We looked at the MVB last week, but it was hard to pass over today being the purest ETF play on Australia’s banks, with around 82% directly invested in NAB, CBA, ANZ and Westpac, alongside smaller positions in Macquarie, Bendigo & Adelaide Bank and Bank of Queensland. With almost $300mn in FUM, a 0.28% management fee and a grossed-up yield of around 5.2% over the past 12 months, MVB offers a simple, diversified and income-focused way to own the sector without individual-bank risk; after correcting around 13% from its 2026 high, the yield is becoming increasingly attractive to MM, although we would still prefer lower prices before increasing exposure for capital growth.
The FUM of $300mn, compared to, say, the $10.9bn sitting in the A200 ETF for exposure to the whole index, shows this is not a vehicle heavily utilised by professional investors.
- We can seed the MVB ETF testing the $46 area over the coming months, with looming dividends likely to attract retail buyers.
