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AAA

$50.24+0.04%Cash & Money Market78/100
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BetaShares High Interest Cash ETF · BetaShares

Data as at 29 March 2026

TL;DR

Invests in short-term bank deposits and money market instruments paying close to the RBA cash rate. The unit price is designed to stay stable at approximately $50 — only the income distributed changes.

MER (Annual Fee)
0.18%
#2 lowest in Cash & Money Market
1Y Return
+3.9%
3Y Return (p.a.)
+4.3%
Dividend Yield
3.93%
Trailing 12 months
AUM
$4,952.5M
Assets under management
Avg Daily Turnover
$10.0M
Avg shares × unit price
Unit Price
$50.24
As at 29 March 2026
Provider
BetaShares
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Strategy

Holds deposits at major Australian banks (predominantly the Big Four) and short-term money market securities. Managed by BetaShares. The stable unit price makes it practical for cash management within a brokerage account.

Top Holdings

Key Fact

AAA is Australia's largest cash ETF with over $8 billion in assets. During the 2022-2023 RBA rate hiking cycle, its annual yield rose from near-zero to over 4.3% — the highest rate in over a decade.

Suited for

Investors who have cash in a brokerage account earning zero interest. AAA earns close to the RBA cash rate, which is significantly better than the interest paid on most brokerage cash accounts. Also used as a temporary holding place for funds awaiting investment.

Risks

When the RBA cuts interest rates, AAA's income distributions fall proportionally. In 2020-2021, when the RBA held the cash rate at 0.10%, AAA yielded almost nothing. The fund is not individually deposit-guaranteed at the investor level.

AAA Comparisons

ETFCheck Score78/100
Fees (40%)73
Fund Size (25%)74
Liquidity (20%)78
Yield (15%)100
How scores are calculated →
Other Cash & Money Market ETFs
BILL
0.07% MER
69View all Cash & Money Market ETFs →

Frequently Asked Questions - AAA

How quickly do AAA's distributions adjust when the RBA changes the cash rate?+
AAA tracks the Bloomberg AusBond Bank Bill Index based on 90-day bank bills, so its yield adjusts within weeks of an RBA rate decision - significantly faster than term deposits or bond funds. The current 4.35% yield closely mirrors the prevailing RBA cash rate. This responsiveness makes AAA popular with SMSF trustees and tactical investors who want near-instant pass-through of rate changes while maintaining daily ASX liquidity and avoiding break fees.
Should I choose AAA or BILL for my cash allocation in a self-managed super fund?+
Both AAA and BILL track the identical Bloomberg AusBond Bank Bill Index, delivering virtually the same gross yield - currently around 4.3%. The key difference is cost: BILL charges just 0.07% MER versus AAA's 0.18%, giving BILL an 11 basis point annual advantage. However, AAA has significantly higher trading volume and tighter bid-ask spreads on the ASX, which can offset the fee gap for SMSFs making frequent transactions or holding shorter periods.
Is AAA's 4.35% yield assessable income and how is it taxed by the ATO?+
AAA's monthly distributions are classified as interest income for tax purposes and are fully assessable at your marginal tax rate - no franking credits apply. Within an SMSF in accumulation phase, distributions are taxed at 15%, while pension-phase members pay zero tax. Unlike term deposits, there's no TFN withholding issue since distributions flow through your broker. Investors in high marginal tax brackets should compare after-tax returns against alternatives like offset accounts.
What happens to AAA if the RBA starts cutting rates in 2025?+
If the RBA cuts rates, AAA's yield will decline proportionally within weeks as maturing 90-day bank bills roll into lower-yielding replacements. A 50 basis point cut would reduce AAA's annualised yield from approximately 4.35% to around 3.85%. Unlike longer-duration bond ETFs such as IAF or VGB, AAA won't benefit from capital gains when rates fall because its ultra-short duration eliminates meaningful price appreciation. Investors anticipating cuts may consider adding some duration exposure alongside their cash holding.