7 Best Money Market ETFs in Canada 2025: Cash And HISA ETFs

Money market ETFs invest in highly liquid instruments like hybrid-interest savings accounts (i.e. cash), term deposits, short-term debt securities, cash equivalents, and other low-risk, short-term investments.

Also referred to as Cash ETFs or high-interest savings account (HISA) ETFs, these ETFs come in handy when you want access to income and need to preserve capital.

This guide covers the best money market ETFs in Canada, their pros, cons, fees, and whether you should consider them for your portfolio.

Best Money Market ETFs in Canada

Canadians have a thin list of Cash and HISA ETFs to choose from. The ones currently available are as follows:

• Evolve High Interest Savings Account Fund (HISA)
• Horizons High Interest Savings ETF (CASH)
• CI High Interest Savings ETF (CSAV)
• Horizons Cash Maximizer ETF (HSAV)
• Purpose High interest Savings ETF (PSA)
• iShares Premium Money Market ETF (CMR)
• Ninepoint Cash Management Fund (NSAV)

Fund facts are as of January 2025.

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1. Evolve High Interest Savings Account

• Ticker: HISA
• MER: 0.15%
• Assets under management (AUM): $3.64 billion
• Yield: 4.49%
• Inception: November 20, 2019

If you seek exposure to high-interest deposit accounts and monthly cash flows, the Evolve High Interest Savings Account Fund may be for you. It is 100% invested in cash and has a “low” risk rating.

HISA has a monthly distribution frequency, and its yield has increased in recent times as the savings rates offered by banks have increased.

This fund is listed on the NEO Exchange.

2. Horizons High Interest Savings ETF

• Ticker: CASH
• MER: 0.13%
• AUM: $5.42 billion
• Yield: 4.53%
• Inception: November 1, 2021

Like the Evolve HISA ETF, this Cash ETF from Horizons is 100% invested in high interest savings vehicles in Schedule 1 Canadian chartered banks.

You can buy and sell it on discount brokerage trading services that offer it in Canada.

CASH is also expected to make monthly distributions to unitholders. You can hold the ETF in registered and non-registered investment accounts, and it is listed on the TSX.

3. CI High Interest Savings ETF

• Ticker: CSAV
• MER: 0.16%
• AUM: $6.64 billion
• Yield: 4.51%
• Inception: June 14, 2019

This low-risk rated ETF invests primarily in high interest deposit accounts in Canada. It offers monthly income distributions and is listed on the Toronto Stock Exchange.

CSAV has holdings in CIBC, National Bank, Scotiabank, and BMO.

4. Purpose High Interest Savings ETF

• Ticker: PSA
• MER: 0.16%
• AUM: $4.61 billion
• Yield: 4.60% (Gross)
• Inception: October 10, 2013

Purpose High Interest Savings ETF is one of the oldest Cash ETFs in Canada.

It invests in high interest savings accounts at top-tier Canadian banks (National Bank, CIBC, and Scotiabank) and offers monthly distributions.

This ETF is eligible for DRIP, PACC, and registered accounts such as TFSAs and RRSPs.

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5. Global X Cash Maximizer Corporate Class ETF

• Ticker: HSAV
• MER: 0.20%
• AUM: $1.86 billion
• Yield: 4.45%
• Inception: February 5, 2020

The Global X Cash Maximizer Corporate Class ETF also invests in high-interest deposit accounts; however, it is not expected to make taxable distributions. Net interest income earned is reinvested and reflected in the fund’s net asset value daily.

HSAV suspended new subscriptions on February 3, 2022, after reaching $2 billion in net asset value.

In addition to CASH and HISA, Horizons also offers the Horizon USD Cash Maximizer ETF (HSUV.U).

6. Ninepoint Cash Management Fund

• Ticker: NSAV
• MER: 0.14%
• Inception: November 17, 2020
• 12 Month Trailing Yield: 4.54%

The Ninepoint Cash Management Fund is offered as an ETF and mutual fund (Series A & F). It is invested in short-term corporate bonds, high-interest savings accounts at Schedule 1 banks, treasury bills and more. It has a low-risk rating.

This ETF is listed on the NEO Exchange.

7. iShares Premium Money Market ETF

• Ticker: CMR
• MER: 0.24%
• AUM: $1.33 billion
• 1-year return: 4.70%
• Inception: February 19, 2008

Unlike the other ETFs on this list, CMR is a more traditional money market fund invested in short-term, high-quality debt instruments. Its top 10 holdings are in Ontario, Saskatchewan, and British Columbia; RBC, TD, National Bank, Nestle, Ontario Teachers, and MUFG Bank Ltd.

This fund is listed on the TSX and supports DRIP, PACC, and SWP.

What is a Money Market ETF?

A money market ETF is a type of Exchange-Traded Fund invested in cash and cash-equivalent securities, as well as short-term debts such as U.S. Treasury bills.

These ETFs are designed to provide capital preservation and some appreciation while exposing investors to minimal risk.

Because they are safe investments, Money Market ETFs and funds may not keep up with high inflation rates.

A money market ETF that invests in high-interest deposit accounts at Canadian banks is called a HISA ETF.

How To Buy Money Market ETFs in Canada

You can buy and sell money market ETFs using a brokerage account such as Qtrade and Questrade.

• Qtrade

• Questrade

Money Market ETF Fees

When you buy a money market ETF, you can expect to pay a management expense ratio (MER) that includes the following:

• Management fees (includes investment manager salary, marketing, and other service fees)
• Sales taxes

The MER is calculated as a percentage of the ETF’s net asset value.

There may also be transaction and trading fees incurred by the fund.

When you buy the ETF, your brokerage may charge a trading commission (up to $10/transaction). This fee is waived by no-commission trading platforms like Questrade and Wealthsimple Trade.

Pros of Money Market ETFs

The benefits of Cash and HISA ETFs are:

• Provide exposure to high-interest deposit accounts
• Can easily be bought and sold throughout a trading day (i.e. very liquid)
• It may be appropriate for investors with a low risk tolerance
• Savings are held at Tier 1 Canadian banks
• Eligible for registered and non-registered investment accounts
• Usually provide income distributions
• No minimum balance or lock-up period
• Potentially higher yields than traditional savings accounts

Cons of Money Market ETFs

The downsides of money market ETFs include:

• Not protected by the Canada Deposit Insurance Corporation (CDIC)
• High management fees that eat into your returns
• Limited capital growth

Are Money Market ETFs Worth It?

If you have a long-term investment horizon and want to grow your capital over that time, you may be better off investing in a mix of stocks and bonds.

For capital preservation, Cash ETFs can be useful as they are low-risk and do not suffer significant volatility. You can also access your cash on short notice.

Related:

• TFSA vs Savings Account
• Long Term Investments in Canada