• BSUB tracks an index of floating rate subordinated debt from Australia's major banks.
  • The fund holds 13 securities and is 100% invested in bonds in Australia.
  • The ten largest holdings make up 82.98% of the portfolio.
  • The management fee is 0.29% and fund size is $856.70 million.

The Betashares Australian Major Bank Subordinated Debt ETF (ASX:BSUB) aims to track the Solactive Australian Major Bank Subordinated FRN Index, before fees and expenses. It is categorised as Unconstrained Fixed Income and was admitted to the ASX on 8 May 2024. The fund holds 13 securities, all issued by Australian banks. The table below summarises its key details.

Fund name

Betashares Australian Major Bank Subordinated Debt ETF

ASX code

BSUB

Category

Unconstrained Fixed Income

Benchmark

Solactive Aus Major Bank Sub FRN TR AUD

Management fee

0.29%

Fund size

$856.70 million

Last price (23 October 2026 session)

$25.65

Admitted to ASX

8 May 2024

What exposure does BSUB offer?

BSUB offers exposure to floating rate subordinated debt issued by Australia's four major banks, namely ANZ, Commonwealth Bank, NAB and Westpac. Subordinated debt ranks below senior debt in the capital structure of an issuer, and the Unconstrained Fixed Income category covers funds with broad scope to hold a mix of debt types. All of BSUB's reported exposure is in Australia and the portfolio is fully invested in bonds.

Portfolio composition

The fund's reported asset allocation comprises bonds 100.00%. Australia accounts for 100.00% of reported geographic exposure. The fund reports 13 holdings, and the ten largest account for 82.98% of the portfolio. The leading positions include ANZ Group Holdings Ltd. 6.2699% (10.20%), Westpac Banking Corp. 5.801% (9.30%) and Australia & New Zealand Banking Group Ltd. 5.8442% (9.06%).

Fees, price and distributions

The management fee is 0.29%. Fund size is $856.70 million, with 33,399,458 units outstanding. The last quoted price was $25.65 during the 23 October 2026 session. The latest distribution was $0.116 per unit, with an ex-date of 1 October 2026, a record date of 2 October 2026 and a payment date of 16 October 2026. An annual yield of 4.89% is shown for the fund. Distributions are made monthly.

Who BSUB may suit

The fund may be of interest to investors who want floating rate exposure to bank capital instruments in an index-based form. The portfolio is concentrated in a small group of issuers, with the ten largest positions accounting for 82.98% of the fund and only 13 securities held in total. The latest distribution was $0.116 per unit and an annual yield of 4.89% is shown, with a management fee of 0.29%.

Final perspective

BSUB gives targeted access to major bank subordinated notes with a fund size of $856.70 million. The details above cover its structure, concentration and distribution schedule, and additional notices are published through the ASX announcements.