Betashares’ six audited ETFs delivered sharply mixed results for the year ended 30 June 2026, with Bitcoin, Ethereum and gaming funds reporting losses while uranium assets expanded. Post-year-end NAV swings added another layer of volatility, including a 49.67% rise for the Ethereum ETF.
- Bitcoin ETF loss of A$24.357 million
- Ethereum ETF loss of A$23.226 million
- Global Uranium ETF assets rose to A$315.336 million
- Post-year-end NAV movements exceeded 10% in three funds
- KPMG issued unmodified audit opinions
Crypto losses drive the headline numbers
Betashares’ six-fund annual report reads less like a single group result than a snapshot of sharply different investment themes. The Betashares Bitcoin ETF (ASX:QBTC) reported a loss of A$24.357 million for the year, reversing a A$1.147 million profit in the prior period, while the Betashares Ethereum ETF (ASX:QETH) posted a A$23.226 million loss compared with a A$733,000 profit. Both funds’ results were dominated by net losses on financial instruments measured at fair value.
The Bitcoin ETF’s net assets nevertheless increased to A$32.616 million from A$14.479 million, helped by A$44.694 million of new unit creations despite the investment loss. Ethereum’s net assets rose to A$19.521 million from A$5.230 million after A$44.614 million of creations, partly offset by A$7.097 million of redemptions. The figures show how fund size can expand even during a loss-making year when investor flows are strong.
Uranium fund becomes the largest portfolio
The strongest balance-sheet expansion came from the Betashares Global Uranium ETF (ASX:URNM), whose net assets climbed to A$315.336 million from A$201.505 million. The fund recorded A$7.707 million of profit, below the prior year’s A$9.509 million, but received A$146.620 million in creations against A$33.240 million of redemptions and paid A$7.433 million in distributions.
That growth also brought a valuation wrinkle. A A$1.7 million holding in Lotus Resources Ltd (ASX:LOT) was classified as a Level 3 asset after Lotus entered a trading halt in June and was suspended from trading until 27 July 2026. The holding generated a A$3.518 million loss recognised in profit or loss during the year, according to the report. The fund’s remaining investments were largely classified as Level 1 assets, based on quoted market prices.
Thematic funds deliver contrasting outcomes
The Crypto Innovators ETF (ASX:CRYP) produced A$14.672 million of profit, down sharply from A$60.189 million a year earlier, while its net assets declined to A$182.327 million from A$206.322 million as redemptions exceeded creations. The Electric Vehicles and Future Mobility ETF (ASX:DRIV) reported A$3.787 million of profit and grew net assets to A$18.010 million. The Video Games and Esports ETF (ASX:GAME), by contrast, swung to a A$10.514 million loss from a A$3.211 million profit, although its net assets rose to A$23.998 million.
The annual report also records substantial post-year-end NAV movements. Since 30 June, the Bitcoin ETF’s NAV per unit had risen 27.53%, while the Ethereum ETF’s had risen 49.67%; the Electric Vehicles and Future Mobility ETF’s NAV had fallen 10.54%. The report attributes those changes to movements in the fair value of investments and does not provide the exact dates or reference prices used for the calculations.
Audit passes, but market exposure remains decisive
KPMG issued unmodified audit opinions on all six funds, identifying the valuation and existence of financial assets as the key audit matter for each. The report’s sensitivity analysis illustrates the exposure: a 10% move in portfolio prices would have affected Global Uranium’s profit and net assets by A$31.527 million at year-end, compared with A$18.214 million for Crypto Innovators and A$3.261 million for the Bitcoin ETF.
The accounts also flag forthcoming disclosure work under AASB 18 and Australian Sustainability Reporting Standard S2, including climate-related risks and opportunities in investment portfolios. Those standards are not expected to change recognition or measurement, but the reporting burden will increase. The more immediate question is whether the sharp post-year-end moves, particularly in the crypto funds, persist into the next reporting period or prove to be another brief turn in highly volatile portfolios.
Bottom Line?
The report confirms a mixed year, but the next test is whether post-year-end NAV swings translate into sustained asset flows and fund performance.
Questions in the middle?
- Will the Bitcoin and Ethereum ETFs retain their post-year-end gains after reporting substantial full-year losses?
- Can Global Uranium maintain its enlarged asset base while managing less-liquid or suspended holdings such as Lotus Resources?
- Will the sharp fall in Crypto Innovators’ profit and the gaming fund’s loss affect future creations, redemptions or distributions?