QETH vs OOO vs BTXX: A Third Straight Week With No Company in the ASX ETF Top Three

Q: Why did QETH's one-year return get worse in the same week it kept first place?

QETH's one-year return fell to -61.72% (from -52.42%) while its quarterly return of 33.40% still led the board. A one-year return compares today with the same date a year ago, so it can deepen while the most recent quarter stays strongly positive; the two measures cover different windows.

Christopher Hall

23 hours ago

7 min read

Written by Christopher Hall, AdvDipFP | Authorised Representative, AFSL 526688 | Updated October 2026

The three ASX-listed ETFs at the top of the live top-10 ASX ETF list at 10 October 2026 are the Betashares Ethereum ETF (QETH, +33.40% quarterly), the Betashares Crude Oil Index ETF – Currency Hedged, Synthetic (OOO, +29.18%) and the DigitalX Bitcoin ETF (BTXX, +25.03%). None of the three holds a single company. QETH holds ether, BTXX holds bitcoin and OOO holds crude oil futures through derivatives, so no pair can overlap and the crossover is empty by construction. This is the third week running in which every fund in the leading trio is a non-equity fund; BTXX takes the place VBTC held a week earlier, and it is the first time BTXX has reached the top three in the weekly record.

What Is Each Fund Built to Do?

QETH (Betashares Ethereum ETF) aims to track the price of ether, before fees and expenses, in Australian dollars. It obtains that exposure by investing in the NYSE-listed Bitwise Ethereum ETF, a physically-backed structure holding ether in offline cold storage. It listed on the ASX on 18 February 2025, charges 0.45% per annum, and reported net assets of A$31.2 million as at 27 August 2026. Betashares states the fund "should be considered extremely high risk" and suitable only for informed investors seeking an allocation of 5% or less.

OOO (Betashares Crude Oil Index ETF – Currency Hedged, Synthetic) aims to track the S&P GSCI Crude Oil Index Excess Return, hedged into Australian dollars: exposure to West Texas Intermediate (WTI) crude oil futures obtained through derivatives, not physical oil and not a portfolio of companies. It listed on the ASX on 11 November 2011, charges 1.29% per annum, and reported net assets of A$132.7 million as at 16 September 2026. Betashares notes the fund carries market, commodity-volatility, commodity-roll and derivatives risk, and that its return can diverge materially from the spot oil price as futures contracts are rolled.

BTXX (DigitalX Bitcoin ETF) aims to track the price of bitcoin in Australian dollars, before fees and expenses, by reference to the CME CF Bitcoin Reference Rate. It holds bitcoin itself, in custody with Coinbase Custody Trust Company, rather than a portfolio of companies. The fund began on 12 July 2024, charges 0.49% per annum and reported net assets of A$44.3 million as at 30 September 2026; its July 2026 factsheet records no distribution for FY26. DigitalX states that "Bitcoin is a very high-risk and volatile asset class" and that the fund is subject to exchange-rate risk because bitcoin is priced in US dollars.

	QETH	OOO	BTXX
Provider	Betashares	Betashares	DigitalX (responsible entity K2 Asset Management)
Aims to track	Price of ether	S&P GSCI Crude Oil Index Excess Return (WTI futures)	Price of bitcoin (CME CF Bitcoin Reference Rate)
Structure	Feeder into the NYSE-listed Bitwise Ethereum ETF	Synthetic (derivatives/swap-based)	Direct bitcoin holding (single-asset)
Currency	Unhedged (A$ return)	Hedged into A$	Unhedged (A$ return)
Management fee (p.a.)	0.45%	1.29%	0.49%
Fund size	A$31.2M (27 Aug 2026)	A$132.7M (16 Sep 2026)	A$44.3M (30 Sep 2026)
Start date	18 Feb 2025 (ASX listing)	11 Nov 2011 (ASX listing)	12 Jul 2024 (fund inception)
Distributions	None expected	Annual	None for FY26
Quarterly total return to 10 Oct 2026	+33.40%	+29.18%	+25.03%
Weekly return to 10 Oct 2026	−9.63%	−2.24%	−5.13%
Monthly return to 10 Oct 2026	+3.78%	−1.63%	+8.08%
One-year return to 10 Oct 2026	−61.72%	+63.78%	−46.27%

The one-year row again tells two different stories. QETH is down 61.72% over a year and BTXX down 46.27% — both deeper one-year losses than a week earlier (−52.42% and −37.95%) despite a strong quarter — while OOO is up 63.78%. Fees are factual comparison data and do not, on their own, indicate suitability.

Do QETH, OOO and BTXX Hold Any of the Same Companies?

No, and none of the three holds any company at all. QETH holds a single asset, ether, through a feeder fund. BTXX holds a single asset, bitcoin, and a bitcoin fund has no portfolio of securities to list. OOO holds oil futures through derivatives. No crossover is possible for any pair or for all three together, which makes this a fact of fund construction rather than a finding about the market. The QETH vs OOO vs VBTC comparison covered the second such trio on this board; the first, on 25 September, is set out in how the three leading funds differ.

Why Did Three Funds Lead Together?

They did not share one mechanism. Two separate markets, crypto and crude oil, produced the three returns, as in the two weeks before — and both gave ground this week.

QETH's 33.40% is down 17.59 percentage points from 50.99% a week earlier, yet it holds first place for a sixth consecutive week. Its weekly return was −9.63%, and the quarterly figure fell by more than that week alone, consistent with a strong stretch from thirteen weeks ago leaving the comparison window. The lead over second place narrowed to 4.22 percentage points from 13.61, and 33.40% is the lowest first-place figure on this board since 4 September (33.05%).

BTXX's move from 6th to 3rd came from falling the least inside the bitcoin cluster, not from a change in what it holds. BTXX's quarterly return fell 9.37 percentage points (34.41% to 25.03%), against 9.78 for IBIT, 10.00 for QBTC and 10.67 for VBTC. All four bitcoin funds track the same asset and finished within 0.51 percentage points of each other (BTXX 25.03%, IBIT 24.64%, VBTC 24.57%, QBTC 24.52%), narrower than the 0.84-point band a week earlier, so the order reflects exactly which trading days entered and left each fund's 13-week window.

OOO's 29.18% again reflects the crude oil futures price, not oil producers' shares, and second place is its fourth consecutive week there. Its weekly return was −2.24% and its monthly return turned negative at −1.63%, from +5.91% a week earlier, while its one-year return of +63.78% remains the strongest in this week's Top 10.

No constituent price check applies to this trio: none of the three funds holds companies whose share prices could explain the return.

What This Comparison Does Not Establish

Ranking three funds together by quarterly return is not a claim that they are comparable investments or that a reader should hold any combination of them. QETH and BTXX are single-asset crypto funds whose issuers each describe them as very high or extremely high risk, with deeply negative one-year records sitting beside this quarter's lead. OOO is a synthetic, futures-based fund concentrated in a single commodity, whose return can diverge from the spot price of oil. A single quarterly figure captures none of those differences. Traders considering any of these products may wish to speak with a qualified financial adviser about whether a particular product suits their circumstances.

Access the Research Behind This Comparison

Finer Market Points publishes the weekly Top 30 ASX momentum data behind this ETF ranking. Members receive the underlying educational data and weekly analysis through the FMP YouTube Membership.

Remember that past performance is no guarantee of future results, and all trading involves risk.

Frequently Asked Questions

Do QETH, OOO and BTXX hold any of the same companies?

No, and it is impossible for any pair this week. QETH holds ether, BTXX holds bitcoin and OOO holds crude oil futures via derivatives; none of the three holds any company at all, so no crossover between any pair is possible, by construction rather than by coincidence.

Why did BTXX take third place?

BTXX's quarterly return fell 9.37 percentage points this week (34.41% to 25.03%), less than IBIT (−9.78), QBTC (−10.00) or VBTC (−10.67), moving it from 6th to 3rd. All four bitcoin funds track the same asset and finished within 0.51 percentage points of each other, so the order reflects which days rolled into and out of each fund's 13-week return window.

Why is a crude oil ETF in the top three again?

OOO tracks WTI crude oil futures through a synthetic, currency-hedged structure and holds no companies. It returned 29.18% over the quarter, with a one-year return of +63.78%, the strongest in this week's Top 10, even though its most recent monthly return turned negative at −1.63%.

Why did QETH's one-year return get worse in the same week it kept first place?

QETH's one-year return fell to −61.72% (from −52.42%) while its quarterly return of 33.40% still led the board. A one-year return compares today with the same date a year ago, so it can deepen while the most recent quarter stays strongly positive; the two measures cover different windows.

How is the leading ASX ETF trio determined each week?

Finer Market Points ranks all ASX-listed exchange traded products carrying a usable quarterly total return figure — 398 of 403 this week — from a weekly export sourced from the Australian Warrant Exchange (AXW), an ASX market, and the top three by that measure become the subject of this comparison each week the trio changes. Full fund facts come from each provider's own fund page, factsheet or product disclosure statement, never from third-party aggregators.

Sources

#	Source	Detail	Accessed
1	Australian Warrant Exchange (AXW), an ASX market	ASX-listed ETF price and weekly, monthly, quarterly and one-year total return data, as at 10 Oct 2026	10 Oct 2026
2	Betashares — QETH fund page	QETH structure, underlying fund, management fee, net assets (27 Aug 2026) and the issuer's own risk statement	29 Aug 2026
3	Betashares — OOO fund page	OOO index, structure, management fee, net assets (16 Sep 2026), distribution frequency and the issuer's own risk statement	18 Sep 2026
4	DigitalX — BTXX fund page and July 2026 factsheet	BTXX objective, structure, custodian, management fee, net assets (30 Sep 2026), inception date, FY26 distribution and the issuer's own risk statement	10 Oct 2026
5	Finer Market Points	Momentum research framework and ETF watchlist methodology	10 Oct 2026

All fund facts on this page come from each provider's own fund page, product disclosure statement or factsheet; no third-party aggregator was used for fund facts this edition.

This content is for educational purposes only and does not constitute financial advice. Past performance is no guarantee of future results.

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