Best Money Market & Cash ETFs Canada 2026
| ETF |
Type |
Yield |
MER |
Min Investment |
Distribution |
| CASH |
HISA ETF |
~4.3% |
0.11% |
1 share (~$50) |
Monthly |
| PSA |
HISA ETF |
~4.3% |
0.16% |
1 share (~$50) |
Monthly |
| CSAV |
HISA ETF |
~4.2% |
0.16% |
1 share (~$50) |
Monthly |
| ZMMK |
Money market |
~4.5% |
0.10% |
1 share (~$50) |
Monthly |
| CMR |
Money market |
~4.4% |
0.12% |
1 share (~$100) |
Monthly |
| ZST |
Ultra-short bond |
~4.5% |
0.09% |
1 share (~$50) |
Monthly |
| MNY |
T-bill |
~4.2% |
0.15% |
1 share (~$50) |
Monthly |
Top Picks
Best Overall: CASH (CI High Interest Savings ETF)
| Feature |
Details |
| Yield |
~4.3% |
| MER |
0.11% |
| Net yield |
~4.19% |
| NAV |
~$50 (stable) |
| Distribution |
Monthly |
| Banks used |
Schedule I Canadian banks |
| CDIC insured |
❌ (but deposits at CDIC-member banks) |
Best for Brokerage Accounts: PSA (Purpose High Interest Savings)
| Feature |
Details |
| Yield |
~4.3% |
| MER |
0.16% |
| Net yield |
~4.14% |
| NAV |
~$50 (stable) |
| Distribution |
Monthly |
| Liquidity |
T+1 settlement |
Best Money Market: ZMMK (BMO Money Market Fund ETF)
| Feature |
Details |
| Yield |
~4.5% |
| MER |
0.10% |
| Holdings |
T-bills, commercial paper, bankers’ acceptances |
| Risk |
Extremely low |
| Distribution |
Monthly |
Earnings Comparison
Annual earnings on $25,000:
| ETF |
Gross Yield |
MER |
Net Yield |
Annual Income |
| ZMMK |
4.5% |
0.10% |
4.40% |
$1,100 |
| CASH |
4.3% |
0.11% |
4.19% |
$1,048 |
| PSA |
4.3% |
0.16% |
4.14% |
$1,035 |
| CSAV |
4.2% |
0.16% |
4.04% |
$1,010 |
| Typical HISA |
3.5% |
0% |
3.50% |
$875 |
Money Market ETFs vs HISA vs GICs
| Feature |
Money Market ETF |
HISA |
GIC |
| Yield |
4.0-4.5% |
3.0-4.5% |
3.5-5.0% |
| Liquidity |
Daily (sell on exchange) |
Instant |
Locked (most) |
| CDIC insured |
❌ |
✅ |
✅ |
| Purchase through |
Brokerage |
Bank |
Bank/brokerage |
| Price fluctuation |
Negligible |
None |
None |
| Best for |
Brokerage cash |
Emergency fund |
Fixed-term savings |
When to Use Money Market ETFs
| Situation |
Good Fit? |
| Cash in brokerage waiting to invest |
✅ Perfect |
| Emergency fund (in TFSA at broker) |
✅ Good |
| Short-term savings (1-12 months) |
✅ Good |
| Down payment savings (2+ years) |
⚠️ Consider GIC for certainty |
| Long-term investing |
❌ Use stock ETFs |
| Primary emergency fund |
⚠️ HISA at bank may be more accessible |
How to Buy
| Step |
Action |
| 1 |
Open brokerage account (Wealthsimple, Questrade) |
| 2 |
Deposit cash |
| 3 |
Search for CASH, PSA, or ZMMK |
| 4 |
Buy shares at market price |
| 5 |
Receive monthly distributions |
| 6 |
Sell anytime — same-day liquidity |
Cost: $0 on Wealthsimple, $0 on Questrade (ETF purchases)