Key Highlights

• Actively managed short-term fixed income ETF; benchmark is the Bloomberg AusBond Bank Bill AUD Index

• Management fee of 0.15% per annum; fund size of $114.49 million; admitted 6 February 2026

• Monthly distributions of $0.180 to $0.195 per unit in recent months; 83.97% cash and 16.03% bond allocation

• 55 holdings across bank deposits, asset-backed securities, and corporate debt; Canada at 11.63% alongside 88.37% Australian exposure

The VanEck Cash Plus Active ETF (ASX:MONY) is a recently admitted short-term fixed income product, listed on the ASX on 6 February 2026, that takes an active management approach to the cash and short-duration Credit space. Rather than simply tracking the Bloomberg AusBond Bank Bill AUD Index, MONY aims to outperform it after fees and costs — a distinction that places the fund in a different risk-return tier from a passive cash ETF such as BILL. The fund's mandate allows it to invest beyond overnight deposits and bank bills into direct fixed-interest securities, high-quality corporate debt, and asset-backed securities with overall maturities of up to two years.

Investment Mandate and Active Strategy

MONY targets returns above the Bloomberg AusBond Bank Bill Index, seeking to generate a modest Yield premium over the short-term rate benchmark through selective allocation to higher-yielding short-duration instruments within a tightly constrained credit quality framework. The category description specifies that funds of this type maintain an average credit quality of AA or above, ensuring the credit risk profile remains toward the upper end of the investment-grade spectrum. Derivatives may also be used to hedge and exploit market conditions, providing the active manager with additional tools beyond pure security selection. There is no guarantee that the fund will outperform its benchmark, as noted in the fund's own Investment objective disclosure.

Portfolio Composition and Holdings

MONY holds 55 positions across a mix of bank deposits, term deposits, asset-backed securities, and corporate bonds. The top 10 holdings represent 16.03% of the fund. Key positions include Commonwealth Bank of Australia at 4.31%, National Australia Bank at 3.94%, Amp Term Deposit (4.3%, maturing December 2026) at 2.45%, Triton Bond Trust 2022-1 at 1.92%, Royal Bank of Canada (Sydney Branch) at 1.57%, Orde Series 2025-1 Trust at 1.03%, Puma Series 2019-1 at 0.51%, and ASX Ltd at 0.26%. The presence of residential mortgage-backed securities (RMBS) such as Triton, Puma, and Orde Series highlights the active manager's use of asset-backed securities to enhance yield within the short-term credit space. The asset allocation shows 83.97% in cash instruments and 16.03% in bonds. Geographic exposure is 88.37% Australian and 11.63% Canadian, the latter reflecting Canadian bank issuers operating in the Australian deposit market.

Distribution Profile

MONY has paid monthly distributions since its listing, with recent payments showing a gradual upward trend: $0.180 in May 2026, $0.190 in June, July, and August, and $0.195 in September 2026. The annualised yield is reported at 0.00% in the available fund data, which appears to reflect a data limitation associated with the fund's short operating history rather than an absence of income — the monthly distribution pattern clearly demonstrates active income generation. The incremental increase in monthly distributions from May to September suggests the portfolio's income accrual has trended upward, consistent with the short-duration instruments rolling into higher-yielding replacements in the current rate environment.