High interest cash ETF hits $1 billion
A high interest cash exchange traded fund (ETF) has hit $1 billion in funds under management (FUM), as investors increasingly turned to cash amid Donald Trump becoming President elect, according to BetaShares.
The firm said its Australian high interest cash ETF was now one of the largest ETFs in Australia.
It gave investors exposure to competitive interest rates from Australian accounts, and paid 0.5 per cent above the Reserve Bank of Australia's cash rate, the firm said.
In recognition of its effectiveness, ratings house, Zenith upgraded it to ‘high recommended', which made it just one of three ETFs to receive Zenith's highest rating.
BetaShares managing director, Alex Vynokur, said: "Increased volatility across global markets, particularly as a result of the new President-Elect in the US, means investors are turning to the safety of cash".
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