Betashares Australian Major Bank Hybrids Index ETF (BHYB) Review & Analysis

MER · Top 50%AUM · Top 25%1Y Return · Top 50%3Y Return · #246 of 3005Y Return · #153 of 225

What's new this monthData to 30 September 2026

+0.2% in September (total return), ahead of the median Australian bonds ETF at −0.4%.
Investors added a net $4.5m (0.7% of the fund).
The unit price closed the month at $9.82, 1% below its 12-month high (range $9.73 to $9.93).

About BHYB

BHYB holds hybrid securities issued by Australia's major banks. Hybrids pay a floating rate of interest that is usually partly franked, and rank below bank bonds but above ordinary shares. BHYB tracks an index of these securities, is passively managed, and also holds a portion in cash.

Hybrids have been popular with income investors because they pay a margin above bank bills plus franking credits. But they carry more risk than they appear: payments can be stopped, and in a severe crisis they can be converted into bank shares or written off. Because coupons float, prices are not very sensitive to interest rates, but they can fall in banking stress. The fund is entirely concentrated in a handful of banks. Australia's bank regulator APRA has also announced that bank hybrids are being phased out, which will shrink the market over coming years. There is no currency risk.

BHYB may suit income investors who understand those risks. Alternatives include BSUB, which holds safer subordinated bank debt, and QPON; see BSUB vs BHYB and BHYB vs BANK.

BHYB distributions and dividend dates

BHYB pays distributions monthly, with payment about 15 days after the ex-date.

The latest distribution was $0.0413 per unit (71% franked), ex-distribution on 2 November 2026 and paid on 17 November 2026. To receive it you need to own BHYB before the ex-date.

Its distribution yield over the past 12 months is about 5.0%, with distributions around 70% franked. Distributions vary and past payments are not a guide to future ones.

From ASX announcements, updated nightly. See every ETF in the dividend calendar.

Compare BHYB Check overlap Betashares website ↗

Compare BHYB with

BHYBvsBSUB

Betashares Australian Major Bank Subordinated Debt ETF

Fee	0.35%	0.29%
1 year	+4.1%	+4.8%
5 yrs p.a.	+3.6%	–
Size	$674m	$857m

Same holdingsNo holdings data

Full comparison →

BHYBvsQPON

Betashares Australian Bank Senior Floating Rate Bond ETF

Fee	0.35%	0.22%
1 year	+4.1%	+4.6%
5 yrs p.a.	+3.6%	+3.8%
Size	$674m	$2.4bn

Same holdingsNo holdings data

Full comparison →

BHYBvsBANK

Global X Australian Bank Credit ETF

Fee	0.35%	0.25%
1 year	+4.1%	+3.2%
5 yrs p.a.	+3.6%	–
Size	$674m	$189m

Same holdingsNo holdings data

Full comparison →

BHYBvsSUBD

VanEck Australian Subordinated Debt ETF

Fee	0.35%	0.29%
1 year	+4.1%	+5.1%
5 yrs p.a.	+3.6%	+4.2%
Size	$674m	$4.0bn

Same holdingsNo holdings data

Full comparison →

BHYB price by TradingView

Stock Code	BHYB
Fund Manager	Betashares
Asset Class	Australian bonds
AUM	$674m
MER (%)	0.35%
Net flows (Sep)	+$4.5m
Last Price	$9.82
52-Week Range	$9.73 – $9.93
Bid/Ask Spread	0.15%
Listing Date	23/04/2021
Exchange	ASX
Index	Not yet in our data. See the PDS
Issuer website	Betashares ↗

Performance (% return)

1 month+0.2%

1 year+4.1%

3 years p.a.+4.6%

5 years p.a.+3.6%

$10,000 invested…

1 year ago$10,4093 years ago$11,4485 years ago$11,922

Value at 30 September 2026 with distributions reinvested, before tax and brokerage.

Total returns including distributions, to 30 September 2026. 1M, 1Y, 3Y and 5Y bars are cumulative.

BHYB at a glance: strengths and things to watch

👍 Strengths

Ahead of its peers. +3.6% a year over 5 years, against +1.0% for the median Australian bonds ETF.

⚠️ Things to watch

Concentrated. The top 10 holdings make up 64% of the fund, so a few companies drive the result.

Worked out from BHYB's fees, size, flows, returns and trend against the 59 Australian bonds ETFs in Australia, to 30 September 2026. General information, not a recommendation.

etfadviserTrend check

Base since 23 Oct 2026

BHYB is in a base. Here's why that matters.

BHYB's moving averages are tangled and the price is moving sideways. The trend hasn't picked a direction yet.

Why it matters: Bases are where the next big move starts. A breakout can begin a new uptrend, while a breakdown can start a long fall. Buying a satellite before the breakout often means waiting months for nothing to happen.

At ETF Adviser the core of a portfolio stays invested through every stage, and satellite ETFs are only bought in an uptrend. Members get a weekly update on which ETFs are breaking out of a base and which trends have broken.

Get the weekly trend updates: try it free for 30 days How base and trend works →See every ETF's stage →Visit etfadviser.com.au →

Why no chart? Bond, cash and currency fund prices drop each time a distribution is paid, so a price chart makes them look worse than they are. Check the total returns above instead.

BHYB vs its benchmark

How BHYB has done against the Solactive Australian Banking Preferred Shares Index, after fees. For an index fund, a small shortfall roughly the size of the fee is normal.

	BHYB	Benchmark	Difference
1 year	+4.22%	+4.62%	-0.40%
3 years p.a.	+5.31%	+5.66%	-0.35%
5 years p.a.	+4.02%	+4.34%	-0.32%

Issuer figures to 30 October 2026, fund returns after fees. Source: Betashares. Compare more ETFs vs their benchmark →

Investment Focus

Themes & Sectors

Bonds & fixed income

Portfolio Breakdown

Top 10 holdings (64.3% of the fund)

Symbol	Company	% assets
		8.50%
		7.30%
		6.50%
		6.30%
		6.30%
		6.20%
		6.20%
		5.80%
		5.60%
		5.60%

Sector breakdown

Bonds & cash100.0%

Holdings from the issuer's published portfolio. Compare BHYB's holdings with other 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.

Similar ETFs

Code	Name	Same holdings	MER	AUM	1Y	3Y p.a.	5Y p.a.
BSUB	Betashares Australian Major Bank Subordinated Debt ETF	–	0.29%	$857m	+4.8%	–	–
QPON	Betashares Australian Bank Senior Floating Rate Bond ETF	–	0.22%	$2.4bn	+4.6%	+5.0%	+3.8%
BANK	Global X Australian Bank Credit ETF	–	0.25%	$189m	+3.2%	–	–
SUBD	VanEck Australian Subordinated Debt ETF	–	0.29%	$4.0bn	+5.1%	+5.7%	+4.2%
VAF	Vanguard Australian Fixed Interest Index ETF	–	0.10%	$3.9bn	−0.4%	+3.4%	−0.1%
IAF	iShares Core Composite Bond ETF	–	0.10%	$3.7bn	−0.4%	+3.4%	−0.2%

Same holdings is the share of BHYB's money in companies the other ETF also holds, weighted by size. No other ETF shares much with BHYB, so these are ETFs in the same category. See every ETF like BHYB →

BHYB vs its closest alternatives

What actually differs between BHYB and the ETFs most like it. Data to 30 Sep 2026.

BSUB Betashares Australian Major Bank Subordinated Debt ETF

BSUB is cheaper (0.29% vs 0.35%), worth about $4,100 on $100,000 over 20 years.
Over 1 year: BHYB +4.1%, BSUB +4.8% (BSUB ahead by 0.7 percentage points).

Full BHYB vs BSUB comparison →

QPON Betashares Australian Bank Senior Floating Rate Bond ETF

QPON is cheaper (0.22% vs 0.35%), worth about $8,939 on $100,000 over 20 years.
Over 3 years, a year: BHYB +4.6%, QPON +5.0% (almost identical).
QPON is about 4 times larger ($2.4bn vs $674m), which usually means tighter trading spreads.

Full BHYB vs QPON comparison →

BANK Global X Australian Bank Credit ETF

BANK is cheaper (0.25% vs 0.35%), worth about $6,857 on $100,000 over 20 years.
Over 1 year: BHYB +4.1%, BANK +3.2% (BHYB ahead by 0.9 percentage points).
BHYB is about 4 times larger ($674m vs $189m), which usually means tighter trading spreads.

Full BHYB vs BANK comparison →

General information only. Past performance is not a reliable indicator of future performance.

Popular comparisons

BSUB vs BHYB QPON vs BHYB BHYB vs BANK

BHYB FAQs

What is the fee for BHYB?

BHYB charges a management fee (MER) of 0.35% a year, according to the TMX Australia monthly funds report as at 30 September 2026.

How big is BHYB?

BHYB had $674m in funds under management as at 30 September 2026.

How has BHYB performed?

BHYB returned +4.1% over the year to 30 September 2026 (total return, including distributions). Over three years it returned +4.6% a year. Past performance is not a reliable indicator of future performance.

Who manages BHYB?

BHYB is managed by Betashares and has been listed since April 2021.

Does BHYB pay monthly distributions?

Yes. BHYB pays a distribution every month.

When is the next BHYB distribution?

Based on its usual schedule, BHYB's next distribution should go ex around the start of December, with payment about 15 days later. Dates can move, so check Betashares' announcements to confirm.

What is BHYB's dividend yield?

BHYB's distribution yield over the past 12 months was about 5.0%. Yields change with the unit price and each payment, and are not a forecast.

Is BHYB franked?

Yes, partly. BHYB's distributions have typically been around 70% franked, because it holds Australian companies that pay tax here. Franking credits can reduce your tax, and in a pension-phase account they can be refunded as cash. Check Betashares' annual tax statement for the exact figure.

Disclaimer

This review is general information only and does not take into account your objectives, financial situation or needs. Consider the Betashares product disclosure statement (PDS) and target market determination (TMD) before investing. Past performance is not a reliable indicator of future performance.