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Fund size
$132.4M
OCT 2026
Total cost ratio
0.57%
per year
Distributions
Semi-Annually
Since inception
10.3 yrs
JUL 2016
The Fund will seek to achieve the investment objective by adopting a “full replication” strategy
US equity 26.30%Non-US equity 73.70%
| Asset class | Net % | Long % | Short % |
|---|---|---|---|
| Equity | 100.00 | 100.00 | — |
| Bond | 0.00 | 0.00 | — |
| Cash | 0.00 | 0.00 | — |
| Other | 0.00 | 0.00 | — |
Cyclical 100.00%Sensitive 0.00%Defensive 0.00%
Developed markets 91.10%Emerging markets 8.90%
Size score
325
Value-growth score
60
Economic moat
Narrow 39%Wide 31%None 30%
Giant 70%Large 28%Mid 2%
| Holding | % Weight | First bought | Market value | Currency | Units held | Sector | Country | |
|---|---|---|---|---|---|---|---|---|
| JPMorgan Chase & Co JPM | 8.39 | MAR 2021 | 16.2M | USD | 32,567 | Financial Services | United States | |
| Bank of America Corp BAC | 6.68 | AUG 2016 | 12.9M | USD | 149,063 | Financial Services | United States | |
| HSBC Holdings PLC HSBA | 5.18 | AUG 2016 | 10.0M | GBP | 345,532 | Financial Services | United Kingdom | |
| Royal Bank of Canada RY | 5.00 | DEC 2016 | 9.6M | CAD | 33,746 | Financial Services | Canada | |
| Mitsubishi UFJ Financial Group Inc 8306 | 4.78 | AUG 2016 | 9.2M | JPY | 286,529 | Financial Services | Japan | |
| Wells Fargo & Co WFC | 3.93 | AUG 2016 | 7.6M | USD | 62,855 | Financial Services | United States | |
| Banco Santander SA SAN | 3.52 | AUG 2016 | 6.8M | EUR | 330,509 | Financial Services | Spain | |
| The Toronto-Dominion Bank TD | 3.51 | AUG 2016 | 6.8M | CAD | 40,069 | Financial Services | Canada | |
| Citigroup Inc C | 3.46 | AUG 2016 | 6.7M | USD | 36,312 | Financial Services | United States | |
| Sumitomo Mitsui Financial Group Inc 8316 | 2.93 | AUG 2016 | 5.6M | JPY | 92,601 | Financial Services | Japan |
Fund (NAV) Market price
1M
-5.1
3M
4.1
6M
25.6
YTD
24.7
1Y
39.8
3Y
39.6
5Y
18.0
10Y
12.0
| Period | Fund (NAV) % | Market price % | Before fees % | Rank in category |
|---|---|---|---|---|
| 1 month | -5.14 | -4.29 | -5.09 | — |
| 3 months | 4.09 | 5.29 | 4.24 | — |
| 6 months | 25.59 | 28.95 | 25.95 | — |
| Year to date | 24.73 | 25.05 | 25.26 | — |
| 1 year | 39.77 | 40.60 | 40.56 | — |
| 3 years p.a. | 39.64 | 40.18 | 40.43 | — |
| 5 years p.a. | 17.99 | 17.95 | 18.66 | — |
| 10 years p.a. | 12.04 | 12.12 | 12.71 | — |
Returns to 30 SEP 2026, periods of 3 years and longer annualised. Rank is the percentile in the Morningstar category at 30 SEP 2026 (1 = best) over the funds ranked.
Total Capital
2017
16.9
2018
-16.5
2019
18.2
2020
-19.6
2021
27.7
2022
-10.4
2023
15.4
2024
31.2
2025
46.8
| Year | Total % | Capital % | Rank in category |
|---|---|---|---|
| 2025 | 46.79 | 44.43 | — |
| 2024 | 31.15 | 28.13 | — |
| 2023 | 15.41 | 9.84 | — |
| 2022 | -10.39 | -9.97 | — |
| 2021 | 27.68 | 23.06 | — |
| 2020 | -19.62 | -21.84 | — |
| 2019 | 18.21 | 18.07 | — |
| 2018 | -16.52 | -20.60 | — |
| 2017 | 16.90 | 17.04 | — |
FY18
2.8
FY19
-2.2
FY20
-26.4
FY21
44.8
FY22
-10.2
FY23
6.9
FY24
27.6
FY25
33.7
FY26
43.4
| Financial year | Total % |
|---|---|
| Financial year to date | 3.66 |
| Year to 30 JUN 2026 | 43.41 |
| Year to 30 JUN 2025 | 33.71 |
| Year to 30 JUN 2024 | 27.60 |
| Year to 30 JUN 2023 | 6.87 |
| Year to 30 JUN 2022 | -10.22 |
| Year to 30 JUN 2021 | 44.82 |
| Year to 30 JUN 2020 | -26.36 |
| Year to 30 JUN 2019 | -2.25 |
| Year to 30 JUN 2018 | 2.77 |
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Alpha | 23.31 | 17.89 | 9.16 | 2.09 |
| Beta | 0.58 | 0.79 | 0.76 | 0.94 |
| R-squared | 13.14 | 33.56 | 24.00 | 28.63 |
| Standard deviation | 21.35 | 18.12 | 23.46 | 25.37 |
| Sharpe ratio | 1.85 | 2.21 | 0.97 | 0.68 |
| Sortino ratio | 4.07 | 5.75 | 1.44 | 0.85 |
| Tracking error | 13.93 | 10.65 | 14.79 | 15.97 |
| Information ratio | 1.75 | 1.70 | 0.41 | -0.05 |
| Upside capture % | 117.07 | 126.45 | 95.46 | 83.55 |
| Downside capture % | -98.33 | -7.61 | 42.81 | 70.80 |
| Maximum drawdown % | -6.20 | -6.20 | -21.38 | -39.47 |
Measured against MSCI World Ex Australia NR AUD with RBA Bank accepted Bills 90 Days as the risk-free rate, to 30 SEP 2026. Maximum drawdown is on gross returns at the latest quarter end.
Risk score
95.2
Morningstar Portfolio Risk Score at 30 SEP 2026.
2024
0.1
2023
0.2
2022
0.1
2021
0.1
2020
0.2
2019
0.1
2018
0.1
2017
0.3
2016
0.1
| Year | Per unit ($) |
|---|---|
| 2024 | 0.0887 |
| 2023 | 0.2437 |
| 2022 | 0.1342 |
| 2021 | 0.0714 |
| 2020 | 0.2461 |
| 2019 | 0.1247 |
| 2018 | 0.0865 |
| 2017 | 0.2657 |
| 2016 | 0.1071 |
| Ex Date | Per unit ($) |
|---|---|
| 1 JUL 2026 | 0.6526 |
| 2 JAN 2026 | 0.1053 |
| 2 JAN 2025 | 0.0887 |
| 1 JUL 2024 | 0.1169 |
| 2 JAN 2024 | 0.1268 |
| 3 JAN 2023 | 0.1342 |
| 4 JAN 2022 | 0.0714 |
| 1 JUL 2021 | 0.1842 |
| 4 JAN 2021 | 0.0619 |
| 2 JAN 2020 | 0.1247 |
| 2 JAN 2019 | 0.0865 |
| 2 JUL 2018 | 0.2187 |
Above Average
ESG risk score
16.86
Category average 18.57
0.65% of assets are in companies with high or severe controversies.
Carbon risk score
5.37
Category average 9.07
Announcements
| DATE | TIME | HEADING | PAGES |
| Price sensitive |
The BNKS ETF seeks to track the return of the Nasdaq Global ex-Australia Banks Hedged Index (before fees and expenses), which provides exposure to a portfolio of major global banks with the focus of its current global footprint being 33% in the US, 14% in Canada, 10% in the UK, 8% in Japan, and 6% in Spain.
NAB tested levels not seen since 2015 on Thursday, and Commonwealth Bank (CBA) posted fresh all-time highs last week. Please excuse the repetitive coverage of the banks, but we receive plenty of questions towards the sector, and they are closing in on pivotal levels. Plus, their US peers have been noticeably lacklustre of late.
ANZ’s report this month was a slight miss to expectations primarily due to costs coming in ~1% above expectations. The important Net Interest Margin (NIM) fell 9bps half on half, but it was largely in line with forecasts. However, on the positive side, Tier 1 capital was well above expectations, driving a strong dividend (83cps vs 81cps expected) as well as a sizable $2b buyback. As we said at the time, the small miss for ANZ was offset by larger capital returns in dividends and buybacks – WBC and NAB both delivered slightly better results this month.
On Monday, Citi joined Macquarie with a “sell call” on the major banks, which saw the sector reverse early gains to close near their intra-day lows, ANZ even slipped into negative territory. There were two major reasons behind their bearish stance: Citi believes the valuations of the banks are stretched considering the potential political “attacks on their profits”, i.e. when the RBA starts cutting, they will be forced to follow suit at the expense of profitability. Macquarie said to “sell” the banks in mid-March as the sector posted new highs, again a call on valuation grounds; good timing so far!
Yesterday, Macquarie came out with a rare call that it’s time to sell the “Big Four Banks,” and they’ve also advised clients to be underweight in everything! The crux of their view is that the current high valuation of the Australian banks isn’t justified by the fundamentals. They even doubled down on Westpac (WBC), moving from outperform to underperform; by definition, they must think their own shares are a sell. Last week, the banks hit multi-year highs, led by Commonwealth Bank (CBA), which posted all-time highs; hence, it's not hard to comprehend some kneejerk profit-taking.
The banks returned to form with a bang on Wednesday following CBA’s solid FY23 result with margins holding up extremely well despite the much-discussed increased competition. While the result may not have been outstanding there was nothing not to like from margins to dividends and even a surprise $1bn buyback which illustrates their strong capital position and confidence by the board.
US stocks closed mixed overnight with the S&P500 rallying +0.45% while the tech-based NASDAQ slipped -0.16% following the strong economic data which appears to give the Fed more room to hike rates if and when required.
US stocks edged higher overnight led by the Tech Sector, software business NVIDIA Corp (NVDA US) closed up +2.2% contributing the most number of points to the S&P500 in the process. The AFR described the market as being in a state of flux and this has felt on point of late, our preferred scenario is still the S&P500 makes fresh highs back above 4200 but failure into such strength wouldn’t surprise MM and we remain very open-minded as to what comes next.
MM is currently cautious on US banks
MM is cautiously bullish on the BNKS ETF through 2025
MM remains cautiously bullish toward US Banks
MM is bullish on the BNKS ETF ~$.8.50
MM is neutral on the ASX banks short term
MM is bullish toward the US banks
MM is cautiously bullish towards the US banking sector
MM is cautiously bullish towards the European banking sector
MM is neutral toward the ASX banks
MM is neutral towards the US banking sector
BetaShares Global Banks ETF - Currency Hedged is an exchange-traded fund incorporated in Australia. the objective of the fund is to provide an investment return that aims to track the performance of the Nasdaq Global ex-Australia Banks Hedged AUD Index (the "Index"), before taking into account fees and expenses.
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