Betashares Australian Cash Plus Active ETF (MMKT) — Review & Analysis

MMKT is Betashares' active cash-plus ETF, with AUM of $637.25 million as at May 2026 and a 0.18% p.a. management fee — matching AAA on cost but offering a different yield profile. The fund holds a mix of bank deposits, bank bills, term deposits and short-dated credit instruments to capture incremental yield above pure cash benchmarks, with active management of duration and credit exposure. Compare MMKT across the full cohort on our high interest cash ETF page.

MMKT sits between pure cash ETFs (AAA, BILL) and full short-duration credit funds (MQIO) on the risk spectrum. Where AAA targets the RBA cash rate with zero duration and zero credit, MMKT targets the RBA cash rate plus 20-50bp through modest active positioning. Where MQIO takes on 1-2 year duration and credit risk for 50-100bp uplift, MMKT stays much closer to cash with shorter average maturity.

The closest competitor is MONY (VanEck Cash Plus Active ETF) at 0.15% — 3bp cheaper than MMKT, same approximate strategy. Both funds attempt to deliver yield enhancement over pure cash with minimal additional risk through short-dated credit allocation. AUM scale favours MMKT today, but MONY's lower fee compounds over long holds.

For investors who want incremental yield above pure cash without taking on meaningful duration or credit risk — and who are comfortable with very minor unit price movement — MMKT is a credible middle ground. The Betashares brand provides strong Australian retail and adviser distribution. Our best cash ETFs guide compares MMKT side-by-side with MONY and MQIO on historical yield uplift.