Category: ETFs

Exchange Traded Funds (ETF’s) are one of the fastest growing category of investments. ETF’s offer transparent, low cost and simple to use investment option. ETF’s can be used as core holdings in a portfolio and building blocks in portfolio construction. They can also be used to build a core portfolio of broadly diversified indices or asset class. Buying and selling ETF’s is exactly like shares , they can be bought and sold at any time during the ASX trading.

Categories
ETFs ETFs

VanEck MSCI: A great quality-factor-focussed passive solution for world developed-markets equity

The benchmark is based on its parent index, the MSCI World ex Australia Index, which includes large and mid cap stocks across 22 developed countries. The top 300 ranked securities are chosen to constitute the quality index and cover around 30% to 40% total market capital as the portfolio tilts towards the large companies. No country or a sector constrains are implemented in the quality index, although a 5% limit is imposed for individual holdings.

Portfolio 

The ETF fully mirrors the composition of the MSCI World ex Australia Quality Hedged Index its large holding is Microsoft account for 5.4% of assets, which is effectively diversifies firm-specific risk. Information technology has been the largest sector exposure 38.9%, reflecting the dominance of tech stocks over the developed markets quality growth spectrum. Financial Exposure 4.7% is discernibly underweight compared with the MSCI World ex Australia Index. 

People

Chesler is an industry veteran with more than 25 years of experience across Sunstone partners, perpetual limited and liberty. Hannah joined VanEck investment in 2014 source ETF, where he was part of the investment management team. 

Performance 

QHAL has delivered superlative performance since its launch till August 2021. Its lack to exposure to small and mid-caps, paired with the quality growth orientation of the portfolio stemming from overweighting in information technology and healthcare, have been the drivers of outperformance since inception. However, currency hedging has been the prime contributor to robust performance as the AUD appreciated against the USD over the trailing two years till August 2021. Launched in early 2019, the ETF has outperformed the category index and category average rival by 4.8% and 6.6% till 31 July 2021, ranking in the in the first quintile of its category.

QHAL Performance History.png

About the Fund

QHAL gives investors exposure to a diversified portfolio of quality international companies from developed markets (ex Australia) with returns hedged into Australian dollars. QHAL aims to provide investment returns before fees and other costs which track the performance of the Index.

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

Categories
ETFs ETFs

The fund offers simple approach, portfolio, and low fee

but with some additional trade-offs of the listed structure, including brokerage costs and variable bid-ask spreads. The AsiaPacific investment strategy group and global asset-allocation committee are responsible for setting and reviewing the strategic asset allocation. The methodology starts by defining reasonable investment horizons for each portfolio and alloates to broad asset-class exposures such as equities and fixed interest based on the defensive/growth split. Then, subasset allocation within classes follows a market-cap-weighting approach, while allowing for behavioural biases and regulatory factors specific to each local market. The SAA determination is aided by the Vanguard Capital Markets Model, which forecasts asset-class returns through scenario analysis. An annual review may identify major structural shifts that can lead to a revised SAA, such as a change in the taxation of an asset class. Underlying sector exposures are realised through in-house index-tracking funds. Vanguard does not use tactical asset allocation and cites illiquidity, low transparency,

and cost as reasons for avoiding alternatives

Portfolio

Vanguard’s straightforward approach applies a strategic asset allocation that is updated periodically and broadly mirrors its equivalent unlisted fund range. Dynamic and tactical asset allocation are not used. Vanguard sticks to the traditional asset classes of equities, fixed interest, and cash, while avoiding alternatives and unlisted assets. The four diversified options are designed to suit different investor objectives and risk profiles. Vanguard Conservative has a defensive/growth split of 70/30, Balanced is 50/50, Growth is 30/70, and High Growth is 10/90. In-house index funds are relied on. Vanguard’s SAA, inclusive of both listed and unlisted vehicles, is strikingly similar to the Morningstar Category benchmarks. It hedges 30% of the international equities to keep the non-Australian-dollar exposure roughly steady. Since inception to June 2021, Vanguard’s multisector ETFs have on average traded with a bid-ask spread of 8-25 basis points, though it has elevated during bouts of volatility like most listed structures.

Performance

The Vanguard Diversified Index ETFs were launched in November 2017. Given the consistency in approach to the long-running unlisted iterations, we believe its extended track record is more informative. Vanguard’s inexpensive cost has been a key pillar in leading this strategy to strong medium-term return. Returns have historically closely mirrored the Morningstar Category benchmarks over time, typifying the limited opportunity to exceed the hurdle given the structural likeness between the two. In comparison to unlisted peers, all ETFs sit in the top quartile over a trailing three-year time period as at June 2021. Calendar-year results between 2018 and 2020 have been consistently in the first and second quartiles, surpassing the average manager in each year. Maintaining interest-rate duration has aided peer-relative performance, particularly in the more-defensive options. This structural stance also helped amid the crisis market environment in the first quarter of 2020. Albeit, the more-defensive ETFs lagged the category average over the last year to June 2021 because of its higher allocation to defensive assets relative to peers. Record-low interest rates globally suppressed returns from fixed-income securities over this period but favoured growth

assets, resulting in the more-growth oriented portfolios keeping pace with peers.

Source: Morningstar

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

Categories
ETFs ETFs

Vanguard Diversified Growth Index ETF: A Diversified fund at low cost

Investment Objective

Vanguard Diversified Growth Index ETF seeks to track the weighted average return of the various indices of the underlying funds in which it invests, in proportion to the Strategic Asset Allocation, before taking into account fees, expenses and tax.

Process

The Vanguard Diversified Index ETF series follows the investment process of the unlisted funds, but with some additional trade-offs of the listed structure, including brokerage costs and variable bid-ask spreads. The methodology starts by defining reasonable investment horizons for each portfolio and allocates to broad asset-class exposures such as equities and fixed interest based on the defensive/growth split. Then, sub asset allocation within classes follows a market-cap weighting approach, while allowing for behavioural biases and regulatory factors specific to each local market. The SAA determination is aided by the Vanguard Capital Markets Model, which forecasts asset-class returns through scenario analysis. An annual review may identify major structural shifts that can lead to a revised SAA.Underlying sector exposures are realised through in-house index-tracking funds. 

Portfolio

Vanguard’s straightforward approach applies a strategic asset allocation that is updated periodically and broadly mirrors its equivalent unlisted fund range. Dynamic and tactical asset allocation are not used. Vanguard sticks to the traditional asset classes of equities, fixed interest, and cash, while avoiding alternatives and unlisted assets. The four diversified options are designed to suit different investor objectives and risk profiles. Vanguard Conservative has a defensive/growth split of 70/30, Balanced is 50/50, Growth is 30/70, and High Growth is 10/90. 

Performance

 In comparison to unlisted peers, all ETFs sit in the top quartile over a trailing three-year time period as at June 2021.

Performance return (%)

Source: Fact Sheet

Asset Allocation(%)

Source: Fact sheet

About the fund

The ETF gives investors low-cost access to a variety of sector funds, allowing them to diversify across several asset classes. The Growth ETF is a growth-oriented exchange-traded fund (ETF) created for investors seeking long-term capital growth. A 30% allocation to income asset classes and a 70% allocation to growth asset classes are the goals of the ETF and suitable to buy and hold investors seeking long term capital growth, but requiring some diversification benefits of fixed income to reduce volatility.

 (Source: Morningstar)

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

Categories
ETFs ETFs

Schwab U.S. Aggregate Bond ETF: A great core bond holding

U.S.-dollar-denominated investment-grade bond market and harnessing the market’s collective wisdom about the relative value of each bond by weighting bonds according to their market value. This is a sound approach because it promotes low turnover, limits credit risk, and is cost-effective, and because the market does a decent job pricing these bonds. The index weights its holdings by market value and is rebalanced monthly. This yields a conservative portfolio, which limits its return potential but also cuts downside risk and makes for a good complement to stock holdings.

Portfolio:

This portfolio mimics the contours of the taxable U.S. investment-grade bond market, engendering a conservative portfolio relative to the intermediate core bond category average. The fund typically courts a similar amount of interest-rate risk, but as of September 2021, its average effective duration of 6.7 years was slightly higher than the category average, which stood at 6.0 years. U.S. Treasuries account for approximately 39% of this fund’s assets, giving the portfolio its conservative bend. Agency MBS and corporate bonds account for about 27% and 26% of the fund’s total assets, respectively.

People:

Schwab’s passive fixed-income portfolio management team has consistently provided tight index tracking performance. Its thoughtful portfolio construction process and continued investment in technology have distinguished it from the pack. Schwab has a narrower, simpler fund lineup than some of its larger peers, so its fixed-income index management team is smaller. However, it makes efficient use of its resources and is well-equipped to deliver cost-efficient and high-fidelity index tracking for the strategies it manages.

Performance:

The fund’s performance during the trailing 10 years through August 2021 has not been spectacular. It lagged the category average by 29 basis points annually. Although it exhibited slightly less volatility, ultimately its risk-adjusted performance (as measured by Sharpe ratio) ranked just outside of the category’s middle third. The fund also held up much better than category peers during the novel coronavirus-driven sell-off.

(Source: Factsheet from www.schwabassetmanagement.com)

Price:

Analysts find it difficult to analyse expenses since it comes directly from the returns. The fees levied by the share class is under cheap quintile. Analysts expect that it would be able to generate positive alpha relative to its benchmark index.


(Source: Factsheet from www.schwabassetmanagement.com)        (Source: Morningstar)

About ETF:

Schwab U.S. Aggregate Bond ETF SCHZ boasts a low fee and conservative portfolio, traits that make it a great core bond holding. The fund tracks the Bloomberg Barclays U.S. Aggregate Bond Index, which includes investment-grade U.S.- dollar-denominated bonds with at least one year until maturity. The index weights bonds by market value, tilting the portfolio toward the largest and most liquid issues. This approach also harnesses the market’s collective wisdom about the relative value of each security, a prudent approach for the long term. That said, bond-issuing activity influences the composition of this portfolio. Approximately 70% of the fund’s assets carried a AAA credit rating as of September 2021, while the category average was 57%. The fund’s category-relative performance will largely hinge on the performance of credit risky bonds.

(Source: Morningstar)

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

Categories
ETFs ETFs

VanEck Australian Property ETF: A sound choice for diversified exposure to Australian REITs

The process sets its universe by screening ASX-listed stocks with a market cap greater than USD 150 million. International companies incorporated outside of Australia are considered as well, provided they generate 50% of their revenue in Australia or have 50% of their total assets in Australia. For existing holdings, the market-cap limit is set at $75 million and the revenue threshold for offshore companies is established at 25%. To meet liquidity requirements, stocks must also have had at least USD 1 million daily trading average over three months and at least 250,000 shares traded per month. Stocks, which make up the top 90% of the investable universe, are equally weighted and capped at 10% at the time of quarterly rebalancing. VanEck has a deep global presence and uses robust daily portfolio monitoring systems and multi-levelled risk management to ensure trading is efficient and compliant. 

Portfolio

The ETF mirrors the composition of the MVIS Australian A-REIT Index. The index consisted of 15 names as of July 2021. The portfolio holds a minimum of 10 stocks and excludes the smaller end of the cap spectrum, while mid-cap exposure is beefed up. Stocks that meet size and liquidity requirements are weighted by their free-float market capitalisation subject to a 10% weighting cap. While about a third held in the portfolio is directly invested in retail A-REITs, it has almost half of the allocation to diversified REITs. Sector exposures are significantly more consistent through time. A-REIT Index owing to limited stock changes in the top of the ASX/200 and the stock exposure limit of 10%. The portfolio is rebalanced every quarter; because of its exposure cap, turnover is typically 20%-40% .

Sub- Industry Weightage
Diversified REITS46.20%
Retail REITS28.00%
Office REITS11.90%
Industrial REITS10.70%
Specialized REITS3.20%
Other/Cash0.00%

                                                Source: MVA-Factsheet

Performance

MVA has closely matched the broader A-REIT market return while delivering standout performance against the category average from its inception through 31 July 2021. The ETF has annually outperformed the category average by 1.4% or 21% on a cumulative basis since inception. 

C:\Users\Akhila\Downloads\performance.png

                Source: MVA-fact-sheet

Fundamentals

No. of securities15
Price/Earnings Ratio*10.66
Price/Book Value Ratio*1.12
Dividend Yield4.26
Weighted Avg. Market Cap (M)$12,362.00 

                                                  Source: MVA-fact-sheet

People

The VanEck investment team is headed by Russel Chesler with Jamie Hannah as his deputy. Chesler is an industry veteran with over 25 years of experience across Sunstone Partners, Perpetual Limited, and Liberty Life. Hannah joined VanEck in 2014 from Source ETF where he was a part of the investment management team. The duo is supported well by two senior associates: Cameron McCormack and Alice Shen.

Price 

The Net Asset Value of the fund (NAV) is $24.88 as on 31 August 2021 while the management cost is 0.35% p.a.n.m.

Top 10 Holdings of VanEck Australian Property ETF

C:\Users\Akhila\Downloads\Top HOLDINGS.png

Source: MVA-fact-sheet

About the fund

The VanEck Australian Property ETF incorporated on 14/10/2013 which  invests in a diversified portfolio of ASX-listed securities with the aim of providing investment returns (before management costs) that closely track the returns of the MVIS Australia A-REITs Index.

The MVIS Australia A-REITs Index is a pure-play Australian sector index that aims to reflect the performance of Australia’s property sector.

The shares outstanding is 23,955,918 and the dividend is paid two times each in a year.

Individual Index components are chosen based on a strict rules-based system that prioritises liquidity, with a minimum of 10 holdings and a maximum weighting of 10% for each. . The underlying index sets itself apart from market-cap-weighted benchmarks with its sensible portfolio size that covers 

 (Source: Morningstar)

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

Categories
ETFs ETFs

iShares USD Corporate Bond UCITS ETF: An interesting proposition to gain exposure

The ultimate result is that this allows managers to decide on the portfolio that represents the index’s overall risk profile, while allowing the ETF manager to avoid purchasing bonds that suffer from illiquidity. The management process is highly automated, and managers use proprietary analytical and risk control systems. The key objective is to minimise trading costs, mainly around primary market events (for example, auctions) that cause rebalancing. All trading is executed by the in-house capital markets desk. Bond coupons are reinvested in line with index rules.

Portfolio:

The Markit iBoxx USD Liquid Investment Grade Index measures the performance of the most liquid USD denominated corporate bonds with investment-grade ratings and minimum remaining life of 3 years by issuers from developed countries. To be considered for inclusion, bonds must have a minimum remaining maturity of 3.5 years and a minimum outstanding of USD 750 million. In addition, the index also requires a minimum outstanding of USD 2 billion per issuer. The index is weighted by market capitalisation, subject to an issuer overall cap of 3%.

People:

The strategy is managed by the EMEA core portfolio management team. Sid Swaminathan is the head of the core portfolio management team. This is a large team where portfolio managers specialise in two broad groupings, one focusing on rates and inflation strategies and the other on credit and aggregate funds. The portfolio managers are supported by a large team of analysts and IT professionals, as well as by the global capital markets team.

Performance:

The strategy has delivered returns above the category average in short and long periods over the past 15 years both on a total and risk-adjusted basis. The strategy struggled during the worst of the coronavirus sell-off in March 2020, but it rebounded strongly once the US Federal Reserve cut interest rates from 1.50% to just above 0.00% and started buying corporate-bond ETFs.

The annualized performance (%USD) displayed by this fund as on 31st August, 2021 has been shown below:

(Source: Factsheet from iShares.com)

Price:

The fees levied by the share class is in the cheap category. Analysts expect that this share class will be able to generate positive alpha relative to the category benchmark index, which affirms the outperformance of this ETF.


(Source: Factsheet from iShares.com)                                                       (Source: Morningstar)

(Source: Morningstar)

About ETF:

iShares USD Corporate Bond ETF tracks an index that excludes bonds with maturity below three years, which account for up to 20% of the investable universe. This causes the strategy to have higher duration than all-maturity passive alternatives. This can work both in favour and against investors depending on the path of interest rates. The strategy is expected to deliver returns over a full market cycle; that is inclusive of periods of both rising and falling interest rates. Considering the benefits of low fees and the broad diversification at the sector level, the strategy retains a Morningstar Analyst Rating of Bronze. iShares’ passive bond fund management process and the high level of expertise of the people behind it showcases a positive view of the ETF.

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

Categories
ETFs ETFs

SPDR S&P/ASX200 Fund : A well diversified fund providing exposure to Australian market at low cost

Investment Objective:

The State Street SPDR S&P/ASX200 is the first ASX-listed ETF, launched in the year 2001.The SPDR S&P/ASX 200 Fund aims to closely match with the results of the S&P/ASX 200 Index before fees and expenses.

Investment strategy:

The fund aims to give exposure to core Australian stocks. The portfolio is well-diversified, covering approximately 90% of the Australian market in terms of capitalisation. The fund aims to provide both capital growth and income by investing in ASX-listed firms that are liquid. Herein, an investor can get diversified exposure to Australian share market at a low cost and yield performance of the 200 largest and most liquid publicly listed entities in Australia.

The entity responsible for the fund is State Street Global Advisors, Australia Services Limit.

Portfolio Objective:

  • Diversified exposure to Australian share.
  • Provides capital appreciation and growth if funds are invested over long term basis.
  • Provides adequate diversification to investors by investing in a single fund.

Fundamentals:

  • The size of the fund is $4.9bn and no. of holdings  in 203 shares of Australia.
  • The total market capitalization of the fund is AUD $2,196,388.80M as on 31/8/2021.
  •   Minimum subscription or redemption of 25,000 units is available to investor.
  • The fund provide an earnings growth of 10.66% and return on equity is 11.63%.
  • The equity (dividend) yield of the fund is 3.37% and its P/E ratio is 19.34.
  • Generally, the fund make distributions to investors on  quarterly basis.
  • The  management fee of the fund is 0.13%  p.a. of NAV.

Positives:

  • Diversification with low cost
  • Fast, flexible trading
  • Transparency

Negatives:

  • Failure to meet investment objective.
  • Exposure to various risk such as regulatory, credit, market, company,industry, derivative etc.
  • During the holding period the portfolio value may go up and down due to market volatility.

Company Profile:

State Street is a global asset manager and credited for creating the world’s first ETF and being an index pioneer.  Over the past forty years the company has built a universe of active and index strategies across asset classes to help investors achieve their goals.The company has $3.59 trillion asset under management, 23 million clients across 62 countries.

ETF Performance…

Figure 1: Fund performance as at 31 July 2021

(%)FundBenchmark
1-month+1.09%+1.10%
3-months+5.78%+5.80%
1-year+28.52%+28.56%
3-year (p.a.)+9.37%+9.48%
5-year (p.a.)+9.90%+10.05%
Since Inception (p.a.)+8.23%+8.54%

Source:State Street. 

ETF Positioning…

Figure 2: Top ten holdings

Source: State Street

   Figure3: Sector Allocation                       

     Source: State Street

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

Categories
ETFs ETFs

Vanguard Australian Shares Index ETF offers potential long-term capital growth with dividend income

Investment Objective

Vanguard Australian Shares Index ETF seeks to track the return of the S&P/ASX 300 Index before taking into account fees, expenses and tax.

Investment Strategy

The fund provides low cost and efficient exposure to the broad Australian share market.  The fund offers diversification by being exposed to all market sectors including the AREITs. The fund seeks to generate capital growth over the long term while producing dividend income along the way attached with franking credits.  

Portfolio Objective

  • Competitive long-term returns while less exposed to volatility in the price of any one security.
  • Deliver long term returns at low cost. 
  • The fund seeks long term capital growth, tax effective income while being tolerant to share market volatility.  

Positives

  • Diversification.
  • Low cost exposure to a broad and diverse range of listed securities. 
  • Quarterly distributions. 

Negatives 

  • Share market volatility could cause the portfolio value to go up and down during the holding period.  
  • The index tracking capability of the fund may fail to meet the objectives of the fund.
  • The fees and costs of the fund may change.

Company Description 

The Vanguard Group has been in Australia since 1996 and currently has $140 billion of assets under management. The Group manages some 82 funds with head office in Melbourne, Australia. The Vanguard Group, globally, has been operating since 1975 with $1.6 trillion of asset under management. The global group manages 400 funds with 30 million investors worldwide.

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

Categories
ETFs ETFs

Vanguard focus on increasing dividends while also delivering some capital growth

Investment Objective 

Vanguard Australian Shares High Dividend Yield seeks to replicate the performance of the FTSE Australia high Dividend yield index before taking into account fees, expenses and taxes.

Investment Strategies

  • The Funds seeks low cost exposure to ASX Listed Companies that are expected to deliver higher Dividend as compared to other ASX Listed Companies.
  • Funds Achieves diversification by limiting the amount of securities holds of maximum 10% of portfolio.
  • Fund does not invest more than 40% of its assets in single industry. AREIT Investing does not excludes particular funds.  

Portfolio Objective 

  • Long term returns are competitive in nature.
  • Provides long term returns at low cost. 
  • The fund seeks long-term capital growth and tax-efficient income while being risk-averse in the stock market.

Positives 

  • Diversification 
  • Low Cost exposure to dividend paying ASX Listed Securities
  • Distributions are made on quarterly basis

Negatives 

  • Dividend-paying stocks underperform the market as a whole.
  • Share market volatility may cause the portfolio value to fluctuate.
  • The fund’s index tracking capability may fail to meet the fund’s objectives.
  • The fund’s fees and costs are subject to change.

Company Profile 

The Vanguard Group has been in Australia since 1996 and currently has $140billion of assets under management. The Group manages some 82 funds with head office in Melbourne, Australia. The Vanguard Group, globally, has been operating since 1975 with $1.6 trillion of asset under management. The global group manages 400 funds with 30 million investors worldwide.

ETF Performance…

Figure 1: Fund performance as at30June 2021

(%)FundBenchmark
1-month+1.39%+0.1.39%
3-months+6.03%+6.03%
6- months+16.33%+16.34%
1-year +34.89%+34.86%
3-year (p.a.)+10.46%+10.38%
Since Inception (p.a.)+9.50%+9.45%

Source: Vanguard. Inception date: 26 May2011.

ETF Positioning…

Figure 2: Top ten holdings

Source: Vanguard

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

Categories
ETFs ETFs

BETASHARES AUSTRALIAN SUSTAINABILITY LEADERS ETF is true-to-label and cost effective

Investment Objective:
The main goal of Betashares Australian Sustainability Leaders ETF is to track the index (before fees and expenses) that involves Australian companies, which have passed through screens so as to eliminate companies with direct or sufficient exposure to fossil fuels or those that are involved in activities which are supposed to be inconsistent when compared to responsible investment requirement.

Investment Strategy:
This fund offers a chance to investors to align their investments with their ethical standards. FAIR’s investment methodology includes strict screening criteria, which provide investors a true to label ethical investment option. FAIR does not consider investing in any of the big 4 banks or large Australian mining companies.

Portfolio Objective:
Diversified exposure is provided to ethical Australian shares
High preference towards companies that are classified as “Sustainability Leaders”
Ethical investment methodology that are true to label

Positives:
Shares diversification
Australian shares options that are available at low cost
Distributions made semi-annually

Negatives:
Fluctuations in Share market can make the portfolio value go up and down during the holding period.
Concentrated market in relation to others
Exclusion of major market sectors experiencing strong returns
Change in fees and costs of the fund might be possible

Company Profile:
BetaShares is a renowned manager of ETFs and other funds that are traded on the ASX. The inception of the company was in 2009 and it now consists of over 60 products in its portfolio, all of which can be bought and sold on the ASX. The company aims to offer investors simple, liquid, and cost-effective solution to Australian and global shares, cash and fixed income, currencies, commodities, and active and alternative strategies.

ETF Performance:

(%)FundBenchmark
1-month+0.29%+0.34%
3-months+5.53%+5.66%
6-months+11.28%+11.46%
1-year+19.30%+19.76%
5-year (p.a.)–+9.80%
Since Inception (p.a.)+10.54%+11.07%

(Source: BetaShares)

Fig. 1: Fund performance as at 31 July 2021

ETF Positioning:

(Source: BetaShares)

Fig. 2: Top 10 Exposures

(Source: BetaShares)

Fig. 3: Sector Allocation

General Advice Warning
Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.