Key highlights

  • MMKT invests in cash and money market instruments, with 79.20% held in cash and 20.80% in bonds.
  • The fund holds 176 positions, with its top 10 representing 11.14% of the fund, and charges a 0.18% management fee.
  • Distributions are paid monthly, with recent payments between $0.183 and $0.207 per unit.

Cash and money market ETFs aim to hold short-dated, highly liquid securities and offer an exchange-traded alternative to bank deposits and cash management trusts. The Betashares Australian Cash Plus Active ETF (ASX:MMKT) was admitted to the ASX on 24 November 2023 and is categorised by Morningstar as Australian Short Term Fixed Interest, with the Bloomberg AusBond Bank 0+Y TR AUD index as its benchmark. The fund size is $665.87 million.

This article describes the exposure MMKT provides, using its ASX fund page, including its asset mix, its geographic spread, its largest holdings, its fee and its distribution pattern. It contains no return data or advice.

What the fund is designed to do

The fund aims to provide a yield, before taking into account fees and expenses, in excess of the Bloomberg AusBond Bank Bill Index from a portfolio comprising cash and money market instruments, whilst seeking to preserve invested capital and provide ready liquidity. It is an actively managed fund, so its holdings can differ from the benchmark.

Morningstar describes Australian Short Term Fixed Interest funds as those that invest predominantly in highly liquid securities such as bank deposits and bank bills, and that may also hold direct fixed-interest securities, high-quality corporate debt and asset-backed securities, as well as use derivatives to hedge. The overall maturity in the category is expected to be less than two years, and average credit quality is typically AA or above. The fund’s units outstanding were 13,275,015, and its average daily trading volume was 70,125 units.

Asset mix, company size and geography

MMKT’s asset allocation is 79.20% cash and 20.80% bonds, with no stocks or other assets, compared with category averages of 43.47% cash, 51.37% bonds, 0.59% stocks and 4.58% other. The ASX page does not give sector or company-size breakdowns, because the fund holds money market and fixed-income securities rather than shares.

Geographically, 53.11% of the fund is in Australia, against a category average of 72.23%. Canada accounts for 19.52%, Singapore for 11.07%, New Zealand for 6.87%, the Netherlands for 5.13%, Sweden for 2.94% and France for 1.36%. The higher non-Australian share reflects the foreign banks that issue paper through Australian branches or Australian-dollar programs.

Top holdings

The fund held 176 positions at the time of the page, and the ten largest account for 11.14%, a low concentration. They include Kiwibank 5.4814% paper at 1.25%, UBS AG Australia 5.7438% at 1.24%, United Overseas Bank Limited (Sydney Branch) 5.2138% at 1.24%, Royal Bank of Canada, Sydney Branch 4.9825% at 1.24%, Bank of Queensland 5.8933% at 1.20%, ING Bank (Australia) 5.4166% at 1.10%, a second Bank of Queensland issue at 1.09%, two NBN Co positions at 0.93% each and ASX Ltd 5.4195% at 0.88%.

The percentages in the names are the coupon or reference rates of the securities. The list shows a mix of bank deposits and corporate paper from banks, an infrastructure company and the ASX.

Distributions

MMKT pays distributions monthly. The most recent was an interim distribution of $0.183 per unit, with an ex-date of 1 October 2026, a record date of 2 October 2026 and a payment date of 9 October 2026. Earlier monthly distributions were $0.207 in September, $0.198 in August, $0.196 in July and $0.194 in June 2026.

Fund snapshot and recent filings

On the ASX page, MMKT showed a last price of $50.15, a change of 0.00 (negative 0.01%), a bid-offer range of $50.13 to $50.18, a day range of $50.15 to $50.16 and a trading volume of 16,214 units. The management fee is 0.18% and the ISIN is AU0000268849. The page shows a beta of 1.08 and a standard deviation of 0.14. Its head office is at Level 46, 180 George Street, Sydney.

Recent announcements include the Units on Issue Disclosure for September 2026 on 6 October, the distribution reinvestment plan issue price and the final distribution announcement on 1 October, the estimated distribution announcement on 29 September and the Annual Report on 25 September 2026.

What MMKT’s structure means for exposure

MMKT provides exposure to cash and short-dated bank and corporate securities, with a 0.18% management fee and monthly distributions. Its portfolio is spread across 176 positions and includes a larger share of non-Australian issuers than its category.