ETFs

Summary – 

The Global ETF markets were supported by continued enthusiasm for technology, commodities, and alternative energy themes, though with growing dispersion across assets.

Performance: Precious metals and clean energy ETFs led weekly gains. The Global X Hydrogen ETF (HGEN) rose +8.6%, while the Global X Gold Bullion ETF (GXLD) gained +8.0%, and Global X Physical Silver (ETPMAG) advanced +7.4%. The Global X Uranium ETF (ATOM) and Physical Platinum (ETPMPT) also performed strongly, reflecting broad commodity momentum. Over the 12 months, uranium, gold, and defence technology exposures remain top performers, delivering returns between +66% and +100%.

Technology and innovation themes remained resilient. ETFs tracking semiconductors (SEMI), artificial intelligence (GXAI), and battery tech (ACDC) all rose between 3–4%, mirroring gains in the U.S. Nasdaq and global tech indices. Conversely, crypto-related ETFs were the week’s weakest segment, with Bitcoin (EBTC, QBTC, BTXX) and Ethereum (EETH) funds plunging between –11% and –13%, extending losses as digital assets corrected after a strong earlier-year rally.

Flows and turnover: Investor capital favoured large, liquid core exposures. The Vanguard Australian Shares Index ETF (VAS) attracted the highest trading volume and inflows, followed by iShares Core S&P 500 (IVV) and Vanguard MSCI International Shares (VGS).

Defensive cash and bond ETFs such as Betashares Australian High Interest Cash (AAA) and VanEck Subordinated Debt (SUBD) also saw steady demand, reflecting continued appetite for yield despite equity market strength.

Underperformers included leveraged short equity and bond products such as Betashares Australian Equities Strong Bear (BBOZ) and U.S. Equities Strong Bear (BBUS), which fell more than –30%, underscoring broad equity market resilience.

Overall, the report paints a picture of global investor optimism, led by commodities, AI, and technology themes, but with rising divergence across asset classes. Traditional safe havens like gold and cash continued to attract inflows, while speculative assets such as crypto faced renewed pressure. This balanced rotation suggests investors are cautiously positioning for sustained global growth amid moderating inflation and stable rate expectations.

USA – Flow Trends

Global ETF flows surged again, with investors pouring $39.2 billion into U.S.-listed ETFs for the week ending October 17, 2025, pushing year-to-date inflows past $1 trillion—only the second trillion-dollar year on record after 2024. The rally was fuelled by a historic run in gold, which broke above $4,300 per ounce for the first time.

The SPDR Gold Shares (GLD) led all ETFs with $4.1 billion in inflows, while its lower-cost counterpart, SPDR Gold MiniShares (GLDM), added $603 million. Gold’s 2025 gains now exceed 60%, cementing its position as the standout performer across asset classes.

Equities remained the largest driver of flows, with U.S. equity ETFs attracting $17.6 billion, followed by $8 billion into U.S. fixed income, $5.8 billion into international equities, and $5.5 billion into commodities. Broad-market ETFs dominated buying, including Vanguard S&P 500 (VOO), Invesco QQQ (QQQ), and iShares Core S&P 500 (IVV)—each drawing over $2.5 billion.

Among international ETFs, JPMorgan BetaBuilders Europe (BBEU) led with $1.6 billion, while iShares U.S. Treasury Bond (GOVT) topped fixed income inflows at $1.2 billion.

On the outflows side, SPDR S&P Regional Banking (KRE) saw $830 million withdrawn after renewed stress in regional lenders, while iShares 20+ Year Treasury (TLT) and Xtrackers China A-Shares (ASHR) also posted sizable redemptions.

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	50.21	0.05	0.34	4.18	4.19	4,457.46
BetaShares Australian Government Bond ETF	AGVT.AXW	42.96	-0.08	1.55	8.02	3.57	1,096.46
BetaShares Australian Major Bank Hybrids Index ETF	BHYB.AXW	9.89	0.01	0.11	3.44	6.42	613.64
iShares Core Cash ETF	BILL.AXW	100.65	0.09	0.31	4.22	4.07	1006.12
SPDR S&P/ASX Australian Bond Fund ETF	BOND.AXW	26.1	-0.05	1.12	7.13	2.18	44.03
BetaShares Legg Mason Australian Bond Fund	BNDS.AXW	24.14	-0.05	1.15	6.98	3.91	868.65
BetaShares Australian Investment Grade Corporate Bond ETF	CRED.AXW	23.98	-0.03	1.15	9.77	4.72	1,572.46
Daintree Hybrid Opportunities ETF	DHOF.AXW	9.69	-0.02	0.21	3.79	3.62	50.86
Elstree Hybrid Fund ETF	EHF1.CXA	5.16	-0.04	0	0	5.73	41.06
Daintree Core Income Fund ETF	DCOR.AXW	51.67	-0.06	0.41	0	1	60.09
VanEck Vectors Australian Floating Rate ETF	FLOT.AXW	25.02	0.04	0.36	4.86	4.78	880.06
BetaShares Sustainability Leaders Diversified Bond Hedged ETF	GBND.AXW	20.83	-0.03	1.53	3.89	3.17	218.31
BetaShares Global Government Bond 20+ Year ETF – Currency Hedged	GGOV.AXW	13.71	-0.06	2.53	1.56	3.06	161.85
Janus Henderson Sustainable Credit Active ETF	GOOD.AXW	51.48	0.11	0.1	2.22	4.71	2.59
SPDR S&P/ASX Australian Government Bond Fund ETF	GOVT.AXW	24.92	-0.06	1.18	6.98	2.64	68.63
BetaShares Active Australian Hybrids Fund ETF	HBRD.AXW	10.16	0.03	0.54	5.04	6.05	2,526.98
BetaShares Interest Rate Hedged Australian Investment Grade Corporate Bond ETF	HCRD.AXW	25.53	-0.01	-0.01	6.98	4.66	83.52
iShares Core Composite Bond ETF	IAF.AXW	104.2	-0.16	1.09	6.66	2.87	3,505.41
iShares Treasury ETF	IGB.AXW	99.87	-0.23	1.21	6.13	3.02	417.98
iShares Global High Yield Bond ETF	IHHY.AXW	93.96	0.32	-0.03	6.94	5.65	332.56
iShares Core Global Corporate Bond ETF	IHCB.AXW	93.15	0.02	0.87	6.16	4.45	300.37
iShares J.P. Morgan USD Emerging Markets Bond ETF	IHEB.AXW	77.96	0.36	0.79	10.35	5.85	103.5
iShares Government Inflation ETF	ILB.AXW	129.22	-0.01	1.93	5.8	1.58	1,022.09
iShares Enhanced Cash ETF	ISEC.AXW	100.71	0.12	0.35	4.36	4.27	368.56
Betashares Australian Composite Bond ETF	OZBD.AXW	45.73	-0.04	1.23	7.84	3.81	942.73
VanEck Vectors Australian Corporate Bond Plus ETF	PLUS.AXW	17.42	-0.02	1.04	8.26	3.99	414.52
BetaShares Australian Bank Senior Floating Rate Bond ETF	QPON.AXW	26.22	0.08	0.38	5.33	4.62	1,739.52
Russell Australian Select Corporate Bond ETF	RCB.AXW	20.38	-0.03	0.75	6.52	4.56	326.97
Russell Australian Government Bond ETF	RGB.AXW	19.59	-0.09	1.27	7.19	2.57	260.35
Russell Australian Semi-Government Bond ETF	RSM.AXW	21.1	-0.01	0.48	6.24	1.41	59.91
VanEck Vectors Australian Subordinated Debt ETF	SUBD.AXW	25.33	0.05	0.6	6.09	5.65	3,051.15
VanEck 1-3 Month US Treasury Bond ETF	TBIL.AXW	51.6	-0.17	2.11	6.27	4.21	144.33
US Treasury Bond 7-10 Year Currency Hedged ETF	US10.AXW	51.97	-0.21	0.91	5.45	3.13	27.16
Betashares Inflation Protected US Treasury Bond (Hedged) ETF	UTIP.AXW	26.2	-0.12	0.46	5.36	3.18	192.58
Vanguard Australian Corporate Fixed Interest ETF	VACF.AXW	52.31	-0.11	0.68	6.86	3.76	744.91
Vanguard Australian Fixed Interest Index ETF	VAF.AXW	46.88	-0.06	1.13	6.79	3.01	3,083.64
Vanguard Global Aggregate Fixed Interest Index Hedged ETF	VBND.AXW	42.82	-0.06	0.99	4.44	2.54	3,785.04
Vanguard International Credit Securities Index ETF	VCF.AXW	39.74	0.42	0.8	5.13	3.08	184.28
Vanguard Ethically Conscious Global Aggregate Bond Index Hedged ETF	VEFI.AXW	43.34	0.41	0.86	3.91	2.89	79.08
Vanguard Australian Government Bond Index ETF	VGB.AXW	47.62	0.65	1.04	6.66	3.22	1,277.82
Vanguard International Fixed Interest Index ETF	VIF.AXW	39.33	0.43	0.87	3.07	2.08	958.37
ActiveX Ardea Real Outcome Bond Fund ETF	XARO.AXW	24.67	0.01	1.31	6.42	1.59	172.78

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