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MNRS

$15.21-1.87%Gold Miners33/100
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BetaShares Global Gold Miners ETF (Hedged) · BetaShares

Data as at 29 March 2026

TL;DR

Tracks Australian and international gold mining companies with AUD hedging applied. Gold miners typically amplify gold price moves — rising more in gold bull markets and falling more in bear markets.

MER (Annual Fee)
0.57%
#2 lowest in Gold Miners
1Y Return
+85.6%
3Y Return (p.a.)
+39.9%
Dividend Yield
0.15%
Trailing 12 months
AUM
$346.9M
Assets under management
Avg Daily Turnover
$1.6M
Avg shares × unit price
Unit Price
$15.21
As at 29 March 2026
Provider
BetaShares
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Strategy

Tracks the S&P Global Gold Miners Index with an AUD hedging overlay. Includes major producers like Newmont, Barrick, and Agnico Eagle, plus Australian miners like Evolution and Northern Star.

Top Holdings

Newmont
16.5%
Agnico Eagle
12.8%
Barrick Gold
11.2%
Franco-Nevada
8.4%
Wheaton Precious Metals
7.2%
Evolution Mining
5.8%
Northern Star
5.4%
Royal Gold
4.2%
Kinross
3.8%
AngloGold
3.1%
Key Fact

Gold miners are operationally leveraged to the gold price. A miner producing gold at US$1,200 per ounce earns US$600 profit when gold is at US$1,800 and US$700 profit when gold rises to US$1,900 — a 17% profit increase from a 5.5% gold price rise.

Suited for

Investors who want leveraged exposure to the gold price through mining companies, with the currency hedge removing the AUD/USD variable from returns.

Risks

Mining companies have operational risks beyond the gold price — production costs, mine grades, labour disputes, and management decisions. The currency hedge removes risk but also removes a potential currency tailwind.

ETFCheck Score33/100
Fees (40%)15
Fund Size (25%)31
Liquidity (20%)66
Yield (15%)39
How scores are calculated →
Other Gold Miners ETFs
GDX
0.53% MER
47
NUGG
0.57% MER
17View all Gold Miners ETFs →

Frequently Asked Questions - MNRS

Why did MNRS return 120% in one year when gold itself rose roughly 35%?+
Gold miners operate with significant leverage to the gold price because their mining costs are relatively fixed. When gold rises, the additional revenue flows almost directly to profit - creating a multiplier effect typically 2-3x the underlying gold move. MNRS's 120.1% one-year return reflects this amplification, as miners' earnings surged with rising gold prices. However, this leverage works both ways; in a gold downturn, MNRS would likely fall far more sharply than bullion ETFs like GOLD or QAU.
How does MNRS compare to GDX for Australian investors seeking gold miner exposure?+
Both MNRS and GDX hold global gold mining stocks, but the key structural difference is currency hedging. MNRS is AUD-hedged at a 0.57% MER, while GDX is unhedged at 0.53%. MNRS's hedging contributed to its superior 120.1% return versus GDX's 98.4% over the past year, as it isolated pure mining equity performance without AUD/USD noise. Investors wanting a cleaner bet on miners' operational leverage to gold without currency distortion should favour MNRS over GDX.
Is MNRS appropriate for conservative SMSF investors looking for gold exposure?+
MNRS is generally unsuitable for conservative SMSF portfolios due to its extreme volatility - the same leverage that delivered 120% gains can produce devastating drawdowns during gold corrections. Unlike physical gold ETFs such as GOLD, MNRS carries company-specific risks including operational failures, cost blowouts, and political risk in mining jurisdictions. Conservative SMSF investors seeking gold's defensive properties are better served by bullion-backed ETFs, reserving MNRS for a small satellite allocation with appropriate risk tolerance.
What index does MNRS track and does it include Australian miners like Newmont or Northern Star?+
MNRS tracks the NYSE Arca Gold Miners Index (hedged to AUD), which includes the world's largest gold mining companies. This index does feature major ASX-relevant names like Newmont, but the portfolio is heavily weighted toward North American miners. Australian-domiciled companies like Northern Star or Evolution Mining may appear if they meet the index's market cap thresholds. Investors wanting concentrated pure-play Australian gold miners may need to complement MNRS with direct ASX stock holdings.