A cash ETF in Canada is a fund that trades on the stock exchange but is built to act like a savings balance: it holds bank deposits, Treasury Bills or other short-term paper, and pays the interest out. This page explains how the three types work, how they differ from a savings account and a GIC, and what seven funds charge and yield. Every fund figure comes from the issuer’s own fund page, read on October 11, 2026; the deposit insurance, bank liquidity and interest rate facts come from CDIC, OSFI and the Bank of Canada. It is general education, not investment advice, and none of the yields shown is a promise of future income.
Cash ETFs in Canada at a glance
| Feature | What it holds | Management fee | MER | Yield the issuer shows | Net assets | Payouts |
|---|---|---|---|---|---|---|
| CASH (Global X) | high-interest deposit accounts with one or more Canadian chartered banks | 0.10% plus sales tax | 0.11% | 2.09% as at October 8, 2026 | about $6.64 billion as at October 8, 2026 | monthly |
| PSA (Purpose) | high-interest deposit accounts with Schedule I Canadian banks and short-term Treasury Bills backed by the credit of the Canadian government | 0.15% | 0.17% | a net yield of 2.19% as at October 9, 2026 | $4.3 billion | monthly |
| HSAV (Global X) | high-interest deposit accounts with Canadian chartered banks | 0.18% plus sales tax | 0.20% | No distribution yield (no regular payouts) | about $1.93 billion as at October 8, 2026 | no regular distributions expected |
| CBIL (Global X) | Government of Canada Treasury Bills with remaining maturities generally less than 3 months | 0.10% plus sales tax | 0.11% | 2.30% as at October 8, 2026 | about $2.93 billion as at October 8, 2026 | monthly |
| ZMMK (BMO) | high-quality money market instruments issued by governments and corporations in Canada | 0.12% | 0.13% | 2.41% as of October 9, 2026 | about $6.18 billion as of October 9, 2026 | monthly |
| CMR (iShares) | high-quality short-term debt securities | 0.12% | 0.13% | 2.23% as of October 8, 2026 | about $2.59 billion as of October 9, 2026 | monthly |
| MNY (Purpose) | a diversified portfolio of money market securities, actively managed | 0.20% | 0.21% | a net yield of 2.35% as at October 9, 2026 | $3 billion | monthly |
Sources: each issuer's fund page, read October 11, 2026. Yield measures differ: Global X and BMO show an annualized distribution yield and iShares a distribution yield; Purpose shows a gross and a net yield, and the net figure is used here. Yields change daily and are not a forecast.
The same table in sentences. CASH holds high-interest deposit accounts with one or more Canadian chartered banks, charges a management fee of 0.10% plus sales tax with an MER of 0.11%, showed an annualized distribution yield of 2.09% as at October 8, 2026, and had net assets of about $6.64 billion as at October 8, 2026. PSA holds high-interest deposit accounts with Schedule I Canadian banks and short-term Treasury Bills backed by the credit of the Canadian government; its management fee is 0.15%, its MER 0.17%, Purpose shows a net yield of 2.19% as at October 9, 2026 and a gross yield of 2.36% as at October 9, 2026, and it reports $4.3 billion in assets. HSAV holds high-interest deposit accounts with Canadian chartered banks, charges 0.18% plus sales tax with an MER of 0.20%, and had about $1.93 billion as at October 8, 2026.
CBIL holds Government of Canada Treasury Bills with remaining maturities generally less than 3 months, charges 0.10% plus sales tax with an MER of 0.11%, showed a yield of 2.30% as at October 8, 2026, and had about $2.93 billion as at October 8, 2026. ZMMK, whose full name is BMO Money Market Fund (ETF Series), has a maximum annual management fee of 0.12%, an MER of 0.13%, an annualized distribution yield of 2.41% as of October 9, 2026 and net assets of about $6.18 billion as of October 9, 2026. CMR holds high-quality short-term debt securities, charges 0.12% with an MER of 0.13%, showed a distribution yield of 2.23% as of October 8, 2026, and had about $2.59 billion as of October 9, 2026. MNY holds a diversified portfolio of money market securities, actively managed, charges 0.20% with an MER of 0.21%, showed a net yield of 2.35% as at October 9, 2026 and a gross yield of 2.56% as at October 9, 2026, and Purpose reports $3 billion in assets. Six of the seven pay monthly; HSAV has no regular distributions expected.
The yield columns are not strictly like for like. Global X and BMO describe their figure as the most recent regular distribution, annualized and divided by net asset value. iShares labels its figure a distribution yield. Purpose publishes a gross yield and a net yield. BMO also shows a separate “Current Yield” for ZMMK of 2.38% as of October 9, 2026. Differences of a few hundredths of a percentage point between issuers can come from the method as much as from the fund.
How does a cash ETF work?
A cash ETF pools investors’ money, places it in bank deposits or short-term securities, and distributes the interest it earns after subtracting its fee. Units trade on the exchange through a brokerage account.
There are three designs, and the holdings are the difference:
- High-interest savings ETFs (CASH, PSA, HSAV) put the money in deposit accounts at Canadian banks. The fund collects the interest and keeps its fee. PSA adds short-term Treasury Bills to the mix.
- T-bill ETFs (CBIL) hold only government paper: Government of Canada Treasury Bills with remaining maturities generally less than 3 months.
- Money market ETFs (ZMMK, CMR, MNY) buy a wider range of short-term paper. BMO lists treasury bills, bankers’ acceptances and commercial paper for ZMMK, and says the manager selects securities that mature in less than 365 days, with an average term to maturity of less than 90 days.
Because the holdings mature within days or months, the unit price barely moves; what changes is the income. Most of these funds are priced near a round unit value and pay out the interest each month, so the price drifts up between payouts and steps back down on the payout date. Global X says CASH can be purchased or sold anytime throughout the trading day, and Purpose lists settlement for PSA and MNY as T+1 (one business day after the trade).
HSAV works differently. Its objective is modest capital growth, and Global X says it has no regular distributions expected, so the interest stays inside the fund and shows up as a rising share price. Two cautions come from Global X’s own page. First, Global X may suspend new subscriptions, and says shares would then be expected to trade at a premium or substantial premium to net asset value, and it strongly discourages buying on the exchange during such a period. Second, the market price can sit away from the fund’s value on an ordinary day: HSAV closed 0.24% above its net asset value at the October 8, 2026 close. Global X’s page shows both the closing price and the net asset value, so the gap can be checked on any day.
Are cash ETFs covered by CDIC?
No: CDIC says HISA ETFs, which it also calls money market ETFs, are not protected by deposit insurance, even though the money inside the fund sits in bank deposits.
How to read this table: From CDIC's High Interest Savings Account (HISA) page.
| Product | What CDIC says |
|---|---|
| HISA held at a CDIC member, in an insured category | May be eligible for CDIC protection |
| HISA ETFs (also called money market ETFs) | Not protected by CDIC |
| HISA mutual funds | Not protected by CDIC |
Source: OSFI upholds 100% liquidity requirement for HISA ETFs to promote financial resilience (news release, October 31, 2023) — the decision; OSFI news release — what deposit-taking institutions must hold, and by when; OSFI news release — no guarantees or deposit insurance on HISA ETF units; OSFI news release — the 100% liquidity requirement; OSFI news release — the consultation; OSFI news release — how the funding is described; High Interest Savings Account (HISA) — CDIC; Policy interest rate — Bank of Canada (how the Bank sets it); Bank of Canada press release, September 2, 2026 — rate held; Bank of Canada press release, September 2, 2026 — next announcement date. In effect from January 31, 2024; checked October 11, 2026.
The issuers say the same thing on their own pages. Global X describes CASH as a money market fund that is not covered by the Canada Deposit Insurance Corporation or any other government deposit insurer. Purpose says investment fund securities are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer. CDIC lists ETFs among the products that are not eligible, and that holds even when the fund’s own money sits in bank deposits.
A savings account or GIC is treated differently. Eligible deposits at a CDIC member are covered up to $100,000 per insured category, principal and interest combined, and CDIC says a GIC is covered when the GIC is issued by a CDIC member institution and held within a CDIC deposit insurance category, even if bought through a broker that isn't a member. The fuller list of what is and is not eligible:
How to read this table: CDIC coverage applies to eligible deposits at member institutions; it is automatic and needs no sign-up.
| Product | Covered by CDIC? | Detail |
|---|---|---|
| Savings and chequing accounts | Yes | Eligible deposits when held at a CDIC member, in Canadian or foreign currency |
| Guaranteed Investment Certificates (GICs) and other term deposits | Yes | Any term length since April 30, 2020, when the five-year term limit was removed; market-linked GICs are included |
| Foreign currency deposits (for example US dollars) | Yes | Not a separate category: converted to Canadian dollars and combined with other deposits in the same category |
| Money orders, certified cheques and bank drafts issued by CDIC members | Yes | Listed by CDIC as eligible deposits |
| High-interest savings accounts (HISAs) | Often, but not always | May be eligible when held at a CDIC member in an insured category; CDIC says not all HISAs qualify, and HISA ETFs (money market ETFs) and HISA mutual funds are not protected |
| Mutual funds | No | Not eligible, even when bought at a bank or held in an RRSP or TFSA |
| Stocks and bonds | No | Not eligible |
| Exchange-traded funds (ETFs) | No | Not eligible |
| Cryptocurrencies, including stablecoins | No | Not eligible |
| Losses due to fraud or theft | No | Deposit insurance pays when a member institution fails, not when money is stolen |
Source: What's covered (CDIC) — limit per category; What's covered (CDIC) — each member has its own coverage; What's covered (CDIC) — Crown corporation and failures resolved; What's covered (CDIC) — federal Crown corporation; Deposits held in one name (CDIC); Deposits held in more than one name — joint deposits (CDIC); Deposits held in more than one name — records needed (CDIC); Deposits held in trust (CDIC) — limit per beneficiary; Deposits held in trust (CDIC) — no beneficiary information on record; Deposits held in trust (CDIC) — worked example; Deposits held in trust (CDIC) — eligible deposit types; Guaranteed Investment Certificates (CDIC) — GICs bought through a non-member; Guaranteed Investment Certificates (CDIC) — nominee name; Guaranteed Investment Certificates (CDIC) — client name; Guaranteed Investment Certificates (CDIC) — worked example; High Interest Savings Account (CDIC); Fintechs (CDIC) — not members; Fintechs (CDIC) — account in the client's name; Fintechs (CDIC) — trust account; Fintechs (CDIC) — pooled account in the fintech's name; Fintechs (CDIC) — if the fintech itself fails; Financial service providers (CDIC) — questions to ask; What happens in a failure (CDIC); History of failures (CDIC) — most recent failure listed; Frequently asked questions (CDIC) — funding; Frequently asked questions (CDIC) — term deposits over five years; Frequently asked questions (CDIC) — foreign currency; Frequently asked questions (CDIC) — provincial credit unions; Frequently asked questions (CDIC) — credit unions cannot be members; Frequently asked questions (CDIC) — residence and nationality; Frequently asked questions (CDIC) — market-linked GICs; Frequently asked questions (CDIC) — no claim to file; Frequently asked questions (CDIC) — how the payout arrives; Frequently asked questions (CDIC) — nominee brokered deposits; Frequently asked questions (CDIC) — products inside registered plans; Frequently asked questions (CDIC) — digital currencies; High Interest Savings Account (CDIC) — not every HISA is eligible; Fintechs (CDIC) — payment goes to the fintech as trustee; Fintechs (CDIC) — reporting a misleading coverage claim; Frequently asked questions (CDIC) — trade names; Frequently asked questions (CDIC) — foreign currency is converted to Canadian dollars; Frequently asked questions (CDIC) — fraud; Deposit insurance (Financial Consumer Agency of Canada) — what it doesn't cover; Deposit insurance (Financial Consumer Agency of Canada) — provincial deposit insurers; Deposit insurance (Financial Consumer Agency of Canada) — Ontario and Quebec insurers; About CIPF Coverage (Canadian Investor Protection Fund) — what it covers; About CIPF Coverage (Canadian Investor Protection Fund) — retirement and education accounts; About CIPF Coverage (Canadian Investor Protection Fund) — no guarantee of value; About CIPF Coverage (Canadian Investor Protection Fund) — member firms; About CIPF Coverage (Canadian Investor Protection Fund) — claim deadline. In effect from April 30, 2022; checked October 8, 2026.
None of this means a cash ETF is likely to fail; it means the backstop is different. The value of a deposit-based fund rests on the banks holding its deposits, and the value of a money market fund rests on the issuers of the paper it owns. Global X adds a plain warning in its risk-rating note: an ETF with a low risk rating can still lose money.
Cash ETF vs HISA vs GIC: how do these low-risk, short-term options differ?
A cash ETF trades through a brokerage and floats with interest rates; a high-interest savings account is a CDIC-eligible deposit with a rate the bank sets; a GIC fixes the rate for a term.
| Cash or money market ETF | High-interest savings account | GIC | |
|---|---|---|---|
| Where it is held | A brokerage account, bought by ticker | A bank or credit union account | A bank, credit union or brokerage |
| CDIC deposit insurance | No | Yes, when held at a CDIC member in an insured category | Yes, when issued by a CDIC member |
| Rate | Floats; the fund’s income follows short-term rates | Set by the bank; can change at any time, often with a temporary promotional rate | Fixed for the term |
| Access | Sell on any trading day; cash arrives after settlement | Withdraw at any time | Locked in until maturity unless it is a cashable or redeemable GIC |
| Costs | The fund’s MER, the bid-ask spread and any brokerage commission | Usually none | None; the rate quoted is the rate paid |
| Payout | Usually monthly distributions | Usually monthly interest | At maturity, or annually on longer terms |
In sentences: the ETF’s advantages are that it sits inside an investment account, next to other holdings, and that its yield is what the fund earns less a published fee, not a rate a bank chooses to post. Its disadvantages are the missing deposit insurance, the trading step, and a yield nobody fixes in advance. A savings account is simpler and insured, and the best high-interest savings accounts in Canada guide compares what banks currently post. A GIC is the only one of the three that locks in a rate; the best GIC rates in Canada guide lists current terms, and the GIC calculator shows the interest a given rate and term produce.
What do the fees actually cost?
On these funds the MER is the ongoing cost, and at these levels it is small in dollars but not small next to the yield.
A hypothetical example: on $10,000 held for a year, an MER of 0.11% works out to about $11, an MER of 0.17% to about $17, and an MER of 0.21% to about $21. The gap between the lowest and highest MER on this list is 0.10 percentage points, or about $10 a year on that balance. The MER is already taken out before the distribution yields above are calculated, so it is not charged a second time. Purpose publishes two yield figures for PSA, a gross yield of 2.36% as at October 9, 2026 and a net yield of 2.19% as at October 9, 2026; the gap between them is 0.17 percentage points, the same size as PSA’s MER.
Fees also move. BlackRock’s page for CMR notes its management fee was reduced from 0.25% to 0.12% effective January 12, 2023. Two costs sit outside the MER: the bid-ask spread each time units are bought or sold, and whatever commission the brokerage charges. For money going in and out often, those trading costs can matter more than the difference between two MERs.
Why do cash ETF yields move with the Bank of Canada rate?
Cash ETF yields follow the Bank of Canada because the funds hold deposits and paper that reprice within days or months, and the Bank steers exactly those short-term rates.
How to read this table: From the Bank of Canada's policy interest rate page and its September 2, 2026 press release.
| Item | Value | As of |
|---|---|---|
| Target for the overnight rate | 2.25% | Held on September 2, 2026 |
| How often the target is set | Eight fixed dates each year | Bank of Canada policy rate page |
| Next scheduled announcement | October 28, 2026 | Stated September 2, 2026 |
Source: OSFI upholds 100% liquidity requirement for HISA ETFs to promote financial resilience (news release, October 31, 2023) — the decision; OSFI news release — what deposit-taking institutions must hold, and by when; OSFI news release — no guarantees or deposit insurance on HISA ETF units; OSFI news release — the 100% liquidity requirement; OSFI news release — the consultation; OSFI news release — how the funding is described; High Interest Savings Account (HISA) — CDIC; Policy interest rate — Bank of Canada (how the Bank sets it); Bank of Canada press release, September 2, 2026 — rate held; Bank of Canada press release, September 2, 2026 — next announcement date. In effect from January 31, 2024; checked October 11, 2026.
The Bank of Canada says it carries out monetary policy by influencing short-term interest rates, adjusting its target for the overnight rate on eight fixed dates each year. The target is 2.25% after the September 2, 2026 decision, and the next scheduled announcement is October 28, 2026. The yields in the table above sit close to that target, some a little below it and some a little above. Because the holdings mature within days or months, a cut to the target tends to show up in these funds’ income soon afterward, and so does an increase. That is the main contrast with a GIC, which keeps paying the rate agreed on the day it was bought.
It also means no figure on this page says anything about next year. A yield is a snapshot of recent distributions, and the issuers state on their fund pages that the funds are not guaranteed.
What did OSFI decide about HISA ETFs?
OSFI, the federal bank regulator, decided on October 31, 2023 to keep its existing liquidity treatment for the deposits that high-interest savings ETFs place with banks.
How to read this table: From OSFI's news release of October 31, 2023. The rule applies to deposit-taking institutions, not to investors.
| Topic | What OSFI says | Date |
|---|---|---|
| What OSFI decided | It maintained the liquidity treatment of wholesale funding sources with retail-like characteristics, such as HISA ETFs | October 31, 2023 |
| What banks must hold | Deposit-taking institutions must hold enough high quality liquid assets, such as government bonds, to support all HISA ETF balances that can be withdrawn within 30 days (a 100% liquidity requirement) | Applied by January 31, 2024 |
| How OSFI classes the money | Funding provided directly by fund managers, for purposes that are not specifically operational, despite some retail-like characteristics | October 31, 2023 |
| Guarantees | Units are exchange-traded and lack government guarantees or deposit insurance, unlike traditional savings accounts | October 31, 2023 |
| Consultation | A public consultation on HISA ETFs and similar products opened May 10, 2023; OSFI reviewed over 175 submissions | May 10, 2023 |
Source: OSFI upholds 100% liquidity requirement for HISA ETFs to promote financial resilience (news release, October 31, 2023) — the decision; OSFI news release — what deposit-taking institutions must hold, and by when; OSFI news release — no guarantees or deposit insurance on HISA ETF units; OSFI news release — the 100% liquidity requirement; OSFI news release — the consultation; OSFI news release — how the funding is described; High Interest Savings Account (HISA) — CDIC; Policy interest rate — Bank of Canada (how the Bank sets it); Bank of Canada press release, September 2, 2026 — rate held; Bank of Canada press release, September 2, 2026 — next announcement date. In effect from January 31, 2024; checked October 11, 2026.
In OSFI’s words, deposit-taking institutions “must hold sufficient high quality liquid assets, such as government bonds, to support all HISA ETF balances that can be withdrawn within 30 days,” and were to apply that by January 31, 2024. OSFI calls this a 100% liquidity requirement. It treats the money as wholesale funding provided by fund managers, despite some retail-like characteristics, and it notes that HISA ETF units “lack government guarantees or deposit insurance.”
The decision is about how banks must back these deposits. OSFI’s release does not say what it means for the rate a bank pays a fund, or for any fund’s yield, so this page does not put a number on it. What can be checked is each fund’s current yield on the issuer’s page, which is where the figures above come from.
Which cash ETF fits which situation?
No single fund is the right one for everyone; the published facts point to different funds for different priorities.
- Lowest ongoing cost among deposit-based funds: CASH, with an MER of 0.11%, against 0.17% for PSA and 0.20% for HSAV.
- Government paper only: CBIL holds Government of Canada Treasury Bills with remaining maturities generally less than 3 months, so its credit exposure is the federal government, not banks or corporations.
- A mix of deposits and T-bills: PSA holds high-interest deposit accounts with Schedule I Canadian banks and short-term Treasury Bills backed by the credit of the Canadian government.
- Money market paper: BMO reports net assets of about $6.18 billion as of October 9, 2026 for ZMMK, BlackRock about $2.59 billion as of October 9, 2026 for CMR, and Purpose $3 billion for MNY. Issuers do not all measure size the same way, and ZMMK is the ETF series of a BMO mutual fund, so these figures are not a strict ranking.
- The longest history: CMR’s inception date is February 19, 2008, the earliest on this list.
- Active management of the paper: Purpose describes MNY as a diversified portfolio of money market securities, actively managed, at the highest MER of the seven, 0.21%.
- No monthly payouts: HSAV, which has no regular distributions expected. Its price-to-value gap and Global X’s subscription warning are covered above.
Who a cash ETF may not suit: someone who wants deposit insurance on the money, someone who does not have or want a brokerage account, and someone who needs a known rate for a known period. For the first two, an insured account is the closer match, and the best savings accounts for an emergency fund guide and the emergency fund calculator cover that use. For the third, a GIC does what a floating fund cannot.
Can you buy cash ETFs commission-free on Wealthsimple?
Wealthsimple’s fee schedule lists $0 commission on listed Canadian and US securities, so a TSX-listed cash ETF it offers trades without a commission there.
The Global X funds (CASH, HSAV, CBIL), BMO’s ZMMK and iShares’ CMR each list the Toronto Stock Exchange as their exchange on the issuer’s page. What this page cannot confirm is the ticker-by-ticker list: Wealthsimple’s per-security pages could not be read on October 11, 2026, so YieldMaple has not verified from Wealthsimple’s own pages that each of the seven funds is available to buy there. The search in the Wealthsimple app shows whether a given ticker is offered.
Where a fund is offered, the remaining costs are the fund’s MER and the bid-ask spread. Account minimum at Wealthsimple: none. For readers who decide a self-directed account fits, a Wealthsimple self-directed account can be opened through YieldMaple’s referral link . The Wealthsimple Savings account review sets that account beside Wealthsimple Chequing and ZMMK, and how to buy ETFs in Canada walks through placing an order.
Can you hold a cash ETF in a TFSA, RRSP or FHSA?
Yes, according to the issuers: each of the seven funds is listed as eligible for registered accounts on its fund page.
Global X lists CASH as eligible for all registered and non-registered investment accounts, and shows the same eligibility line for HSAV and CBIL. BMO lists ZMMK as eligible for RRSP, RRIF, RESP, DPSP and TFSA accounts. iShares lists CMR as eligible for registered plans, and Purpose marks PSA and MNY as registered-account eligible. Inside a registered account the monthly distributions are sheltered under that account’s own rules; in a non-registered account, BMO’s page notes that income earned by a fund is taxable in the unitholder’s hands in the year it is paid. The TFSA explained guide covers contribution room and what a TFSA can hold. Tax treatment depends on personal circumstances, and the CRA or a tax professional is the source for a specific case.
Common mistakes with cash ETFs
- Treating the units as an insured deposit. CDIC, OSFI and the issuers all say they are not.
- Comparing yields across issuers as if they were one measure. A distribution yield, a net yield and a current yield are different measures.
- Reading today’s yield as next year’s income. The Bank of Canada sets its target eight times a year, and fund income follows.
- Overlooking the bid-ask spread. A market order fills at whatever price is on offer, while a limit order sets the highest price a buyer will pay.
- Selling the day the money is needed. Purpose lists settlement for its funds one business day after the trade, so the cash is not available instantly.
- Ignoring HSAV’s price against its net asset value. Global X publishes both every day.
How this list was put together
YieldMaple read each issuer’s own fund page on October 11, 2026 and recorded the management fee, MER, yield, net assets, holdings and payout schedule shown there, with the issuer’s as-of date and the exact wording saved for each fact. Funds are grouped by what they hold and are not ranked. One widely held fund, CSAV, is missing because its issuer’s fund page could not be read that day, and other cash and money market ETFs exist; leaving a fund out is not a judgment about it. No issuer paid to be included. The only affiliate link on this page is the Wealthsimple referral link in the section above, and the funds themselves are bought through any brokerage that offers them.