Money-market ETFs, measured

Cash-parking instruments, analysed like nobody else does: costs measured on tracking (not just declared in the KID), Italian white-list taxation semester by semester from our database, baskets archived daily and fair comparisons. One review per fund, then the head-to-head.

XEON · Synthetic (swap)

The Xeon money-market ETF: what it is, what it yields, and why it isn’t «zero risk»

Is a money-market fund really shielded from losses? With the data in hand we look at Xeon, the most popular one: costs, risks, and a real max drawdown that lasted almost 9 years. Plus a calculator for the real return.

C3M · Physical (real bills)

C3M money-market ETF: real government bills for parking cash

C3M actually buys BOTs and their European cousins: physical replication, a 12.6% effective tax rate for Italian investors, and measured costs at half the KID figure. Nine years of data, plus a semester-by-semester tax comparison with Xeon.

At a glance

Fund	Replication	TER	Measured cost	Tax rate today	Tax profile
XEON	Synthetic (swap)	0,10%	~10bp/yr	15.46%	moves with collateral
C3M	Physical (real bills)	0,14%	~15bp/yr	12.64%	stable (98-99% white list)

Measured cost = fund-index gap on official NAV (tracking difference). Italian effective rate from our white-list database, current semester: what counts is the semester you sell in. Details and methodology in the reviews.

In the works: the next reviews in the series (candidates include LEONIA, PIMCO Euro Short Maturity and the other Milan-listed money-market funds) and the final category comparison.

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