BetaShares Global Gold Miners ETF – Currency Hedged ETF (ASX:MNRS)

The BetaShares MNRS ETF provides investors with exposure to the performance of shares of the largest gold miners around the world, hedged into Australian dollars. This is a more indirect exposure to gold compared to physically-backed gold ETFs like GOLD and PMGOLD.

MNRS ETF review

MNRS share price and fees


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$25.00
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$32.50
$35.00
$37.50
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$42.50
$25.00
$27.50
$30.00
$32.50
$35.00
$37.50
$40.00
$42.50
$25.00
$27.50
$30.00
$32.50
$35.00
$37.50
$40.00
$42.50
Range: 1 mth | 3 mths | 6 mths | 1 yr | 2 yrs | 5 yrs | 10 yrs

ETF share prices are updated using end of day data from the ASX. FUM, fee and spread data is updated monthly, with a delay. Refer to the ETF’s PDS and the ASX website for up-to-date information.

MNRS fees

ASX ticker code: MNRS
Yearly fee (MER): 0.57%
FUM: $57.58 million
Monthly spread: 0.36%
Data Last Updated: July 2022

Analyst report

The BetaShares Global Gold Miners ETF (ASX: MNRS) isn’t what I would call a ‘true gold ETF’ because instead of investing in gold bars, MNRS invests in shares of companies that explore for, dig up and sell gold. If you’re looking for a pure gold price exposure, consider reading our report on the Global X Physical Gold ETF (ASX: GOLD), Perth Mint Gold ETF (ASX: PMGOLD) and BetaShares Physically Backed Gold ETF (Hedged) (ASX: QAU).

If you’re looking for an alternative gold miners ETF, take a look at the VanEck Gold Miners ETF (ASX: GDX).

⚠️ To discover which of these ETFs is our favourite, please consider becoming a premium member of Rask Core 🌏, where we provide members with our best ETFs, research on ASX-listed funds and our highest conviction ASX share ideas — for only $9.99 per month (cancel anytime!). But before you click away, please enjoy this analyst report and then (if you like it) you can consider joining us. Click here to join.

MNRS top 10 holdings – October 2022

Gold price

You can click here to view the current gold price (the link opens in a new tab). Keep in mind, the gold price is usually quoted in US dollars. This is important to remember because if you are an Australian investor, you should also pay attention to the Australian-dollar price of gold. I’ve also included the total return of all gold ETFs further down the report.

3 pure play standout ETFs

In this 2-minute video on gold ETFs (the link opens in a new tab) I explained the structure and style of Australia’s 3 most popular gold ETFs: GOLD, QAU & PMGOLD.

In short:

  • The GOLD ETF from Global X is physically backed, unhedged and allocated.
  • The QAU ETF from BetaShares is physically backed, hedged into Australian dollars and allocated.
  • The PMGOLD ETF from Perth Mint is not physically backed but represents a right to buy gold from the Perth Mint, with a West Australian Government guarantee.

What about MNRS & GDX? Aren’t they gold ETFs?

The VanEck Gold Miners ETF (ASX: GDX) and Betashares Global Gold Miners ETF (Hedged) (ASX: MNRS) are not true gold ETFs. MNRS and GDX invest in shares of gold mining companies. For this reason, the MNRS & GDX ETFs are very different to the three core gold ETFs: GOLD, QAU & PMGOLD.

The key difference between MNRS and GDX versus the other three true gold ETFs is that because MNRS and GDX invest in shares (rather than the actual gold itself) I believe their performance will be much more like a normal shares ETF — such as Vanguard Australian Shares ETF (ASX: VAS) or BetaShares Australia 200 ETF (ASX: A200). You can view the list of Australian shares ETFs.

So, in my opinion, this defeats the purpose of using them as a way to deflect volatility (i.e. lower risk) in a portfolio. In other words, if you consider investing in GDX or MNRS you should think of them as “risk on” investments and consider allocating them in your ‘shares bucket’ within your portfolio. For example, if you wanted to have 30% invested in Australian shares, these two ETFs would be part of that overall allocation.

Total return of gold ETFs

ETF

5-year total return (p.a.)

GOLD

9.77%

QAU

5.65%

PMGOLD

10.32%

MNRS

7.19%

GDX

8.21%

Source: ASX data, time period ending June 30, 2022.

Over time, I expect gold ETFs like PMGOLD, QAU and GOLD to have lower volatility and more price stability than GDX and MNRS because investors are not exposing themselves to specific company risks. For example, imagine you invest in Newcrest Mining (ASX: NCM) shares, one of Australia’s largest gold miners, because you ‘want to invest in gold’. By doing this you’re not only being exposed to the price of gold (which is Newcrest’s product) but also the execution of its management team, failures at its mine sites, exploration activity (good and bad), and so on.

This is not to say investing in gold mining companies or MNRS and GDX is wrong. Just that it’s a different experience to buying a true gold ETF.

You would want to compare MNRS to other shares focused ETFs and ensure your existing shares ETFs don’t have a high amount of overlap.

How to use an ETF like MNRS

As of October 2022, we do not recommend the MNRS ETF in our model portfolios at Rask Core 🌏. The fees on MNRS is above-average and too high for me to consider it as part of our Core holdings. And because it is a sector-specific ETF I think it’s more like a thematic ETF than a diversified shares ETF which can be used in all market environments.

Therefore, I’d only consider MNRS to be a Satellite position, which for us means it would only be used as a short-term/2-3 year holding period with a very small allocation (probably less than 5% of a portfolio, and part of the global shares/equities allocation).

Other global shares ETFs

In summary, I could see MNRS being part of a diversified portfolio that includes other global equities/shares ETFs, but not as a replacement. Other global shares ETFs including iShares S&P 500 ETF (ASX: IVV) and Vanguard MSCI Global Shares (ASX: VGS). If you’re looking for an alternative gold miners ETF, take a look at the VanEck Gold Miners ETF (ASX: GDX).

Finally, please confuse MNRS or GDX with an actual gold ETF like GOLD, QAU or PMGOLD — chances are, they will have very different outcomes to MNRS & GDX.

To view the full range of ETFs available on the ASX, click here. Or to join us inside Rask Core 🌏 and get all of our premium ASX research and model portfolios, click here.

Cheers!

Owen Raszkiewicz

Founder of Best ETFs Australia, lead analyst of Rask Core

MNRS performance

This chart shows the yearly performance of the chosen ETF to key asset classes of Aussie shares (ASX: VAS) and US shares (ASX: IVV). You can use this chart to visualise how the ETF responds to different market environments. We recommend using a 5+ year time horizon for comparisons. The chart compares price return only.

Fee comparison

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MNRS yearly fee (MER)
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Sector average fee (MER)

What does the MNRS ASX ETF invest in?

The BetaShares MNRS ETF invests in the largest global gold mining companies outside of Australia, where most of the world’s gold production takes place. MNRS holds shares in companies based around the world, but a large majority are in Canada, South Africa and the US.

What do investors use the MNRS ETF for?

MNRS could be used by investors looking for tactical exposure to the largest gold mining companies outside of Australia, while reducing currency risk through hedging strategies. The performance of MNRS will be affected by the price of gold, the share price performance of the companies within the ETF and investor sentiment towards those shares, amongst other factors.

How to buy the MNRS ETF

Did you know: You can invest in any ASX-listed ETF for $6.50 (or less)?

To invest in any ASX ETF, you need to use a brokerage account. For Australian investors, Australian Pearler has partnered with Best ETFs to bring you easy, effective, long-term ETF investing. You can invest in ETFs on Pearler for just $6.50! And some ETFs can be purchased for $0 (conditions apply).

MNRS investor starter pack

MNRS PDS

The Product Disclosure Statement (PDS) explains the fees, tax status and some of the risks.

MNRS literature

We’ve asked the ETF provider to share their best whitepapers & research with you.

MNRS holdings

The Best ETFs team occasionally upload the ETF’s latest investments, so you see what’s inside the ETF.

ASX: MNRS’s dividend 2021

MNRS dividend yield

Last 12m yield: 1.22%

When does MNRS pay a dividend?

MNRS dividend reinvestment plan (DRP)

Warnings we apply to the MNRS ETF

MNRS tax domicile

International shares sector data

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How MNRS compares:

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Sector information is recorded based on the last 12-month returns to July 2022. Refer to the Issuer’s website, speak to your financial adviser and always the fund’s Product Disclosure Statement (PDS) before choosing an ETF for its dividend yield, past returns or fees. Past performance can be a poor indicator of future performance. 

Latest ETF News

ASX: MNRS technical analysis

The Best ETFs technical analysis chart pack shows the 12-month share price movements, Stochastic bands and traded volume (for both up and down days). This chart uses end-of-day data, so it’s for illustrative purposes only.

*The warnings on this page are applied by our ETF research team. Please know that these warnings are based on quantitative metrics and our internal methodology. These risks are not exhaustive and therefore they should not be relied upon. Always read the PDS of the function and speak to your financial adviser before acting on this information.

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