ETFs

Summary – 

Australia – Risk Appetite Surges as Cryptocurrency and Commodities Rally Sharply

The Global ETF landscape for the week ending November 28, 2025 experienced a dramatic reversal in market sentiment, with cryptocurrency and precious metals exposures leading a broad-based rally while defensive and inverse strategies faced severe losses, marking a decisive shift back toward risk assets.

Performance

For the week ending November 28, 2025, the Betashares Crypto Innovators ETF (CRYP) led weekly returns with a remarkable 16.1% gain, followed by Betashares Global Gold Miners ETF (Hedged) (MNRS) at 12.5% and Global X 21Shares Ethereum ETF (EETH) surging 11.6%. Global X Ultra Long Nasdaq 100 Complex ETF (LNAS) posted an 11.4% gain, while Betashares Energy Transition Metals ETF (XMET) rose 11.3%. VanEck Gold Miners ETF (GDX) and cryptocurrency exposures including Global X 21Shares Bitcoin ETF (EBTC), Betashares Ethereum ETF (QETH), and DigitalX Bitcoin ETF (BTXX) all posted gains above 8%, signaling a complete reversal from the prior three weeks of cryptocurrency carnage.

On the downside, defensive and inverse strategies bore the brunt of the risk-on rotation, with Global X Ultra Short Nasdaq 100 Complex ETF (SNAS) plummeting -11.0%, Betashares Australian Equities Strong Bear (BBOZ) falling -4.9%, and Betashares Strong US Dollar Hedge Fund (YANK) declining -3.5%. Betashares Australian Equities Bear (BEAR) dropped -2.2%. India-focused exposures also faced headwinds, with Fidelity India Active ETF (FIIN), Betashares India Quality ETF (IIND), VanEck India Growth Leaders ETF (GRIN), and Global X India Nifty 50 ETF (NDIA) all declining between -1.2% and -1.3%.

Year-to-date, Betashares Global Gold Miners ETF (Hedged) (MNRS) surged to a commanding leadership position at 138.4%, followed by VanEck Gold Miners ETF (GDX) at 130.3%. Betashares Energy Transition Metals ETF (XMET) strengthened to 84.0%, while Global X Physical Silver (ETPMAG) reached 75.3% and Global X Physical Platinum (ETPMPT) climbed to 68.6%. Over a 12-month horizon, MNRS and GDX both exceeded 122%, while Global X Physical Silver (ETPMAG) reached 76.8% and Global X Physical Platinum (ETPMPT) hit 73.0%. Bearish ETF SNAS extended its losses to -37.0% over 12 months.

Flows & Turnover

Weekly flows showed robust activity in Australian equities, with Macquarie Core Australian Equity Active ETF (MQAE) recording a substantial inflow of A$60.3 million, followed by Betashares Global Shares ETF (BGBL) at A$49.1 million. VanEck Australian Subordinated Debt ETF (SUBD) attracted A$42.4 million, while iShares Core S&P 500 (IVV) saw continued inflows of A$37.8 million. Technology exposure also drew interest, with Betashares S&P/ASX Australian Technology ETF (ATEC) recording A$22.7 million in inflows. Conversely, several commodity and defensive exposures experienced outflows, with iShares Global Healthcare ETF (IXJ) seeing the largest redemption at -A$26.7 million, while VanEck Gold Miners ETF (GDX) recorded -A$7.2 million despite strong weekly performance.

Vanguard Australian Shares Index ETF (VAS) moderated its 12-month cumulative inflows to A$3.86 billion, followed by VGS at A$2.31 billion and A200 at A$1.98 billion. Vanguard Global Aggregate Bond Index (Hedged) ETF (VBND) recorded A$1.86 billion in 12-month flows, while Betashares Global Shares ETF (BGBL) strengthened to A$1.39 billion and iShares Core S&P 500 (IVV) reached A$1.35 billion in cumulative 12-month inflows.

In terms of turnover, VAS maintained its leadership position with weekly average daily turnover of A$47.4 million, followed by Betashares Australia 200 ETF (A200) at A$29.6 million and iShares Core S&P 500 (IVV) at A$29.2 million. iShares S&P/ASX 200 ETF (IOZ) recorded turnover of A$27.9 million, while Betashares Australian High Interest Cash ETF (AAA) saw A$27.7 million in weekly trading activity.

The week highlighted a powerful rebound in risk appetite, with cryptocurrency exposures recovering sharply after three consecutive weeks of severe losses. Precious metals and energy transition themes continued their strong performance, while defensive positioning was unwound amid renewed optimism. Investor flows reflected increasing confidence in growth assets and Australian equity exposures, though some profit-taking emerged in commodity exposures despite positive performance.

USA – Flow Trends

ETF investors put $28.3 billion to work during the holiday-shortened week ending November 28, 2025, despite the Thanksgiving slowdown. This marks another strong week for ETF flows as markets operated on a half-day schedule on Friday following Thursday’s closure.

U.S. fixed income ETFs led with $9.6 billion in inflows, reflecting continued demand for bonds amid stable yields. U.S. equity ETFs followed with $5.9 billion, while international equity ETFs added $5 billion and international fixed income products brought in $3.5 billion, signalling broad-based investor interest across asset classes.

Among top-performing funds, the Vanguard S&P 500 ETF (VOO) led with $4.3 billion in inflows, followed by the iShares Russell 2000 ETF (IWM) at $2.8 billion and the iShares Russell 1000 Growth ETF (IWF) at $1.3 billion. Other notable gainers included the Invesco S&P 500 Equal Weight ETF (RSP) with $1.27 billion, the iShares Core S&P 500 ETF (IVV) at $1.05 billion, and the iShares 0–3 Month Treasury Bond ETF (SGOV) with $966 million, highlighting strong demand for short-term Treasuries. International exposure was supported by the iShares Core MSCI Emerging Markets ETF (IEMG), which added $792 million.

On the outflows side, the SPDR S&P 500 ETF Trust (SPY) led with –$6.3 billion in redemptions, followed by the iShares MSCI USA Quality Factor ETF (QUAL) at –$3.8 billion and the Invesco QQQ Trust (QQQ) at –$1.9 billion. Sector-specific ETFs like Financial Select Sector SPDR Fund (XLF) and VanEck Semiconductor ETF (SMH) also saw notable outflows of –$1.1 billion and –$996 million, respectively.

Overall, flows were positive across equities and bonds, with modest outflows concentrated in large-cap and quality-factor strategies. Despite the holiday-shortened trading week, investor appetite for ETFs remained strong, signaling confidence in diversified portfolios

ETF investors poured $147.7 billion into U.S.-listed ETFs during November 2025, marking another strong month despite market volatility. This brings year-to-date inflows to $1.27 trillion, setting a new annual record with one month still to go. At the current pace, 2025 could surpass $1.4 trillion in net creations.

U.S. equity ETFs led with $73.6 billion in inflows, followed by U.S. fixed income ETFs at $33.1 billion, international equity ETFs at $24.6 billion, and international fixed income ETFs at $10.7 billion. Currency ETFs saw $3.8 billion in outflows, largely driven by crypto-related products. Markets were choppy: the S&P 500 fell 5.1% mid-month before recovering, while the 10-year Treasury yield ended near 4.08%. Crypto was the weakest performer, with bitcoin plunging to $80,000, far below its October high of $125,000.

Among top-performing funds, the Vanguard S&P 500 ETF (VOO) dominated with $21 billion in inflows, pushing its year-to-date total to $125 billion, a record for any ETF. The iShares Core S&P 500 ETF (IVV) added $11.9 billion, while the SPDR S&P 500 ETF Trust (SPY) gained $5.9 billion despite being a net loser year-to-date. In fixed income, the iShares 0–3 Month Treasury Bond ETF (SGOV) and iShares 7–10 Year Treasury Bond ETF (IEF) attracted $5.5 billion and $4.7 billion, respectively. International exposure was led by the iShares Core MSCI Emerging Markets ETF (IEMG) with $4.6 billion.

On the outflows side, the iShares MSCI USA Quality Factor ETF (QUAL) topped the list with –$5.1 billion, followed by the iShares MBS ETF (MBB) at –$2.5 billion. Crypto ETFs were hit hard: the iShares Bitcoin Trust (IBIT) lost $2.4 billion, while the iShares Ethereum Trust (ETHA) shed $1.1 billion.

Overall, flows were broad-based across equities and bonds, with modest outflows in currency and crypto products. Despite volatility, ETF demand remains strong, signaling 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	50.11	-0.11	0.34	4.08	4.08	4,730.69
BetaShares Australian Government Bond ETF	AGVT.AXW	41.22	-0.53	-2.27	2.25	3.75	1,061.49
BetaShares Australian Major Bank Hybrids Index ETF	BHYB.AXW	9.84	-0.02	0.16	4.06	6.33	630.43
iShares Core Cash ETF	BILL.AXW	100.49	-0.22	0.28	4.13	3.97	1,047.71
SPDR S&P/ASX Australian Bond Fund ETF	BOND.AXW	25.53	-0.17	-1.54	3.3	2.23	44.25
BetaShares Legg Mason Australian Bond Fund	BNDS.AXW	23.43	-0.21	-1.58	3.06	4.05	848.98
BetaShares Australian Investment Grade Corporate Bond ETF	CRED.AXW	23.14	-0.26	-1.79	4.93	4.93	1,547.86
Daintree Hybrid Opportunities ETF	DHOF.AXW	9.73	0.02	0.21	3.79	3.6	50.04
Elstree Hybrid Fund ETF	EHF1.CXA	5.16	-0.04			5.73	41.06
Daintree Core Income Fund ETF	DCOR.AXW	51.79	0.09	0.35		1	66.67
VanEck Vectors Australian Floating Rate ETF	FLOT.AXW	24.94	-0.08	0.32	4.86	4.67	912.17
BetaShares Sustainability Leaders Diversified Bond Hedged ETF	GBND.AXW	20.68	-0.15	-0.43	1.33	3.19	216.7
BetaShares Global Government Bond 20+ Year ETF – Currency Hedged	GGOV.AXW	13.4	-0.2	-1.11	-2.56	3.13	154.88
Janus Henderson Sustainable Credit Active ETF	GOOD.AXW	50.51	-0.45	-1.15	0.81	5.01	3.04
SPDR S&P/ASX Australian Government Bond Fund ETF	GOVT.AXW	24.35	-0.16	-1.54	2.98	2.7	68.64
BetaShares Active Australian Hybrids Fund ETF	HBRD.AXW	10.1	-0.04	0.29	5.1	5.83	2,549.72
BetaShares Interest Rate Hedged Australian Investment Grade Corporate Bond ETF	HCRD.AXW	25.48	-0.05	0.38	7.48	4.63	99.65
iShares Core Composite Bond ETF	IAF.AXW	101.88	-0.65	-1.49	2.99	2.93	3,489.25
iShares Treasury ETF	IGB.AXW	97.47	-0.55	-1.5	2.23	3.1	342.59
iShares Global High Yield Bond ETF	IHHY.AXW	94.38	0.32	0.75	6.23	5.63	352.54
iShares Core Global Corporate Bond ETF	IHCB.AXW	92.84	-0.36	0.27	4.68	4.46	321.92
iShares J.P. Morgan USD Emerging Markets Bond ETF	IHEB.AXW	78.87	0.39	0.55	9.94	5.78	64.2
iShares Government Inflation ETF	ILB.AXW	125.85	-0.93	-1.61	1.44	1.62	1,053.28
iShares Enhanced Cash ETF	ISEC.AXW	100.55	-0.23	0.33	4.24	4.17	490.08
Betashares Australian Composite Bond ETF	OZBD.AXW	44.15	-0.45	-1.9	3.24	3.98	970.66
VanEck Vectors Australian Corporate Bond Plus ETF	PLUS.AXW	16.94	-0.19	-1.28	4.44	4.16	401.59
BetaShares Australian Bank Senior Floating Rate Bond ETF	QPON.AXW	26.16	0	0.42	5.31	4.47	1,780.86
Russell Australian Select Corporate Bond ETF	RCB.AXW	20.06	-0.05	-0.79	4.01	4.63	326.14
Russell Australian Government Bond ETF	RGB.AXW	18.92	-0.2	-2.17	1.68	2.66	252.92
Russell Australian Semi-Government Bond ETF	RSM.AXW	20.61	-0.1	-1.39	2.69	1.44	58.89
VanEck Vectors Australian Subordinated Debt ETF	SUBD.AXW	25.2	-0.08	0.24	5.8	5.56	3,161.45
VanEck 1-3 Month US Treasury Bond ETF	TBIL.AXW	50.6	-0.72	-1.65	1.08	4.17	145.67
US Treasury Bond 7-10 Year Currency Hedged ETF	US10.AXW	51.95	-0.33	0.35	4.96	3.13	27.06
Betashares Inflation Protected US Treasury Bond (Hedged) ETF	UTIP.AXW	26.07	-0.03	-0.04	4.52	3.2	189.29
Vanguard Australian Corporate Fixed Interest ETF	VACF.AXW	51.61	-0.1	-0.96	4.3	3.81	760.56
Vanguard Australian Fixed Interest Index ETF	VAF.AXW	45.83	-0.25	-1.44	3.04	3.08	3,233.00
Vanguard Global Aggregate Fixed Interest Index Hedged ETF	VBND.AXW	42.63	0.09	-0.14	3.34	2.55	4,076.13
Vanguard International Credit Securities Index ETF	VCF.AXW	39.54	-0.22	0.08	3.8	3.1	185.96
Vanguard Ethically Conscious Global Aggregate Bond Index Hedged ETF	VEFI.AXW	43.1	-0.25	-0.07	2.83	2.9	78.66
Vanguard Australian Government Bond Index ETF	VGB.AXW	46.34	-0.32	-1.68	2.64	3.31	1,280.42
Vanguard International Fixed Interest Index ETF	VIF.AXW	39.05	-0.04	-0.41	1.66	2.1	987.03
ActiveX Ardea Real Outcome Bond Fund ETF	XARO.AXW	24.87	-0.01	1.18	6.43	1.57	169.3

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