Money market ETFs are the best way to earn 4%+ on cash sitting in your brokerage account. Instead of leaving uninvested cash earning nothing while you wait for the right buying opportunity, funds like CASH, PSA, and ZMMK pay competitive yields with daily liquidity. They’re also useful for emergency funds held inside a TFSA at a brokerage. The main caveat: unlike a bank HISA, these ETFs are not CDIC-insured, though the underlying deposits are held at Schedule I Canadian banks, making the actual risk extremely low. For the broader product map, start with our ETFs and index funds hub.
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
If your horizon is longer than a few months and you can tolerate small price moves, compare these with best bond ETFs in Canada.
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
The choice between these three comes down to where your cash lives and how quickly you need access. If you already have a brokerage account, buying CASH or ZMMK takes seconds and yields more than most bank savings accounts. If you want CDIC insurance and instant access, a bank HISA is simpler. GICs lock in the highest rates but sacrifice liquidity. For most brokerage-based investors, parking cash in a money market ETF while deciding on your next investment is the most efficient default.
For a deeper breakdown of those tradeoffs, see GIC vs bond ETF vs HISA.
| 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 |
If you are holding these in registered accounts for tax reasons, review TFSA vs RRSP for beginners.
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 |
For the broader ETF purchase workflow, follow how to buy ETFs in Canada.
Cost: $0 on Wealthsimple, $0 on Questrade (ETF purchases)
The Bottom Line
CASH or ZMMK are the best defaults for uninvested brokerage cash — 4%+ yield, daily liquidity, and negligible risk. Hold them in a TFSA for tax-free interest. For cash outside a brokerage, a bank HISA or GIC is simpler and CDIC-insured.