Best Cash ETF in Australia (2026)
Cash ETFs hold bank deposits and short-term money market securities, paying an income close to the RBA cash rate.
Of the 5 ETFs we compared, BILL has the lowest fee (0.07% a year) and AAA is the largest ($5.1bn). ISEC had the best five-year return, +3.2% a year. MMKT paid the highest regular income, with a yield of 4.2%. Over 5 years, ISEC tracked its index most closely after fees. The right one depends on your goals: read what to consider below.
Data to 30 September 2026 from the TMX Australia funds report. Returns include distributions. Yields are distributions over the past 12 months, adjusted down where they included one-off capital gains. General information only, not a recommendation.
All the options compared
Cash and enhanced cash ETFs
| Code | ETF | Fee | Size | Yield | 1Y | 5Y a year | Spread |
|---|---|---|---|---|---|---|---|
| AAA | Betashares Australian High Interest Cash ETFLargest | 0.18% | $5.1bn | 4.1% | +4.1% | +3.2% | 0.02% |
| BILL | iShares Core Cash ETFLowest fee | 0.07% | $1.3bn | 4.0% | +4.0% | +3.1% | 0.02% |
| ISEC | iShares Enhanced Cash ETFBest 5Y | 0.12% | $745m | 4.2% | +4.1% | +3.2% | 0.02% |
| MMKT | Betashares Australian Cash Plus Active ETFHighest income | 0.18% | $666m | 4.2% | +4.3% | – | 0.02% |
| MONY | VanEck Cash Plus Active ETF | 0.15% | $115m | 2.1% | – | – | 0.05% |
Compare the biggest side by side → · Check how much they overlap →
Spread is the average gap between the buy and sell price: lower is cheaper to trade. 5Y a year is the average yearly total return over five years. Past performance is not a reliable indicator of future performance.
How closely each cash ETF tracks its index
An index fund should return its index, less its fee. The gap below is each fund's return after fees minus its own benchmark. A gap close to zero means it has done its job well. Over 5 years, ISEC tracked its index most closely, beating it by 0.17% a year.
| ETF and benchmark | Fee | 1Y gap | 3Y gap a year | 5Y gap a year | Verdict |
|---|---|---|---|---|---|
| ISECS&P/ASX Bank Bill Index | 0.12% | +0.17% | +0.22% | +0.17% | Ahead of its index |
| AAA30-day BBSW (benchmark) | 0.18% | +0.12% | +0.15% | +0.13% | Ahead of its index |
| BILLS&P/ASX Bank Bill Index | 0.07% | +0.09% | +0.09% | +0.06% | Ahead of its index |
Gap = fund return after fees minus its benchmark. Issuer figures to October 2026. Hedged funds are measured against the hedged version of their index. Funds without published benchmark figures are left out. See every ETF vs its benchmark →
What to consider
- Not a bank account. Cash ETFs aren't covered by the government deposit guarantee, though they hold very low-risk assets.
- Income tracks the cash rate. It falls when the RBA cuts.
- Brokerage and spread matter more for small, frequent top-ups in a low-return fund.
