Key Highlights

  • AAA is the largest fund among the ten reviewed, with a fund size of $4.94 billion and 98,660,365 units outstanding.
  • The fund's September distribution of $0.189 per unit followed a dip to $0.187 in June from $0.195 in July, reflecting month-to-month fluctuation.
  • AAA allocates 100 percent of its portfolio to cash, invested through deposit accounts with major Australian banks.

The Betashares Australian High Interest Cash ETF (ASX:AAA) is structured to provide exposure to bank deposit accounts held with major Australian financial institutions, placing it in the Australian Cash category of ASX-listed Exchange-traded funds and making it, by fund size, the largest of the ten funds reviewed here.

Fund Structure

AAA invests its Assets into bank deposit accounts maintained with institutions including Australia and New Zealand Banking Group, Commonwealth Bank of Australia and National Australia Bank Limited, among others. The fund benchmarks against the 30 Day Bank Bill Swap Rate. As at the latest reporting date, AAA held a fund size of $4.94 billion with 98,660,365 units outstanding, figures that place it well ahead of the other cash and fixed income products covered in this series.

Distribution Pattern

AAA declared an interim distribution of $0.189 per unit, representing an annual Yield of 4.09 percent, with an ex-date of 1 September 2026 and a payment date of 9 September 2026. Reviewing recent months, the fund paid $0.172 in May, $0.187 in June, $0.195 in July and $0.188 in August, before the September figure of $0.189. This pattern shows a decline between July and August followed by a slight recovery into September.

Portfolio Composition

The fund's asset allocation is fully weighted to cash, at 100 percent, with no exposure to stock, bonds or other asset classes. Within its top holdings, cash itself makes up 93.54 percent of the portfolio, with the remainder spread across a series of short-term term deposits with banks including Suncorp-Metway, National Australia Bank and Mizuho, each individually representing less than 1.2 percent of the fund. The total number of underlying holdings is nine, with the top ten holdings collectively representing 100 percent of the portfolio and a Turnover ratio of 0.00 percent.

AAA sits within the Australian Cash category, which covers funds investing predominantly in highly liquid securities such as bank deposits and bank bills, generally with an overall portfolio Maturity of under one year and inclusion of cash or overnight account exposure.

Who Should Watch AAA

Investors and Cash Management analysts monitoring how Australian short-term interest rates flow through to bank deposit-based ETFs may find AAA relevant to ongoing coverage, particularly given its scale relative to other cash products on the ASX. Those comparing AAA against actively managed alternatives such as MMKT, which blends cash with a bond allocation, could also find the contrast in structure and yield behaviour worth tracking.

Conclusion

As the largest fund among this group by both fund size and units outstanding, AAA's performance and distribution pattern offer a reference point for how bank deposit-based cash ETFs are behaving in the current rate environment. Recent data shows a distribution that dipped between July and August before recovering slightly into September, alongside a unit price that has remained within a narrow band over the past year.