Cash ETFs – Revisited

With the increase in Bank of Canada interest rates:

Cash ETFs:
(TSX: CASH) – gross yield 479bps – MER 13bps – net yield 466bps
(TSX: CSAV) – gross yield 396bps (November 24 distribution * 12, note not adjusted for recent rate increase(s)) – MER 16bps – this should be roughly in-line with the others
(TSX: HSAV) – gross yield 475bps – MER 12bps – net yield 463bps – CAUTION: trading above NAV, do your calculations accordingly
(TSX: PSA) – net yield 459bps

IBKR will give 368bps above CAD$13k.
HISA rates (one example): Home Trust gives 365bps.

Low duration, low risk, liquid:
(TSX: ZST) – 6 month effective duration – YTM 490bps – MER 16bps – net yield 474bps (November 30, 2022 numbers, note roughly 2/3rds investment-grade corporate debt here)
(TSX: XSB) – 2.7yr effective duration – YTM 410bps – MER 10bps – net yield 400bps

Sacrifice liquidity for yield:
GIC Direct is reporting 550bps rates (1 to 5 years).

US Dollar:
(TSX: HISU.U) – Cash ETF – MER 15bps
(TSX: PSU.U) – Cash ETF – MER 15bps
(NYSE: IBTD) – 0.58yr effective duration – YTM 454bps – MER 7bps – net yield 447bps – matures end of 2023
(NYSE: VGSH) – 1.9yr effective duration – YTM 460bps – MER 4bps – net yield 456bps