27 October – 31 October 2025

Summary – 

Australia – Performance Dispersion continues

The Global ETF landscape remained buoyed by investor interest in commodities, defence, and energy transition themes, though performance dispersion widened across sectors.

Performance

The week ending October 24, 2025, saw notable gains across thematic ETFs, particularly in technology, energy, and commodities. The Global X China Tech ETF (DRGN) led weekly performance with a 7.7% return, followed closely by the Betashares Crude Oil Index ETF (OOO) at 7.6%. Defence and robotics sectors also performed well, with DFND, DTEC, and RBTZ posting gains between 4.5%–6.1%.

Year-to-date, the Betashares Global Gold Miners ETF (MNRS) and VanEck Gold Miners ETF (GDX) topped the charts with returns of 110.2% and 105.0%, respectively. Uranium and hydrogen ETFs such as ATOM and HGEN also delivered strong YTD returns above 70%, reflecting investor interest in energy transition themes.

Over a 12-month horizon, HGEN continued to dominate with a 98.4% return, followed by DTEC and GAME, both above 80%. On the downside, bearish and short ETFs underperformed significantly. The Global X Ultra Short Nasdaq 100 Complex ETF (SNAS) and Betashares US Equities Strong Bear HF (BBUS) posted steep 12-month losses of -40.3% and -35.7%, respectively.

Flows & Turnover

In terms of fund flows, Vanguard Australian Shares Index ETF (VAS) led with A$4.18 billion in 12-month inflows, followed by VGS and VBND, indicating continued investor preference for broad-based equity and bond exposure. A200, IVV, and VGAD also saw substantial inflows, each exceeding A$1 billion.

On the turnover front, VAS again topped the list with a YTD average daily turnover of A$45.4 million, followed by AAA and IVV. The Global X Physical Gold ETF (GOLD) showed strong weekly turnover at A$49.4 million, reflecting heightened interest in precious metals amid market volatility.

Among thematic ETFs, GXLD, ETPMAG, and BGBL showed consistent trading activity, while newer entrants like GXAI and FTEC gained traction with modest but growing turnover figures.

The week highlighted strong performance in energy transition and tech-focused ETFs, while bearish strategies continued to lag. Investor flows remained concentrated in diversified equity and bond ETFs, with gold maintaining its role as a liquidity magnet.

USA – Flow Trends

Global ETF flows surged again, with investors adding $38.6 billion to U.S.-listed ETFs for the week ending October 24, 2025, pushing year-to-date inflows well past $1 trillion, marking another historic year for the industry.

Equities remained the dominant driver, with $18.3 billion flowing into U.S. equity ETFs as the S&P 500 hit record highs. International equities followed with $9.8 billion, while U.S. fixed income ETFs attracted $9.7 billion, supported by easing bond yields and growing expectations of a Fed rate cut.

Among top-performing funds, the Vanguard S&P 500 ETF (VOO) led with $5.6 billion in inflows, followed by Invesco QQQ (QQQ) at $3.1 billion. International exposure was led by JPMorgan BetaBuilders Europe (BBEU), which added $1.6 billion, while the SPDR Dow Jones Industrial Average ETF (DIA) saw a notable $1.4 billion inflow, reflecting renewed interest in blue-chip benchmarks.

Bond ETFs also saw strong demand. The iShares 7–10 Year Treasury Bond ETF (IEF) and iShares Core U.S. Aggregate Bond ETF (AGG) each drew over $1.1 billion, as Treasury yields hovered near yearly lows.

On the outflows side, the SPDR S&P 500 ETF Trust (SPY) led redemptions with –$4.3 billion, followed by WisdomTree Floating Rate Treasury (USFR) and Vanguard Short-Term Bond ETF (BSV), which lost –$1 billion and –$862 million, respectively. Overall, flows were broad-based across asset classes, with commodities and leveraged/inverse products seeing modest outflows, while core equity and bond exposures remained in favour.

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	50.24	0.03	0.34	4.16	4.12	4,538.46
BetaShares Australian Government Bond ETF	AGVT.AXW	42.47	-0.49	0.54	7.65	3.64	1,085.17
BetaShares Australian Major Bank Hybrids Index ETF	BHYB.AXW	9.92	0.03	0.62	3.82	6.23	624.59
iShares Core Cash ETF	BILL.AXW	100.7	0.05	0.3	4.17	4.06	1032.91
SPDR S&P/ASX Australian Bond Fund ETF	BOND.AXW	25.9	-0.2	0.39	6.95	2.2	43.86
BetaShares Legg Mason Australian Bond Fund	BNDS.AXW	23.93	-0.21	0.35	6.71	3.98	862.28
BetaShares Australian Investment Grade Corporate Bond ETF	CRED.AXW	23.76	-0.22	0.43	9.38	4.8	1,560.30
Daintree Hybrid Opportunities ETF	DHOF.AXW	9.71	0.02	0.31	4.33	3.61	50.96
Elstree Hybrid Fund ETF	EHF1.CXA	5.16	-0.04	0	0	5.73	41.06
Daintree Core Income Fund ETF	DCOR.AXW	51.7	0.03	0.37	0	1	60.15
VanEck Vectors Australian Floating Rate ETF	FLOT.AXW	25.03	0.01	0.28	4.97	4.71	885.33
BetaShares Sustainability Leaders Diversified Bond Hedged ETF	GBND.AXW	20.81	-0.02	1.24	4.3	3.17	218.06
BetaShares Global Government Bond 20+ Year ETF – Currency Hedged	GGOV.AXW	13.54	-0.17	1.11	0.58	3.09	158.66
Janus Henderson Sustainable Credit Active ETF	GOOD.AXW	51.33	-0.15	-0.06	2.21	4.64	2.58
SPDR S&P/ASX Australian Government Bond Fund ETF	GOVT.AXW	24.71	-0.21	0.41	6.66	2.67	68.18
BetaShares Active Australian Hybrids Fund ETF	HBRD.AXW	10.17	0.01	0.54	5.04	5.93	2,543.41
BetaShares Interest Rate Hedged Australian Investment Grade Corporate Bond ETF	HCRD.AXW	25.6	0.07	0.39	7.36	4.64	83.71
iShares Core Composite Bond ETF	IAF.AXW	103.4	-0.8	0.32	6.5	2.89	3,480.82
iShares Treasury ETF	IGB.AXW	99	-0.87	0.26	5.89	3.05	414.64
iShares Global High Yield Bond ETF	IHHY.AXW	94.01	0.05	-0.01	7.18	5.65	336.11
iShares Core Global Corporate Bond ETF	IHCB.AXW	92.76	-0.39	0.47	5.99	4.47	306.8
iShares J.P. Morgan USD Emerging Markets Bond ETF	IHEB.AXW	78.57	0.61	1.64	11.51	5.8	103.24
iShares Government Inflation ETF	ILB.AXW	127.93	-1.29	0.33	5.37	1.6	1,014.16
iShares Enhanced Cash ETF	ISEC.AXW	100.77	0.06	0.31	4.3	4.27	371.74
Betashares Australian Composite Bond ETF	OZBD.AXW	45.31	-0.42	0.59	7.59	3.88	949.01
VanEck Vectors Australian Corporate Bond Plus ETF	PLUS.AXW	17.27	-0.15	0.06	7.74	4.05	408.34
BetaShares Australian Bank Senior Floating Rate Bond ETF	QPON.AXW	26.24	0.02	0.34	5.42	4.54	1,756.60
Russell Australian Select Corporate Bond ETF	RCB.AXW	20.24	-0.14	0.4	6.16	4.59	326.03
Russell Australian Government Bond ETF	RGB.AXW	19.37	-0.22	0.41	6.95	2.6	257.38
Russell Australian Semi-Government Bond ETF	RSM.AXW	20.89	-0.21	-0.67	5.82	1.43	59.27
VanEck Vectors Australian Subordinated Debt ETF	SUBD.AXW	25.32	-0.01	0.44	5.86	5.59	3,095.62
VanEck 1-3 Month US Treasury Bond ETF	TBIL.AXW	51.24	-0.36	1.17	4.68	4.18	143.3
US Treasury Bond 7-10 Year Currency Hedged ETF	US10.AXW	51.66	-0.31	0.64	5.3	3.15	26.91
Betashares Inflation Protected US Treasury Bond (Hedged) ETF	UTIP.AXW	26.03	-0.17	0.23	4.89	3.21	191.09
Vanguard Australian Corporate Fixed Interest ETF	VACF.AXW	52.08	-0.23	0.37	6.85	3.78	740.25
Vanguard Australian Fixed Interest Index ETF	VAF.AXW	46.54	-0.34	0.42	6.63	3.04	3,058.19
Vanguard Global Aggregate Fixed Interest Index Hedged ETF	VBND.AXW	42.72	-0.1	0.73	4.72	2.54	3,768.58
Vanguard International Credit Securities Index ETF	VCF.AXW	39.55	-0.06	0.72	5.63	3.1	183.39
Vanguard Ethically Conscious Global Aggregate Bond Index Hedged ETF	VEFI.AXW	43.18	-0.14	0.63	4.33	2.9	78.79
Vanguard Australian Government Bond Index ETF	VGB.AXW	47.15	-0.41	0.45	6.37	3.25	1,265.21
Vanguard International Fixed Interest Index ETF	VIF.AXW	39.2	-0.08	0.71	3.42	2.09	955.2
ActiveX Ardea Real Outcome Bond Fund ETF	XARO.AXW	24.72	0.07	1.11	6.01	1.58	168.28

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