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BILL

$100.66+0.04%Cash & Money Market69/100
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iShares Core Cash ETF · BlackRock

Data as at 29 March 2026

TL;DR

BlackRock's cash ETF holding short-term bank bills and money market securities. Functionally identical to AAA but at 0.07% per year versus AAA's 0.18% — the cheapest cash ETF on the ASX.

MER (Annual Fee)
0.07%
#1 lowest in Cash & Money Market
1Y Return
+3.9%
3Y Return (p.a.)
+4.2%
Dividend Yield
3.82%
Trailing 12 months
AUM
$1,157.3M
Assets under management
Avg Daily Turnover
$1.7M
Avg shares × unit price
Unit Price
$100.66
As at 29 March 2026
Provider
BlackRock
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Strategy

Managed by BlackRock (iShares). Invests in short-dated Australian bank bills and overnight cash deposits. Designed to maintain a stable unit price with income distributions reflecting the RBA cash rate.

Top Holdings

Key Fact

BILL's 0.07% fee is 11 basis points cheaper than AAA's 0.18% annually. On a $500,000 cash holding, that difference amounts to $550 per year — a meaningful saving for investors using cash ETFs as a long-term cash management tool.

Suited for

Cost-conscious investors who want to earn close to the RBA cash rate through a brokerage account. The 0.11% annual fee saving versus AAA compounds over time on larger cash balances.

Risks

Same rate sensitivity as AAA — income falls when the RBA cuts rates. Not individually covered by the government deposit guarantee scheme at the fund level. Income is not guaranteed and will fall with the cash rate.

BILL Comparisons

ETFCheck Score69/100
Fees (40%)90
Fund Size (25%)50
Liquidity (20%)32
Yield (15%)97
How scores are calculated →
Other Cash & Money Market ETFs
AAA
0.18% MER
78View all Cash & Money Market ETFs →

Frequently Asked Questions - BILL

Why is BILL's 0.07% MER the lowest among ASX cash ETFs and what's the catch?+
BILL's 0.07% MER undercuts AAA's 0.18% because BlackRock leverages its massive global scale to minimise fund operating costs. The potential trade-off is lower on-market liquidity - BILL typically shows wider bid-ask spreads and lower daily trading volume compared to AAA on the ASX. For buy-and-hold investors or SMSFs making infrequent large purchases, BILL's fee advantage compounds meaningfully over time, saving approximately $110 annually per $100,000 invested versus AAA.
How does BILL compare to a high-interest savings account for Australian investors?+
BILL currently yields approximately 4.28% after fees, competitive with leading high-interest savings accounts but without honeymoon rate traps or balance caps. Unlike bank accounts, BILL trades on the ASX so you can buy and sell during market hours with standard brokerage. However, BILL lacks government deposit protection under the Financial Claims Scheme, which guarantees bank deposits up to $250,000 per ADI. Risk-averse investors should weigh this trade-off against BILL's convenience and consistent yield.
Can BILL lose capital value or is it as safe as holding cash in a bank?+
BILL's unit price is extremely stable - typically fluctuating by only a fraction of a cent - because the underlying 90-day bank bills have negligible duration risk and are issued by major Australian banks. However, BILL is not capital-guaranteed and theoretically carries credit risk if an issuing bank defaulted on its bills. In practice, this risk is minimal given APRA regulation, but it does mean BILL doesn't carry the $250,000 government deposit guarantee that standard bank accounts enjoy.
Is BILL suitable as a settlement account alternative within an SMSF brokerage setup?+
BILL works well as a productive cash parking vehicle within SMSF brokerage accounts, earning approximately 4.28% versus near-zero interest on typical broker cash balances. Monthly distributions provide regular income that can be reinvested or used for pension payments. The 0.07% MER keeps drag minimal, making it cost-effective even for short holding periods. SMSF trustees should ensure their investment strategy documents permit cash ETF holdings and note that standard brokerage fees apply when buying or selling units.