VanEck Australian Subordinated Debt ETF (SUBD) Review & Analysis
- +0.5% in September (total return), ahead of the median Australian bonds ETF at −0.4%.
- Investors added a net $125m (3.2% of the fund). That ranked #19 of 508 ETFs for new money.
- The unit price closed the month at $25.26, 0% below its 12-month high (range $25.08 to $25.37).
About SUBD
SUBD is VanEck's Australian Subordinated Debt ETF. It tracks the iBoxx AUD Investment Grade Subordinated Debt Index, a basket of floating rate bonds issued mainly by the major Australian banks and some insurers. These bonds sit below senior debt but above hybrids and shares if an issuer gets into trouble. The fund is passive.
Because the bonds are floating rate, their interest resets with market rates, so SUBD's price is not very sensitive to rising interest rates. Income is paid monthly as unfranked interest and is typically higher than cash or senior bank bonds, as a reward for taking on more risk. The main risk is credit: it is concentrated in a small number of banks, and in a severe banking crisis subordinated bondholders can face losses. There is no currency risk.
SUBD is often used for regular income, and some investors see it as a replacement for bank hybrids as those are phased out. Alternatives include QPON, HBRD and MQSD. See SUBD vs BSUB and SUBD vs MQSD.
SUBD distributions and dividend dates
SUBD pays distributions monthly, with payment about 16 days after the ex-date.
The latest distribution was $0.125 per unit (0% franked), ex-distribution on 2 November 2026 and paid on 17 November 2026. To receive it you need to own SUBD before the ex-date.
Its distribution yield over the past 12 months is about 5.5%. 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 SUBD with
| Fee | 0.29% | 0.29% |
| 1 year | +5.1% | +5.4% |
| 5 yrs p.a. | +4.2% | – |
| Size | $4.0bn | $1.1bn |
| Fee | 0.29% | 0.29% |
| 1 year | +5.1% | +4.8% |
| 5 yrs p.a. | +4.2% | – |
| Size | $4.0bn | $857m |
| Fee | 0.29% | 0.29% |
| 1 year | +5.1% | – |
| 5 yrs p.a. | +4.2% | – |
| Size | $4.0bn | $121m |
| Fee | 0.29% | 0.18% |
| 1 year | +5.1% | −1.1% |
| 5 yrs p.a. | +4.2% | −0.8% |
| Size | $4.0bn | $355m |
SUBD price by TradingView
| Stock Code | SUBD |
|---|---|
| Fund Manager | VanEck |
| Asset Class | Australian bonds |
| AUM | $4.0bn |
| MER (%) | 0.29% |
| Net flows (Sep) | +$125m |
| Last Price | $25.26 |
| 52-Week Range | $25.08 – $25.37 |
| Bid/Ask Spread | 0.05% |
| Listing Date | 30/10/2019 |
| Exchange | ASX |
| Index tracked | iBoxx AUD Investment Grade Subordinated Debt Index |
| Issuer website | VanEck ↗ |
Performance (% return)
$10,000 invested…
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.
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