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  5. CBIL: Hello, I am looking at these 3 ETFs to park my cash, now that short term interest rates have come down and ETFs like PSA or HSAV have much less attractive rates than 6 months ago. [Global X 0-3 Month T-Bill ETF]
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Q: Hello, I am looking at these 3 ETFs to park my cash, now that short term interest rates have come down and ETFs like PSA or HSAV have much less attractive rates than 6 months ago. Can you highlight the main differences between MNY, CBIL and CMR and sort these by increasing risk level? FYI, CMR will add asset-backed paper to its portfolio sometime next year. Thanks!
Asked by Martin on November 14, 2024
5i Research Answer:

MNY invests 100% in money market securities. Indicated yield 4.69%. Effective duration is 0.22 years so this is very short term paper. Money market securities are not guaranteed but are considered cash equivalent due to their short term.  We would note asset-backed paper did see some problems in 2008. CBIL indicated yield is 3.60%. Duration is 0.11 years. The fund itself is not guaranteed, but with 99% invested in government securities it effectively is. CMR is essentially equivalent to MNY, indicated yield 4.36% but with only 4% corporate exposure. Duration 0.17.

We would rank in terms of low risk first: CBIL, CMR, MNY

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