IEF2 Program

Explore which U.S. government money market mutual funds can be used as collateral for performance bond requirements.

IEF2 Money Funds Program

CME Clearing currently supports the money market mutual funds listed below through its IEF2 Program.

IEF2 Legal Disclaimer - Investments in money market mutual funds under the CME IEF2 Program are not guaranteed by CME or any other entity. Please read the prospectus carefully before investing in any money market mutual fund. CME is not responsible for any investor's compliance with regulations applicable to it when making this investment.

 

Name of Fund WAM Total Fund Assets Date Last Updated
BlackRock FedFund
- Institutional Shares
Ticker: TFDXX
Fund contact: Bonnie Nichols (215) 219-0917
35 $174.0 Billion

03/14/2025

BlackRock T-Fund
- Institutional Shares
Ticker: TSTXX
Fund contact: Bonnie Nichols (215) 219-0917
39 $105.0 Billion 03/14/2025

Dreyfus Government Cash Management
- Institutional Shares
Ticker: DGCXX
Fund contact: Henrietta Farley (630) 408-8840

45 $129.7 Billion 03/14/2025
Dreyfus Treasury Obligations Cash Management
- Institutional Shares
Ticker: DTRXX
Fund contact: Henrietta Farley (630) 408-8840
40 $49.9 Billion 03/14/2025
Federated Hermes Government Obligations Fund
- Institutional Shares
Ticker: GOIXX
Fund Contact: Scott Holick (412) 288-8558
39 $174.0 Billion 03/14/2025
First American Government Obligations Fund
- Institutional Shares
Ticker: FPPXX
Fund Contact: Marty Kerger (980) 417-4151
43 $99.0 Billion 03/14/2025
First American Treasury Obligations Fund
- Institutional Shares
Ticker: FUPXX
Fund Contact: Marty Kerger (980) 417-4151
39 $52.3 Billion 03/14/2025
Goldman Sachs Financial Square Government Fund
- Institutional Shares
Ticker: FGTXX
Fund Contact: Tom Loukas (312) 655-5211
44

$267.9 Billion

03/14/2025
Goldman Sachs Financial Square Treasury Obligations Fund
- Institutional Shares
Ticker: FTOXX
Fund Contact: Tom Loukas (312) 655-5211

47

$48.7 Billion 03/14/2025
JPMorgan U.S. Government Money Market Fund
- Capital Shares 
Ticker: OGVXX
Fund contact: Clare O'Malley (212) 464-0512
39 $301.2 Billion 03/14/2025
JPMorgan U.S. Treasury Plus Money Market Fund
- Capital Shares 
Ticker: JTCXX
Fund contact: Clare O'Malley (212) 464-0512
42 $47.6 Billion 03/14/2025
Morgan Stanley Institutional Liquidity Treasury Portfolio
- Institutional Class
Ticker: MISXX
Fund contact: Michael Kaicher (212) 296-0958
46 $32.9 Billion 03/14/2025
State Street Institutional Treasury Plus Money Market Fund
- Institutional Shares
Ticker: SAJXX
Fund contact: Mike Bucci (929) 567-5046
39 $53.3 Billion 03/14/2025
State Street Institutional U.S. Government Money Market Fund
- Institutional Shares
Ticker: SAHXX
Fund contact: Mike Bucci (929) 567-5046
39 $172.3 Billion 03/14/2025
Western Asset Institutional Government Reserves Fund
Ticker: INGXX
Fund contact: John Bonczek (212) 601-6183
31 $28.4 Billion 03/14/2025

 

 

IEF2 Eligibility

CME Clearing supports the government money market mutual funds listed below through its IEF2 Program. See the IEF2 diversification policy for more on requirements and limits related to eligible investment.

IEF2 Legal Disclaimer - Investments in money market mutual funds under the CME IEF2 Program are not guaranteed by CME or any other entity. Please read the prospectus carefully before investing in any money market mutual fund. CME is not responsible for any investor's compliance with regulations applicable to it when making this investment.

Name of Fund Customer Segregated Firm Non-Segregated Cleared Swaps Customer
BlackRock FedFund
Ticker: TFDXX
     

BlackRock T-Fund
Ticker: TSTXX

     
Dreyfus Government Cash Management
Ticker: DGCXX
     
Dreyfus Treasury Obligations Cash Management
Ticker: DTRXX
     
Federated Hermes Government Obligations Fund
Ticker: GOIXX
     
First American Government Obligations Fund
Ticker: FPPXX
     
First American Treasury Obligations Fund
Ticker: FUPXX
     
Goldman Sachs Financial Square Government Fund
Ticker: FGTXX
     
Goldman Sachs Financial Square Treasury Obligations Fund
Ticker: FTOXX
     
JPMorgan U.S. Government Money Market Fund
Ticker: OGVXX
     
JPMorgan U.S. Treasury Plus Money Market Fund
Ticker: JTCXX
     
Morgan Stanley Institutional Liquidity Treasury Portfolio
Ticker: MISXX
     
State Street Institutional Treasury Plus Money Market Fund
Ticker: SAJXX
     
State Street Institutional U.S. Government Money Market Fund
Ticker: SAHXX
     
Western Asset Institutional Government Reserves Fund
Ticker: INGXX
     

IEF2 Diversification Policy

Investment requirements and limits

The combined investment of the cleared swaps customer, customer segregated, and house non-segregated performance bond cash for each clearing member will be subject to the following requirements:

  • Total investments of less than $100 million: no diversification requirements.
  • Total investments greater than $100 million but less than $200 million: maximum investment limit of $100 million in any one fund.
  • Total investments greater than or equal to $200 million: a 50% maximum investment in any one fund.

Additional requirements

CME Clearing will continue to require firms to adhere to the following:

  • The maximum investment in any single fund shall be the lesser of 5% of the specific fund’s AUM, or $1.5 billion. The percentage limit is calculated on a routine basis and is based on the fund’s reported asset balances. Fund asset balances used in the calculation can be found on the CME IEF2 Money Funds Program section of this page.
  • The aggregate limit in any one fund, inclusive of the IEF2 program and CME Clearing investments of cash on deposit from clearing members, may not exceed 10% of that fund’s AUM. If deposits exceed this threshold, CME Clearing will reduce or reject the investment of the last firm's deposit.

IEF2 Prospectus Information

Below are links to the current prospectus, semi-annual report, and annual report information of some of the money market mutual funds supported by CME Clearing through its IEF2 Program. Links shown reflect the actual date of the report.

IEF2 Legal Disclaimer - Investments in money market mutual funds under the CME IEF2 Program are not guaranteed by CME or any other entity. Please read the prospectus carefully before investing in any money market mutual fund. CME is not responsible for any investor's compliance with regulations applicable to it when making this investment.

Name of Fund Prospectus SAI Semi-annual report Annual report
BlackRock FedFund

02/28/2025 (PDF)

02/28/2025 (PDF) 04/30/2024 (PDF) 10/31/2024 (PDF)
BlackRock T-Fund 02/28/2025 (PDF) 02/28/2025 (PDF) 04/30/2024 (PDF) 10/31/2024 (PDF)
Dreyfus Government Cash Management 06/05/2024 (PDF) 01/31/2025 (PDF) 07/31/2024  (PDF) 01/31/2024 (PDF)
Dreyfus Treasury Obligations Cash Management 06/05/2024 (PDF) 01/31/2025 (PDF) 07/31/2024  (PDF) 01/31/2024 (PDF)
Federated Hermes Government Obligations Fund 01/22/2025 (PDF) 02/21/2025 (PDF) 03/27/2024  (PDF) 07/31/2024 (PDF)
First American Government Obligations Fund 12/20/2024 (PDF) 12/20/2024 (PDF) 02/29/2024 (PDF) 08/31/2024 (PDF)
First American Treasury Obligations Fund 12/20/2024 (PDF) 12/20/2024 (PDF) 02/29/2024 (PDF) 08/31/2024 (PDF)
Goldman Sachs Financial Square Government Fund 04/19/2024 (PDF) 04/19/2024 (PDF) 05/31/2024 (PDF) 11/30/2023 (PDF)
Goldman Sachs Financial Square Treasury Obligations Fund 04/19/2024 (PDF) 04/19/2024 (PDF) 05/31/2024 (PDF) 11/30/2023 (PDF)
JPMorgan U.S. Government Money Market Fund 11/01/2024 (PDF) 09/03/2024 (PDF) 08/31/2024 (PDF) 02/29/2024 (PDF)
JPMorgan U.S. Treasury Plus Money Market Fund 11/01/2024 (PDF) 09/03/2024 (PDF) 08/31/2024 (PDF) 02/29/2024 (PDF)
Morgan Stanley Institutional Liquidity Treasury Portfolio 02/28/2025 (PDF) 02/28/2024 (PDF) 04/30/2024 (PDF) 10/31/2024 (PDF)
State Street Institutional Treasury Plus Money Market Fund 02/12/2025 (PDF) 01/24/2025 (PDF) 06/30/2024 (PDF) 12/31/2024 (PDF)
State Street Institutional U.S. Government Money Market Fund 02/12/2025 (PDF) 01/24/2025 (PDF) 06/30/2024 (PDF) 12/31/2024 (PDF)
Western Asset Institutional Government Reserves Fund 01/01/2025 (PDF) 01/01/2025 (PDF) 02/29/2024 (PDF) 08/31/2024 (PDF)

 

Clearing

CME Clearing serves as the neutral counterparty to every futures, option, and OTC trade, ensuring market integrity and reducing risk. Learn about the integral role we play in the global marketplace.

Margin Services

Get insight on the institution-grade tools we use to reduce bilateral counterparty credit risk and free up trading capital, optimizing margin efficiency.

Risk Management

We offer a comprehensive set of sophisticated tools and safeguards to protect customers and clearing firms and maintain market integrity.

Connect with an expert

We’re here to help you. For more information or assistance, contact the Clearing support team and we’ll get back to you as soon as possible.


CME Group is the world’s leading derivatives marketplace. The company is comprised of four Designated Contract Markets (DCMs). 
Further information on each exchange's rules and product listings can be found by clicking on the links to CME, CBOT, NYMEX and COMEX.

© 2025 CME Group Inc. All rights reserved.