iShares Core Cash ETF (ASX:BILL): Who Should Consider This Cash Management Tool

Sonal Goyal

01 September 2026 01:15 PM AEST

iShares Core Cash ETF (ASX:BILL): Who Should Consider This Cash Management Tool

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Key Highlights

BILL tracks the S&P/ASX Bank Bill index and holds 100% of its portfolio in cash instruments across 77 companies.
The fund reported a fund size of $1.16 billion and carries one of the lowest management fees reviewed at 0.07% per annum.
BILL's September distribution rose to $0.446, up from $0.335 in August.
The fund's top 10 holdings account for 44.45% of the portfolio, led by a 24.69% allocation to an RBC Money Market instrument.

Fund Overview and Objective

BILL, listed on the ASX since 6 June 2017, falls under the Australian Cash category and employs a passive strategy designed to track the performance of the S&P/ASX Bank Bill Index. The fund's management fee was reported at 0.07% per annum, among the lowest of the funds covered in this review, with a fund size of $1.16 billion and 11,556,803 units outstanding.

Portfolio Composition

BILL's asset allocation was reported entirely in cash at 100.00%, consistent with its mandate to invest in highly liquid securities such as bank deposits and bank bills with an overall Maturity expected to be less than one year. The fund held 77 companies, with the top 10 holdings representing 44.45% of the portfolio.

The largest single holding was an RBC Money Market 11am instrument at 24.69%, followed by National Australia Bank at 4.27% and various Sydney branch holdings of Sumitomo Mitsui Banking Corporation.

Distribution and Yield Profile

BILL reported an annual yield of 4.04% on an interim distribution basis. Distribution amounts rose from $0.333 in June to $0.351 in July, before falling to $0.335 in August and rising again to $0.446 in September, reflecting some month-to-month variability alongside an overall upward trajectory across the period.

Considerations for Cash-Focused Investors

As a fund concentrated entirely in short-dated, highly liquid cash instruments, BILL's risk profile differs substantially from the Credit and government bond funds also covered in this review, with a reported Standard Deviation of just 0.13, the lowest among the funds examined. This structure is designed to prioritise Capital stability alongside a return linked closely to short-term bank bill rates.

Conclusion

BILL's design as a low-cost, cash-focused ETF sets it apart from the longer-duration credit and government bond funds reviewed elsewhere in this coverage, offering a highly liquid structure concentrated in bank bills and money market instruments. Its distribution figures showed a rise to $0.446 in September from $0.335 in August, and its low fee and low Volatility profile characterise a fund oriented toward capital stability rather than capital growth or extended duration exposure.

FAQs

Q: What does BILL invest in?

A:BILL invests in highly liquid cash instruments including bank deposits and bank bills, tracking the S&P/ASX Bank Bill Index.

Q: What is BILL's management fee?

A:The management fee is 0.07% per annum, among the lowest reviewed in this coverage.

Q: What is BILL's largest holding?

A:The largest reported holding was an RBC Money Market 11am instrument at 24.69% of the portfolio.

Q: What was BILL's most recent distribution?

A:The September 2026 distribution was $0.446, up from $0.335 in August.

Q: How many companies does BILL hold?

A:The fund held 77 companies at the time of the data reviewed.

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