BetaShares has listed a new ETF on the Australian stock exchange that tracks the bonds of Aussie banking majors.

The Australian Bank Senior Floating Rate Bond ETF (QPON) is the first ETF in Australia to provide exposure to floating rate bonds issued by the big four banks.

"Australian Bank Senior Floating Rate Bonds have historically provided income levels in excess of cash and many shorter maturity term deposits, along with a relatively high level of capital stability and limited drawdowns," said BetaShares in a statement.

"They have also exhibited low correlation to equities, and thus potentially have defensive characteristics during sharemarket declines."

BetaShares, which has A$4 billion under management, has accrued most of its assets through its cash ETF, which offers exposure to the Aussie dollar (AAA).

QPON is BetaShares 40th ETF.