025 through August 2026 gives about $761.6 billion of net new money (our calculation). The biggest month was May 2026, at +$202.3 billion; the biggest outflow was April 2026, at -$100.4 billion, a month that includes the April tax deadline.
| Month | Net flows, all funds | Government + Treasury | Prime |
|---|---|---|---|
| March 2026 | -$54.8B | -$51.1B | -$5.3B |
| April 2026 | -$100.4B | -$77.8B | -$22.3B |
| May 2026 | +$202.3B | +$181.8B | +$19.0B |
| June 2026 | +$52.9B | +$32.9B | +$18.8B |
| July 2026 | -$62.1B | -$38.8B | -$24.6B |
| August 2026 | +$55.1B | +$52.1B | +$3.7B |
Source: SEC, Money Market Fund Statistics, August 2026, Table 3.9.
Money market fund yields
11. Government funds averaged a 3.53% net yield
The SEC’s asset-weighted average 7-day net yield for government money market funds was 3.53% at the end of August 2026. Treasury funds averaged 3.56%.
12. Yields are down about 0.6 points from a year ago
In August 2025, government funds averaged 4.14%, so the average yield fell 0.61 points in 12 months (our calculation). Most of the decline came by early 2026; government fund yields have held between 3.47% and 3.53% since January.
13. Prime funds pay slightly more
Retail prime funds averaged a 3.59% 7-day net yield in August 2026 and institutional prime funds 3.75%. Retail tax-exempt funds averaged 2.24%. The IRS treats exempt-interest dividends from a mutual fund as not taxable for federal income tax purposes, so tax-exempt yields aren’t directly comparable with taxable ones.
| Fund category | Avg. 7-day gross yield | Avg. 7-day net yield | Net yield, Aug 2025 |
|---|---|---|---|
| Government | 3.74% | 3.53% | 4.14% |
| Treasury | 3.76% | 3.56% | 4.11% |
| Retail prime | 3.85% | 3.59% | 4.21% |
| Institutional prime | 3.85% | 3.75% | 4.36% |
| Retail tax-exempt | 2.47% | 2.24% | 2.67% |
Source: SEC, Money Market Fund Statistics, August 2026, Tables 4.1 and 4.3. Month-end, asset-weighted.
14. Fees take about 0.2 points off the average government fund
The gap between the SEC’s average gross yield (3.74%) and net yield (3.53%) for government funds in August 2026 is about 0.21 points (our calculation). For retail prime funds the gap is about 0.26 points. That gap reflects fund expenses, which is why a low expense ratio matters.
15. Money market funds pay roughly 9.5 times the average savings account
The FDIC’s national rate for savings accounts was 0.37% in its September 2026 update, and 0.63% for money market deposit accounts. The average government money market fund’s 3.53% net yield is about 9.5 times the savings average (our calculation). The FDIC’s national rate is a deposit-weighted average, and many online banks pay far more.
| Product | Rate | Source |
|---|---|---|
| Government money market fund, average 7-day net yield | 3.53% | SEC, Aug 2026 |
| Bank money market deposit account, national rate | 0.63% | FDIC, Sep 2026 |
| Bank savings account, national rate | 0.37% | FDIC, Sep 2026 |
| Interest checking, national rate | 0.07% | FDIC, Sep 2026 |
| 12-month CD, national rate | 1.73% | FDIC, Sep 2026 |
| Effective federal funds rate | 3.88% | Federal Reserve H.15, Oct 5, 2026 |
| 3-month Treasury bill | 4.05% | Federal Reserve H.15, Oct 5, 2026 |
16. Big retail funds paid 3.49% to 3.83% on October 6, 2026
On the fund companies’ own pages, 7-day yields as of October 6, 2026 ranged from 3.49% for Fidelity Government Money Market Fund (SPAXX) to 3.83% for Vanguard Treasury Money Market Fund (VUSXX). Expense ratios ran from 0.07% (VUSXX) to 0.42% (SPAXX). See our ranked list of the best money market funds.
Maturity and liquidity
17. Government funds’ average maturity is 35.7 days
The asset-weighted average weighted average maturity (WAM) of government funds was 35.7 days in August 2026, and 41.3 days for Treasury funds. Retail prime funds averaged 33.4 days. Schwab’s fund page notes that money market funds must keep a dollar-weighted average maturity of no more than 60 days and a weighted average life of no more than 120 days.
18. Weighted average life is 92 days for government funds
Average weighted average life (WAL) was 92.3 days for government funds, 90.7 days for Treasury funds and 50.2 days for retail prime funds in August 2026, per SEC Table 5.3.
19. Liquidity is far above the SEC’s minimums
The SEC’s 2023 reforms require at least 25% of total assets in daily liquid assets and at least 50% in weekly liquid assets. In August 2026, government funds held 61.5% daily and 76.8% weekly on average, and Treasury funds 94.6% and 99.1%. Retail prime funds held 46.6% and 61.8%.
What money market funds own
20. 42.6% of holdings are Treasury debt
Money market funds held $8,670.1 billion of investments (including cash) in August 2026. Treasury debt was $3,696.6 billion, or 42.6%, and repurchase agreements were $2,832.2 billion, or 32.7% (our calculation from SEC Table 7.1).
| Investment category | Value, Aug 2026 | Share of holdings |
|---|---|---|
| Treasury debt | $3,696.6B | 42.6% |
| Treasury repo | $1,694.9B | 19.5% |
| Agency debt | $1,174.1B | 13.5% |
| Agency repo | $968.6B | 11.2% |
| Commercial paper | $330.0B | 3.8% |
| CDs and time deposits | $289.9B | 3.3% |
| Other repo | $168.7B | 1.9% |
| Municipal | $154.7B | 1.8% |
| Cash | $139.5B | 1.6% |
Source: SEC, Money Market Fund Statistics, August 2026, Table 7.1. Shares are our calculation; “other” instruments not shown.
New kinds of money market funds
21. Money market ETFs grew eightfold to $26.4 billion
The SEC counted 9 money market ETFs with $26.4 billion of net assets in August 2026, up from 5 ETFs and $3.3 billion in August 2025 (SEC Tables 10.1 and 10.2). Most of the jump came in February 2026, when Treasury MMF ETF assets went from $4.7 billion to $23.1 billion.
22. Tokenized money market funds hold $2.7 billion
The SEC staff identified 9 tokenized money market funds with $2.69 billion of net assets in August 2026, up from 5 funds and $1.63 billion a year earlier. That is still about 0.03% of total money market fund assets (our calculation).
How to use these numbers
- Check your sweep. If your brokerage cash earns close to the FDIC’s 0.37% savings average, a money market fund at the same broker may pay several points more. Our best money market funds list compares six large funds.
- Compare the fund to its peer average. A government fund yielding well below the SEC’s 3.53% August average is probably charging more than most.
- Pick the type on purpose. Treasury funds held 94.6% and government funds 61.5% of assets in daily liquid assets on average; prime funds pay a bit more and, under SEC rules, may charge a liquidity fee.
- Remember what isn’t covered. Money market funds are not FDIC-insured. SIPC protects money market fund shares as securities if a brokerage fails, up to $500,000 including $250,000 for cash, but not against a loss in value.
- Compare with insured options. See SPAXX vs VMFXX, our best high-yield savings accounts and how APY works.
Methodology
Industry statistics come from the SEC Division of Investment Management Analytics Office’s Money Market Fund Statistics (Form N-MFP data, period ending August 2026, reflecting filings through September 18, 2026). The SEC staff notes the Commission has expressed no view on the analysis and that figures can be revised for amended filings. Retail balances come from the Federal Reserve’s H.6 release dated September 22, 2026, rates from H.15 dated October 6, 2026, and bank averages from the FDIC’s national rates published for September 2026. Individual fund figures come from Vanguard, Fidelity and Schwab Asset Management fund pages checked October 7, 2026. Calculations we made are labeled. We do not cite aggregator sites. This article is general information and is not financial advice.
Sources
- Money Market Fund Statistics, Form N-MFP data, period ending August 2026, U.S. Securities and Exchange Commission, Division of Investment Management Analytics Office
- Money Market Fund Statistics (report archive and Excel data), U.S. Securities and Exchange Commission
- SEC Adopts Money Market Fund Reforms, press release 2023-129, July 12, 2023, and fact sheet
- H.6 Money Stock Measures, Board of Governors of the Federal Reserve System, release dated September 22, 2026
- H.15 Selected Interest Rates, Board of Governors of the Federal Reserve System, release dated October 6, 2026
- National Rates and Rate Caps, September 2026, Federal Deposit Insurance Corporation
- What SIPC Protects, Securities Investor Protection Corporation
- Fidelity Government Money Market Fund (SPAXX), Fidelity Investments, checked October 7, 2026
- Vanguard Federal Money Market Fund (VMFXX) and Vanguard Treasury Money Market Fund (VUSXX), Vanguard, checked October 7, 2026
- Schwab Prime Advantage Money Fund (SWVXX), Schwab Asset Management, checked October 7, 2026
Comparing fund yields with FDIC-insured sweeps? See best cash management accounts, checked on each provider’s own page October 18, 2026.
Frequently asked questions
How much money is in money market funds in 2026?
The SEC's Money Market Fund Statistics show $8.44 trillion ($8,439.5 billion) of net assets in U.S. money market funds that file Form N-MFP at the end of August 2026, up from $7.67 trillion in August 2025. The figure excludes feeder funds.
What is the average money market fund yield right now?
Per the SEC, the asset-weighted average 7-day net yield was 3.53% for government funds, 3.56% for Treasury funds and 3.59% for retail prime funds at the end of August 2026. A year earlier, government funds averaged 4.14%.
How much more do money market funds pay than savings accounts?
In August 2026 the average government money market fund paid a 3.53% 7-day net yield, per the SEC. The FDIC's national average rate for bank savings accounts was 0.37% in its September 2026 update, and 0.63% for money market deposit accounts. Top online savings accounts pay well above the national average, so compare specific accounts.
What share of money market fund assets is in government funds?
Government and Treasury money market funds held $6.91 trillion of the $8.44 trillion total in August 2026, about 81.9%, per the SEC. Prime funds held $1.37 trillion (16.3%) and tax-exempt funds $154.7 billion (1.8%).
How liquid are money market funds?
SEC rules adopted in 2023 require at least 25% of total assets in daily liquid assets and 50% in weekly liquid assets. In August 2026, government funds held 61.5% in daily liquid assets and 76.8% in weekly liquid assets on average, and Treasury funds 94.6% and 99.1%, per the SEC.
How much do retail investors hold in money market funds?
The Federal Reserve's H.6 release counts $3.074 trillion of retail money market fund balances in M2 for August 2026 (seasonally adjusted), up 5.6% from $2.910 trillion in August 2025. That is about 13.2% of the $23.343 trillion M2 money stock.