QETH vs OOO vs BUGG: Three Top ASX ETFs, Three Unrelated Asset Classes
Written by Christopher Hall, AdvDipFP | Authorised Representative, AFSL 526688 | Updated September 2026
The three ASX-listed ETFs leading FMP's weekly ETF momentum ranking to 18 September 2026 are the Betashares Ethereum ETF (QETH, +35.17% quarterly), the Betashares Crude Oil Index ETF – Currency Hedged, Synthetic (OOO, +31.70%) and the Global X Cybersecurity ETF (BUGG, +27.19%). These three funds span entirely different asset classes and cannot share a single holding with one another. QETH tracks the price of ether, OOO tracks crude oil futures via a synthetic structure, and BUGG holds a portfolio of pure-play cybersecurity companies — so unlike a week where equity funds simply happen not to overlap, this week's null crossover is a fact of fund construction, true for every pair, not a finding that required checking.
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 — not synthetic, not futures-based, and not a portfolio of companies. It listed on the ASX on 18 February 2025, charges 0.45% per annum, and 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 (swaps), 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 returns can diverge materially from the spot oil price as futures contracts are rolled from one month to the next.
BUGG (Global X Cybersecurity ETF) tracks the Indxx Cybersecurity Index, investing in companies whose principal business is developing and managing security protocols against intrusion and attacks — predominantly US pure-play cybersecurity software. It listed on the ASX on 11 September 2023, charges 0.47% per annum, and reported fund size of "$27+ million" as at 27 August 2026.
QETH | OOO | BUGG | |
Provider | Betashares | Betashares | Global X |
Tracks | Ether (single asset) | S&P GSCI Crude Oil Index Excess Return (WTI futures, AUD-hedged) | Indxx Cybersecurity Index |
Structure | Feeder into a physically-backed US ether fund | Synthetic (derivatives/swap-based) | 30+ holdings, unhedged |
Management fee (p.a.) | 0.45% | 1.29% | 0.47% |
Fund size | A$31.2M (27 Aug 2026) | A$132.7M (16 Sep 2026) | "$27+ million" (27 Aug 2026) |
ASX inception | 18 Feb 2025 | 11 Nov 2011 | 11 Sep 2023 |
Distributions | None expected | Annual | Not shown on provider page |
Quarterly return to 18 Sep 2026 | +35.17% | +31.70% | +27.19% |
One-year return | −69.01% | +66.43% | +19.36% |
The one-year column tells three completely different stories. QETH is down sharply over a year despite four straight weeks leading this board on the quarterly measure; OOO's one-year return is the strongest of the three, consistent with a sustained oil-price move rather than a single-quarter event; BUGG sits in between, modestly positive. None of the three figures says anything about either of the others.
Do QETH, OOO and BUGG Hold Any of the Same Companies?
No — and it is impossible for any pair, not merely coincidental. QETH holds one asset, ether, via a feeder fund; it has no equity portfolio of any kind. OOO holds crude oil futures via derivatives; it likewise has no equity portfolio. Only BUGG holds companies at all. That leaves BUGG's own top holdings as the only names to report:
BUGG's largest holdings (Global X, as at 28 August 2026): Okta (8.6%), Palo Alto Networks (7.82%), Fortinet (7.51%), CrowdStrike (7.49%), Qualys (5.96%), Rubrik (5.53%), Zscaler (5.25%), Tenable (4.95%), SailPoint (4.92%), Varonis Systems (4.68%) — a pure-play cybersecurity book with no crossover partner in this trio.
Why Did Three Unrelated Funds Produce Similar Returns?
They did not share a mechanism — the co-occurrence is recorded here without asserting a common cause.
QETH's 35.17% reflects ether's own price move in Australian dollar terms, extending a run that has now held first place on this board for four consecutive weeks (38.30% → 35.17%), against a one-year return of −69.01% — a reminder that a strong quarter sits inside a much larger multi-year drawdown for this asset.
OOO's 31.70% reflects a sustained move in the oil futures price rather than a single-week spike. Its own weekly return was slightly negative (−0.58%), but its monthly return of +16.81% and one-year return of +66.43% — the strongest one-year figure of any fund in this week's Top 10 — point to a move that has been building for months, not a single catalyst in the most recent quarter alone.
BUGG's 27.19% is a cybersecurity-specific move, and specifically a re-acceleration of a fork this comparison series has now tracked across four readings. BUGG shares three holdings with the Betashares Cloud Computing ETF (CLDD, this week's 4th-place fund, not part of this trio) — Qualys, Zscaler and Akamai — and that shared spine has split for a fourth consecutive time: over the ten weeks to 17 September 2026 (a directional window, roughly three weeks short of the funds' full 13-week quarter, a known limit of the available dated pricing history), Zscaler rose 34.23% and Qualys rose 11.73% while Akamai fell 17.32%, its deepest fall yet in this series. BUGG's own largest holding, Okta, rose 27.7% over the same window — close to the fund's own quarterly return, consistent with a broad move across the fund's book rather than a concentrated bet on the shared names alone.
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 carries an issuer risk warning describing it as extremely high risk, appropriate only for a small portfolio allocation, and its one-year return is deeply negative despite the current quarterly lead. OOO is a synthetic, futures-based commodity fund whose return can diverge from the spot price of oil, and which concentrates risk in a single commodity. BUGG concentrates risk in a single technology sub-sector. None of the three fees, risk profiles or structures resembles either of the other two, and a single quarterly figure captures none of that difference. Traders considering any of these products may wish to speak with a qualified financial adviser about whether a particular product suits their circumstances.
Remember that past performance is no guarantee of future results, and all trading involves risk.
Frequently Asked Questions
Do QETH, OOO and BUGG hold any of the same companies?
No, and it is impossible for any pair this week. QETH holds a single asset (ether) via a feeder fund, and OOO holds crude oil futures via derivatives — neither holds any companies at all. Only BUGG holds an equity portfolio, so no crossover with either of the other two funds is possible, by construction rather than by coincidence.
Why is a crude oil ETF among the top ASX ETFs this week?
OOO tracks WTI crude oil futures through a synthetic, currency-hedged structure. Its one-year return of 66.43% — the strongest of any fund in this week's Top 10 — indicates a sustained move in the oil price rather than a single-quarter event; most of its quarterly gain came in the most recent month (+16.81%).
How long has QETH led this board?
Four consecutive weeks as at 18 September 2026, easing slightly from 38.30% to 35.17% quarterly return over that span. Its one-year return remains deeply negative at −69.01%, so the current run sits inside a much larger multi-year drawdown for ether.
What is driving BUGG's cybersecurity return?
BUGG shares three holdings — Qualys, Zscaler and Akamai — with the Betashares Cloud Computing ETF (CLDD). That shared spine has split for a fourth consecutive reading in this comparison series: Zscaler and Qualys (cloud-delivered, modern security) rose over the past ten weeks while Akamai (legacy content delivery) fell further. BUGG's own largest holding, Okta, also rose more than 25% over the same window, indicating a broad move across the fund's book.
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 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 full holdings disclosure, never from third-party aggregators. The individual-fund ranking is maintained on where these funds sit on the wider ETF board.
Sources
# | Source | Detail | Accessed |
1 | Australian Warrant Exchange (AXW), an ASX market | ASX-listed ETF price and quarterly, monthly, weekly and one-year total return data, settled close 18 Sep 2026 | 18 Sep 2026 |
2 | Betashares — QETH fund page | QETH structure, underlying fund, management fee, net assets and the issuer's own risk statement | 18 Sep 2026 |
3 | Betashares — OOO fund page | OOO index, structure, management fee, net assets, distribution frequency and the issuer's own risk statement | 18 Sep 2026 |
4 | Global X — BUGG fund page and full holdings file | BUGG index, management fee, net assets and holdings, as at 28 Aug 2026 | 18 Sep 2026 |
5 | Betashares — CLDD fund page and full holdings file | CLDD holdings, used to identify BUGG's shared spine (Qualys, Zscaler, Akamai), as at 27 Aug 2026 | 18 Sep 2026 |
6 | stockanalysis.com — Qualys, Zscaler, Akamai and Okta dated price history | Directional constituent price check, 9 Jul–17 Sep 2026 | 18 Sep 2026 |
7 | Finer Market Points | Momentum research framework and ETF watchlist methodology | 18 Sep 2026 |
All fund facts on this page come from each provider's own fund page, factsheet or full holdings file; 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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