First Sentier Active Cash Fund Active ETF (FSCF) — Review & Analysis

FSCF listed on 5 May 2026 by First Sentier Investors — one of Australia's largest active fixed income managers. The fund's benchmark is the Bloomberg AusBond Bank Bill Index measured over rolling three-year periods, with a 0.20% p.a. management fee that sits competitively within the cash-plus segment. AUM is reported as $0.00M as at May 2026 in the platform feed, reflecting the very recent launch rather than no investor interest. Compare FSCF across the full cash cohort on our high interest cash ETF page.

FSCF holds Australian money market securities — bank deposits, bank bills, term deposits and short-dated investment-grade credit — with First Sentier's active management overlay aimed at delivering returns above the bank bill benchmark with low risk of capital loss. The objective is regular income, and the asset class is classified as cash. Average duration is short by design (similar to peer cash-plus products), and credit exposure is restricted to investment-grade Australian issuers.

In the active cash-plus segment, FSCF competes most directly with MMKT (Betashares, 0.18%, $637M AUM) and MONY (VanEck, 0.15%, new). All three funds target similar outcomes — cash rate plus a modest yield premium through short-dated credit and active money market positioning. FSCF's fee at 0.20% sits 2bp above MMKT and 5bp above MONY but brings First Sentier's track record in active fixed income, which is one of the longest established in Australia. It sits well below the more aggressive MQIO (Macquarie, 0.49%) which runs meaningful duration and credit risk for higher yield.

For investors who want active cash management with First Sentier's brand and capabilities — and who are comfortable with a new launch building track record on the ETF wrapper — FSCF is a credible third option in the cash-plus segment alongside MMKT and MONY. Pure cash investors who prioritise zero credit risk should still default to AAA or BILL. Our best cash ETFs guide compares the full cohort head-to-head on fees, structure and yield.