• New ETFs up an average of +1.3% over 12 months, over two thirds have made gains
  • The average performance of new IPOs in past 12 months was circa -15%, with 21 of 68 in the green
  • Prime Value AM says the two are like apples and oranges, while Stockspot loves a simple ETF

There’s no doubt 2022 was tough for global equity markets as central banks hiked rates to contain rising inflation, striking fears of an economic slowdown and recession.

Geopolitical tension with the war in Ukraine plus the ongoing fallout from the COVID-19 pandemic put further pressure on markets.  While 2023 is looking more positive, markets remain volatile and consequently companies have been shying away from listing on the Aussie bourse.

However, the same can’t be said for ETFs, which continue to rise in numbers and have become increasingly popularity among investors.

What’s an ETF?

Firstly a quick recap.

ETFs are an investment vehicle that can contain various financial assets including shares, bonds and even commodities.

Among shares, ETFs can invest in equities of various locations such as emerging markets, a sector like technology or track an index, like the ASX 200 or S&P 500.

There are two types of ETFS.

  1. An actively managed ETF is where a fund manager makes decisions about the makeup of the underlying portfolio
  2. Passive ETFs where fund manager holds a portfolio of assets aimed at generating a return similar to the underlying index it is tracking

ETFs are bought and sold through an exchange and have become a popular alternative to traditional managed funds.

Australia’s big ETF players include BetaShares, Vanguard, VanEck, iShares and Global X.

READ: LIC vs ETF: Six differences between them and why one has become more popular

The first year of the Covid-19 pandemic 2020, where markets got initially rattled but went on to perform strongly as governments globally implemented strong stimulus packages, there were 29 launches of ETFs launched compared to just 11 IPOs. 2020 also saw a surge in young and first-time investors entering the markets.

There was a strong resurgence in IPOs in 2021 but performance of these market debutantes were lower.  2022, performance-wise was also not a strong year for IPOs.

ETF launches have been steadily rising each year.

With the help of the cracking team at online investment advisor Stockspot, (where they build with investors custom portfolios using ETFs), Stockhead’s prepped a list of the 48 ETFs and their performance listing between April 1, 2022 and April 28, 2023 (last trading day for the month).

We also have a list of all the 68 IPOs on the ASX for the same period and their performance.


ETF Performance

Swipe or scroll to reveal full table. Click headings to sort:

Code Fund Name Date admission Asset Class Performance as of 30 April 2023
AQLT BetaShares Australian Quality ETF 6/4/2022 Australian shares 0.9%
CBTC Cosmos Purpose Bitcoin Access ETF 12/5/2022 Crypto -29.6%
EBTC Global X 21Shares Bitcoin ETF 12/5/2022 Crypto -0.2%
EETH Global X 21Shares Ethereum ETF 12/5/2022 Crypto -8.1%
CPET Cosmos Purpose Ethereum Access ETF 31/5/2022 Crypto -15.8%
VNGS Vanughan Nelson Global SMID Fund (Quoted Managed Fund) 1/6/2022 Global shares 5.5%
IEAT BetaShares Future of Food ETF 2/6/2022 Global shares -4.0%
GLOB Barrow Hanley Global Share Fund (Managed Fund) 6/6/2022 Global shares 12.4%
BT3Q 3iQ CoinShares Bitcoin Feeder ETF 7/6/2022 Crypto -46.6%
ET3Q 3iQ CoinShares Ether Feeder ETF 7/6/2022 Crypto -28.1%
TANN BetaShares Solar ETF 10/6/2022 Global shares 0.9%
URNM BetaShares Global Uranium ETF 10/6/2022 Global shares -8.4%
USHY Global X USD High Yield Bond ETF (Currency Hedged) 5/7/2022 Bonds 4.8%
USTB Global X US Treasury Bond ETF (Currency Hedged) 5/7/2022 Bonds -2.8%
MTAV BetaShares Metaverse ETF 4/8/2022 Global shares 5.1%
AESG iShares Global Aggregate Bond ESG (AUD Hedged) ETF 11/8/2022 Bonds -3.7%
IBAL iShares Balanced ESG ETF 17/8/2022 Multi-asset 4.6%
IGRO iShares High Growth ESG ETF 17/8/2022 Multi-asset 6.9%
ITEK iShares Future Tech Innovators ETF 17/8/2022 Global shares 0.4%
ROYL BetaShares Global Royalties ETF 13/9/2022 Global shares 15.5%
QMAX BetaShares NASDAQ 100 Yield Maximiser Fund (Managed Fund) 7/10/2022 Global shares 16.8%
S3GO Firetrail S3 Global Opportunities Fund (Managed Fund) 11/10/2022 Global shares 12.3%
XCO2 VanEck Global Carbon Credits ETF (Synthetic) 13/10/2022 Commodities 14.7%
HJZP Hejaz Property Fund (Managed Fund) 17/10/2022 Global shares -6.4%
ISLM Hejaz Equities Fund (Managed Fund) 17/10/2022 Global shares 2.2%
ASAO abrdn Sustainable Asian Opportunities Active ETF (Managed Fund) 19/10/2022 Global shares 6.9%
GMTL Global X Green Metal Miners ETF 26/10/2022 Global shares -1.2%
XMET BetaShares Energyr Transition Metals ETF 28/10/2022 Global shares 3.8%
JEPI JPMorgan Equity Premium Income Active ETF (Managed Fund) 10/11/2022 Global shares 4.5%
JREG JPMorgan Global Research Enhanced Index Equity Active ETF (Managed Fund) 10/11/2022 Global shares 11.6%
HCRD BetaShares Interest Rate Hedged Australian Grade Corporate Bond ETF 16/11/2022 Bonds 3.9%
WIRE Global X Copper Miners ETF 23/11/2022 Global shares 19.4%
ATOM Global X Uranium ETF 7/12/2022 Global shares 0.8%
NUGG VanEck Gold Bullion ETF 7/12/2022 Commodities 13.8%
JPSI JPMorgan Sustainable Infrastructure Active ETF (Managed Fund) 8/12/2022 Global shares 2.4%
T3MP JPMorgan Climate Change Solutions Active ETF (Managed Fund) 9/12/2022 Global shares 3.6%
GCO2 Global X Global Carbon ETF (Synthetic) 14/12/2022 Commodities -2.6%
MFOA Milford Australian Absolute Growth Fund (Hedge Fund) 16/1/2023 Australian shares 6.6%
XALG Alphinity Global Equity Fund (Managed Fund) 17/1/2023 Global shares 6.7%
XASG Alphinity Global Sustainable Fund (Managed Fund) 17/1/2023 Global shares 3.7%
AYLD Global X S&P/ASX 200 Covered Call ETF 1/2/2023 Australian shares 1.5%
QYLD Global X Nasdaq 100 Covered Call ETF 1/2/2023 Global shares 13.2%
UYLD Global X S&P 500 Covered Call ETF 1/2/2023 Global shares 10.0%
PGTX Platinum Transition (Quoted Managed Hedge Fund) 15/2/2023 Global shares -0.3%
GOOD Janus Henderson Sust Cr Active ETF (Managed Fund) 15/3/2023 Bonds 0.9%
IISV Intell Invest Select Value Shr Fund (Managed Fund) 31/3/2023 Global shares 2.4%
USIG Global X USD Corporate Bond (Currency Hedged) ETF 3/4/2023 Bonds -0.6%
OZXX Global X Australia ex Financials & Resources ETF 11/4/2023 Australian shares 0.3%
Wordpress Table Plugin

Source: Stockspot

The average performance of new ETFs has been 1.3% with 33 of the 48 ETFs  (~69%) which launched during the period remaining in green territory.

The maximum performance was 19.4% by the Global X Copper Miners ETF (ASX:WIRE)

The worst performing ETF since launch has been the 3iQ CoinShares Bitcoin Feeder ETF (CBOE:BT3Q), which has since closed.

Yes, Crypto ETFs that launched less than a year ago have already shutdown including BT3Q and 3iQ CoinShares Ether Feeder ETF (CBOE:ET3Q)

Crypto ETFs Cosmos Purpose Bitcoin Access ETF (CBOE:CBTC) and Cosmos Purpose Ethereum Access ETF (CBOE:CPET) along with  and the 3iQ CoinShares Bitcoin Feeder ETF (CBOE:BT3Q) were shut down not long after launching as the cryto winter of 2022 took a toll.

READ: Aussie crypto ETFs are shutting their doors – but here’s why the biggest players are keeping the faith


IPO Performance

Code Company First Trade Date IPO Price Price (April 28,2023) % Change since launch (rounded)
SXG Southern Cross Gold 16/5/2022 $0.20 $0.65 225%
LGI LGI 4/10/2022 $1.50 $2.56 71%
SGA Sarytogan Graphite 18/7/2022 $0.20 $0.31 55%
OCN Oceana Lithium 1/7/2022 $0.20 $0.31 53%
OD6 OD6 Metals 22/6/2022 $0.20 $0.30 50%
EG1 Evergreen Lithium 11/4/2023 $0.25 $0.36 44%
SOC SOCO Corp 23/12/2022 $0.20 $0.27 35%
LRD Lord Resources 7/4/2022 $0.20 $0.25 23%
MMA Maronan Metals 29/4/2022 $0.20 $0.25 23%
OMA Omega Oil & Gas 25/10/2022 $0.20 $0.24 20%
IG6 International Graphite 7/4/2022 $0.20 $0.24 18%
NNL Nordic Nickel 1/6/2022 $0.25 $0.28 12%
CRD Conrad Asia Energy 26/10/2022 $1.46 $1.62 11%
T92 Terra Uranium 8/9/2022 $0.20 $0.22 7%
NHE Noble Helium 8/4/2022 $0.20 $0.21 5%
T88 Taiton Resources 19/12/2022 $0.20 $0.21 5%
LPM Lithium Plus Minerals 26/4/2022 $0.25 $0.26 4%
DRM Demetallica 26/5/2022 $0.25 $0.26 4%
HCF H&G High Conviction 25/10/2022 $0.98 $1.01 3%
HTM High-Tech Metals 23/1/2023 $0.20 $0.21 2%
RLF RLF AgTech 21/4/2022 $0.20 $0.20 0%
SPD Southern Palladium 8/6/2022 $0.50 $0.50 0%
KNG Kingsland Minerals 14/6/2022 $0.20 $0.20 -3%
RVT Richmond Vanadium Technology 13/12/2022 $0.40 $0.39 -3%
PR1 Pure Resources 21/4/2022 $0.20 $0.20 -3%
PL3 Patagonia Lithium 31/3/2023 $0.20 $0.19 -5%
L1M Lightning Minerals 22/11/2022 $0.20 $0.18 -10%
CMG Critical Minerals Group 26/9/2022 $0.20 $0.18 -10%
DYM Dynamic Metals 16/1/2023 $0.20 $0.18 -13%
ACE Acusensus 12/1/2023 $4.00 $3.43 -14%
KOB Koba Resources 4/5/2022 $0.20 $0.17 -15%
OSM Osmond Resources 22/4/2022 $0.20 $0.16 -20%
SLS Solstice Minerals 2/5/2022 $0.20 $0.16 -23%
TEE Top End Energy 4/4/2022 $0.20 $0.16 -23%
LLL Leo Lithium 23/6/2022 $0.70 $0.53 -25%
BIM Bindi Metals 28/6/2022 $0.20 $0.15 -25%
BUS Bubalus Resources 13/10/2022 $0.20 $0.15 -25%
GHY Gold Hydrogen 13/1/2023 $0.50 $0.37 -26%
BVR Bellavista Resources 25/5/2022 $0.20 $0.15 -28%
AHL Adrad Holdings 30/9/2022 $1.50 $1.06 -30%
BTE Botala Energy 14/7/2022 $0.20 $0.14 -30%
R8R Regener8 Resources NL 8/7/2022 $0.20 $0.14 -30%
HRE Heavy Rare Earths 24/8/2022 $0.20 $0.14 -30%
MAP Microba Life Sciences 5/4/2022 $0.45 $0.31 -31%
CVR Cavalier Resources 17/6/2022 $0.20 $0.14 -33%
VHM VHM 9/1/2023 $1.35 $0.89 -34%
SQX SQX Resources 20/2/2023 $0.20 $0.13 -35%
C79 Chrysos Corp 6/5/2022 $6.50 $4.07 -37%
SUM Summit Minerals 5/8/2022 $0.20 $0.13 -38%
DES DeSoto Resources 16/12/2022 $0.20 $0.13 -38%
UVA Uvre 7/6/2022 $0.20 $0.13 -38%
ADC ACDC Metals 17/1/2023 $0.20 $0.12 -40%
BSN Basin Energy 4/10/2022 $0.20 $0.12 -40%
NYM Narryer Metals 14/4/2022 $0.20 $0.12 -40%
MGA MetalsGrove Mining 6/7/2022 $0.20 $0.11 -48%
TG6 TG Metals 26/5/2022 $0.20 $0.10 -50%
1AE Aurora Energy Metals 18/5/2022 $0.20 $0.10 -51%
OCT Octava Minerals 16/9/2022 $0.20 $0.10 -52%
CBH Coolabah Metals 28/7/2022 $0.20 $0.10 -52%
PAT Patriot Lithium 9/12/2022 $0.60 $0.27 -55%
FDR Finder Energy Holdings 8/4/2022 $0.20 $0.09 -56%
NGL Nightingale Intelligent Systems 18/11/2022 $0.22 $0.09 -57%
SNX Sierra Nevada Gold Inc 3/5/2022 $0.50 $0.21 -58%
FTL Firetail Resources 13/4/2022 $0.25 $0.10 -60%
EQS Equity Story Group 3/5/2022 $0.20 $0.06 -73%
APS Allup Silica 2/5/2022 $0.20 $0.05 -75%
BGE Bridge Saas 6/10/2022 $0.20 $0.04 -83%
HAL HALO Technologies Holdings 26/4/2022 $1.20 $0.17 -86%
Wordpress Table Plugin

Source: Dealogic, ASX &Iress. Excludes spin-offs, compliance/dual listings where no capital raised, stapled securities and debt listings.


Tough times for going public

There haven’t been too many, so let’s recap…

An initial public offering (IPO) is a stock launch – a public offering in which shares of a company are sold to institutional investors and usually also to retail mum and dad investors.

The IPO bit refers to the process where the private companies sell their shares of the company to the public to raise equity capital  transforming the once privately-held company into a public-owned company.

An IPO is typically underwritten by one or more investment banks.

That said, those banks haven’t been stepping up lately either.

It’s certainly been a tough year of performance for ASX IPOs.  The average performance of new IPOs was -15% with just 21 of the 68 companies (31%), rising in value and the rest falling into the red.



If you happened to buy into Southern Cross Gold (ASX:SXG)  then you have reason for a high five. SXG tops the chart of maximum performance, soaring 225% since its launched on May 16, 2022.

One year to the day since listing SXG celebrated the anniversary by announcing it had reported the deepest mineralisation so far at its Sunday Creek gold-antimony project.

At a depth of 889.6m down hole, drilling of hole SDDSC064 intersected 1.2m at 121.8 grams/tonne gold.

SDDSC064 is a 115m down-dip extension from hole, SDDSC061, which also returned 12m at 7.4g/t gold including 0.3m @ 249.5 g/t gold.

Also performing well is LGI (ASX:LGI), which is focused on solving gas emission issues for landfill sites while generating dispatchable, distributed and renewable electricity and creating Australian Carbon Credit Units (ACCUs).

LGI has a current portfolio of 26 projects with long-term contracts, across the Australian eastern seaboard, and says it has a strong pipeline of growth opportunities, investing capital to optimise the conversion of biogas to revenue.


The SXG & LGI share price today:




Comparing apples and oranges

Prime Value Asset Management portfolio manager – equities Richard Ivers told Stockhead IPOs and ETFs are very different.

“You are comparing apples and oranges,” he said.

“They are very different to compare with a very different risk profile for both.

“With an IPO you are investing in an individual stock.”

Ivers said the ASX IPO market has been very quiet with few quality IPO’s which is illustrated by the market cap of the companies listed during our time frame.

“The vast majority of IPOs have been exposed to resources and they are tiny so you’re either going to win big or lose big and in a lot of cases it appears people have lost big,”  he said.

“The ETFs should be much lower risk because you’re taking a basket of a whole lot of stocks and some listed are the S&P 500 which are the biggest 500 companies in the US, with the average of size of tens of billions of dollars each.

“These IPOs have market caps of less than $20 million so the risk profile is so different.”

Richard adds that because of weaker markets, investors have been very cautious about investing in IPOs – there’s a few disadvantages to investing in an IPO investors should consider.

“When you invest in an IPO you may have to wait a few weeks or months so you’re hoping the markets don’t fall away in that tine,” Ricard told Stockhead.

“You don’t really know the company as well because they don’t have the history of being listed on the market.

“You have to look at the reason for the IPO sometimes it’s the existing owners selling down their holdings in the business which is often a sign they are trying to exit for a reason.”

Conversely, if a company is raising new money for growth and there’s no selldown, Richard says that can be a good sign.

“In the current market where people are skittish and a bit cautious its very hard to do IPOs and there’s been hardly any of quality, so it’s been a tough period,” he said.


Sometimes vanilla is best

Stockspot Senior Manager – Investments and Business Initiatives Marc Jocum told Stockhead ETFs can be a better tool to offer exposure to more than one company rather than an IPO thus diversifying their risk.

“What these figures show is that for most retail investors, they are better off investing in a plain, simple ETF instead of investing in IPO stocks,” he said.

“We’ve been researching ETFs for more than 10 years now and warning investors for as many years about the dangers of chasing ‘trendy’ thematic ETFs.”

Jocum said Stockspot’s 2022 ETF Report showed how investors in niche/trendy thematic ETFs lost over $100m in one year.

“Whilst we don’t offer these ETFs at Stockspot nor do we recommend them to our clients, we warn clients that do want to invest in them that these ETFs should only account for a small part of their portfolios, with the majority of their portfolio invested in a low-cost diversified strategy.”

Jocum said investors should be cautious and wary of chasing after hot trends or fads in the market, as these investments can be volatile and carry a high level of risk.

“Instead, we recommend building a portfolio that is well-balanced and diversified across multiple asset classes, with a focus on low-cost ETFs that provide exposure to Aussie shares, international shares, emerging market shares, bonds and gold.

“By investing in a broad range of asset classes, such as stocks, bonds and gold, investors can spread their risk and reduce the impact of market volatility on their portfolios.”

READ NOW: IPO Wrap – ASX IPO pipeline looks good for the second half of 2023, says ASX GM of Listings

The views, information, or opinions expressed in the interviews in this article are solely those of the interviewees and do not represent the views of Stockhead. Stockhead does not provide, endorse or otherwise assume responsibility for any financial product advice contained in this article.