High interest rates have elevated exchange-traded funds used for parking cash to superstar status on the sales charts.
You’ll notice that the pioneer ETF in this category, the Purpose High Interest Savings Fund, has been around since 2013. Most others have come along recently to seize on the opportunity presented by high interest rates. As with all ETFs, there may be brokerage commissions to buy and sell HISA and money-market ETFs. Check your broker or trading app. Note that HISA ETFs are currently beingby banking regulators. These funds invest their assets in big bank savings accounts paying juicy wholesale rates. Regulators are asking what might happen to these banks if investors en masse cashed out of their HISA funds. Note as well that HISA ETFs are not covered by deposit insurance.
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