Consequently, some investors are turning to alternative options to park their cash. Matthew Tuttle, chief executive at Tuttle Tactical Management, said his firm is planning to invest in some conservative, cash alternative ETFs for better yields.

For example, the PIMCO Enhanced Short Maturity ETF (NYSEArca: MINT) has a 0.7% 30-day SEC yield and a 0.38 year duration. The Guggenheim Enhanced Short Duration Bond (NYSEArca: GSY) has a 1.31% 30-day SEC yield and a 0.25 year effective duration. The SPDR SSgA Ultra Short Term Bond ETF (NYSEArca: ULST) has a 0.38% 30-day SEC yield and a 0.19 year duration. The iShares Short Maturity Bond ETF(NYSEArca: NEAR) has a 1.10% 30-day SEC yield and a 0.60 year duration. [ETF Spotlight: Ultra-Short-Term Bonds]

Additionally, short-duration Treasury bond ETFs are also showing rising rates. For instance, the iShares Short Treasury Bond ETF (NYSEArca: SHV) has a 0.36 year duration and a 0.18% 30-day SEC yield. [New Money Market Fund Rules, a Boon for Ultra-Short-Term ETFs]

For more information on cash alternatives, visit our money markets category.

Max Chen contributed to this article.