ETFs

Summary – 

Australia – Energy Transition and Precious Metals Lead Gains

The Global ETF landscape continued to reflect strong investor interest in energy transition and precious metals, with notable dispersion in performance across sectors.

Performance

For the week ending October 31, 2025, the Betashares Global Uranium ETF (URNM) led weekly returns with a 9.8% gain, followed by Global X Hydrogen ETF (HGEN) at 7.5% and Global X Uranium ETF (ATOM) at 6.7%. South Korea-focused IKO and tech-heavy LNAS also posted solid weekly gains above 4%.

Year-to-date, MNRS (106.6%) and GDX (100.4%) topped the charts, underscoring continued strength in gold mining themes. Uranium ETFs like ATOM also remained strong with YTD returns above 90%. Over a 12-month horizon, HGEN, ATOM, and DTEC all posted returns above 80%, while bearish ETFs such as SNAS and BBUS continued to lag, with losses exceeding -39%.

Flows & Turnover

Weekly inflows were dominated by iShares MSCI Japan ETF (IJP), followed by Betashares Australian High Interest Cash ETF (AAA), reflecting investor appetite for international diversification and cash-like stability. Meanwhile, Alphinity Global Equity Fund Managed Fund (XALG) saw the largest weekly outflow at -A$148.4 million.

Vanguard Australian Shares Index ETF (VAS) led 12-month inflows with A$3.77 billion, followed by VGS and A200, indicating sustained investor preference for broad-based equity exposure. VBND and VGAD also saw strong inflows, each exceeding A$1.3 billion.

In terms of turnover, VAS maintained its lead with a 12-month average daily turnover of A$47.1 million, followed by AAA and IVV. GOLD continued to attract liquidity with weekly turnover of A$32.7 million.

The week highlighted robust performance in uranium and hydrogen ETFs, while bearish strategies remained under pressure. Investor flows stayed concentrated in diversified equity and bond ETFs.

USA – Flow Trends

ETF flows remained strong, with investors adding $37.6 billion to U.S.-listed ETFs for the week ending October 31, 2025, despite Federal Reserve Chair Jerome Powell’s hawkish tone.

U.S. equity ETFs led the charge with $19.3 billion in inflows, driven by gains in tech giants like Nvidia and Amazon. International equities followed with $8.6 billion, while U.S. fixed income ETFs attracted $8.7 billion. International fixed income products added $2.2 billion, showing broad-based investor interest across geographies and asset classes.

Among top-performing funds, the SPDR S&P 500 ETF Trust (SPY) led with $4.4 billion in inflows, followed closely by the Vanguard S&P 500 ETF (VOO) at $4.3 billion. Tech-focused ETFs were in favor, with the Vanguard Information Technology ETF (VGT) drawing $2.1 billion and the Invesco NASDAQ 100 ETF (QQQM) adding over $1 billion. The JPMorgan Municipal ETF (JMUB) stood out among bond ETFs with $1.9 billion in inflows.

International exposure was led by the Vanguard FTSE Developed Markets ETF (VEA) and JPMorgan BetaBuilders Europe ETF (BBEU), which added $805 million and $757 million, respectively.

On the outflows side, the iShares Russell 2000 ETF (IWM) saw $1.8 billion in redemptions, reflecting continued weakness in small caps. The Direxion Daily Semiconductor Bull 3x Shares (SOXL) lost $1.3 billion, while the SPDR Gold Shares (GLD) and iShares 0–3 Month Treasury Bond ETF (SGOV) each saw around $1 billion in outflows, as investors took profits and adjusted to shifting rate expectations.

Overall, flows were broad-based, with core equity and bond ETFs remaining in favor, while commodities and leveraged/inverse products saw modest outflows.

European Thematic ETF Flows – Overview

In October 2025, European thematic ETFs saw net inflows of +$3.09 billion, with investor focus intensifying around high-conviction megatrends. Global Defence ETFs led with +$640 million, driven by rearmament cycles and technological modernization. Artificial Intelligence ETFs followed with +$599 million, reflecting strong belief in the ongoing AI infrastructure build out. European Defence ETFs attracted +$461 million, highlighting strategic autonomy efforts within NATO. Uranium and Clean Energy ETFs also performed well, with +$337 million and +$279 million respectively, amid rising energy demand and record solar capacity additions.

Conversely, Blockchain ETFs saw the weakest performance, losing $56 million, as investors shifted toward themes with clearer earnings visibility. Digitalization and Cloud Computing ETFs also declined, losing $51 million and $41 million, respectively, due to their broad and less differentiated appeal.

Year-to-date (YTD) flows from January to October 2025 totaled +$15.8 billion, reinforcing investor conviction in defence and AI. Global Defence ETFs led YTD with +$6.58 billion, followed by European Defence (+$4.39 billion) and AI ETFs (+$2.71 billion). Uranium and Cybersecurity ETFs also showed resilience. On the downside, Circular Economy, Healthcare Innovation, and Digitalization ETFs posted the weakest YTD flows due to shifting investor priorities.

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	50.12	-0.12	0.33	4.15	4.13	4,617.83
BetaShares Australian Government Bond ETF	AGVT.AXW	42.3	-0.17	0.63	7.46	3.66	1,081.67
BetaShares Australian Major Bank Hybrids Index ETF	BHYB.AXW	9.89	-0.03	0.39	4.02	6.36	625.67
iShares Core Cash ETF	BILL.AXW	100.51	-0.19	0.31	4.19	4.01	1,042.02
SPDR S&P/ASX Australian Bond Fund ETF	BOND.AXW	25.92	0.02	0.47	6.95	2.2	44.15
BetaShares Legg Mason Australian Bond Fund	BNDS.AXW	23.89	-0.04	0.6	6.94	3.98	860.84
BetaShares Australian Investment Grade Corporate Bond ETF	CRED.AXW	23.65	-0.11	0.33	9.09	4.82	1,553.07
Daintree Hybrid Opportunities ETF	DHOF.AXW	9.71	0	0.21	4.44	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	51.74	0.04	0.43		1	63.14
VanEck Vectors Australian Floating Rate ETF	FLOT.AXW	24.94	-0.09	0.08	4.71	4.73	885.14
BetaShares Sustainability Leaders Diversified Bond Hedged ETF	GBND.AXW	20.73	-0.08	0.68	3.84	3.18	217.22
BetaShares Global Government Bond 20+ Year ETF – Currency Hedged	GGOV.AXW	13.47	-0.07	1.2	1.3	3.11	157.84
Janus Henderson Sustainable Credit Active ETF	GOOD.AXW	51.1	-0.23	-0.14	2.99	4.66	2.57
SPDR S&P/ASX Australian Government Bond Fund ETF	GOVT.AXW	24.72	0.01	0.53	6.83	2.66	68.45
BetaShares Active Australian Hybrids Fund ETF	HBRD.AXW	10.11	-0.06	0.23	4.97	5.98	2,528.61
BetaShares Interest Rate Hedged Australian Investment Grade Corporate Bond ETF	HCRD.AXW	25.53	-0.07	0.14	7.68	4.65	85.52
iShares Core Composite Bond ETF	IAF.AXW	103.28	-0.12	0.32	6.23	2.89	3,492.27
iShares Treasury ETF	IGB.AXW	98.91	-0.09	0.42	5.71	3.05	416.25
iShares Global High Yield Bond ETF	IHHY.AXW	93.62	-0.39	-0.34	6.62	5.67	337.53
iShares Core Global Corporate Bond ETF	IHCB.AXW	92.56	-0.2	0.16	5.71	4.48	316.32
iShares J.P. Morgan USD Emerging Markets Bond ETF	IHEB.AXW	78.39	-0.18	1.17	10.55	5.81	103.79
iShares Government Inflation ETF	ILB.AXW	127.7	-0.23	0.43	4.87	1.6	1,016.80
iShares Enhanced Cash ETF	ISEC.AXW	100.53	-0.24	0.3	4.3	4.22	368.5
Betashares Australian Composite Bond ETF	OZBD.AXW	45.1	-0.21	0.43	7.23	3.9	953.64
VanEck Vectors Australian Corporate Bond Plus ETF	PLUS.AXW	17.24	-0.03	0.41	7.54	4.06	407.63
BetaShares Australian Bank Senior Floating Rate Bond ETF	QPON.AXW	26.16	-0.08	0.3	5.24	4.56	1,760.66
Russell Australian Select Corporate Bond ETF	RCB.AXW	20.23	-0.01	0	5.89	4.6	325.87
Russell Australian Government Bond ETF	RGB.AXW	19.36	-0.01	0.52	6.84	2.6	257.64
Russell Australian Semi-Government Bond ETF	RSM.AXW	20.88	-0.01	0.19	5.39	1.43	59.24
VanEck Vectors Australian Subordinated Debt ETF	SUBD.AXW	25.27	-0.05	0.52	5.9	5.6	3,095.57
VanEck 1-3 Month US Treasury Bond ETF	TBIL.AXW	51.76	0.52	2.61	7	4.13	144.76
US Treasury Bond 7-10 Year Currency Hedged ETF	US10.AXW	51.77	0.11	0.72	6.9	3.14	26.97
Betashares Inflation Protected US Treasury Bond (Hedged) ETF	UTIP.AXW	26.01	-0.02	0.08	4.85	3.21	190.94
Vanguard Australian Corporate Fixed Interest ETF	VACF.AXW	52.06	-0.02	0.31	6.56	3.78	755.22
Vanguard Australian Fixed Interest Index ETF	VAF.AXW	46.49	-0.05	0.35	6.4	3.04	3,194.72
Vanguard Global Aggregate Fixed Interest Index Hedged ETF	VBND.AXW	42.64	-0.08	0.54	4.4	2.55	3,982.22
Vanguard International Credit Securities Index ETF	VCF.AXW	39.52	-0.03	0.61	5.47	3.1	184.29
Vanguard Ethically Conscious Global Aggregate Bond Index Hedged ETF	VEFI.AXW	43.15	-0.03	0.79	4.3	2.9	78.75
Vanguard Australian Government Bond Index ETF	VGB.AXW	47.1	-0.05	0.3	6.37	3.26	1,296.71
Vanguard International Fixed Interest Index ETF	VIF.AXW	39.11	-0.09	0.57	3.16	2.09	971.53
ActiveX Ardea Real Outcome Bond Fund ETF	XARO.AXW	24.68	-0.04	0.57	5.7	1.59	168

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