Betashares’ newly launched FTSE Global Infrastructure Shares Currency Hedged ETF reported $1.204 billion in profit and $8.08 billion in net assets for its first reporting year. The audited results also show strong gains across several established funds, alongside sharp post-year-end NAV movements in energy and gold miners.
- $1.204 billion profit for the newly launched infrastructure ETF
- $8.08 billion in net assets at 30 June 2026
- Japan ETF profit rose to $94.678 million
- Energy and gold miners ETFs recorded post-year-end NAV moves above 10%
- KPMG issued unmodified audit opinions across all 11 funds
Infrastructure ETF reaches $8.08 billion
Betashares’ newest fund produced the filing’s standout number: the Betashares FTSE Global Infrastructure Shares Currency Hedged ETF (ASX:TOLL) reported a profit of $1.204 billion for the year ended 30 June 2026, with net assets of $8.08 billion. The fund was registered in March 2025 and began trading on 28 October 2025, so the result has no directly comparable prior-year figure.
The scale reflects a fund that attracted substantial creations during its first operating period. TOLL recorded $16.164 billion of unit creations and $9.148 billion of redemptions, leaving 300.027 million units on issue at year-end. Its financial assets were valued at $8.023 billion, primarily listed equities and unit trusts, while the fund also held forward foreign currency contracts as part of its currency-hedging structure.
Established funds also posted gains
Several older Betashares funds delivered materially higher reported profits than a year earlier. The Japan Currency Hedged ETF (ASX:HJPN) recorded $94.678 million, up from $4.030 million, while the Global Banks Currency Hedged ETF (ASX:BNKS) reported $48.577 million compared with $19.415 million previously. The Global Energy Companies Currency Hedged ETF (ASX:FUEL) swung from a $3.012 million loss to a $46.205 million profit, and the Global Healthcare Currency Hedged ETF (ASX:DRUG) moved from a $19.700 million loss to a $26.528 million profit.
Those figures are investment-fund results rather than operating earnings from a conventional company: the statements include changes in the fair value of portfolio holdings, dividends, distributions and foreign exchange movements. Currency gains were particularly significant in several hedged funds, including $40.261 million for HJPN and $20.793 million for the Global Gold Miners Currency Hedged ETF (ASX:MNRS).
Distributions varied sharply across the portfolio
Cash distributions also differed widely between funds. TOLL declared total distributions of $140.031 million, equivalent to 55.22 cents per unit, while HJPN distributed $19.241 million, or 195.66 cents per unit. MNRS paid or declared $18.146 million, equal to 115.85 cents per unit, and the S&P 500 Yield Maximiser Complex ETF (ASX:UMAX) distributed $15.614 million, or 139.46 cents per unit.
The annual report notes that cash distributed under the AMIT tax regime can differ from the taxable income attributed to unitholders. That distinction matters for investors assessing income: the reported profit, cash distribution and tax outcome are related but not interchangeable measures.
Energy and gold miners show post-year-end volatility
The most immediate caution in the report sits outside the year-end income statements. Since 30 June, the NAV per unit of FUEL had changed by 18.03%, while MNRS had moved by 29.93%, with the responsible entity attributing both movements to changes in the fair value of investments. The filing does not describe these as distributions or provide a forecast for the funds’ future performance.
KPMG issued unmodified audit opinions on all 11 financial reports, with valuation and existence of investments identified as the key audit matter for each fund. The report also flags future disclosure work under AASB 18 and ASRS S2, including additional information on climate-related risks and opportunities, but says those standards are not expected to change recognition or measurement of the funds’ assets and liabilities.
Bottom Line?
The infrastructure fund’s first-year scale is striking, but the next test is whether its asset base and reported gains remain durable as market values and currency hedges move.
Questions in the middle?
- How much of TOLL’s first-year profit and asset growth will persist after its unusually large launch-period creations and redemptions?
- Will FUEL and MNRS continue to experience material NAV volatility after their post-year-end movements of 18.03% and 29.93%?
- How will future climate-related disclosures change the information available on the funds’ underlying portfolios and risk exposures?