MQSD vs FSUB: Which ETF Is Better?
A side-by-side comparison of fees, size, returns and holdings, using data to 30 September 2026.
MQSD comes out ahead on 4 of 4 measures. Which matters most depends on you.
The short answer
Bigger funds usually trade more cheaply and are less likely to close.
A tighter gap between the buy and sell price.
MQSD vs FSUB side by side
| MQSD leads on 4, FSUB on 0 | MQSDMacquarie Subordinated Debt Active ETF | FSUBVanEck Australian Fixed Rate Subordinated Debt ETF |
|---|---|---|
| The basics | ||
| Index tracked | Benchmark: Bloomberg AusBond Bank Bill Index | iBoxx AUD Fixed Investment Grade Subordinated Debt Index |
| Fund manager | Macquarie | VanEck |
| Asset class | Australian bonds | Australian bonds |
| Listed | Feb 2025 | Dec 2025 |
| Cost and size | ||
| MERyearly fee, lower is better | 0.29% | 0.29% |
| AUMfund size | $1.1bn✓ | $121m |
| Net flows (Sep)new money in, last month | $54m✓ | $26m |
| Bid/ask spreadtrading cost, lower is better | 0.03%✓ | 0.09% |
| Total returns | ||
| 1 month | +0.5%✓ | −0.9% |
| 1 year | +5.4% | – |
| 3 years p.a. | – | – |
| 5 years p.a. | – | – |
| $10,000 invested | ||
| 1 year ago | $10,540 | – |
| 5 years ago | – | – |
✓ marks the better figure on each measure. Returns include distributions, to 30 September 2026.
MQSD vs FSUB price chart
Both ETFs on one chart as % change. Use the 1D to All buttons to change the period. Price only, so it leaves out distributions · TradingView
What $10,000 invested is worth now
Only MQSD has a 1 year record: $10,000 then is worth $10,540 today.
Total returns to 30 September 2026, with distributions reinvested, before tax and brokerage. The price chart above leaves out distributions, so it can look worse. Past performance is not a reliable indicator of future performance.
What the fees cost you
MQSD and FSUB charge the same fee, so fees make no difference between them.
Total fees paid on a $100,000 investment, assuming a 7% a year return before fees. Illustration only: it ignores tax, brokerage and differences in returns.
MQSD and FSUB overlap
1 companies appear in both funds. Overlap is the share of the portfolio that is the same in both, counting the smaller weight of each shared company.
| Biggest shared holdings | % of MQSD | % of FSUB |
|---|---|---|
| 100.00% | 100.00% |
Add more ETFs and see the overlap in Compare ETFs →
Best-endeavours estimate. Built from each issuer's published holdings, which may be weeks or months old, may cover only part of a fund (some publish only their top 10) and are matched by company name. Figures may be incomplete or inaccurate. Check the issuer's website and PDS before relying on them. General information only.
Get the full MQSD vs FSUB report
- Every holding of each ETF: the top 50 companies, with sectors and countries
- Exactly which companies they share, and how much of each
- Fees in dollars over 10, 20 and 30 years
- Every metric side by side, including the index each tracks
- ★ FREE BONUSIs now a good time to invest? The Market Health-O-Meter
FAQs
Which is better, MQSD or FSUB?
It depends on what you need. On our numbers MQSD wins on 4 measures and FSUB on 0. MQSD is the larger fund at $1.1bn vs $121m. MQSD has the tighter bid/ask spread (0.03%), so it is usually slightly cheaper to trade.
Which is cheaper, MQSD or FSUB?
MQSD charges 0.29% a year and FSUB charges 0.29% a year.
Can I hold both MQSD and FSUB?
You can, but check how much they overlap. MQSD is a Australian bonds fund and FSUB is a Australian bonds fund.
More comparisons
General information only, not a recommendation. Past performance is not a reliable indicator of future performance.