The best-performing ETFs of FY25

If there’s one thing the past year made clear, it’s this: investors were looking for safety - and they found it in assets that don’t rely on earnings or economic growth.

Every one of the top 10 ETFs in FY25 was tied to a store-of-value theme, from Bitcoin and gold to platinum and precious metals baskets.

These products surged as investors responded to a wave of uncertainty: Trump’s return to the White House reignited fears of trade wars, inflation remained stubbornly high, and conflicts in the Middle East and Ukraine dragged on.

The top 10 ETFs of FY25

What drove Bitcoin's strong performance?

Two Bitcoin ETFs - Global X 21Shares Bitcoin ETF (CBOE: EBTC) and Monochrome Bitcoin ETF (CBOE: IBTC) - topped the table in FY25, each returning nearly 78%. 

Bridget Nichols, COO at Monochrome Asset Management, says the long-term case for Bitcoin continues to strengthen, particularly as institutional demand grows and retail adoption remains relatively low.

“Bitcoin continues to show long-term growth potential, supported by increasing institutional participation and relatively low retail adoption to date,” Nichols said.

“While returns can never be guaranteed, we believe the broader adoption of regulated access vehicles - such as IBTC with its two-way in-kind transfer facility - will continue to enable more investors to gain exposure without navigating the complexities of direct crypto markets.”

She points to a combination of structural and macroeconomic factors that could support Bitcoin’s price over the coming years.

“Bitcoin has increasingly been seen as a store of value, particularly during periods of geopolitical tension and monetary uncertainty. Key structural factors include the fixed supply of Bitcoin and the scheduled halvings, which reduce new issuance and intensify existing supply constraints," she says.

“Bitcoin historically follows a cyclical pattern, and if history repeats in this cycle, further significant gains are possible,” says Nichols.

Further fuelling the crypto story is its growing mainstream acceptance, as evidenced by adoption from major institutions.

“Large global players like Blackrock, JP Morgan and several governments are beginning to realise the potential for a small allocation [to Bitcoin]," she says.

What drove gold's strong performance?

Six gold ETFs made the top 10 including iShares Physical Gold ETF (ASX: GOLD), VanEck Gold Bullion ETF (ASX: NUGG), and Perth Mint Gold (ASX: GOLD) - with each returning over 40%. The rally reflected both tactical and structural demand.

“A higher gold price correlates with investors’ increasing unease about a weakening global financial system,” says Arian Neiron, CEO and Managing Director, Asia Pacific at VanEck.

He points to a mix of inflation, debt, and geopolitical stress as key drivers. These, he says, continue to “fuel demand for gold as a safe-haven asset.”

But the case for gold isn’t just cyclical. Neiron says it remains a “tangible, real” store of value outside the banking system - and one that can’t default. “It is the world’s oldest currency, but unlike fiat currencies, gold cannot default or go bankrupt.”

What drove platinum's strong performance?

Global X Physical Platinum  (ASX: PLAT) returned over 35% in FY25. While often overshadowed by gold, platinum is attracting renewed interest thanks to persistent demand and tight supply.

The commodity has emerged as the top-performing metal in 2025 — up 40.71% year to date. According to Justin Lim, Investment Strategist at Global X, the rally has been “driven by a supply squeeze that’s been long in the making.”

“Platinum mine production and development has been lacklustre for multiple years due to low PGM prices,” he said. “This structural deficit has caused a depletion of above-ground stock to an unsustainable level — WPIC forecasts that AGS may run out by Q1 2026," he says.

Lim points to a surge in Chinese investment and jewellery replacement demand as catalysts shining a spotlight on these imbalances.

“This is leading to quite extreme market tightness, which can be seen in the surge in implied lease rates. But this is a temporary solution to a more fundamental issue. Overall, the squeeze is likely to continue until supply picks up, which may take a significant chunk of time," he says.

Palladium has also benefited from the momentum in platinum, but Lim is less optimistic about its long-term trajectory.

“Palladium and platinum are linked as they can be substituted for one another for use in autocatalysts depending on relative prices. But the long-term picture for palladium is still structurally negative based on the EV transition," he says.

He noted that around 80% of palladium’s industrial use is tied to catalytic converters in internal combustion engine (ICE) vehicles — a segment facing structural decline.

Silver, meanwhile, has been pulled in two directions — part monetary metal, part industrial commodity.

“In the first half of the year, silver largely followed gold’s lead through a catch-up trade driven by the gold-silver ratio. The gold-silver ratio at one point exceeded 100x, which is one of only three times this has happened in history," says Lim.

While that relative value trade may now be largely exhausted, Lim sees further potential ahead.

“Silver can still outperform meaningfully if the secondary element, industrial demand, exceeds expectations – something that may occur if the economic outlook stabilises," he says.

How we compile these lists

We have pulled our performance numbers from Morningstar.

The ETFs are all listed on Livewire’s Find Funds menu (top right-hand side of your webpage). Needless to say, this is not an exhaustive list of all ETFs listed on the ASX and CBOE.

The filters we used are:

• In the “Fund type” box, select “ETFs”
• We then manually filtered results based on 1-year returns.

It’s worth noting that the results can change again based on 5-year returns and it’s worth looking at longer-term performance across cycles when researching funds or making investment decisions. Some of the top-performing ETFs have less than a three-year track record.