There’s been a lot of talk about how ETFs are slowly cannibalizing the mutual fund industry. In some cases, it’s happening through outright conversions. In others, it’s happening through ETF share classes becoming more common in 2026. But one area that has remained surprisingly resilient is money market mutual funds.
These funds invest in ultra short-term, high-quality fixed income securities. Depending on the type, that can include certificates of deposit, commercial paper, repurchase agreements, U.S. Treasuries, and even municipal securities.
Whether you’re looking at prime, government, or municipal money market funds, they all share one defining feature: a fixed $1 per share net asset value (NAV). In practice, outside of extreme events like the 2008 financial crisis, they’ve been able to maintain that. When they don’t, it’s known as “breaking the buck.”
That said, they’re not perfect. Many money market mutual funds still require minimum investments in the thousands of dollars, and expense ratios in the 0.30% to 0.40% range aren’t uncommon, especially among larger fund providers.
If you’re willing to move into an ETF, you can get a few advantages. Lower fees, intraday liquidity, and the ability to trade like a stock with tight bid-ask spreads. And in some cases, you can even get paid more frequently. In the case of the ETF we’re looking at today, that means weekly income.
Now, the net asset value isn’t fixed at $1. It typically trades around $100. But in practice, it behaves very similarly to a money market fund and sits among the lowest-risk bond ETFs available.
Get Paid Weekly With Treasury Bills
Normally, Treasury bills don’t pay interest in the traditional sense. If you buy one directly through TreasuryDirect, you purchase it at a discount, and at maturity, you receive the full face value. The difference is your return.
To create consistent income, many investors build a ladder. For example, you might buy bills maturing in one month, two months, and three months. As each one matures, you reinvest the proceeds or use the cash as needed.
If you want to stay more hands-off and still get regular income, an ETF can do that for you. The Roundhill Weekly T-Bill ETF (CBOEBZX: WEEK) offers exactly that. For a 0.19% expense ratio, it actively manages a portfolio of Treasury bills with maturities between zero and three months.
In 2026, WEEK is now part of a broader “Weekly Pay” ecosystem. This includes more aggressive options like the Roundhill Palantir WeeklyPay Strategy ETF (PLTW), which uses options to generate significantly higher yields, or the Roundhill Top WeeklyPay Strategy ETF (TOPW), which provides a diversified approach to weekly income and currently commands a larger asset base than WEEK.
It also trades with tight bid-ask spreads, often around a penny, has solid trading volume, and a low cost of entry around $100 per share or less if your brokerage offers fractional shares. With $171 million in assets under management, WEEK is also not in danger of closing down.
The goal is to maintain a stable net asset value over time. While it’s not fixed at $1, the price tends to hover around $100. Leading up to each distribution, the price gradually increases as interest accrues, then drops after the payout, repeating the cycle weekly.
How Much Yield Can You Expect?
Money market funds typically quote income using a 7-day SEC yield. Treasury bill ETFs, on the other hand, use a 30-day SEC yield.
As of May 2026, with the effective federal funds rate holding at 3.63%, WEEK offers a 30-Day SEC yield of approximately 3.41%. This corresponds with the current 3-month Treasury bill yield of 3.69% before accounting for the fund’s 0.19% expense ratio.
Investors seeking higher returns might compare this to “enhanced” T-bill products like the NEOS Enhanced Income 1-3 Month T-Bill ETF (CSHI). While WEEK sticks to a pure T-bill strategy for simplicity and weekly payouts, enhanced competitors use options overlays to attempt to out-earn the standard Treasury yield while maintaining a similar risk profile.
As for distributions, WEEK pays weekly. Roundhill provides a distribution calendar. For example, the May 11, 2026, declaration resulted in a dividend of $0.0665 per share. To receive the distribution, you need to hold the ETF before the ex-date. Keep in mind, though, that payouts can vary slightly week to week. These yields are forward estimates based on current rates, not a guarantee.
Finally, one advantage of WEEK is its tax treatment. Because it holds U.S. Treasury bills, the income is generally exempt from state and local taxes. For investors in high-tax states like New York or California, this tax-equivalent yield can effectively increase the return to roughly 3.6%–3.8% when compared to fully taxable high-yield savings accounts.
Editor’s Note: This article has been updated with current market data as of May 13, 2026, including the 3.63% federal funds rate and latest dividend declaration of $0.0665 per share. New sections compare the fund to the broader Weekly Pay ecosystem, including PLTW and TOPW, and contrast its strategy with enhanced T-bill options like CSHI. The yield analysis now incorporates tax-equivalent calculations for state-level exemptions.
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