Summary –
Australia – Commodities Extend Rally as Cryptocurrency Correction Resumes
The Global ETF landscape for the week ending December 5, 2025, demonstrated continued strength in commodity and precious metals exposures, with uranium and base metals joining the rally, while cryptocurrency and technology sectors faced renewed selling pressure following their sharp rebound in the prior week.
Performance
For the week ending December 5, 2025, Global X Physical Silver (ETPMAG) led weekly returns with a 6.4% gain, followed by Betashares Global Uranium ETF (URNM) at 5.6% and Global X Uranium ETF (ATOM) at 5.3%. Global X Copper Miners ETF (WIRE) posted a 5.0% gain, while Vaneck Uranium and Energy Innovation ETF (URAN) rose 4.7%. Monochrome Ethereum ETF (IETH), Global X Hydrogen ETF (HGEN), and iShares MSCI South Korea Capped ETF (IKO) also performed well with gains above 3.3%, alongside defensive positioning in Betashares Geared Short Australian Government Bond Fund (BBAB) at 3.4% and Betashares Electric Vehicles and Future Mobility ETF (DRIV) at 3.3%.
On the downside, cryptocurrency exposures reversed sharply after the prior week’s dramatic rally, with First Sentier ex-20 Australian Share Fund Active ETF (XX20) declining -4.1%, Betashares Geared Long Australian Government Bond Fund (GGAB) falling -3.7%, and multiple cryptocurrency ETFs experiencing losses above -3.0%. Global X 21Shares Bitcoin ETF (EBTC), iShares Global Healthcare ETF (IXJ), Vanguard Global Infrastructure Index ETF (VBLD), and Betashares S&P/ASX Australian Technology ETF (ATEC) all declined -3.3%.
Betashares Crypto Innovators ETF (CRYP), which led the prior week with a 16.1% gain, fell -3.2%, while Betashares Strong US Dollar Hedge Fund (YANK) and VanEck Global Healthcare Leaders ETF (HLTH) also declined -3.1% and -3.2% respectively.
Year-to-date, Betashares Global Gold Miners ETF (Hedged) (MNRS) maintained a commanding leadership position at 134.1%, though moderating from the prior week’s 138.4%, while VanEck Gold Miners ETF (GDX) held strong at 124.3%. Global X Physical Silver (ETPMAG) surged to 86.5%, while Betashares Energy Transition Metals ETF (XMET) reached 80.5% and iShares MSCI South Korea Capped ETF (IKO) stood at 70.7%. Global X Uranium ETF (ATOM) strengthened to 67.1%, reflecting the week’s uranium strength. Over a 12-month horizon, GDX led with 112.9%, followed by MNRS at 109.1% and Global X Physical Silver (ETPMAG) at 78.7%. Bearish ETF SNAS improved to -33.5% from the prior week’s -37.0%, while cryptocurrency losses deepened with Global X 21Shares Ethereum ETF (EETH) extending to -23.0% over 12 months.
Flows & Turnover
Weekly flows showed exceptional activity in Vanguard products, with Vanguard MSCI Index International Shares (VGS) recording the largest inflow at A$204.6 million, followed by Vanguard Australian Shares High Yield ETF (VHY) at A$187.6 million. SPDR S&P/ASX 200 ESG Fund (E200) attracted A$115.9 million, while Vanguard Global Aggregate Bond Index (Hedged) ETF (VBND) saw inflows of A$97.0 million. Fixed income exposures drew interest, with Vanguard Australian Fixed Interest Index (VAF) recording A$87.1 million.
Conversely, Vanguard Australian Shares Index ETF (VAS) experienced the largest outflow at -A$73.0 million—a notable reversal from its typical inflow pattern—while Betashares Global Shares ETF – Currency Hedged (HGBL) saw redemptions of -A$32.5 million and multiple smaller ETFs experienced modest outflows.
Vanguard Australian Shares Index ETF (VAS) reduced its 12-month cumulative inflows to A$3.78 billion from the prior week’s A$3.86 billion, while VGS strengthened significantly to A$2.52 billion from A$2.31 billion. Betashares Australia 200 ETF (A200) held at A$2.05 billion, while VBND recorded A$1.95 billion in 12-month flows. VHY surged to A$1.55 billion in cumulative 12-month inflows, while VGAD reached A$1.42 billion and Betashares Global Shares ETF (BGBL) recorded A$1.37 billion.
In terms of turnover, Vanguard Global Aggregate Bond Index (Hedged) ETF (VBND) saw exceptional weekly average daily turnover of A$109.9 million, followed by Schroders Global Core Fund – Active ETF (CORE) at A$109.1 million. VAS recorded turnover of A$37.7 million, while Betashares Australian High Interest Cash ETF (AAA) saw A$37.0 million and Betashares Global Shares ETF – Currency Hedged (HGBL) recorded A$27.3 million in weekly trading activity.
The week highlighted continued investor appetite for commodity exposures, particularly uranium and base metals, while cryptocurrency markets gave back gains from the prior week’s dramatic rebound. A notable shift emerged in Vanguard product flows, with substantial inflows into international equity and bond exposures while the flagship Australian equity fund experienced redemptions. Fixed income and international equity diversification appeared to gain favor as investors positioned portfolios amid market volatility.
USA – Flow Trends
ETF investors poured $44.2 billion into U.S.-listed ETFs for the week ending December 5, 2025, as markets pushed toward record highs. This marks one of the strongest weekly flows of the year, driven by optimism around easing inflation and expectations of a potential Fed rate cut in early 2026. Equity ETFs led the charge, attracting $30.1 billion, while fixed income funds pulled in another $10.6 billion.
Among top-performing funds, the SPDR S&P 500 ETF Trust (SPY) dominated with $18.1 billion in inflows, despite being a net loser year-to-date. The Invesco QQQ Trust (QQQ) added $4.2 billion, benefiting from tech strength, while the iShares 0–3 Month Treasury Bond ETF (SGOV) attracted $2.7 billion, underscoring demand for short-term Treasuries. Other notable gainers included the iShares Russell 1000 Value ETF (IWD) with $1.3 billion, the Vanguard Total International Stock ETF (VXUS) at $703 million, and commodity plays like SPDR Gold Shares (GLD) and iShares Silver Trust (SLV) with $700 million and $592 million, respectively. Emerging market exposure was supported by the iShares J.P. Morgan USD Emerging Markets Bond ETF (EMB), which added $644 million.
On the outflows side, the iShares Core S&P 500 ETF (IVV) led with –$10.6 billion, followed by leveraged products like Direxion Daily Semiconductor Bull 3x (SOXL) at –$1.4 billion and the iShares Russell 2000 ETF (IWM) at –$1.1 billion. The Vanguard S&P 500 ETF (VOO) also saw –$1.1 billion in redemptions, though it remains the top gatherer year-to-date with $123.4 billion.
Overall, flows were positive across equities and bonds, with modest outflows concentrated in large-cap and leveraged strategies. Investor appetite for ETFs remains strong, signaling confidence in diversified portfolios as markets edge toward new highs.
ETF Weekly Summary
| Name | CODE | Closing Price | ∆ Week Price ($) | 1 Mth Return (%) | 1 Yr Return (%) | Running Yield(%) | Market Cap (in Mill.) |
|---|---|---|---|---|---|---|---|
| BetaShares Australian High Interest Cash ETF | AAA.AXW | 50.13 | 0.02 | 0.28 | 4.04 | 4.08 | 4,760.13 |
| BetaShares Australian Government Bond ETF | AGVT.AXW | 41.15 | -0.07 | -2.14 | 2.6 | 3.75 | 1,073.70 |
| BetaShares Australian Major Bank Hybrids Index ETF | BHYB.AXW | 9.86 | 0.02 | 0.06 | 4.49 | 6.32 | 633.74 |
| iShares Core Cash ETF | BILL.AXW | 100.55 | 0.06 | 0.34 | 4.1 | 3.96 | 1,067.50 |
| SPDR S&P/ASX Australian Bond Fund ETF | BOND.AXW | 25.49 | -0.04 | -1.51 | 3.22 | 2.23 | 43.42 |
| BetaShares Legg Mason Australian Bond Fund | BNDS.AXW | 23.39 | -0.04 | -1.5 | 3.28 | 4.06 | 849.89 |
| BetaShares Australian Investment Grade Corporate Bond ETF | CRED.AXW | 23.09 | -0.05 | -1.92 | 4.89 | 4.94 | 1,573.66 |
| Daintree Hybrid Opportunities ETF | DHOF.AXW | 9.74 | 0.01 | 0.31 | 4.01 | 3.6 | 50.09 |
| Elstree Hybrid Fund ETF | EHF1.CXA | 5.16 | -0.04 | 5.73 | 41.06 | ||
| Daintree Core Income Fund ETF | DCOR.AXW | 51.84 | 0.05 | 0.35 | 1 | 66.74 | |
| VanEck Vectors Australian Floating Rate ETF | FLOT.AXW | 24.94 | 0 | 0.28 | 4.82 | 4.67 | 927.24 |
| BetaShares Sustainability Leaders Diversified Bond Hedged ETF | GBND.AXW | 20.64 | -0.04 | -0.86 | 1.57 | 3.2 | 216.28 |
| BetaShares Global Government Bond 20+ Year ETF – Currency Hedged | GGOV.AXW | 13.27 | -0.13 | -1.7 | 0.02 | 3.16 | 151.25 |
| Janus Henderson Sustainable Credit Active ETF | GOOD.AXW | 50.44 | -0.07 | -1.18 | 0.41 | 5.02 | 3.04 |
| SPDR S&P/ASX Australian Government Bond Fund ETF | GOVT.AXW | 24.27 | -0.08 | -1.58 | 2.94 | 2.71 | 69.39 |
| BetaShares Active Australian Hybrids Fund ETF | HBRD.AXW | 10.11 | 0.01 | 0.19 | 5.2 | 5.82 | 2,557.81 |
| BetaShares Interest Rate Hedged Australian Investment Grade Corporate Bond ETF | HCRD.AXW | 25.5 | 0.02 | 0.34 | 6.87 | 4.63 | 115.56 |
| iShares Core Composite Bond ETF | IAF.AXW | 101.78 | -0.1 | -1.36 | 3.06 | 2.93 | 3,508.73 |
| iShares Treasury ETF | IGB.AXW | 97.25 | -0.22 | -1.53 | 2.19 | 3.1 | 344.74 |
| iShares Global High Yield Bond ETF | IHHY.AXW | 94.55 | 0.17 | 0.33 | 6.68 | 5.62 | 353.17 |
| iShares Core Global Corporate Bond ETF | IHCB.AXW | 92.66 | -0.18 | -0.02 | 5.41 | 4.47 | 321.3 |
| iShares J.P. Morgan USD Emerging Markets Bond ETF | IHEB.AXW | 78.85 | -0.02 | 0.27 | 12.09 | 5.78 | 64.19 |
| iShares Government Inflation ETF | ILB.AXW | 124.96 | -0.89 | -2.07 | 1.29 | 1.63 | 1,047.08 |
| iShares Enhanced Cash ETF | ISEC.AXW | 100.61 | 0.06 | 0.34 | 4.24 | 4.17 | 499.96 |
| Betashares Australian Composite Bond ETF | OZBD.AXW | 44.09 | -0.06 | -1.73 | 3.41 | 3.98 | 1,009.93 |
| VanEck Vectors Australian Corporate Bond Plus ETF | PLUS.AXW | 16.9 | -0.04 | -1.51 | 4.57 | 4.17 | 391.55 |
| BetaShares Australian Bank Senior Floating Rate Bond ETF | QPON.AXW | 26.18 | 0.02 | 0.34 | 5.27 | 4.47 | 1,843.24 |
| Russell Australian Select Corporate Bond ETF | RCB.AXW | 20.06 | 0 | -0.74 | 4.01 | 4.63 | 326.14 |
| Russell Australian Government Bond ETF | RGB.AXW | 18.86 | -0.06 | -2.43 | 1.83 | 2.67 | 255.13 |
| Russell Australian Semi-Government Bond ETF | RSM.AXW | 20.58 | -0.03 | -1.39 | 2.7 | 1.45 | 59.63 |
| VanEck Vectors Australian Subordinated Debt ETF | SUBD.AXW | 25.23 | 0.03 | 0.28 | 5.8 | 5.55 | 3,204.95 |
| VanEck 1-3 Month US Treasury Bond ETF | TBIL.AXW | 50.29 | -0.31 | -1.83 | -0.61 | 4.2 | 144.88 |
| US Treasury Bond 7-10 Year Currency Hedged ETF | US10.AXW | 51.75 | -0.2 | -0.1 | 5.03 | 3.14 | 26.44 |
| Betashares Inflation Protected US Treasury Bond (Hedged) ETF | UTIP.AXW | 25.98 | -0.09 | -0.42 | 4.97 | 3.21 | 189.68 |
| Vanguard Australian Corporate Fixed Interest ETF | VACF.AXW | 51.49 | -0.12 | -1.06 | 4.18 | 3.82 | 758.79 |
| Vanguard Australian Fixed Interest Index ETF | VAF.AXW | 45.74 | -0.09 | -1.44 | 3.08 | 3.09 | 3,226.65 |
| Vanguard Global Aggregate Fixed Interest Index Hedged ETF | VBND.AXW | 42.47 | -0.16 | -0.54 | 3.19 | 2.56 | 4,060.84 |
| Vanguard International Credit Securities Index ETF | VCF.AXW | 39.41 | -0.13 | -0.38 | 4.07 | 3.11 | 185.35 |
| Vanguard Ethically Conscious Global Aggregate Bond Index Hedged ETF | VEFI.AXW | 43.04 | -0.06 | -0.35 | 3.31 | 2.91 | 78.55 |
| Vanguard Australian Government Bond Index ETF | VGB.AXW | 46.29 | -0.05 | -1.55 | 2.68 | 3.31 | 1,279.04 |
| Vanguard International Fixed Interest Index ETF | VIF.AXW | 38.93 | -0.12 | -0.69 | 2.03 | 2.1 | 983.99 |
| ActiveX Ardea Real Outcome Bond Fund ETF | XARO.AXW | 24.66 | -0.21 | -0.16 | 5.48 | 1.59 | 165.15 |
*Closing price as of the end of the week. Returns in AUD before fees