Betashares’ gold ETF generated an Australian-dollar profit of $241.6 million in FY2026, while its oil ETF reported a 41.35% subsequent change in net asset value per unit. The audited report also records a vendor switch for the gold exposure and a loss for the U.S. dollar fund.
- QAU FY2026 profit of $241.588 million
- OOO returned to a $38.905 million profit
- OOO NAV per unit later changed by 41.35%, with direction and date undisclosed
- Gold vendor changed from National Bank of Canada to a Betashares-related entity
- USD recorded a $1.479 million loss
Gold fund drives Betashares result
Betashares’ Gold Bullion Currency Hedged ETF (ASX:QAU) produced the standout result in the group’s FY2026 accounts, recording a profit of $241.588 million in Australian dollars. The figure was supported by a $215.966 million gain on its gold contract and a $106.991 million foreign exchange gain, partly offset by an $8.108 million expense base.
QAU ended 30 June 2026 with $1.093 billion in net assets attributable to unitholders, up from $1.059 billion a year earlier. Its accounts recorded $1.122 billion in gold contract assets and a distribution payable of $60.178 million, equivalent to 166.07 cents per unit. The result was broadly consistent with the fund’s stated purpose of providing exposure to physical gold bullion while substantially hedging its direct foreign currency exposure.
Oil ETF flags sharp post-year-end NAV movement
The more immediately consequential disclosure concerns the Betashares Crude Oil Index Currency Hedged Complex ETF (ASX:OOO). It returned to a $38.905 million profit for the year, compared with a $8.956 million loss in FY2025, but the report says its net asset value per unit changed by 41.35% after 30 June.
The filing does not state the direction of that move or the date on which it was measured. It attributes the change to movements in the fair value of investments and says it resulted from implementing the fund’s investment objective. OOO finished the year with $103.611 million in net assets, $31.100 million in collateral cash and a $28.935 million liability from index swaps. Its reported 10% price sensitivity would have affected net assets by $10.361 million, a reminder of the exposure embedded in the strategy.
Gold vendor transferred to related party
QAU also changed the entity supplying its gold exposure during the year. National Bank of Canada notified the fund that it intended to cease acting as gold vendor, prompting the appointment of Betashares Gold Intermediary Pty Ltd from 26 May 2026.
Betashares says the new vendor is a wholly owned subsidiary within the Betashares group and a related party of the responsible entity. The report states that the contractual terms remained substantially equivalent, while the investment objective, physical-gold exposure, custody arrangements, fees and costs were unchanged. Fees for the related-party vendor totalled $55,608 for the financial year, with $48,367 payable at year end.
U.S. dollar fund shrinks and records loss
The Betashares U.S. Dollar ETF (ASX:USD) was the weak performer in accounting terms, reporting a $1.479 million loss after a $4.946 million profit in FY2025. Net assets fell to $53.477 million from $71.363 million, with redemptions of $29.479 million exceeding creations of $12.975 million.
USD held $53.329 million in cash at year end and remained directly exposed to the U.S. dollar. The accounts show that a 10% appreciation in the Australian dollar against the foreign currency would have reduced profit and net assets by $5.333 million, assuming other variables remained constant.
Audit clears accounts, but market exposure remains
KPMG issued unqualified audit opinions on all three funds. Its key audit matters included the existence of cash and collateral for OOO and USD, the valuation and existence of QAU’s gold contract, and the valuation of OOO’s index-swap liabilities. The accounts also note that derivatives are used for portfolio management and hedging, but are not intended to gear the portfolios.
For investors, the next useful fact is not another accounting subtotal but the missing detail around OOO’s 41.35% move: whether it was an increase or decrease, and how quickly it occurred. That information will determine whether the disclosure represents a sharp recovery, a sharp drawdown, or simply a volatile mark-to-market episode in a fund whose stated exposure is already highly sensitive to commodity prices.
Bottom Line?
The headline result is QAU’s substantial gold-driven profit, but OOO’s undisclosed-direction 41.35% NAV movement is the filing’s most important unresolved market question.
Questions in the middle?
- Was OOO’s 41.35% post-year-end NAV movement an increase or a decrease, and over what period did it occur?
- How will the related-party gold vendor arrangement perform operationally after replacing National Bank of Canada?
- Can USD stabilise its asset base after redemptions exceeded creations and the fund returned to a loss?