Crane Data published its latest Weekly Money Fund Portfolio Holdings statistics Tuesday, which track a shifting subset of our monthly Portfolio Holdings collection. The most recent cut (with data as of February 20) includes Holdings information from 74 money funds (up 12 from a week ago), or $4.712 trillion (up from $4.220 trillion) of the $8.214 trillion in total money fund assets (or 57.4%) tracked by Crane Data. (Note: Our Weekly MFPH are e-mail only and aren't available on the website. See our latest Monthly Money Fund Portfolio Holdings here and our February 11 News, "Feb. Portfolio Holdings: Assets Dip; Agencies Jump, Treasuries Plummet.")
Our latest Weekly MFPH Composition summary shows Government assets dominating the holdings list with Treasuries totaling $2.154 trillion (up from $1.987 trillion a week ago), or 45.7%; Repurchase Agreements (Repo) totaling $1.719 trillion (up from $1.515 trillion a week ago), or 36.5%, and Government Agency securities totaling $440.5 billion (up from $383.6 billion a week ago), or 9.3%. Commercial Paper (CP) totaled $180.3 billion (up from $158.9 billion a week ago), or 3.8%. Certificates of Deposit (CDs) totaled $95.0 billion (up from $76.8 billion a week ago), or 2.0%. The Other category accounted for $68.5 billion or 1.5%, while VRDNs accounted for $55.2 billion or 1.2%.
The Ten Largest Issuers in our Weekly Holdings product include: the US Treasury with $2.154 trillion, Fixed Income Clearing Corp with $595.7B, the Federal Home Loan Bank with $252.3B, JP Morgan with $161.9B, RBC with $125.9B, Federal Farm Credit Bank with $109.5B, Citi with $107.1B, BNP Paribas with $104.6B, Wells Fargo with $94.4B and Bank of America with $67.8B.
The Ten Largest Funds tracked in our latest Weekly include: JPMorgan US Govt MM ($329.4B), JPMorgan 100% US Trs MM ($312.9B), Goldman Sachs FS Govt ($296.8B), Fidelity Inv MM: Govt Port ($270.3B), State Street Inst US Govt ($226.9B), Morgan Stanley Inst Liq Govt ($224.7B), BlackRock Lq FedFund ($195.6B), Federated Hermes Govt ObI ($193.5B), BlackRock Lq Treas Tr ($180.0B) and Fidelity Inv MM: MM Port ($166.4B). (Let us know if you'd like to see our latest domestic U.S. and/or "offshore" Weekly Portfolio Holdings collection and summary.)
In other news, Investment News reports that "LPL ducks cash sweep penalty from SEC." They write, "The Securities and Exchange Commission will not penalize LPL Financial Holdings Inc., the largest retail brokerage firm with more than 30,000 financial advisors, for its cash sweep program, a hot button issue since the summer of 2024 for the financial advice industry.... The SEC in January 2025 penalized two broker-dealers of Wells Fargo Advisors $35 million and Merrill Lynch $25 million for not paying clients appropriate interest on cash held in advisory accounts."
The piece explains, "According to the SEC, the difference between the interest paid to customers by the two wirehouses on cash and the yield in other cash sweep programs was almost 4%, or 400 basis points." (According to Crane Data, the average money fund currently pays 3.5% vs. 0.30% for our Brokerage Sweep Intelligence average.)
Investment News says, "But those penalties were before the business-friendly administration of President Donald J. Trump took office. The SEC last year after President Trump was sworn in indicated it was not likely to pursue similar penalties."
It adds, "Broker-dalers like LPL Financial generate revenue from the cash in clients' saving or money market accounts, divvying up the interest between customers and the firm. That's why higher interest rates are favorable to broker-dealers. Broker-dealers use the term cash sweep for programs that automatically move clients' cash into ... bank deposit programs. The SEC in August 2024 informed a number of firms, including LPL Financial, that it was reviewing cash management programs for clients' advisor accounts."
They quote from LPL's 2025 annual report, which was filed on Monday with the SEC, "In July 2024, putative class action lawsuits were filed against LPL Financial in federal district court alleging certain violations of law in connection with its cash sweep programs.... [LPL] received a request for information from the SEC regarding certain elements of the company's cash management program for corporate advisory accounts. [But last month] the SEC informed the Company that it had concluded its investigation and did not intend to recommend an enforcement action."
For more on brokerage sweep lawsuits, see these Crane Data News stories: "Reuters on JPMorgan Sweeps Lawsuit" (2/19/26), "Judge Dismisses US Bancorp Sweep Suit; Risk.net on Repo, MMF Growth" (2/4/26), "Crane 100 Money Fund Index Up to 3.58%; FINRA Fines APFS on Sweeps" (1/6/26), "BNY to Manage OpenEden Tokenized $TBILL Fund; Schwab Sweeps Sued" (8/18/25), "Weekly Money Fund Portfolio Holdings; Barron's: SEC Done w/MS Sweeps" (5/21/25), "MMF Assets Plunge on Tax Outflows; ignites on Brokerage Sweep Suits" (4/21/25), "Weekly Portfolio Holdings; Inv News on Pershing Cash Grab; Osaic Suit" (2/20/25), "MMF Assets Plunge on Tax Outflows; ignites on Brokerage Sweep Suits" (4/21/25), "WSJ: SEC, Brokerage Sweeps Settle" (1/21/25), "Schwab Latest Firm Sued Over Sweeps; BlackRock's Small: MMFs Stickier" (12/12/24), "Wells Quiet on Sweeps on Q3 Call" (10/18/24), "Barron's Writes on Brokerage Sweep Woes; Reuters on Rate Cuts, MMFs" (9/23/24), "Alight Money Fund Liquidates; Bloomberg Law on Brokerage Sweep Suits" (9/19/24), "Sept. MFI: Sticking with Prime Inst; MMFs Hit Record; Sweeps Scrutiny" (9/9/24), "Barron's: JPMorgan Sued on Sweeps" (8/29/24), "More on SEC Sweeps Scrutiny; Inv News on Sweeps, UBS's Earnings Call" (8/20/24), "Law Firm Says Bolster Disclosures, Rates on Sweeps; Crane Index 5.11%" (8/13/24), "Barron's: BofA Cites Risk from Sweeps" (8/8/24), "Central Bank of Ireland on Fund Regulations; Brokerage Sweeps Lawsuits" (8/5/24), "Tradeweb Completes ICD Acquisition; AdvisorHub on Wells Sweep Suit" (8/2/24) and "IN: Ameriprise Sued Over Sweeps" (7/31/24).
