Any reputable money market funds available for someone from puerto rico?
8/24/2024 09:25am
For residents of Puerto Rico, there are several reputable money market funds available. Here are a few options to consider:
1. **Vanguard Federal Money Market Fund (VMFXX)**: This fund is the second largest portfolio on the list of the 10 Best Money Market Funds of August 2024, with more than $300 billion of assets. It invests in U.S. government-backed securities and offers a competitive yield.
2. **Fidelity Money Market Fund (SPRXX)**: This fund is one of the three funds that do not have a minimum investment requirement, and it has a 7-day yield of 5.03% as of the most recent data. It invests in a variety of repurchase agreements, commercial debt, and certificates of deposit.
3. **Schwab Value Advantage Money Fund (SWVXX)**: This fund was the world’s fastest-growing money fund in 2022 and among the fastest-growing in 2023, thanks to brokerages shifting their sweep money into higher-yielding money funds like Schwab. It holds a variety of securities, including Treasury and agency repurchase agreements, commercial paper, and municipal securities.
4. **Invesco Premier Portfolio Institutional (IPPXX)**: This fund has the highest yield of all funds on the list, at 5.37%. It invests in a mix of short-term, high-credit-quality money market instruments, including commercial paper, certificates of deposit, municipal securities, and repurchase agreements.
5. **JPMorgan Liquid Assets Money Market Fund (MJLXX)**: This fund considers environmentally, socially, and governance (ESG) factors in its investment decisions, which may appeal to investors looking for socially responsible investment options.
When choosing a money market fund, consider the fund's yield, expense ratio, and the types of securities held in the portfolio. Be sure to review the fund's performance history and any associated fees to determine the best fit for your needs and budget.