QETH vs OOO vs VBTC: A Second 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 its quarterly return hit a new high?

QETH's one-year return fell to -52.42% (from -47.19%) even as its quarterly return rose to a new high of 50.99%. This is a rolling 12-month window effect: the year-ago point the window now compares against was itself stronger than the one it replaced, not a sign of weakness in the current move.

Christopher Hall

Oct 2

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 full weekly ASX ETF ranking to 2 October 2026 are the Betashares Ethereum ETF (QETH, +50.99% quarterly), the Betashares Crude Oil Index ETF – Currency Hedged, Synthetic (OOO, +37.38%) and the VanEck Bitcoin ETF (VBTC, +35.24%). None of the three holds a single company. QETH holds ether, VBTC 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 second week running in which every fund in the leading trio is a non-equity fund — last week's trio was QETH, OOO and IBIT; this week VBTC takes IBIT's place.

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.

VBTC (VanEck Bitcoin ETF) provides direct price exposure to bitcoin, before fees and other costs. VanEck states it was the first bitcoin ETF to list on the ASX, doing so on 18 June 2024. It is not a portfolio of companies — a single-asset digital-asset exposure. It charges 0.45% per annum and reported net assets of A$305.6 million as at 3 September 2026. VanEck describes the fund as suited to a "very high risk/return" to "extremely high risk/return" profile, with a recommended minimum investment timeframe of 5 to 7 years.

	QETH	OOO	VBTC
Provider	Betashares	Betashares	VanEck
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)	Direct price exposure (single-asset)
Currency	Unhedged (A$ return)	Hedged into A$	Unhedged (A$ return)
Management fee (p.a.)	0.45%	1.29%	0.45%
Fund size	A$31.2M (27 Aug 2026)	A$132.7M (16 Sep 2026)	A$305.6M (3 Sep 2026)
ASX listing	18 Feb 2025	11 Nov 2011	18 Jun 2024 (first ASX bitcoin ETF)
Distributions	None expected	Annual	Other (no standard periodic schedule)
Quarterly total return to 2 Oct 2026	+50.99%	+37.38%	+35.24%
Weekly return to 2 Oct 2026	+2.93%	−0.20%	+3.33%
One-year return to 2 Oct 2026	−52.42%	+64.45%	−37.09%

The one-year row again tells two different stories. QETH is down 52.42% over a year and VBTC down 37.09% — both deeper one-year losses than a week earlier, even after a strong quarter — while OOO is up 64.45%. Fees are factual comparison data and do not, on their own, indicate suitability.

Do QETH, OOO and VBTC 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. VBTC holds a single asset, bitcoin, directly, 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 25 September comparison of QETH, OOO and IBIT was the first trio on this board with no equity fund at all; this is the second.

Why Did Three Funds Lead Together?

They did not share one mechanism. Two separate markets, crypto and crude oil, produced the three returns, just as they did a week earlier.

QETH's 50.99% is a new high for this ranking, surpassing its own prior best of 47.20% a week earlier and extending its run to a fifth consecutive week in first place. Its weekly return eased to +2.93%, from +9.06% a week earlier, so most of this week's quarterly gain came from a weak week thirteen weeks ago rolling out of the comparison window rather than from a strong week being added.

VBTC's move from 5th to 3rd came from the fastest gain inside the bitcoin cluster, not a change in what it holds. VBTC's quarterly return rose 5.74 percentage points (29.50% to 35.24%) in a week, ahead of BTXX's 5.53 points, QBTC's 4.72 and IBIT's 4.54 — small differences in exactly which trading days entered and left each fund's 13-week window, since all four track the same asset. The band across the four widened narrower this week, 0.82 percentage points between VBTC and IBIT, against 1.00 a week earlier when IBIT led.

OOO's 37.38% again reflects the crude oil futures price, not oil producers' shares. Its weekly return was −0.20% and its monthly return +5.91%, slower than the prior month's +13.76%, while its one-year return extended to +64.45% (from +60.64%) — the strongest one-year figure 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 VBTC are single-asset crypto funds whose issuers each describe them as extremely high or very 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 VBTC hold any of the same companies?

No, and it is impossible for any pair this week. QETH holds ether, VBTC 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 VBTC take third place instead of IBIT?

VBTC's quarterly return rose 5.74 percentage points this week (29.50% to 35.24%), more than any other ASX bitcoin ETF, moving it from 5th to 3rd. IBIT rose too (+4.54 points) but less, falling back to 5th. All four bitcoin funds track the same asset, so the gap 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 37.38% over the quarter, with a one-year return of +64.45%, the strongest in this week's Top 10, even though its most recent monthly return (+5.91%) slowed from the prior month's.

Why did QETH's one-year return get worse in the same week its quarterly return hit a new high?

QETH's one-year return fell to −52.42% (from −47.19%) even as its quarterly return rose to a new high of 50.99%. This is a rolling 12-month window effect: the year-ago point the window now compares against was itself stronger than the one it replaced, not a sign of weakness in the current move.

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 2 Oct 2026	2 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	VanEck Australia — VBTC fund page	VBTC objective, structure, management fee, net assets (3 Sep 2026) and the issuer's own risk statement	4 Sep 2026
5	Finer Market Points	Momentum research framework and ETF watchlist methodology	2 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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