Australian Major Bank Subordinated Debt ETF
Performance
Total return to 23 Oct 2026, distributions reinvested, before franking. ASX figures are to 30 Sept 2026 and gross of franking, so they run higher for franked Australian funds.
What it costs to hold
Management fee plus trading costs, compared with similar funds.
A typical fund among Australian fixed income funds would cost $124 (0.25% a year), so BSUB is $27 dearer.
Spread is the average gap between buying and selling prices on the ASX. Fees are shown on a flat balance, not compounded on growth. Excludes tax and any adviser or platform fees.
Calendar-year returns
Where the money is
Look-through exposure as at 2 Sept 2026 · 5 securities · top 10 = 100.0%
Country
Sector
Monthly returns
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Year | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.7 | 0.3 | −0.0 | 0.7 | 0.4 | 0.6 | 0.5 | 0.3 | 0.3 | 0.3 | 4.1YTD | ||
| 2025 | 0.6 | 0.5 | −0.1 | −0.2 | 1.0 | 0.3 | 1.1 | 0.5 | 0.6 | 0.5 | 0.2 | 0.5 | 5.7 |
| 2024 | 0.6 | 0.7 | 0.4 | 0.6 | 0.9 | 0.4 | 0.5 | 4.0 |
Total return each month in %, distributions reinvested, before franking. The latest month runs to the last price date. The first year starts from listing.
Top holdings
Most similar funds
Overlap is the share of the portfolio held in common, look-through. Correlation is of daily returns. High overlap means close substitutes.
BSUB questions answered
Written from the latest data on this page. General information only, not financial advice.
How diversified is Australian Major Bank Subordinated Debt ETF?
Australian Major Bank Subordinated Debt ETF holds 5 securities.
Its country exposure is almost entirely Australia (100.0%), based on holdings as at 2 Sept 2026.
Which ETFs does BSUB double up with most?
BSUB shares the most holdings with Betashares Australian Bank Senior Floating Rate Bond ETF (QPON) (75% overlap), Vaneck Australian Fixed Rate Subordinated Debt ETF (FSUB) (52% overlap) and Betashares Enhanced Credit (Geared) Complex ETF (ECRD) (50% overlap). Overlap is the share of the portfolio the two funds hold in common, looking through to the underlying securities.
At 75%, owning both BSUB and QPON would mostly double up on the same investments rather than spread your money further. Of these, QPON has the lowest fee, at 0.22% a year against 0.29% for BSUB.
How is Australian Major Bank Subordinated Debt ETF managed – active or passive?
Australian Major Bank Subordinated Debt ETF is passively managed: it follows an index and holds what that index holds, rather than relying on a manager's stock picks.
Among Australian fixed income funds, active funds charge a median 0.43% a year and index funds 0.22%.
What will I pay in fees for BSUB?
BSUB charges a management fee of 0.29% a year, about $29 for every $10,000 invested. That is cheaper than 69% of the 471 ASX ETFs we track, where the median fee is 0.44%. Among Australian fixed income funds, the median is 0.23%.
Lower-cost funds with a similar focus include Betashares Australian Bank Senior Floating Rate Bond ETF (QPON) at 0.22%, VanEck Australian Banks ETF (MVB) at 0.28% and Global X Australian Bank Credit ETF (BANK) at 0.25%.
The fee is taken from the fund's assets and is already reflected in its returns. You'll also pay brokerage when you buy or sell, and the bid-ask spread, which has averaged 0.06% for BSUB.
Does Australian Major Bank Subordinated Debt ETF follow a theme?
Yes. Australian Major Bank Subordinated Debt ETF focuses on banks. Thematic funds are narrower than the broad market, so they can rise or fall much more than it does.
Other ASX funds with a banks focus include Betashares Australian Bank Senior Floating Rate Bond ETF (QPON), Betashares Australian Major Bank Hybrids Index ETF (BHYB), VanEck Australian Banks ETF (MVB) and Betashares Global Banks ETF - Currency Hedged (BNKS).
What is under the hood of BSUB?
As at 2 Sept 2026, BSUB's ten largest holdings are Australia & New Zealand Banking Group Ltd 6.2699% Jan-34 (10.2%), Westpac Banking Corp 5.801% Aug-36 (9.2%), Australia & New Zealand Banking Group Ltd 5.8442% Jan-35 (9.1%), Commonwealth Bank of Australia 6.174% Sep-35 (8.4%), National Australia Bank Ltd 6.3818% Feb-34 (8.3%), Commonwealth Bank of Australia 7.1318% Nov-32 (8.2%), National Australia Bank Ltd 5.7443% Nov-35 (8.1%), Westpac Banking Corp 5.9916% Jul-34 (7.3%), Commonwealth Bank of Australia 5.7655% Mar-36 (7.2%) and Australia & New Zealand Banking Group Ltd 6.8043% May-33 (6.7%). Together they make up 82.6% of the fund.
It follows an index; the issuer's PDS sets out how that index chooses and weights its holdings.
How well has Australian Major Bank Subordinated Debt ETF performed?
Based on its category, Australian Major Bank Subordinated Debt ETF aims mainly to pay a regular income, with capital growth secondary.
To 23 Oct 2026, with distributions reinvested, it returned 4.9% over 1 year (median −0.1%; ranked 3 of 36). The medians and rankings compare it with Australian fixed income funds. Since listing in 2024 it has returned 6.0% a year.
Tracking difference is the gap between a fund's return and its index's return. We don't hold index returns, so we can't measure it for BSUB; the issuer reports it in the monthly fact sheet. As a guide, a well-run index fund trails its index by about its fee, here 0.29% a year, and a much bigger gap is a warning sign.
Past performance is not a reliable indicator of future performance.