ETFs

Summary – 

Australia – Defensive Strategies Return as Cryptocurrency Sell-Off Intensifies

The Global ETF landscape for the week ending November 21, 2025 witnessed another abrupt sentiment shift, with inverse equity strategies and defensive sectors outperforming while cryptocurrency exposures endured their third consecutive week of severe declines, and thematic growth strategies faced broad-based weakness.

Performance

For the week ending November 21, 2025, the Global X Ultra Short Nasdaq 100 Complex ETF (SNAS) led weekly returns with a 7.9% gain, followed by Betashares Australian Equities Strong Bear (BBOZ) at 5.8% and Betashares US Equities Strong Bear HF – Hedged (BBUS) at 4.2%. Global X S&P Biotech ETF (CURE) posted a solid gain of 4.1%, while Betashares Strong US Dollar Hedge Fund (YANK) and defensive healthcare exposures like iShares Global Healthcare ETF (IXJ) and VanEck Global Healthcare Leaders ETF (HLTH) also performed well above 2.5%, indicating a pronounced risk-off sentiment.

On the downside, cryptocurrency ETFs experienced catastrophic declines for the third consecutive week, with Global X 21Shares Ethereum ETF (EETH) plunging -13.9%, Monochrome Ethereum ETF (IETH) falling -13.4%, and Global X 21Shares Bitcoin ETF (EBTC) dropping -12.9%. Multiple bitcoin ETFs saw double-digit losses, including Monochrome Bitcoin ETF (IBTC) at -11.8% and DigitalX Bitcoin ETF (BTXX) at -11.8%. Thematic growth exposures also struggled significantly, with Global X Hydrogen ETF (HGEN) declining -9.9%, continuing its sharp reversal from earlier strength.

Year-to-date, Betashares Global Gold Miners ETF (Hedged) (MNRS) maintained its leadership position at 111.8%, closely followed by VanEck Gold Miners ETF (GDX) at 108.8%. Over a 12-month horizon, GDX led with 97.6%, followed by MNRS at 95.7% and ACDC at 60.1%, while bearish ETFs such as SNAS and BBUS remained deep in negative territory with losses around -30%.

Flows & Turnover

Weekly flows showed exceptional activity in U.S. equity exposures, with iShares Core S&P 500 (IVV) recording a substantial inflow of A$161.7 million—the largest weekly inflow observed—followed by iShares Enhanced Cash ETF (ISEC) at A$117.1 million. Japanese equity exposure attracted capital with iShares MSCI Japan ETF (IJP) seeing inflows of A$56.6 million, while Australian resource and small-cap exposures also drew interest. Conversely, technology-focused Betashares NASDAQ 100 (NDQ) experienced a significant outflow of -A$16.4 million, while BBOZ saw redemptions of -A$18.8 million as investors unwound bearish positions despite the weekly gain.

Vanguard Australian Shares Index ETF (VAS) continued to dominate 12-month inflows with A$4.08 billion, unchanged from prior weeks, followed by VGS at A$2.38 billion and A200 at A$2.00 billion. iShares Core S&P 500 (IVV) strengthened its 12-month position with A$1.53 billion in cumulative flows. Vanguard Global Aggregate Bond Index (Hedged) ETF (VBND) and VGAD maintained strong 12-month inflows exceeding A$1.4 billion each.

In terms of turnover, VAS maintained its dominance with weekly average daily turnover of A$67.0 million, followed by iShares Core S&P 500 (IVV) at A$63.6 million and Betashares Australia 200 ETF (A200) at A$42.5 million. Betashares Australian High Interest Cash ETF (AAA) saw turnover of A$36.4 million, while Betashares NASDAQ 100 (NDQ) recorded A$32.1 million, reflecting heightened volatility in technology exposures.

The week highlighted a pronounced flight to defensive positioning and quality U.S. equity exposure amid continued cryptocurrency market distress, with investors rotating away from high-growth thematic strategies. Cash and core equity exposures dominated flows as market participants sought stability amid elevated uncertainty.

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	50.22	0.04	0.33	4.09	4.07	4,736.05
BetaShares Australian Government Bond ETF	AGVT.AXW	41.75	-0.25	-2.17	4.32	3.7	1,073.47
BetaShares Australian Major Bank Hybrids Index ETF	BHYB.AXW	9.86	0	0.09	3.7	6.23	631.72
iShares Core Cash ETF	BILL.AXW	100.71	0.07	0.31	4.13	4	1,071.65
SPDR S&P/ASX Australian Bond Fund ETF	BOND.AXW	25.7	-0.07	-1.38	4.85	2.21	44.55
BetaShares Legg Mason Australian Bond Fund	BNDS.AXW	23.64	-0.1	-1.49	4.48	3.71	855.4
BetaShares Australian Investment Grade Corporate Bond ETF	CRED.AXW	23.4	-0.08	-1.76	6.67	4.87	1,552.15
Daintree Hybrid Opportunities ETF	DHOF.AXW	9.71	0	0.1	3.58	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	51.7	-0.01	0.27		1	63.09
VanEck Vectors Australian Floating Rate ETF	FLOT.AXW	25.02	0.03	0.32	5.01	4.66	912.1
BetaShares Sustainability Leaders Diversified Bond Hedged ETF	GBND.AXW	20.83	0.07	0.19	2.9	3.17	218.27
BetaShares Global Government Bond 20+ Year ETF – Currency Hedged	GGOV.AXW	13.6	0.18	-1.23	0.52	3.08	157.19
Janus Henderson Sustainable Credit Active ETF	GOOD.AXW	50.96	-0.13	-0.64	1.71	5.02	2.56
SPDR S&P/ASX Australian Government Bond Fund ETF	GOVT.AXW	24.51	-0.07	-1.57	4.47	2.69	68.85
BetaShares Active Australian Hybrids Fund ETF	HBRD.AXW	10.14	0.02	0.33	5.07	5.8	2,559.82
BetaShares Interest Rate Hedged Australian Investment Grade Corporate Bond ETF	HCRD.AXW	25.53	0.01	0.26	7.6	4.63	97.8
iShares Core Composite Bond ETF	IAF.AXW	102.53	-0.44	-1.39	4.28	2.91	3,503.82
iShares Treasury ETF	IGB.AXW	98.02	-0.47	-1.59	3.44	3.08	342.57
iShares Global High Yield Bond ETF	IHHY.AXW	94.06	0.36	-0.13	6.66	5.65	349.46
iShares Core Global Corporate Bond ETF	IHCB.AXW	93.2	0.79	-0.04	5.78	4.45	322.24
iShares J.P. Morgan USD Emerging Markets Bond ETF	IHEB.AXW	78.48	0.33	-0.06	10.31	5.81	63.89
iShares Government Inflation ETF	ILB.AXW	126.78	0.02	-1.71	2.92	1.61	1,054.72
iShares Enhanced Cash ETF	ISEC.AXW	100.78	0.09	0.31	4.28	4.21	491.2
Betashares Australian Composite Bond ETF	OZBD.AXW	44.6	-0.2	-1.91	4.89	3.94	975.2
VanEck Vectors Australian Corporate Bond Plus ETF	PLUS.AXW	17.13	0	-0.98	5.97	4.12	405.06
BetaShares Australian Bank Senior Floating Rate Bond ETF	QPON.AXW	26.16	-0.04	0.14	5.08	4.47	1,780.86
Russell Australian Select Corporate Bond ETF	RCB.AXW	20.11	-0.11	-0.98	4.64	4.62	326.95
Russell Australian Government Bond ETF	RGB.AXW	19.12	-0.08	-2.4	3.62	2.63	255.21
Russell Australian Semi-Government Bond ETF	RSM.AXW	20.71	-0.11	-1.62	3.65	1.44	59.18
VanEck Vectors Australian Subordinated Debt ETF	SUBD.AXW	25.28	0	0.24	5.78	5.54	3,144.19
VanEck 1-3 Month US Treasury Bond ETF	TBIL.AXW	51.32	-0.7	0.69	3.79	4.11	147.74
US Treasury Bond 7-10 Year Currency Hedged ETF	US10.AXW	52.28	0.44	0.46	6.12	3.11	27.23
Betashares Inflation Protected US Treasury Bond (Hedged) ETF	UTIP.AXW	26.1	0.08	-0.42	5	3.2	189.51
Vanguard Australian Corporate Fixed Interest ETF	VACF.AXW	51.71	-0.17	-1.05	5.09	3.81	750.14
Vanguard Australian Fixed Interest Index ETF	VAF.AXW	46.08	-0.22	-1.5	4.35	3.07	3,166.54
Vanguard Global Aggregate Fixed Interest Index Hedged ETF	VBND.AXW	42.54	-0.04	-0.68	3.29	2.55	3,972.88
Vanguard International Credit Securities Index ETF	VCF.AXW	39.76	0.31	0.05	5.02	3.08	185.41
Vanguard Ethically Conscious Global Aggregate Bond Index Hedged ETF	VEFI.AXW	43.35	0.32	0.12	3.72	2.89	79.12
Vanguard Australian Government Bond Index ETF	VGB.AXW	46.66	-0.22	-1.64	3.97	3.29	1,284.60
Vanguard International Fixed Interest Index ETF	VIF.AXW	39.09	0.06	-0.48	2.31	2.09	971.03
ActiveX Ardea Real Outcome Bond Fund ETF	XARO.AXW	24.88	0.06	0.93	6.83	1.57	169.36

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