ETFs

Summary – 

Australia – Commodities Rebound as Risk Appetite Returns to Markets

The Global ETF landscape for the week ending November 14, 2025 showed a marked reversal in sentiment, with commodities and precious metals leading gains while cryptocurrency and technology exposures experienced sharp corrections, and bearish strategies continued to unwind.

Performance

For the week ending November 14, 2025, the Betashares Energy Transition Metals ETF (XMET) led weekly returns with a 6.5% gain, followed by Betashares Global Gold Miners ETF (Hedged) (MNRS) at 6.1% and VanEck Australian Resources ETF (MVR) at 5.7%. Global X Physical Silver (ETPMAG) and VanEck Gold Miners ETF (GDX) also posted solid weekly gains above 5%, signaling renewed interest in resource and precious metal exposures. Betashares Global Healthcare ETF (Hedged) (DRUG) rounded out the top performers at 4.3%.

On the downside, cryptocurrency ETFs experienced severe declines for the second consecutive week, with Betashares Crypto Innovators ETF (CRYP) down -19.1%, Betashares Ethereum ETF (QETH) falling -10.6%, and Betashares Bitcoin ETF (QBTC) dropping -10.2%. Technology and uranium exposures remained under pressure, with Global X Hydrogen ETF (HGEN) declining -10.2%, Global X Uranium ETF (ATOM) falling -7.1%, and Betashares S&P/ASX Australian Technology ETF (ATEC) down -5.4%.

Year-to-date, Betashares Global Gold Miners ETF (Hedged) (MNRS) strengthened its leadership position at 120.2%, closely followed by VanEck Gold Miners ETF (GDX) at 114.7%. Over a 12-month horizon, GDX led with 116.6%, followed by MNRS at 114.9%. Global X Hydrogen ETF (HGEN) moderated to 92.5%, while Global X Physical Silver (ETPMAG) surged to 70.8% and Global X Battery Tech & Lithium ETF (ACDC) maintained strong performance at 66.8%, while bearish ETFs such as SNAS and BBUS remained deep in negative territory with losses exceeding -31%.

Flows & Turnover

Weekly flows showed significant activity in core Australian equities, with Betashares Australia 200 ETF (A200) recording the largest inflow at A$114.4 million, followed by Betashares Australian High Interest Cash ETF (AAA) at A$80.7 million. Resource exposure also attracted capital, with SPDR S&P/ASX 200 Resources Fund (OZR) seeing inflows of A$28.4 million. Conversely, iShares MSCI South Korea Capped ETF (IKO) experienced the largest outflow at -A$50.7 million, while BBOZ and VanEck Gold Miners ETF (GDX) also saw notable redemptions.

Vanguard Australian Shares Index ETF (VAS) continued to dominate 12-month inflows with A$4.08 billion, unchanged from the prior week, followed by VGS at A$2.38 billion and A200 at A$2.04 billion. Vanguard Global Aggregate Bond Index (Hedged) ETF (VBND) and VGAD also maintained strong 12-month inflows, each exceeding A$1.4 billion.

In terms of turnover, VAS significantly increased its weekly average daily turnover to A$258.2 million—a notable surge from the prior week—followed by AAA at A$33.0 million and VGS at A$31.1 million. Global X Physical Gold (GOLD) saw heightened liquidity with weekly turnover jumping to A$20.7 million, reflecting increased trading activity in precious metals.

The week highlighted a rotation back into commodities and resource exposures following the prior week’s defensive positioning, while cryptocurrency assets faced continued selling pressure. Investor flows remained concentrated in core equity and cash management ETFs, with increasing interest in precious metals and energy transition themes.

USA – Flow Trends

ETF flows surged again, with investors adding $43.4 billion to U.S.-listed ETFs for the week ending November 14, 2025, pushing year-to-date inflows to a record-breaking $1.17 trillion, surpassing previous highs and reinforcing the strength of ETF demand despite market volatility and rising Treasury yields.

U.S. equity ETFs led with $22.5 billion in inflows, followed by U.S. fixed income ETFs at $7.8 billion and international equities at $7.5 billion. International fixed income ETFs added $3.7 billion, while leveraged products attracted $2.7 billion. Commodity ETFs gained $1.2 billion, whereas currency ETFs saw $1.7 billion in outflows, signaling a preference for core exposures.

Among top-performing funds, the Vanguard S&P 500 ETF (VOO) led with $6.6 billion in inflows, extending its year-to-date total to $112 billion, the highest of any ETF in 2025. The iShares Core S&P 500 ETF (IVV) followed with $3.6 billion, while the iShares 7–10 Year Treasury Bond ETF (IEF) drew $3.5 billion, reflecting strong demand for duration despite yields holding above 4.1%. The iShares Russell 2000 ETF (IWM) added $1.5 billion, suggesting some positioning for a small-cap rebound. International exposure was supported by iShares Core MSCI EAFE ETF (IEFA) and iShares Core MSCI Emerging Markets ETF (IEMG), which brought in $1.3 billion and $1.2 billion, respectively.

On the outflows side, the SPDR S&P 500 ETF Trust (SPY) led with $1.7 billion in redemptions. The iShares MBS ETF (MBB) lost $1.3 billion, while long-duration Treasury funds like SPDR Portfolio Long Term Treasury ETF (SPTL) shed $1.2 billion. Crypto-linked ETFs also faced heavy losses, with Fidelity Wise Origin Bitcoin Fund (FBTC) and others collectively losing nearly $1 billion as bitcoin fell below $95,000.

Overall, flows were broad-based across equities and bonds, with modest outflows in currency and crypto products. Despite market pullbacks, ETF demand remains resilient, signalling investor confidence in diversified strategies.

ETF Weekly Summary

Name	CODE	Closing Price	∆ Week Price ($)	1 Mth Return (%)	1 Yr Return (%)	Running Yield(%)	Market Cap (in Mill.)
BetaShares Australian High Interest Cash ETF	AAA.AXW	50.16	0.04	0.33	4.13	4.13	4,692.27
BetaShares Australian Government Bond ETF	AGVT.AXW	42.02	-0.28	-1.07	7.38	3.68	1,078.73
BetaShares Australian Major Bank Hybrids Index ETF	BHYB.AXW	9.88	-0.01	0.29	4.22	6.37	632.01
iShares Core Cash ETF	BILL.AXW	100.55	0.04	0.29	4.14	4.01	1,050.04
SPDR S&P/ASX Australian Bond Fund ETF	BOND.AXW	25.79	-0.13	-0.5	6.76	2.21	44.44
BetaShares Legg Mason Australian Bond Fund	BNDS.AXW	23.77	-0.12	-0.62	6.54	4	858.92
BetaShares Australian Investment Grade Corporate Bond ETF	CRED.AXW	23.5	-0.15	-0.93	8.54	4.85	1,556.90
Daintree Hybrid Opportunities ETF	DHOF.AXW	9.71	0	-0.21	3.37	3.61	50.52
Elstree Hybrid Fund ETF	EHF1.CXA	5.16	-0.04			5.73	41.06
Daintree Core Income Fund ETF	DCOR.AXW	51.79	0.05	0.33		1	63.2
VanEck Vectors Australian Floating Rate ETF	FLOT.AXW	24.99	0.05	0.44	4.92	4.72	895.01
BetaShares Sustainability Leaders Diversified Bond Hedged ETF	GBND.AXW	20.73	0	0.05	3.94	3.18	217.22
BetaShares Global Government Bond 20+ Year ETF – Currency Hedged	GGOV.AXW	13.45	-0.02	-0.96	2.8	3.12	157.61
Janus Henderson Sustainable Credit Active ETF	GOOD.AXW	50.94	-0.16	-0.28	2.65	4.67	2.56
SPDR S&P/ASX Australian Government Bond Fund ETF	GOVT.AXW	24.58	-0.14	-0.77	6.59	2.68	68.31
BetaShares Active Australian Hybrids Fund ETF	HBRD.AXW	10.14	0.03	0.53	5.07	5.96	2,546.35
BetaShares Interest Rate Hedged Australian Investment Grade Corporate Bond ETF	HCRD.AXW	25.53	0	0.14	7.08	4.65	89.63
iShares Core Composite Bond ETF	IAF.AXW	102.91	-0.37	-0.74	6.25	2.9	3,499.83
iShares Treasury ETF	IGB.AXW	98.44	-0.47	-0.84	5.49	3.07	416.24
iShares Global High Yield Bond ETF	IHHY.AXW	93.93	0.31	0.75	7.2	5.65	339.58
iShares Core Global Corporate Bond ETF	IHCB.AXW	92.33	-0.23	-0.19	5.9	4.49	317.38
iShares J.P. Morgan USD Emerging Markets Bond ETF	IHEB.AXW	78.56	0.17	1.39	11.72	5.8	104.02
iShares Government Inflation ETF	ILB.AXW	127.48	-0.22	-0.84	4.98	1.6	1,017.60
iShares Enhanced Cash ETF	ISEC.AXW	100.62	0.09	0.32	4.27	4.22	371.37
Betashares Australian Composite Bond ETF	OZBD.AXW	44.84	-0.26	-0.88	7.03	3.92	958.93
VanEck Vectors Australian Corporate Bond Plus ETF	PLUS.AXW	17.16	-0.08	-0.52	7.17	4.08	405.77
BetaShares Australian Bank Senior Floating Rate Bond ETF	QPON.AXW	26.16	0	0.33	5.2	4.56	1,781.91
Russell Australian Select Corporate Bond ETF	RCB.AXW	20.19	-0.04	-0.39	5.21	4.61	326.74
Russell Australian Government Bond ETF	RGB.AXW	19.23	-0.13	-0.93	6.64	2.62	256.29
Russell Australian Semi-Government Bond ETF	RSM.AXW	20.81	-0.07	-0.62	5.46	1.43	59.46
VanEck Vectors Australian Subordinated Debt ETF	SUBD.AXW	25.26	-0.01	0.44	5.78	5.6	3,111.39
VanEck 1-3 Month US Treasury Bond ETF	TBIL.AXW	51.22	-0.54	-0.5	3	4.18	143.36
US Treasury Bond 7-10 Year Currency Hedged ETF	US10.AXW	51.75	-0.02	0.08	6.92	3.14	26.96
Betashares Inflation Protected US Treasury Bond (Hedged) ETF	UTIP.AXW	26.05	0.04	-0.42	5.96	3.2	190.19
Vanguard Australian Corporate Fixed Interest ETF	VACF.AXW	51.86	-0.2	-0.5	6.23	3.8	752.31
Vanguard Australian Fixed Interest Index ETF	VAF.AXW	46.3	-0.19	-0.77	6.15	3.05	3,181.66
Vanguard Global Aggregate Fixed Interest Index Hedged ETF	VBND.AXW	42.64	0	0	4.82	2.55	3,982.22
Vanguard International Credit Securities Index ETF	VCF.AXW	39.44	-0.08	-0.15	5.61	3.11	183.91
Vanguard Ethically Conscious Global Aggregate Bond Index Hedged ETF	VEFI.AXW	43.08	-0.07	0.05	4.23	2.91	78.63
Vanguard Australian Government Bond Index ETF	VGB.AXW	46.9	-0.2	-0.78	6.27	3.27	1,291.20
Vanguard International Fixed Interest Index ETF	VIF.AXW	39.1	-0.01	0.03	3.45	2.09	971.28
ActiveX Ardea Real Outcome Bond Fund ETF	XARO.AXW	24.74	0.06	0.49	6.18	1.58	168.41

^{*Closing price as of the end of the week. Returns in AUD before fees}