QETH vs OOO vs IBIT: Three Top ASX ETFs, and Not One Company Between Them
Written by Christopher Hall, AdvDipFP | Authorised Representative, AFSL 526688 | Updated September 2026
The three ASX-listed ETFs at the top of the full weekly ASX ETF ranking to 25 September 2026 are the Betashares Ethereum ETF (QETH, +47.20% quarterly), the Betashares Crude Oil Index ETF – Currency Hedged, Synthetic (OOO, +34.04%) and the iShares Bitcoin ETF (IBIT, +29.88%). None of the three holds a single company. QETH holds ether, IBIT 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 first week in this comparison series in which every fund in the leading trio is a non-equity fund.
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.
IBIT (iShares Bitcoin ETF) aims to provide the performance of the price of bitcoin before fees and expenses. It does so by investing in the US-domiciled iShares Bitcoin Trust ETF, which trades on the Nasdaq and is denominated in US dollars, and whose assets consist primarily of bitcoin held by Coinbase Custody Trust Company as custodian. Neither IBIT nor the underlying fund applies currency hedging. IBIT listed on the ASX on 14 November 2025, charges 0.39% per annum, reported net assets of A$61.2 million as at 24 September 2026 and may distribute up to once a year. BlackRock states that any investment in the fund should be considered extremely high risk and may result in the loss of the entire investment, and that an allocation beyond 2% of a portfolio may materially increase overall portfolio risk.
QETH | OOO | IBIT | |
Provider | Betashares | Betashares | iShares (BlackRock) |
Aims to track | Price of ether | S&P GSCI Crude Oil Index Excess Return (WTI futures) | Price of bitcoin |
Structure | Feeder into the NYSE-listed Bitwise Ethereum ETF | Synthetic (derivatives/swap-based) | Feeder into the Nasdaq-listed iShares Bitcoin Trust ETF |
Currency | Unhedged (A$ return) | Hedged into A$ | Unhedged (A$ return) |
Management fee (p.a.) | 0.45% | 1.29% | 0.39% |
Fund size | A$31.2M (27 Aug 2026) | A$132.7M (16 Sep 2026) | A$61.2M (24 Sep 2026) |
ASX listing | 18 Feb 2025 | 11 Nov 2011 | 14 Nov 2025 |
Distributions | None expected | Annual | Up to once a year |
Quarterly total return to 25 Sep 2026 | +47.20% | +34.04% | +29.88% |
Weekly return to 25 Sep 2026 | +9.06% | −3.74% | +10.35% |
One-year return to 25 Sep 2026 | −47.19% | +60.64% | Not available (listed Nov 2025) |
The one-year row tells two different stories. QETH is down 47.19% over a year and the three other ASX bitcoin ETFs that carry a one-year figure are down between 34.70% and 36.33% (VBTC −34.70%, QBTC −34.76%, BTXX −36.33%), while OOO is up 60.64%. Fees are factual comparison data and do not, on their own, indicate suitability.
Do QETH, OOO and IBIT 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. IBIT holds a single asset, bitcoin, through a feeder fund, and its provider page publishes no holdings table because there is 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 4 September comparison of QETH, CURE and VBTC had two single-asset funds and one equity fund; this week is the first with none.
Why Did Three Funds Lead Together?
They did not share one mechanism. Two separate markets, crypto and crude oil, produced the three returns.
QETH's 47.20% is the highest first-place quarterly return recorded on this ranking since its first edition on 22 June 2026, when SEMI led at +59.97%, and it is QETH's fourth consecutive week in first place, up from +35.17% a week earlier. It leads IBIT by 17.32 percentage points, so ether, not bitcoin, was the stronger of the two coins in Australian dollar terms over this quarter. Both funds are unhedged, and the Betashares US Dollar ETF (USD) returned −1.09% over the same quarter, indicating the Australian dollar strengthened modestly and trimmed the local-currency return on both. QETH's quarterly return rose 12.04 percentage points in a week and IBIT's 12.05, while each of the five coin funds in this week's top six returned between +9.06% and +10.40% for the week.
IBIT's move from 6th to 3rd sits inside a four-fund bitcoin cluster (IBIT +29.88%, QBTC +29.80%, VBTC +29.50%, BTXX +28.88%). Each tracks the same asset, so they move together, but the band between the highest and lowest widened from 0.10 to 1.00 percentage points in a week.
OOO's 34.04% reflects the crude oil futures price, not oil producers' shares. Its weekly return was −3.74%, but its monthly return was +13.76% and its one-year return +60.64%. Over the same quarter the Betashares global energy fund FUEL returned +12.55% and the Bloomberg commodity fund BCOM +11.61%, both well below OOO. Because OOO holds futures, its return also reflects the cost or benefit of rolling from one contract to the next.
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 IBIT are single-asset crypto funds whose issuers each describe them as extremely high risk, with different allocation figures (5% or less for QETH, beyond 2% flagged for IBIT), and both carry deeply negative or absent one-year records beside the quarterly lead. OOO is a synthetic, futures-based fund concentrated in a single commodity, whose return can diverge from the spot oil price. 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 IBIT hold any of the same companies?
No, and it is impossible for any pair this week. QETH holds ether, IBIT 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 is QETH ahead of the bitcoin ETFs?
QETH returned 47.20% over the quarter to 25 September 2026 against 28.88% to 29.88% for the four ASX bitcoin ETFs. The funds hold different assets, so the gap reflects the difference between the ether and bitcoin price moves in Australian dollar terms. QETH's one-year return remains −47.19%, and Betashares describes the fund as extremely high risk.
How does IBIT hold bitcoin?
IBIT invests in the US-domiciled iShares Bitcoin Trust ETF, which trades on the Nasdaq. That fund's assets consist primarily of bitcoin held by Coinbase Custody Trust Company as custodian. Neither IBIT nor the underlying fund applies currency hedging, so the return in Australian dollars includes the A$/US$ movement.
Why is a crude oil ETF in the top three?
OOO tracks WTI crude oil futures through a synthetic, currency-hedged structure and holds no companies. It returned 34.04% over the quarter, with a monthly return of +13.76% and a one-year return of +60.64%, against +12.55% for the global energy fund FUEL and +11.61% for the commodity fund BCOM.
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 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, settled close 25 Sep 2026 | 25 Sep 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 | iShares (BlackRock) Australia — IBIT fund page | IBIT objective, management fee, listing date, net assets (24 Sep 2026), distribution frequency and the issuer's own risk warning | 25 Sep 2026 |
5 | iShares Bitcoin ETF — Product Disclosure Statement (dated 3 November 2025) | IBIT underlying fund, custodian, currency hedging and management fees and costs | 25 Sep 2026 |
6 | Finer Market Points | Momentum research framework and ETF watchlist methodology | 25 Sep 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.
The information, opinions and other materials appearing on this website are of a general nature only and shall not be construed as advice. Finer Market Points Pty Ltd, CAR 1304002, AFSL 526688, ABN 87 645 284 680. This general information is educational only and not financial advice, recommendation, forecast or solicitation. This is not taxation advice. Rose Bay Equities accepts no responsibility for the accuracy or completeness of the information, opinions or other materials provided on or accessible through this website. This website has not been prepared with reference to your individual financial or personal circumstances. You should not rely on any advice on this website without first seeking appropriate professional, financial and legal advice. Further, where Rose Bay Equities makes third party material available or accessible through this website you acknowledge that Rose Bay Equities is a distributor and not a publisher of that content and that its editorial control is limited to the selection of those materials to make available. We accept no liability for any loss or damages arising from use. Authors and presenters may hold positions in discussed companies and investment products.
Comments