Russell Investments Australian Semi-Government Bond ETF (RSM) Review & Analysis

MER · Top 25%AUM · #342 of 5081Y Return · #302 of 4263Y Return · #270 of 3005Y Return · #187 of 225

What's new this monthData to 30 September 2026

−0.7% in September (total return), behind the median Australian bonds ETF at −0.4%.
Investors withdrew a net $1.2m (-2.3% of the fund).
The unit price closed the month at $20.07, near its 12-month low (range $19.96 to $21.13).

About RSM

RSM is an Australian bonds ETF from Russell Investments, listed on the ASX since March 2012. With $50m under management it is number 45 of 59 Australian bonds ETFs by size. The management fee is 0.26% a year, about $26 on every $10,000 invested, dearer than the typical Australian bonds ETF at 0.25%.

Over five years it has returned +0.5% a year including distributions, against +1.0% for the median Australian bonds ETF. With its focus on bonds & fixed income, it is the kind of fund many investors use as a smaller satellite holding alongside a diversified core.

RSM distributions and dividend dates

The latest distribution was $0.0164 per unit (0% franked), ex-distribution on 30 September 2026 and paid on 15 October 2026. To receive it you need to own RSM before the ex-date.

Its distribution yield over the past 12 months is about 3.3%. 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 RSM Check overlap Russell Investments website ↗

Compare RSM with

RSMvsRGB

Russell Investments Australian Government Bond ETF

Fee	0.26%	0.24%
1 year	−0.6%	−2.5%
5 yrs p.a.	+0.5%	−1.7%
Size	$50m	$285m

Same holdingsNo holdings data

Full comparison →

RSMvsVGB

Vanguard Australian Government Bond Index ETF

Fee	0.26%	0.16%
1 year	−0.6%	−0.7%
5 yrs p.a.	+0.5%	−0.5%
Size	$50m	$1.4bn

Same holdingsNo holdings data

Full comparison →

RSMvsAGVT

Betashares Australian Government Bond ETF

Fee	0.26%	0.22%
1 year	−0.6%	−1.8%
5 yrs p.a.	+0.5%	−1.6%
Size	$50m	$1.1bn

Same holdingsNo holdings data

Full comparison →

RSMvsXGOV

VanEck 10+ Year Australian Government Bond ETF

Fee	0.26%	0.22%
1 year	−0.6%	−2.5%
5 yrs p.a.	+0.5%	–
Size	$50m	$477m

Same holdingsNo holdings data

Full comparison →

RSM price by TradingView

Stock Code	RSM
Fund Manager	Russell Investments
Asset Class	Australian bonds
AUM	$50m
MER (%)	0.26%
Net flows (Sep)	−$1.2m
Last Price	$20.07
52-Week Range	$19.96 – $21.13
Bid/Ask Spread	0.11%
Listing Date	13/03/2012
Exchange	ASX
Index	Not yet in our data. See the PDS
Issuer website	Russell Investments ↗

Performance (% return)

1 month−0.7%

1 year−0.6%

3 years p.a.+3.3%

5 years p.a.+0.5%

$10,000 invested…

1 year ago$9,9363 years ago$11,0355 years ago$10,232

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.

RSM at a glance: strengths and things to watch

👍 Strengths

Long track record. Listed since 2012, through several market cycles.

⚠️ Things to watch

Nothing stands out against its category.

Worked out from RSM'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 16 Oct 2026

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

RSM'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.

Investment Focus

Themes & Sectors

Bonds & fixed income

Portfolio Breakdown

Sector breakdown

Bonds & cash100.0%

Holdings from the issuer's published portfolio. Compare RSM'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.
RGB	Russell Investments Australian Government Bond ETF	–	0.24%	$285m	−2.5%	+2.7%	−1.7%
VGB	Vanguard Australian Government Bond Index ETF	–	0.16%	$1.4bn	−0.7%	+3.2%	−0.5%
AGVT	Betashares Australian Government Bond ETF	–	0.22%	$1.1bn	−1.8%	+3.3%	−1.6%
XGOV	VanEck 10+ Year Australian Government Bond ETF	–	0.22%	$477m	−2.5%	+2.7%	–
RCB	Russell Investments Australian Select Corporate Bond ETF	–	0.28%	$364m	+1.0%	+3.9%	+1.8%
ALTB	iShares 15+ Year Australian Government Bond ETF	–	0.15%	$315m	−5.9%	–	–

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

RSM vs its closest alternatives

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

RGB Russell Investments Australian Government Bond ETF

RGB is cheaper (0.24% vs 0.26%), worth about $1,384 on $100,000 over 20 years.
Over 3 years, a year: RSM +3.3%, RGB +2.7% (RSM ahead by 0.6 percentage points).
RGB is about 6 times larger ($285m vs $50m), which usually means tighter trading spreads.

Compare RSM and RGB side by side →

VGB Vanguard Australian Government Bond Index ETF

VGB is cheaper (0.16% vs 0.26%), worth about $6,968 on $100,000 over 20 years.
Over 3 years, a year: RSM +3.3%, VGB +3.2% (almost identical).
VGB is much larger ($1.4bn vs $50m), which usually means tighter trading spreads.

Compare RSM and VGB side by side →

AGVT Betashares Australian Government Bond ETF

AGVT is cheaper (0.22% vs 0.26%), worth about $2,772 on $100,000 over 20 years.
Over 3 years, a year: RSM +3.3%, AGVT +3.3% (almost identical).
AGVT is much larger ($1.1bn vs $50m), which usually means tighter trading spreads.

Compare RSM and AGVT side by side →

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

RSM FAQs

What is the fee for RSM?

RSM charges a management fee (MER) of 0.26% a year, according to the TMX Australia monthly funds report as at 30 September 2026.

How big is RSM?

RSM had $50m in funds under management as at 30 September 2026.

How has RSM performed?

RSM returned −0.6% over the year to 30 September 2026 (total return, including distributions). Over three years it returned +3.3% a year. Past performance is not a reliable indicator of future performance.

Who manages RSM?

RSM is managed by Russell Investments and has been listed since March 2012.

Disclaimer

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