The Vanguard Australian Shares Index ETF (ASX: VAS) delivered a total gross return of 10.07% in 2025.
This comprised 7.05% in capital growth and a dividend yield of 3.02%, excluding franking credits.
The VAS exchange-traded fund (ETF) closed out the year at $108.90 per unit on 31 December.
The ETF hit a 52-week high of $113.18 on 16 October.
With 22.58 billion in funds under management, the Vanguard Australian Shares Index ETF is the largest ETF by market cap on the ASX.
VAS gives investors exposure to Australia's 300 largest listed companies by tracking the S&P/ASX 300 Index (ASX: XKO) before fees.
The inclusion of 100 small-cap shares ranked 201 to 300 differentiates VAS from the many ETFs tracking the benchmark S&P/ASX 200 Index (ASX: XJO).
In 2025, this was advantageous, with the ASX 300 slightly outperforming the ASX 200.
The ASX 300 delivered a total gross return of 10.66% last year, while the ASX 200 returned 10.32%.
Three interest rate cuts in Australia and cuts in many other countries disproportionately benefited small-caps in 2025.
This is because small caps are younger businesses that typically carry higher debt to fund their expansion.
We've reviewed the VAS ETF's performance and identified the ASX 300 shares that rose the most among its basket of stocks.
Let's check them out.
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10 biggest gainers within the VAS ETF in 2025
1. DroneShield Ltd (ASX: DRO)
ASX 300 defence stock Droneshield was the highest riser within the Vanguard Australian Shares Index ETF last year.
The Droneshield share price jumped 300% to close at $3.08 on 31 December.
2. Pantoro Gold Ltd (ASX: PNR)
This ASX 300 gold share skyrocketed 220% to close out 2025 at $4.89.
3. Predictive Discovery Ltd (ASX: PDI)
This fellow ASX 300 gold share also skyrocketed 220% to close the year at 74 cents apiece.
4. Resolute Mining Ltd (ASX: RSG)
This ASX 300 gold share ripped 206% to finish the year at $1.23 apiece.
5. Liontown Resources Ltd (ASX: LTR)
This ASX 300 lithium share rose 197% to $1.58 on 31 December.
6. Regis Resources Ltd (ASX: RRL)
The Regis Resources share price soared 196% to close at $7.55 on 31 December.
7. Genesis Minerals Ltd (ASX: GMD)
The Genesis Minerals share price lifted 194% to close out the year at $7.25.
8. Evolution Mining Ltd (ASX: EVN)
The Evolution Mining share price rose by 164% to $12.68 apiece on 31 December.
9. Vault Minerals Ltd (ASX: VAU)
The Vault Minerals share price increased 155% to close at $5.46.
10. Newmont Corporation CDI (ASX: NEM)
Newmont Corporation shares ascended 152% to finish 2025 at $150.20 apiece.
