28 august 2020 exchange traded funds. - firstlinks · exchange traded funds. 2 geared funds. 2 new...

EXCHANGE TRADED FUNDS. 1

DISCLAIMER: THIS REPORT MUST BE READ WITH THE DISCLAIMER ON PAGE 24 THAT FORMS PART OF IT.

BELL POTTER SECURITIES LIMITED ANC 25 006 390 7721

AFSL 243480

EXCHANGE TRADED FUNDS.

28 August 2020

July 2020 Report

Hayden Nicholson

[email protected]

INDEX

New ETFs 2

ASX ETF Flows 5

Domestic Equity ETFs 6

Description 7

Return 8

Global Equity ETFs 9

Description 10

Return 12

Fixed Interest ETFs 14

Description 15

Return 16

Commodity & Currency ETFs 17

Description & Return 18

Global Returns 19

5 Year Index Returns 20

Macro Trends 21

Appendix 22

ASX ETF DATA

Number of ASX ETFs 211

Market capitalisation $66.90bn

Number of transactions per day 15,289

Average daily volume 19,748,840

Average daily value $288.7m SOURCE: ASX. DATA AS AT 31 JULY 2020

RECENTLY LISTED ASX ETFs

BetaShares Nasdaq 100 ETF Currency

Hedged (HNDQ) 22-Jul-20

BetaShares Global Sustainability Leaders

ETF Currency Hedged (HETH) 22-Jul-20

ETFS Ultra Long Nasdaq 100 Hedge Fund

(LNAS) 13-Jul-20

ETFS Ultra Short Nasdaq 100 Hedge Fund

(SNAS) 13-Jul-20

The hunt for gold

SOURCE: ASX INVESTMENT PRODUCTS MONTHLY REPORT, BELL POTTER RESEARCH SOURCE: ASX INVESTMENT PRODUCTS MONTHLY REPORT, BELL POTTER RESEARCH

SOURCE: ASX INVESTMENT PRODUCTS MONTHLY REPORT, BELL POTTER RESEARCH SOURCE: ASX INVESTMENT PRODUCTS MONTHLY REPORT, BELL POTTER RESEARCH

Figure 3 - Top ETF flows for 12 months ending July 2020 Figure 2 - Top ETF flows for July 2020

Figure 4 - Australia ETF Market Size Figure 5 - Australia ETF in comparison to total ASX Funds

The gold spot price (per ounce) soared from ~US$1,780 to ~US$1,974 over July

as second wave fears of COVID-19 remained the prevailing market narrative.

Perth Mint Gold (ASX:PMGOLD) is a right to gold created by The Perth Mint,

which gives investors the ability to purchase Government-backed gold. Statistically

it accounts for over 90% of Australia and Asia’s gold production annually. This is

equivalent to more than 10% of global gold production. However a recent

investigation by The Australian Financial Review has revealed the historic mint

repeatedly ignored staff concerns over supply chains resulting from small-scale

gold miners in PNG, a practice thwart with environmental degradation and

criticised for its use of child labour. Such allegations would be in breach of its

global accreditation and internal policies.

ETFS Physical Gold (ASX:GOLD) is an alternative investment vehicle with a

simple, cost-efficient and secure way to access gold by providing a return

equivalent to the movements in the Australian dollar price of gold less a daily

management fee. The securities are backed by physical allocated gold bullion held

by JPMorgan Chase Bank, N.A (the Custodian). Only gold that conforms with the

London Bullion Market Association's (LBMA) rules for Good Delivery can be

accepted by the custodian. Oversight of ethical, social and corporate governance

criteria may help to better predict the future performance of ETFs and their

constituent securities.

0

50

100

150

200

250

$0b

$15b

$30b

$45b

$60b

$75b

2013 2014 2015 2016 2017 2018 2019 2020

ETF Market Cap (LHS) # of ETFs (RHS)

0%

5%

10%

15%

20%

25%

$0b

$100b

$200b

$300b

$400b

$500b

2013 2014 2015 2016 2017 2018 2019 2020

ASX Funds Market Cap (LHS) ETFs % of ASX Funds (RHS)

BetaShares Australian High Interest Cash ETF

(AAA)

ETFS Physical Gold (GOLD)

BetaShares Global Sustainability Leaders ETF

(ETHI)

iShares S&P 500 ETF (IVV)

SPDR S&P/ASX 200 Fund (STW)

iShares Core S&P/ASX 200 ETF (IOZ)

$166.4m

$136.1m

$94.4m

-$24.1m

-$129.9m

-$156.5m

Vanguard Australian Shares Index ETF (VAS)

iShares Core S&P/ASX 200 ETF (IOZ)

ETFS Physical Gold (GOLD)

iShares Global Consumer Staples ETF (IXI)

iShares Europe ETF (IEU)

iShares S&P 500 ETF (IVV)

$2,028.6m

$963.8m

$907.5m

-$69.8m

-$132.5m

-$186.1m

Figure 1 - Gold spot price ($USD/Oz)

SOURCE: IRESS, BELL POTTER RESEARCH.

$1,000

$1,250

$1,500

$1,750

$2,000

31/07/2015 31/07/2016 31/07/2017 31/07/2018 31/07/2019 31/07/2020


Geared funds.

2 new geared ETFs began trading on the ASX in July. ETFS Ultra Long Nasdaq 100 Hedge

Fund (LNAS) aims to provide investors with geared returns (before fees and expenses),

that are positively related with and significantly magnified against the performance of the

Nasdaq 100 Index. Meanwhile, ETFS Ultra Short Nasdaq 100 Hedge Fund (SNAS) aims to

provide investors with geared returns (before fees and expenses), that are negatively related

with, and significantly magnified against the performance of the Nasdaq 100 Index. The

magnitude by which returns are generated from time to time may be greater than, or less than

the movement in the index, depending primarily upon the degree leverage applied during the

time in which returns are calculated (where leverage will be within the disclosed target range).

ETFS Ultra Long Nasdaq 100 Hedge Fund (LNAS) ETFS Ultra Short Nasdaq 100 Hedge Fund (SNAS)

ETF Profile ETF Profile

ASX Listed 10/7/2020 ASX Listed 10/7/2020

ASX Code LNAS ASX Code SNAS

Net Assets* ($A) $1.7m Net Assets* ($A) $6.2m

Units Outstanding 150,000 Units Outstanding Annually

Hedged Yes Hedged Yes

Management Fees 1.00% p.a. Management Fees 1.00% p.a.

Distribution Frequency Annually Distribution Frequency Annually

Issuer ETFS Management (AUS)

Limited Issuer

ETFS Management (AUS)

Limited

Fund Administrator/Custodian JPMorgan Chase Bank N.A.

(Sydney Branch) Fund Administrator/Custodian

JPMorgan Chase Bank N.A.

(Sydney Branch)

Auditor KPMG Auditor KPMG

Registry Computershare Investor

Services Pty Ltd Registry

Computershare Investor

Services Pty Ltd

AS AT 24 AUGUST 2020 AS AT 24 AUGUST 2020

Index Index

Name Nasdaq 100 Index Name Nasdaq 100 Index

Bloomberg Index Ticker NDX Index Bloomberg Index Ticker NDX Index

Rebalance Frequency Quarterly Rebalance Frequency Quarterly

Exposure Exposure

Exposure Range 200% to 275% Exposure Range -200% to -275%

Current Exposure 221.6% Current Exposure -258.6%

AS AT 26 AUGUST 2020 AS AT 26 AUGUST 2020

LNAS and SNAS primarily uses E-mini Nasdaq 100 Futures contracts listed on the Chicago

Mercantile Exchange. LNAS/SNAS are not recommended as long-term portfolio positions.

Furthermore, the funds are currency hedged, meaning that the fund manager will aim to

reduce, but may not eliminate, exposure to movements in the Australian dollar/U.S. dollar

exchange rate.

Rebalancing

As the Nasdaq 100 moves up and down the amount of gearing in either fund changes and the

fund manager needs to rebalance the exposure to ensure it remains within the target range.

This means the performance of an investment in either fund is not likely to exactly replicate the

index return multiplied by the leverage/exposure over more than short periods of time, due to

the effects of rebalancing, the effect of which is compounded over time.

Risks

Derivative investments are higher risk compared to other investments. Investors have no right

to the assets referenced by the derivatives contracts. Gearing magnifies and increases the

extent of both gains and losses (investors in SNAS or LNAS will not lose more than they have

invested). The leverage amount can vary at any point in time meaning returns may not exactly

replicate the index multiplied by the leverage factor for periods longer than approximately one

day. Please refer to Section 5 of the LNAS/SNAS Product Disclosure Statement (1 Jul 2020).


BetaShares NASDAQ 100 ETF Currency

Hedged (HNDQ). The investment objective of HNDQ is to provide an investment return that aims to track the

performance of the Nasdaq 100 Currency Hedged AUD Index (the “index”), before taking into

account fees and expenses.

Index objective

The Nasdaq 100 Currency Hedged AUD Index is designed to measure the performance of 100

of the largest Nasdaq listed non-financial companies, hedged back to the Australian dollar.

Investment approach

In seeking to achieve the investment objective, the Responsible Entity will employ a passive

management approach with the aim of tracking the performance of the index, before fees and

expenses. The fund currently obtains its investment exposure indirectly by investing in the

Betashares Nasdaq 100 ETF (NDQ), being the unhedged version of the fund. The underlying

fund will generally seek to invest in the securities that comprise the unhedged index in

proportion to the weightings of the securities in the unhedged index. This is known as a full

replication strategy.

Eligible security types of index inclusion generally include American Depository Receipts

(ADRs), common stock, ordinary shares, tracking stocks, shares of beneficial interest and

limited partnership interests. The index is a modified market capitalisation-weighted index,

which is rebalanced on a quarterly basis in March, June, September and December. Nasdaq

selects constituents once annually in December. Each security must have a minimum average

daily trading volume of 200,000 shares (measured over the three calendar months ending with

the month that includes the re-constitution reference date). There is no market capitalisation

eligibility criterion.

Risks

Please refer to Section 4 of the HNDQ Product Disclosure Statement (1 Jun 2020).

Figure 8 - Sector allocation

SOURCE: BETASHARES. AS AT 31 JULY2020

ETF Profile

ASX Listed 22 July 2020

ASX Code HNDQ

Net Assets* ($A) $21.5m

Units Outstanding* 800,000

Hedged Yes

Management

Fees**

0.51% p.a.

Distribution

Frequency

Semi-Annual

Issuer BetaShares

Capital Ltd

Fund

Administrator /

Custodian

RBC Investor

Services

Registry Link Market

Services

Auditor KPMG

Market Makers Susquehanna

* AS AT 20 AUGUST 2020

**CERTAIN ADDITIONAL COSTS APPLY. PLEASE

REFER TO PDS.

Underlying Index Characteristics

Index Nasdaq 100

Currency

Hedged AUD

Index

Bloomberg Index

Ticker

NDXAUDH

Index

P/E Ratio 31.01x

Market

Capitalisation (A$)

$12,566bn

Number of

Components

103

Dividend Yield (12

Month Trailing)

0.80%

AS AT 31 JULY 2020 SOURCE: BETASHARES. AS AT 24 AUGUST 2020

Name Weight

Apple Inc 14.5%

Amazon.com Inc 10.9%

Microsoft Corp 10.8%

Facebook Inc 4.3%

Alphabet Inc Class A 3.6%

Alphabet Inc Class C 3.5%

Tesla Inc 3.2%

Nvidia Corp 2.6%

Paypal Holdings Inc 2.0%

Adobe Inc 1.9%

Sector Weight

Information Technology 47.7%

Communication Services 19.7%

Consumer Discretionary 18.2%

Healthcare 7.1%

Consumer Staples 4.8%

Industrials 1.8%

Utilities 0.7%

Index Performance

1 month 6.99%

3 month 20.65%

6 month 19.04%

1 year 36.06%

3 year (p.a.) 22.08%

5 year (p.a.) 19.16% AS AT 31 JULY 2020

SOURCE: IRESS, BELL POTTER RESEARCH

Figure 7 - Trading history Figure 6 - Top 10 securities

0k

75k

150k

225k

300k

$24.00

$24.50

$25.00

$25.50

$26.00

HNDQ Daily Traded Volume (RHS) HNDQ Unit Price (LHS)


BetaShares Global Sustainability Leaders ETF

Currency Hedged (HETH). The investment objective of HETH is to provide an investment return that aims to track the

performance of the Nasdaq Future Global Sustainability Leaders Currency Hedged AUD Index

(the “index”), before taking into account fees and expenses.

Index objective

The Nasdaq Future Global Sustainability Leaders Currency Hedged AUD Index is an

opportunity for responsible investors to access a genuinely fossil fuel free and ESG screened

passive global investment portfolio, hedged back to the Australian dollar.

Investment approach

In seeking to achieve the investment objective, the Responsible Entity will employ a passive

management approach with the aim of tracking the performance of the index, before fees and

expenses. The fund currently obtains its investment exposure indirectly by investing in the

Betashares Global Sustainability Leaders ETF (ETHI), being the unhedged version of the fund.

The underlying fund will generally seek to invest in the securities that comprise the unhedged

index in proportion to the weightings of the securities in the unhedged index. This is known as

a full replication strategy. The fund, from time to time, may not hold all of the securities

comprising the index and may hold securities in weightings which differ from the Index.

To be eligible for index inclusion, securities must meet a series of responsible investment

screens. The index is evaluated annually in May. At each evaluation, the Responsible

Investment Committee will provide Nasdaq with a list of globally sustainable companies they

have identified. The securities ranked 1-200 by market capitalisation are selected. At each

annual May evaluation, the index is also rebalanced such that the maximum weight of any

single security does not exceed 4.0% of the index. The excess weight of any capped security is

distributed proportionally across the remaining securities.

Risks

Please refer to Section 4 of the HETH Product Disclosure Statement (1 Jun 2020).

Figure 11 - Sector allocation

ETF Profile

ASX Listed 22 July 2020

ASX Code HETH

Net Assets* ($A) $8.34m

Units Outstanding* 800,000

Hedged Yes

Management

Fees**

0.62% p.a.

Distribution

Frequency

Semi-Annual

Issuer BetaShares

Capital Ltd

Fund

Administrator /

Custodian

RBC Investor

Services

Registry Link Market

Services

Auditor KPMG

Market Makers Susquehanna

* AS AT 20 AUGUST 2020

**CERTAIN ADDITIONAL COSTS APPLY. PLEASE

REFER TO PDS.

Underlying Index Characteristics

Index Nasdaq Future

Global

Sustainability

Leaders

Currency

Hedged AUD

Index

Bloomberg Index

Ticker

NQFGSLNH

Index

P/E Ratio 50.02x

Market

Capitalisation (A$)

$15,327.7bn

Number of

Components

199

Dividend Yield (12

Month Trailing)

1.61%

AS AT 31 JULY 2020

SOURCE: BETASHARES. AS AT 24 AUGUST 2020

Figure 10 - Trading history

Name Weight

Apple Inc 5.7%

Nvidia Corp 4.5%

Mastercard Inc 4.1%

Visa Inc 3.7%

Home Depot Inc/The 3.7%

Adobe Inc 3.3%

Paypal Holdings Inc 3.1%

Telsa Inc 2.9%

Toyota Motor Corp 2.4%

Netflix Inc 2.3%

Index Performance

1 month 3.28%

3 month 17.84%

6 month 10.54%

1 year 25.80%

3 year (p.a.) 17.35%

5 year (p.a.) 13.35% AS AT 31 JULY 2020

SOURCE: BETASHARES. AS AT 31 JULY 2020

Sector Weight

Information Technology 38.0%

Healthcare 15.9%

Financials 14.5%

Consumer Discretionary 13.7%

Communication Services 6.4%

Real Estate 4.9%

Industrials 3.4%

Materials 1.2%

Utilities 1.0%

Consumer Staples 0.9% United States

Japan

Switzerland

Netherlands

FranceHK UK Other

Figure 9 - Top 10 securities

Figure 12 - Country allocation

0k

105k

210k

315k

420k

$9.50

$9.75

$10.00

$10.25

$10.50

HNDQ Daily Traded Volume (RHS) HNDQ Unit Price (LHS)

SOURCE: BETASHARES. AS AT 31 JULY 2020

SOURCE: IRESS, BELL POTTER RESEARCH


ASX ETF Flows.

Figure 13 - 1 year fund flows by category as at July 2020 Figure 14 - July 2020 net fund flows by category

SOURCE: ASX, BELL POTTER RESEARCH SOURCE: ASX, BELL POTTER RESEARCH

Figure 15 - 1 year fund flows by provider as at July 2020 Figure 16 - July 2020 net fund flows by provider


Figure 17 - FUM by category as at July 2020 Figure 18 - FUM by provider as at July 2020

SOURCE: ASX, BELL POTTER RESEARCH


$29,149.0m

$22,586.9m

$10,046.9m

$3,401.8m

$1,376.1m

$339.4m

Global Equity

Domestic Equity

Domestic Fixed Interest

Commodity

Global Fixed Interest

Currency

$20,796.3m

$15,283.9m

$11,544.0m

$6,001.2m

$4,689.6m

$2,998.0m

$2,538.3m

$831.3m

$597.5m

$455.8m

$220.3m

$212.5m

$205.3m

$98.1m

$92.5m

$80.9m

$56.8m

$45.1m

$38.5m

$32.5m

$28.3m

$23.8m

$21.9m

$7.7m

Vanguard

iShares

BetaShares

State Street

VanEck

ETF Securities

Magellan

Russell

Perth Mint

Platinum

Ardea

Legg Mason

Switzer

Morningstar

Fidelity

Montgomery

AMP Capital

InvestSMART

Schroder

Montaka

Airlie

Antipodes

eInvest

K2 Asset

$5,668.1m

$4,365.4m

$2,072.7m

$1,592.9m

$1,259.6m

$603.5m

$512.7m

$289.5m

$183.5m

$165.9m

$95.6m

$72.6m

$65.0m

$49.7m

$32.4m

$29.0m

$8.4m

$3.5m

$0.9m

-$6.4m

-$7.6m

-$9.5m

-$9.5m

-$15.0m

-$27.2m

-$38.5m

Vanguard

BetaShares

iShares

VanEck

ETF Securities

Magellan

State Street

Perth Mint

Ardea

Russell

Morningstar

Legg Mason

Fidelity

Switzer

Montaka

Airlie

Pinnacle

eInvest

Antipodes

AMP Capital

InvestSMART

K2 Asset

Montgomery

Schroder

UBS

Platinum

$728.2m

$208.6m

$196.6m

$153.4m

$49.6m

$33.5m

$25.4m

$8.5m

$7.4m

$7.1m

$3.5m

$3.5m

$1.2m

$0.5m

$0.1m

-$0.1m

-$0.1m

-$0.2m

-$0.3m

-$1.2m

-$1.3m

-$2.3m

-$107.3m

-$128.6m

BetaShares

Vanguard

ETF Securities

VanEck

Magellan

Perth Mint

Ardea

Russell

Switzer

Legg Mason

Fidelity

Morningstar

Airlie

Antipodes

Montaka

K2 Asset

Schroder

InvestSMART

AMP Capital

Montgomery

eInvest

Platinum

State Street

iShares

$620.3m

$392.4m

$211.2m

$63.9m

$2.9m

-$104.9m

Global Equity


Commodity


Currency

Domestic Equity

$6,546.1m

$5,561.7m

$2,573.4m

$1,607.8m

$646.0m

$22.3m

Domestic Equity

Global Equity


Commodity


Currency


Domestic Equity ETFs.

The recovery in domestic equities slowed over July as Victoria reported an influx of

Coronavirus cases. This peaked on the 29th when the state recorded 723 new cases in the

span of 24 hours. Accordingly, the All Ordinaries Accumulation and S&P ASX 200

Accumulation Indices returned 0.9% and 0.5% respectively. Small caps outperformed their

large cap counterparts, with the S&P/ASX Small Ordinaries Accumulation Index returning

1.4%. On this note, K2 Asset Australian Small Cap Fund (KSM) was the top performing

domestic focused ETF with a total return of 4.9%. KSM is an exchange traded managed fund

which actively invests in small cap listed equities in Australia and New Zealand, seeking to

deliver consistent absolute returns. Major contributing holdings for the fund included Netwealth

(NWL) and NZ retirement provider Summerset (SUM) which rose 34% and 21% in the period.

BetaShares Australian Equities Strong Bear Hedge Fund (BBOZ) received the largest

net fund inflows over the month with ~$66m. BBOZ was however, one of the poorer performing

domestic ETFs, delivering investors with a return of -1.4%. The high level of net inflows is an

indicator of diminishing bull market sentiment from investors. BBOZ is a geared fund which

seeks to generate magnified returns that are negatively correlated to the Australian share

market. The strategy aims to provide the return on a given day basis and due to the effects of

rebalancing and compounding of investment returns, this may not be reflected in periods

longer than a given day.

Total FUM declined over July predominantly due to net fund outflows from iShares Core S&P/

ASX 200 ETF (IOZ) and SPDR S&P/ASX 200 Fund (STW). These were the main detractors

from a possible all-time high, pulling a combined $286.4m out of domestic equity ETFs. This

behaviour further cements the possible bearish outlook held on Australian equities. Both IOZ

and STW seek to closely match, before fees and expenses, the returns of the S&P/ASX 200

Index. Hence investors are now seeking to move away large float-adjusted market cap stocks,

instead finding new-found reassurance in global equities, fixed interest and commodities.

Figure 19 - Domestic equity net fund flows


Figure 20 - Domestic equity FUM

Code ETF Description Flows

BBOZ BetaShares Australian Equities Strong Bear $66.1m

FAIR BetaShares Australian Sustainability Leaders ETF $40.9m

ATEC BetaShares S&P/ASX Australian Technology ETF $25.2m

QRE BetaShares S&P/ASX 200 Resources Sector ETF $16.5m

MVW VanEck Vectors Australian Equal Weight ETF $15.7m

Figure 21 - Domestic equity July net fund inflows



IOZ iShares Core S&P/ASX 200 ETF -$156.5m

STW SPDR S&P/ASX 200 Fund -$129.9m

QFN BetaShares S&P/ASX 200 Financials Sector ETF -$12.9m

GEAR BetaShares Geared Australian Equity Fund -$8.0m

RARI Russell Australian Responsible Investment ETF -$5.5m

Figure 22 - Domestic equity July net fund outflows



VAS Vanguard Australian Shares Index ETF $2,028.6m

IOZ iShares Core S&P/ASX 200 ETF $963.8m

VAP Vanguard Australian Property Securities Index ETF $514.2m

BBOZ BetaShares Australian Equities Strong Bear $444.7m

VHY Vanguard Australian Shares High Yield ETF $315.4m

Figure 23 - Domestic equity 1 year net fund inflows



QFN BetaShares S&P/ASX 200 Financials Sector ETF -$42.0m

DMKT AMP Capital Dynamic Markets -$15.3m

GROW Schroder Real Return Fund -$15.0m

KSM K2 Australian Small Cap Fund (Hedge Fund) -$8.3m

INIF Investsmart Australian Equity Income Fund -$8.0m

Figure 24 - Domestic equity 1 year net fund outflows


+$271m

+$664m

+$314m

+$852m

+$376m

+$621m

+$223m

+$1,206m

+$723m

+$808m

+$594m

-$105m-$200m

$0m

$200m

$400m

$600m

$800m

$1,000m

$1,200m

$1,400m

Aug 19 Sep 19 Oct 19 Nov 19 Dec 19 Jan 20 Feb 20 Mar 20 Apr 20 May 20 Jun 20 Jul 20

$16bn

$17bn

$18bn

$19bn

$20bn

$21bn

$22bn

$23bn

$24bn




SOURCE: BLOOMBERG, BELL POTTER RESEARCH. DATA AS AT 18 AUG 2020. *A PERFORMANCE FEE IS ALSO PAYABLE, MORE INFORMATION ON FEES IS AVAILABLE ON PAGE 22.

Broad Market

ASX 200 A200 102.25 BetaShares Solactive Australia 200 ~199 Passive 0.07 0.06 731.8

ASX 200 IOZ 25.02 iShares S&P/ASX 200 ~201 Passive 0.09 0.06 2,111.2

ASX 200 STW 56.79 State Street S&P/ASX 200 ~206 Passive 0.13 0.04 3,717.5

ASX 300 VAS 77.83 Vanguard S&P/ASX 300 ~305 Passive 0.10 0.05 5,774.1

Large Cap

ASX 20 ILC 23.30 iShares S&P/ASX 20 ~20 Passive 0.24 0.11 323.4

ASX 30 VLC 62.30 Vanguard MSCI Large Cap ~24 Passive 0.20 0.20 109.7

ASX 50 SFY 55.08 State Street S&P/ASX 50 ~55 Passive 0.29 0.25 620.8

Small/Mid Cap

ASX MidCap 50 MVE 28.50 VanEck S&P/ASX MidCap 50 ~50 Passive 0.45 0.48 123.6

ASX 200 Ex-20 EX20 17.16 BetaShares NASDAQ Australia Completion Cap ~180 Smart Beta 0.25 0.35 122.3

ASX Small Ords ISO 4.72 iShares S&P/ASX Small Ordinaries ~203 Passive 0.55 0.34 98.7

ASX Small Ords SSO 14.77 State Street S&P/ASX Small Ordinaries ~194 Passive 0.50 0.41 22.4

ASX Small Companies VSO 56.38 Vanguard MSCI Small Cap ~171 Passive 0.30 0.30 371.1

ASX Small Div Payers MVS 18.61 VanEck MVIS Australia Small-Cap Dividend Payers ~94 Smart Beta 0.49 0.60 64.9

Sector

Australian Banks MVB 20.37 VanEck MVIS Australian Banks ~7 Passive 0.28 0.16 126.3

ASX 200 Financials ex A-REIT QFN 8.61 BetaShares Solactive Australia Financials Ex-REITS Sector ~28 Passive 0.34 0.19 23.2

ASX 200 Financials ex A-REIT OZF 15.49 State Street S&P/ASX 200 X-A-REITs ~27 Passive 0.40 0.17 74.9

ASX 200 Property MVA 19.00 VanEck MVIS Australian A-REIT ~14 Smart Beta 0.35 0.56 223.4

ASX 200 Property SLF 10.56 State Street S&P/ASX 200 A-REITs ~24 Passive 0.40 0.21 484.7

ASX 300 Property VAP 71.36 Vanguard S&P/ASX 300 A-REITs ~30 Passive 0.23 0.18 1,597.1

ASX 200 Resources OZR 11.88 State Street S&P/ASX 200 Resources ~39 Passive 0.40 0.25 87.6

ASX 200 Resources QRE 6.51 BetaShares Solactive Australia Resources Sector ~35 Passive 0.34 0.31 88.1

Australian Resources MVR 29.18 VanEck MVIS Australian Energy & Mining ~26 Passive 0.35 0.50 80.4

Technology ATEC 18.55 BetaShares S&P/ASX All Technology Index ~50 Passive 0.48 0.34 75.2

Strategy

High Dividend ZYAU 9.57 ETF Securities S&P/ASX Shareholder Yield ~39 Smart Beta 0.35 0.48 117.3

High Dividend IHD 12.65 iShares S&P/ASX Dividend Opportunities ~50 Smart Beta 0.30 0.17 288.7

High Dividend RDV 23.75 Russell Russell High Dividend ~51 Smart Beta 0.34 0.18 240.3

High Dividend SYI 25.59 State Street MSCI Australian Select High Dividend Yield ~43 Smart Beta 0.35 0.10 173.7

High Dividend VHY 52.83 Vanguard FTSE ASFA Australian High Dividend Yield ~66 Smart Beta 0.25 0.17 1,368.9

Style

Equal Weight MVW 27.99 VanEck MVIS Australia Equal Weight ~94 Smart Beta 0.35 0.14 1,152.9

Multifactor AUMF 28.06 iShares MSCI Australia IMI Diversified Multiple-Factor ~86 Smart Beta 0.30 0.26 20.4

Minimum Volatility MVOL 27.20 iShares MSCI Australia IMI Select Minimum Volatility ~117 Smart Beta 0.30 0.22 65.4

RAFI ASX 200 QOZ 11.92 BetaShares FTSE RAFI Australia 200 ~202 Smart Beta 0.40 0.19 260.5

Environmental, Social & Governance (ESG)

High Dividend RARI 20.56 Russell Russell Australia ESG High Dividend ~72 Smart Beta 0.45 0.48 223.9

Sustainable GRNV 24.38 VanEck MSCI Australia IMI Select SRI Screened Index ~67 Smart Beta 0.35 0.23 58.7

Sustainability Leaders FAIR 17.20 BetaShares Nasdaq Future Australian Sustainability Leaders ~80 Smart Beta 0.49 0.23 580.5

Exchange Traded Managed Fund (Equity)

Australian Share Fund AASF 2.72 Airlie S&P/ASX 200 Accumulation n/a Active n/a 0.81 29.6

Dividend Growth SWTZ 2.20 Switzer S&P/ASX 200 Accumulation n/a Active 0.89 0.93 77.1

Dividend Harvester HVST 13.08 BetaShares S&P/ASX 200 Accumulation ~2 Active 0.90 0.27 125.4

Ethical INES 2.77 InvestSMART S&P/ASX 200 Accumulation n/a Active 0.97 1.04 20.0

Equities Bear BEAR 11.66 BetaShares S&P/ASX 200 Accumulation ~1 Active 1.38 0.15 116.0

Equity Income EINC 7.30 Legg Mason S&P/ASX 200 n/a Active 0.85 0.72 25.3

Equity Income INIF 2.14 InvestSMART S&P/ASX 200 Accumulation n/a Active 0.97 1.16 56.2

Geared Equity GEAR 18.61 BetaShares S&P/ASX 200 ~200 Active 0.80 0.13 191.9

Income Generator EIGA 3.25 eInvest S&P/ASX 300 Franking Credit Adjusted Daily TR n/a Active 0.80 0.76 20.6

Managed Risk AUST 15.60 BetaShares S&P/ASX 200 ~200 Smart Beta 0.49 0.30 48.9

Real Income RINC 7.49 Legg Mason S&P/ASX 200 n/a Active 0.85 0.65 41.0

SelfWealth SMSF Leaders SELF 42.11 ETF Securities Solactive SelfWealth SMSF Leaders Index ~43 Smart Beta 0.88 0.55 91.0

Small Cap KSM 1.93 K2 Asset S&P/ASX Small Ordinaries Accumulation n/a Active 2.05 n/a 7.7

Small Cap IMPQ 4.40 eInvest S&P/ASX Small Ordinaries Accumulation n/a Active 0.99 1.14 1.8

Small Companies Select SMLL 3.37 BetaShares S&P/ASX Small Ordinaries Accumulation ~84 Smart Beta 0.39 0.79 37.7

Strong Bear BBOZ 7.93 BetaShares S&P/ASX 200 n/a Active 1.38 0.16 494.4

Top 20 Equity Yield Max YMAX 7.33 BetaShares S&P/ASX 20 ~20 Smart Beta 0.79 0.47 252.3

Exchange Traded Managed Fund (Mixed Asset)

Dynamic Markets DMKT 2.16 AMP Capital RBA CPI - trimmed mean + 4.5% pa. n/a Active 0.61 1.68 6.0

Real Return GROW 3.62 Schroder RBA CPI - trimmed mean + 5% pa. n/a Active 0.90 0.70 38.5

Description ETF Code Price ($) Manager Benchmark Holdings Strategy MER (%)Spread

(%)

Market Cap

($m)



SOURCE: BLOOMBERG, BELL POTTER RESEARCH. DATA AS AT 18 AUG 2020. ¹DISTRIBUTION YIELD IS THE TRAILING 12 MONTH NET YIELD.

1 Month 3 Month 6 Month YTD 1 Year 3 Year 5 Year

Broad Market

ASX 200 A200 102.25 BetaShares 3.4% Quarterly 0.4% 7.6% -14.4% -10.2% -10.1% n/a n/a May-18

ASX 200 IOZ 25.02 iShares 3.3% Quarterly 0.5% 7.6% -14.3% -10.0% -9.9% 5.2% 4.9% Dec-10

ASX 200 STW 56.79 State Street 3.5% Quarterly 0.5% 7.6% -14.2% -10.0% -9.9% 5.2% 5.0% Aug-01

ASX 300 VAS 77.83 Vanguard 3.4% Quarterly 0.6% 7.9% -14.1% -9.9% -9.7% 5.4% 5.1% May-09

Large Cap

ASX 20 ILC 23.30 iShares 4.2% Quarterly 0.2% 6.3% -14.9% -10.1% -11.0% 4.3% 3.0% Dec-10

ASX 30 VLC 62.30 Vanguard 3.9% Quarterly 0.9% 7.4% -14.5% -9.9% -10.5% 4.8% 3.5% May-11

ASX 50 SFY 55.08 State Street 4.2% Quarterly 0.2% 6.3% -15.9% -11.6% -11.4% 4.7% 4.0% Aug-01

Small/Mid Cap

ASX MidCap 50 MVE 28.50 VanEck 3.0% Half Yearly 2.0% 14.3% -7.5% -3.2% -2.7% 6.8% 11.4% Oct-13

ASX 200 Ex-20 EX20 17.16 BetaShares 3.0% Half Yearly 0.5% 8.2% -14.5% -11.7% -9.4% 5.9% n/a Oct-16

ASX Small Ords ISO 4.72 iShares 2.8% Half Yearly 1.3% 10.1% -11.1% -8.1% -8.9% 5.9% 7.3% Dec-10

ASX Small Ords SSO 14.77 State Street 1.9% Half Yearly 1.3% 10.1% -10.4% -7.3% -8.3% 6.1% 7.6% Apr-11

ASX Small Companies VSO 56.38 Vanguard 7.1% Half Yearly 1.4% 13.8% -7.3% -3.2% -4.8% 7.8% 8.7% May-11

ASX Small Div Payers MVS 18.61 VanEck 3.8% Half Yearly 2.0% 11.2% -13.1% -11.0% -12.9% 3.6% 5.8% May-15

Sector

Australian Banks MVB 20.37 VanEck 3.7% Irregular -1.1% 10.2% -24.9% -21.2% -25.6% -5.2% -2.1% Oct-13

ASX 200 Financials ex A-REIT QFN 8.61 BetaShares 6.1% Half Yearly -1.3% 8.4% -23.4% -19.9% -24.0% -5.8% -2.6% Dec-10

ASX 200 Financials ex A-REIT OZF 15.49 State Street 4.4% Half Yearly -1.1% 8.5% -23.2% -19.7% -23.8% -5.8% -2.5% Apr-11

ASX 200 Property MVA 19.00 VanEck 5.2% Half Yearly -1.1% 4.4% -28.0% -22.9% -24.8% 3.2% 4.3% Oct-13

ASX 200 Property SLF 10.56 State Street 9.0% Quarterly 0.6% 6.2% -25.3% -20.6% -22.7% 1.9% 3.1% Feb-02

ASX 300 Property VAP 71.36 Vanguard 3.9% Quarterly 0.6% 6.5% -25.2% -20.5% -22.3% 2.5% 3.6% Oct-10

ASX 200 Resources OZR 11.88 State Street 3.5% Half Yearly 4.3% 14.4% -4.8% -4.1% -4.4% 14.0% 11.2% Apr-11

ASX 200 Resources QRE 6.51 BetaShares 2.1% Half Yearly 4.5% 14.6% -4.6% -3.9% -4.5% 14.0% 11.1% Dec-10

Australian Resources MVR 29.18 VanEck 4.2% Half Yearly 3.7% 12.0% -5.8% -4.6% -4.1% 14.4% 13.4% Oct-13

Technology ATEC 18.55 BetaShares 1.5% Irregular 3.9% 25.2% n/a n/a n/a n/a n/a Mar-20

Strategy

High Dividend ZYAU 9.57 ETF Securities 4.1% Quarterly 2.1% 9.5% -18.3% -16.1% -17.3% -0.6% 3.3% Jun-15

High Dividend IHD 12.65 iShares 4.3% Quarterly 0.8% 9.6% -13.7% -11.7% -11.0% 1.5% 1.0% Dec-10

High Dividend RDV 23.75 Russell 5.5% Quarterly -1.4% 4.9% -22.3% -19.7% -21.2% -2.2% -0.1% May-10

High Dividend SYI 25.59 State Street 4.8% Quarterly 0.4% 9.3% -15.8% -13.3% -14.6% 0.2% 1.5% Sep-10

High Dividend VHY 52.83 Vanguard 4.8% Quarterly 1.1% 9.8% -14.6% -11.2% -13.0% 0.9% 2.2% May-11

Style

Equal Weight MVW 27.99 VanEck 4.0% Half Yearly 0.2% 8.3% -14.4% -11.0% -10.4% 5.3% 7.0% Mar-14

Multifactor AUMF 28.06 iShares 2.9% Half Yearly 1.8% 10.0% -11.9% -8.3% -9.9% 5.9% n/a Oct-16

Minimum Volatility MVOL 27.20 iShares 2.8% Half Yearly 0.9% 8.5% -12.3% -8.1% -9.5% 6.0% n/a Oct-16

RAFI ASX 200 QOZ 11.92 BetaShares 3.7% Half Yearly -0.4% 7.6% -17.2% -13.6% -14.4% 1.9% 3.9% Jul-13

Environmental, Social & Governance (ESG)

High Dividend RARI 20.56 Russell 5.8% Half Yearly -1.3% 4.1% -21.1% -18.0% -18.9% 0.7% 2.3% Apr-15

Sustainable GRNV 24.38 VanEck 4.5% Quarterly 2.4% 8.8% -12.3% -7.3% -8.0% 5.8% n/a May-16

Sustainability Leaders FAIR 17.20 BetaShares 3.0% Half Yearly -1.0% 6.2% -10.7% -5.2% -6.0% n/a n/a Nov-17


Australian Share Fund AASF 2.72 Airlie 2.9% Irregular 0.6% n/a n/a n/a n/a n/a n/a Jun-18

Dividend Growth SWTZ 2.20 Switzer 4.2% Quarterly 0.1% 6.1% -17.0% -12.7% -12.7% 1.3% n/a Feb-17

Dividend Harvester HVST 13.08 BetaShares 8.1% Monthly 0.1% 1.3% -10.6% -7.3% -12.2% -1.2% -1.1% Nov-14

Ethical INES 2.77 InvestSMART 0.5% Irregular 2.2% 8.0% -0.9% 3.4% 7.1% n/a n/a Jun-19

Equities Bear BEAR 11.66 BetaShares n/a Irregular -0.3% -7.9% 6.5% 0.8% 1.7% -7.1% -6.1% Jul-12

Equity Income EINC 7.30 Legg Mason 3.9% Quarterly -0.6% 6.9% -17.0% -14.2% -14.8% n/a n/a Feb-18

Equity Income INIF 2.14 InvestSMART 3.3% Half Yearly 1.0% 6.4% -14.2% -12.4% -11.2% n/a n/a Jun-18

Geared Equity GEAR 18.61 BetaShares 6.8% Half Yearly 0.9% 17.0% -38.4% -31.6% -32.6% 0.7% 1.6% Apr-14

Income Generator EIGA 3.25 eInvest 6.2% Monthly -0.7% 8.2% -16.0% -13.5% -13.6% n/a n/a May-18

Managed Risk AUST 15.60 BetaShares 3.3% Half Yearly 0.3% 3.0% -10.9% -7.5% -9.4% 3.4% n/a Oct-15

Real Income RINC 7.49 Legg Mason 4.8% Quarterly -2.1% 1.9% -24.2% -21.5% -21.2% n/a n/a Feb-18

SelfWealth SMSF Leaders SELF 42.11 ETF Securities 11.7% Quarterly 0.2% 7.7% -17.3% -14.6% n/a n/a n/a Nov-19

Small Cap KSM 1.93 K2 Asset 0.5% Annually 4.9% 11.5% -17.5% -15.4% -12.3% -4.0% n/a Dec-15

Small Cap IMPQ 4.40 eInvest n/a n/a 0.8% 10.8% -8.3% -3.7% 1.2% n/a n/a May-19

Small Companies Select SMLL 3.37 BetaShares 2.5% Half Yearly 2.9% 13.6% -7.8% -5.2% -7.0% 5.6% n/a Apr-17

Strong Bear BBOZ 7.93 BetaShares n/a Irregular -1.4% -20.9% 0.5% -11.8% -11.9% -21.6% -18.5% Apr-15

Top 20 Equity Yield Max YMAX 7.33 BetaShares 9.4% Quarterly 1.5% 6.2% -13.4% -9.7% -11.7% 1.4% 1.1% Nov-12

Exchange Traded Managed Fund (Mixed Asset)

Dynamic Markets DMKT 2.16 AMP Capital 3.5% Irregular 0.5% 0.5% -13.3% -16.0% -12.9% -4.2% n/a Aug-16

Real Return GROW 3.62 Schroder n/a Half Yearly 0.5% 2.4% -1.2% 0.1% 1.2% 3.6% n/a Aug-16

Price ($) ManagerDistribution

Yield¹

Distribution

Frequency

Return (as at 31 July 2020)ListedETF CodeDescription


Global Equity ETFs.

Net inflows of ~$620m into global equity ETFs were recorded in July, as the total FUM

approached January 2020’s month-end high. BetaShares Global Sustainability Leaders ETF

(ETHI) recorded the highest net inflows with ~$94m. ETHI aims to track the performance

of the Nasdaq Future Global Sustainability Leaders Index before fees and expenses. The fund

will generally invest in a portfolio of global equity securities that comprise the index and with

similar proportionate weights. The index employs negative screens designed to exclude

companies materially engaged in activities deemed inconsistent with responsible investment

considerations; such as fossil fuels, gambling, tobacco and armaments. On the other hand,

positive screens aim to provide exposure to companies that show a commitment to ethical

principles and a responsible way of operating.

The top performing ETF for the month was BetaShares Global Gold Miners ETF Currency

Hedged ($A) (MNRS), returning 18.6%. MNRS aims to replicate the performance of the

NASDAQ Global Ex-Australia Gold Miners Hedged AUD Index. MNRS provides investors with

diversification benefits, enabling them to spread risk beyond the relatively small Australian gold

mining sector. For instance, Australia comprised just 4.9% of the fund’s country allocation as at

31 July 2020. Canada and South America accounted for the bulk of this, with country allocation

weights of 49.1% and 14.3% respectively. MNRS also offers defensive benefits as gold miners’

fortunes are closely linked to the price of gold.

BlackRock products led the global net outflows with iShares S&P 500 ETF (IVV) recording net

outflows of ~$24m for the month. IVV seeks to track the performance of the S&P 500 Index

before fees and expenses. The index is designed to measure the performance of large

capitalisation US equities. Thus, it is heavily weighted towards Information Technology and

Healthcare. Top underlying holdings for 31 July included Silicon Valley’s Apple, Alphabet

(Google) and Facebook. The Australian dollar hedged equivalent iShares S&P 500 AUD

Hedged ETF (IHVV) also experienced net outflows of ~$14m.

Figure 25 - Global equity net fund flows


Figure 26 - Global equity FUM


ETHI BetaShares Global Sustainability Leaders ETF $94.4m

NDQ BetaShares Nasdaq 100 ETF $73.1m

ASIA BetaShares Asia Technology Tigers ETF $33.4m

HACK BetaShares Global Cybersecurity ETF $32.7m

QUAL VanEck Vectors MSCI World Ex Australia Quality $30.9m

Figure 27 - Global equity July net fund inflows



IVV iShares S&P 500 ETF -$24.1m

IHVV iShares S&P 500 AUD Hedged ETF -$13.8m

GGUS BetaShares Geared U.S. Equity Fund - CH -$7.5m

IEU iShares Europe ETF -$6.6m

WVOL iShares Edge World Minimum Volatility ETF -$4.9m

Figure 28 - Global equity July net fund outflows



QUAL VanEck Vectors MSCI World Ex Australia Quality $378.1m

VGAD Vanguard MSCI Index International Shares (Hedged) $369.4m

VGS Vanguard MSCI Index International Shares ETF $349.6m

ETHI BetaShares Global Sustainability Leaders ETF $349.3m

BBUS BetaShares US Eq Strong Bear Hedged Fund $340.7m

Figure 29 - Global equity 1 year net fund inflows



IVV iShares S&P 500 ETF -$186.1m

IEU iShares Europe ETF -$132.5m

IXI iShares Global Consumer Staples ETF -$69.8m

VEQ Vanguard FTSE Europe Shares ETF -$44.3m

PAXX Platinum Asia Fund -$32.8m

Figure 30 - Global equity 1 year net fund outflows


+$176m

+$373m

+$456m

+$581m

+$744m

+$783m

+$514m

-$15m

+$257m

+$604m

+$468m

+$620m

-$100m

$0m

$100m

$200m

$300m

$400m

$500m

$600m

$700m

$800m

$900m


$20bn

$21bn

$22bn

$23bn

$24bn

$25bn

$26bn

$27bn

$28bn

$29bn

$30bn



Global Equity ETFs.


Global

World Ex-Australia WXOZ 33.61 State Street S&P Developed ex Australia LargeMidCap A$ ~1,581 Passive 0.30 0.33 202.9

World Ex-Australia VGS 79.89 Vanguard MSCI World ex-Australia ~1,544 Passive 0.18 0.05 2,192.2

All World Ex-US VEU 71.64 Vanguard FTSE All World Ex-US n/a Passive 0.08 0.24 1,311.0

Global 100 IOO 79.40 iShares S&P Global 100 ~100 Passive 0.40 0.12 1,830.2

Small Companies VISM 49.69 Vanguard MSCI World ex-Australia Small Cap ~4,053 Passive 0.32 0.62 37.9

World All Cap IWLD 36.72 iShares MSCI World Investable Market (Net TR) ~6 Passive 0.09 0.51 119.7

Global (Currency Hedged)

World Ex-Australia (A$) WXHG 23.07 State Street S&P Developed ex Aus LargeMidCap (A$ Hedged) ~1 Passive 0.35 0.51 101.6

World Ex-Australia (A$) VGAD 75.16 Vanguard MSCI World ex-Australia (A$ Hedged) ~5 Passive 0.21 0.12 1,104.9

Global 100 (A$) IHOO 125.38 iShares S&P Global 100 (A$ Hedged) ~109 Passive 0.43 0.83 93.1

S&P 500 (A$) IHVV 404.10 iShares S&P 500 (A$ Hedged) ~2 Passive 0.10 0.12 519.2

World All Cap (A$) IHWL 36.02 iShares MSCI World IMI (Net TR) 100% (A$ Hedged) ~4 Passive 0.12 0.33 158.5

Europe (A$) HEUR 10.82 BetaShares WisdomTree Europe Equity (A$ Hedged) ~149 Smart Beta 0.56 0.41 25.1

Japan (A$) HJPN 12.74 BetaShares WisdomTree Japan Equity (A$ Hedged) ~129 Smart Beta 0.56 0.37 31.9

Nasdaq 100 ($A) HNDQ 26.44 BetaShares NASDAQ 100 (A$ Hedged) n/a Passive 0.51 0.34 21.2

United States

US Broad Market Index VTS 237.90 Vanguard CRSP US Broad Market ~3,512 Passive 0.03 0.08 1,705.9

S&P 500 IVV 469.72 iShares S&P 500 ~1 Passive 0.04 0.05 3,275.2

S&P 500 SPY 468.00 State Street S&P 500 ~506 Passive 0.09 0.14 439,443.6

Nasdaq 100 NDQ 25.89 BetaShares NASDAQ 100 ~103 Passive 0.48 0.07 1,059.5

MidCap 400 IJH 270.91 iShares S&P Midcap 400 n/a Passive 0.07 0.32 123.8

SmallCap 600 IJR 104.95 iShares S&P SmallCap 600 n/a Passive 0.07 0.37 179.1

Country

China Large Cap IZZ 60.85 iShares FTSE China 50 n/a Passive 0.74 0.48 99.7

China A-Shares 50 CETF 62.60 VanEck FTSE China A50 Index ~50 Passive 0.60 0.42 21.7

China New Economy CNEW 9.78 VanEck CSI MarketGrader China New Economy ($A) ~120 Smart Beta 0.95 1.04 116.4

India NDIA 42.60 ETF Securities NSE Nifty 50 Index ~51 Passive 0.85 0.64 11.5

India Quality IIND 8.03 BetaShares Solactive India Quality Select Index Net Total Return ~30 Smart Beta 0.80 0.78 24.1

Japan IJP 80.33 iShares MSCI Japan n/a Passive 0.47 0.36 262.8

South Korea IKO 90.00 iShares MSCI South Korea Capped Fund n/a Passive 0.59 0.90 91.0

United Kingdom F100 8.45 BetaShares FTSE 100 Index ~100 Passive 0.45 0.47 136.1

Region

Asia 50 IAA 100.00 iShares S&P Asia 50 ~2 Passive 0.50 0.48 578.2

Asia Ex-Japan VAE 70.31 Vanguard FTSE Asia Ex-Jpn, Aus & NZ (Net Div Reinvested) ~1,332 Passive 0.40 0.57 195.4

Asia Tech (Ex-Japan) ASIA 9.48 BetaShares Solactive Asia Ex-Jpn Tech & Internet Tigers ~50 Smart Beta 0.67 0.41 227.9

Europe, Australasia & Far East IVE 90.08 iShares MSCI EAFE ~2 Passive 0.31 0.56 359.8

Euro Stoxx 50 ESTX 63.52 ETF Securities Euro Stoxx 50 ~50 Passive 0.35 0.29 51.3

Europe 350 IEU 60.26 iShares S&P Europe 350 n/a Passive 0.60 0.41 524.3

Europe Developed VEQ 53.91 Vanguard FTSE Developed Europe ~1,307 Passive 0.35 0.43 179.6

Emerging Markets IEM 61.80 iShares MSCI Emerging Markets n/a Passive 0.67 0.36 716.0

Emerging Markets WEMG 21.74 State Street SPDR S&P EM Large Mid Cap ~583 Passive 0.65 0.53 20.0

Emerging Markets VGE 67.82 Vanguard FTSE Emerging ($A) ~4,181 Passive 0.48 0.32 367.5

Sector

Battery Tech & Lithium ACDC 60.41 ETF Securities Solactive Battery Value-Chain ~30 Smart Beta 0.82 0.50 25.4

Biotech CURE 59.95 ETF Securities S&P Biotechnology Select Industry ~132 Smart Beta 0.45 0.80 16.9

Consumer Staples IXI 77.33 iShares S&P Global Consumer Staples n/a Passive 0.47 0.82 120.9

Cybersecurity HACK 7.35 BetaShares NASDAQ CTA Cybersecurity ~43 Passive 0.67 0.63 235.0

FANG+ FANG 13.75 ETF Securities NYSE FANG+ Index ~10 Passive 0.35 0.28 67.4

Healthcare IXJ 101.12 iShares S&P Global Healthcare n/a Passive 0.47 0.22 737.4

Infrastructure CORE 46.91 ETF Securities Solactive Global Core Infrastructure Low Volatility ~74 Smart Beta 0.55 0.63 18.8

Infrastructure VBLD 54.38 Vanguard FTSE Developed Core Infrastructure ~142 Passive 0.47 0.34 93.7

Robotics and Automation ROBO 68.91 ETF Securities ROBO Global Robotics and Automation ~86 Smart Beta 0.82 0.48 132.1

Robotics and AI RBTZ 11.84 BetaShares Indxx Global Robotics & AI Thematic ~31 Smart Beta 0.57 0.81 44.1

Select Real Estate DJRE 18.30 State Street SPDR Dow Jones Global Select Real Estate ~237 Passive 0.50 0.32 289.4

Property REIT 16.26 VanEck FTSE EPRA Nareit Developed ex-AU Rental Index (A$) ~309 Smart Beta 0.43 0.38 49.8

Technology TECH 83.73 ETF Securities Morningstar Dev. Markets Tech Moat Focus ~35 Smart Beta 0.45 0.36 163.3

Gold Miners GDX 60.41 VanEck NYSE Arca Gold Miners ~1 Passive 0.53 1.33 412.2

Sector (Currency Hedged)

Agriculture Ex-Aus (A$) FOOD 5.43 BetaShares NASDAQ Global ex-AU Agriculture (A$ Hedged) ~58 Passive 0.57 1.13 18.5

Banks Ex-Aus (A$) BNKS 4.77 BetaShares NASDAQ Global ex-AU Banks (A$ Hedged) ~59 Passive 0.57 1.03 27.8

Energy Ex-Aus (A$) FUEL 3.58 BetaShares NASDAQ Global ex-AU Energy (A$ Hedged) ~47 Passive 0.57 0.57 205.6

Gold Miners Ex-Aus (A$) MNRS 7.98 BetaShares NASDAQ Global ex-AU Gold Miners (A$ Hedged) ~46 Passive 0.57 1.69 49.5

Healthcare Ex-Aus (A$) DRUG 6.75 BetaShares NASDAQ Global ex-AU Healthcare (A$ Hedged) ~60 Passive 0.57 0.37 58.2

Infrastructure (50% A$) IFRA 19.00 VanEck FTSE Developed Core Infrastructure (50/50 A$ Hedged) ~142 Smart Beta 0.52 0.42 230.8

Market Cap

($m)Description ETF Code Price ($) Manager Benchmark Holdings Strategy MER (%)

Spread

(%)


Global Equity ETFs.


Fundamentals

Emerging Markets Multifactor EMKT 19.29 VanEck MSCI EM Diversified Multiple-Factor ($A) ~240 Smart Beta 0.69 0.57 30.9

Morningstar Wide Moat MOAT 76.85 VanEck Morningstar Wide Moat Focus ~1 Smart Beta 0.49 0.21 169.3

RAFI US 1000 QUS 33.75 BetaShares FTSE RAFI US 1000 ~686 Smart Beta 0.40 0.25 48.0

World Minimum Volatility WVOL 31.63 iShares MSCI World Minimum Volatility ($A) ~435 Smart Beta 0.30 0.51 123.0

World Multifactor WDMF 32.69 iShares MSCI World Diversified Multiple-Factor (A$) ~317 Smart Beta 0.35 1.18 226.5

World Quality QMIX 20.71 State Street MSIC World Quality Mix ~766 Smart Beta 0.40 0.40 23.1

World Quality QLTY 19.92 BetaShares iSTOXX MUTB Global ex-Aus Quality Leaders ~149 Smart Beta 0.35 0.43 64.5

World Quality (A$ Hedged) HQLT 21.43 BetaShares iSTOXX MUTB Global ex-Aus Quality Leaders (A$) ~1 Smart Beta 0.38 0.60 3.2

World Quality (ex-Australia) QUAL 32.19 VanEck MSCI World ex-AU Quality ~299 Smart Beta 0.40 0.20 1,198.2

World Quality (ex-Au) (A$ Hedged) QHAL 31.42 VanEck MSCI World ex-AU Quality (A$) ~1 Smart Beta 0.43 0.49 219.3

Yield

Dividend Fund WDIV 15.43 State Street SPDR S&P Global Dividend Aristocrats Fund ~116 Smart Beta 0.50 0.31 255.3

Income Leaders INCM 12.40 BetaShares NASDAQ Global Income Leaders NTR ~100 Smart Beta 0.45 0.77 16.8

S&P 500 High Yield Low Volatility ZYUS 10.23 ETF Securities S&P 500 Low Volatility High Dividend ~50 Smart Beta 0.35 0.40 67.5

Environmental, Social and Governance (ESG)

Ethically Conscious VESG 58.08 Vanguard FTSE Dev. Ex-AU/N-R Energy/Vice Prod./Weapons (A$) ~1,575 Smart Beta 0.18 0.24 128.8

Sustainability Leaders ETHI 10.09 BetaShares NASDAQ Future Global Sustainability Leaders ~199 Smart Beta 0.59 0.22 775.4

Sustainability Leaders (A$) HETH 10.47 BetaShares NASDAQ Future Global Sustainability Leaders (A$) ~1 Smart Beta 0.62 0.53 6.3

International Sustainable Equity ESGI 24.54 VanEck MSCI World ex-AU (with ESG filters) ~179 Smart Beta 0.55 0.37 41.8


Asia PAXX 5.11 Platinum Platinum Asia Fund n/a Active 1.10* 0.91 187.5

Emerging Markets EMMG 6.03 Legg Mason MSCI Emerging Markets n/a Active 1.00 0.66 11.4

Emerging Markets FEMX 5.54 Fidelity MSCI Emerging Markets NR ~36 Active 0.99 0.58 96.8

Equities AGX1 5.22 Antipodes MSCI All Country World Net n/a Active 1.10* 0.84 24.0

Equities MGE 3.90 Magellan MSCI World Net Total Return (A$) ~28 Active 1.35* 0.36 1,681.3

Equities (A$ Hedged) MHG 3.52 Magellan MSCI World Net Total Return (A$) ~27 Active 1.35 1.03 240.7

Equities (A$ Hedged) MOGL 3.32 Montgomery MSCI World Net Total Return (A$) n/a Active 1.32* 0.59 83.4

Equities MSTR 9.04 Morningstar MSCI ACWI (ex-Aus) Net Div Reinvested (A$) n/a Active 0.39 0.69 98.6

Global Extension (Hedge Fund) MKAX 3.44 Montaka 7% p.a. n/a Active 1.25* 0.83 33.7

International Fund PIXX 4.27 Platinum Platinum International Fund n/a Active 1.10* 0.73 300.8

Managed Risk WRLD 13.17 BetaShares MSCI World (A$) ~2 Smart Beta 0.54 0.36 70.2

Exchange Traded Managed Fund (Strategy)

US Equities Bear (A$ Hedged) BBUS 2.11 BetaShares S&P 500 (A$) n/a Active 1.38 0.51 278.5

Geared US Equity (A$ Hedged) GGUS 20.37 BetaShares S&P 500 (A$) ~1 Smart Beta 0.80 0.10 42.8

S&P 500 Yield Maximiser UMAX 18.05 BetaShares S&P 500 ~1 Smart Beta 0.79 0.26 85.8

Global Minimum Volatility VMIN 56.23 Vanguard FTSE Global All Cap (A$) ~184 Active 0.28 1.00 12.9

Global Multi-Factor VGMF 47.27 Vanguard FTSE Developed All-Cap in A$ ~926 Active 0.33 0.62 17.0

Global Value Equity VVLU 39.93 Vanguard FTSE Developed All-Cap in A$ ~1,212 Active 0.28 0.39 28.6

Global Quality Growth WCMQ 6.88 WCM MSCI ACWI (ex-Aus) Gross Div Reinvested (A$) n/a Active 1.35 0.51 123.8

Ultra Short Nasdaq (A$ Hedged) SNAS 8.87 ETF Securities NASDAQ 100 n/a Smart Beta 1.00 0.22 6.7

Ultra Long Nasdaq (A$ Hedged) LNAS 10.82 ETF Securities NASDAQ 100 n/a Smart Beta 1.00 0.26 1.6

Exchange Traded Managed Fund (Infrastructure & Property)

Global Infrastructure GLIN 2.77 AMP Capital Dow Jones Brookfield Global Infrastructure Net Acc A$ n/a Active 0.94 1.05 30.6

Global Infrastructure (A$ Hedged) MICH 2.80 Magellan S&P Global Infrastructure NTR (A$) n/a Active 1.05 0.55 632.2

Global Property RENT 2.60 AMP Capital FTSE EPRA/NAREIT Developed NTR A$ n/a Active 0.99 0.86 21.4

Mixed Asset (Global)

Diversified Balanced DBBF 24.68 BetaShares Balanced Composite ~10 Smart Beta 0.26 0.41 2.5

Diversified Balanced VDBA 55.15 Vanguard Balanced Composite ~15,716 Smart Beta 0.27 0.32 268.7

Diversified Conservative Income DZZF 23.95 BetaShares Conservative Income Composite ~6 Smart Beta 0.26 0.33 3.6

Diversified Conservative VDCO 55.48 Vanguard Conservative Composite ~15,715 Smart Beta 0.27 0.40 115.7

Diversified Growth DGGF 24.38 BetaShares Growth Composite ~10 Smart Beta 0.26 0.28 2.5

Diversified Growth VDGR 54.29 Vanguard Growth Composite ~15,716 Smart Beta 0.27 0.39 265.6

Diversified High Growth DHHF 23.74 BetaShares High Growth Composite ~7 Smart Beta 0.26 0.26 4.8

Diversified High Growth VDHG 53.95 Vanguard High Growth Composite ~0 Smart Beta 0.27 0.27 456.5

Strategy MER (%)Spread

(%)

Market Cap

($m)Description ETF Code Price ($) Manager Benchmark Holdings


Global Equity ETFs.



Global

World Ex-Australia WXOZ 33.61 State Street 2.2% Annually 0.4% 2.6% -7.0% -3.1% 3.4% 11.3% 8.0% Mar-13

World Ex-Australia VGS 79.89 Vanguard 2.4% Quarterly 0.6% 2.9% -7.0% -3.0% 3.5% 11.7% 8.2% Nov-14

All World Ex-US VEU 71.64 Vanguard 2.6% Quarterly 0.3% 2.0% -10.8% -8.6% -2.5% 5.3% 4.0% May-09

Global 100 IOO 79.40 iShares 1.5% Half Yearly 0.3% 2.3% -4.1% 1.0% 9.8% n/a n/a Oct-07

Small Companies VISM 49.69 Vanguard 4.2% Irregular -0.3% 3.8% -13.3% -11.6% -6.1% n/a n/a Nov-18

World All Cap IWLD 36.72 iShares 2.4% Half Yearly 0.4% 2.6% -8.5% -5.1% 1.3% 10.2% n/a Apr-16

Global (Currency Hedged)

World Ex-Australia (A$) WXHG 23.07 State Street 4.2% Annually 3.3% 10.2% -3.8% -4.3% 3.1% 6.4% 7.1% Jul-13

World Ex-Australia (A$) VGAD 75.16 Vanguard n/a Half Yearly 3.3% 10.7% -3.5% -3.9% 3.6% 7.0% 7.5% Nov-14

Global 100 (A$) IHOO 125.38 iShares 2.8% Annually 3.1% 9.9% -1.1% -0.4% 8.5% 9.8% 9.9% Dec-14

S&P 500 (A$) IHVV 404.10 iShares 1.8% Annually 5.5% 12.4% -1.3% -1.4% 6.9% 9.5% 10.1% Dec-14

World All Cap (A$) IHWL 36.02 iShares n/a Irregular 3.0% 10.1% -5.9% -6.8% 0.5% 5.4% n/a Apr-16

Europe (A$) HEUR 10.82 BetaShares 13.9% Half Yearly -1.3% 8.2% -11.8% -13.6% -7.2% 0.3% n/a May-16

Japan (A$) HJPN 12.74 BetaShares 0.6% Half Yearly -2.0% 5.3% -7.2% -9.3% 1.6% -0.7% n/a May-16

Nasdaq 100 ($A) HNDQ 26.44 BetaShares n/a n/a 2.1% n/a n/a n/a n/a n/a n/a Jul-20

United States

US Broad Market Index VTS 237.90 Vanguard 1.8% Quarterly 1.9% 1.2% -7.2% -1.3% 4.3% 15.0% 11.0% May-09

S&P 500 IVV 469.72 iShares 1.7% Quarterly 1.6% 3.1% -4.5% 0.3% 7.2% 15.4% 11.4% Oct-07

S&P 500 SPY 468.00 State Street 1.9% Quarterly 1.8% 3.0% -4.0% 0.7% 7.8% 17.4% 13.7% Oct-14

Nasdaq 100 NDQ 25.89 BetaShares 2.6% Half Yearly 3.1% 10.7% 13.4% 22.6% 34.0% 27.9% 20.0% May-15

MidCap 400 IJH 270.91 iShares 1.5% Quarterly 0.4% 3.7% -12.7% -10.7% -7.5% 7.0% 6.2% Oct-07

SmallCap 600 IJR 104.95 iShares 1.4% Quarterly 0.1% 2.9% -16.8% -16.2% -12.3% 5.2% 5.7% Oct-07

Country

China Large Cap IZZ 60.85 iShares 2.3% Half Yearly 0.0% -1.4% -2.1% -6.4% -1.1% 5.5% 3.3% Oct-07

China A-Shares 50 CETF 62.60 VanEck 0.9% Annually 6.1% 6.1% 2.2% 1.5% 5.6% 7.2% 1.1% Jun-15

China New Economy CNEW 9.78 VanEck 1.2% Irregular 9.2% 22.9% 29.7% 39.6% 50.8% n/a n/a Nov-18

India NDIA 42.60 ETF Securities n/a Irregular 4.7% 3.0% -17.2% -14.2% -12.4% n/a n/a Jun-19

India Quality IIND 8.03 BetaShares n/a n/a 5.2% 3.5% -9.6% -5.1% -2.1% n/a n/a Aug-19

Japan IJP 80.33 iShares 1.8% Half Yearly -5.0% -3.5% -11.6% -9.5% -2.3% 5.0% 3.1% Oct-07

South Korea IKO 90.00 iShares 1.5% Annually 1.3% 6.6% -2.4% -5.0% 6.5% 1.0% 6.0% Nov-07

United Kingdom F100 8.45 BetaShares 2.9% Half Yearly -2.3% -4.5% -23.3% -22.5% -17.0% n/a n/a Jul-19

Region

Asia 50 IAA 100.00 iShares 1.7% Half Yearly 2.9% 7.2% 4.8% 3.9% 13.9% 11.0% 11.0% Jul-08

Asia Ex-Japan VAE 70.31 Vanguard 2.6% Quarterly 4.0% 6.3% 0.8% 1.0% 7.3% 7.9% n/a Dec-15

Asia Tech (Ex-Japan) ASIA 9.48 BetaShares 2.4% Half Yearly 8.6% 26.8% 28.2% 32.1% 56.1% n/a n/a Sep-18

Europe, Australasia & Far East IVE 90.08 iShares 2.2% Irregular -2.1% 1.3% -13.1% -11.4% -5.5% 4.0% 2.4% Oct-07

Euro Stoxx 50 ESTX 63.52 ETF Securities 1.7% Half Yearly -0.5% 8.0% -11.6% -10.8% -4.5% 3.5% n/a Jul-16

Europe 350 IEU 60.26 iShares 1.6% Half Yearly -0.9% 3.2% -13.5% -12.0% -5.1% 3.6% 1.8% Oct-07

Europe Developed VEQ 53.91 Vanguard 2.5% Quarterly -0.5% 3.9% -13.4% -11.9% -4.4% 3.2% n/a Dec-15

Emerging Markets IEM 61.80 iShares 2.3% Half Yearly 3.9% 8.4% -3.6% -5.0% 1.9% 5.5% 5.9% Oct-07

Emerging Markets WEMG 21.74 State Street 2.6% Annually 4.1% 7.3% -5.6% -5.6% -0.6% 6.9% 6.2% Nov-13

Emerging Markets VGE 67.82 Vanguard 2.9% Quarterly 4.2% 8.8% -4.1% -4.9% 1.3% 5.7% 4.8% Nov-13

Sector

Battery Tech & Lithium ACDC 60.41 ETF Securities 1.3% Annually 4.8% 15.4% 2.3% 9.4% 17.8% n/a n/a Aug-18

Biotech CURE 59.95 ETF Securities 11.3% Annually -6.5% 6.5% 13.9% 11.6% 21.7% n/a n/a Nov-18

Consumer Staples IXI 77.33 iShares 2.0% Half Yearly 1.2% -0.7% -7.0% -2.7% 0.1% n/a n/a Sep-18

Cybersecurity HACK 7.35 BetaShares 12.4% Annually 3.6% 13.7% 8.8% 18.4% 17.3% 23.8% n/a Aug-16

FANG+ FANG 13.75 ETF Securities 0.9% Irregular 9.4% 20.2% 29.8% n/a n/a n/a n/a Feb-20

Healthcare IXJ 101.12 iShares 1.5% Half Yearly -0.5% -3.4% -1.1% 2.3% 14.1% n/a n/a Sep-18

Infrastructure CORE 46.91 ETF Securities 3.9% Quarterly -7.3% -13.4% -30.8% -25.8% -23.3% n/a n/a Sep-17

Infrastructure VBLD 54.38 Vanguard 1.9% Half Yearly -0.4% -3.8% -15.8% -8.5% -4.5% n/a n/a Oct-18

Robotics and Automation ROBO 68.91 ETF Securities 0.7% Annually 1.2% 7.6% 2.7% 6.6% 15.1% n/a n/a Sep-17

Robotics and AI RBTZ 11.84 BetaShares 4.3% Annually 1.9% 12.4% 9.0% 13.4% 23.7% n/a n/a Sep-18

Select Real Estate DJRE 18.30 State Street 3.1% Half Yearly -1.2% -4.4% -26.5% -22.6% -20.0% 0.3% 0.0% Nov-13

Property REIT 16.26 VanEck 4.7% Quarterly 2.1% 4.8% -21.8% -20.7% -16.2% n/a n/a Mar-19

Technology TECH 83.73 ETF Securities 9.4% Half Yearly 0.2% 12.5% 3.6% 11.3% 20.4% 25.2% n/a Apr-17

Gold Miners GDX 60.41 VanEck 0.4% Annually 12.9% 21.2% 38.6% 43.8% 55.7% 28.8% 27.0% Jun-15

Sector (Currency Hedged)

Agriculture Ex-Aus (A$) FOOD 5.43 BetaShares 0.6% Half Yearly 3.4% 7.4% -9.8% -14.5% -11.3% -1.9% n/a Aug-16

Banks Ex-Aus (A$) BNKS 4.77 BetaShares 2.6% Half Yearly -1.9% 0.3% -28.9% -33.6% -28.0% -10.6% n/a Jul-16

Energy Ex-Aus (A$) FUEL 3.58 BetaShares 3.1% Half Yearly -4.5% -3.4% -33.7% -39.2% -38.8% -12.4% n/a Jun-16

Gold Miners Ex-Aus (A$) MNRS 7.98 BetaShares 1.9% Irregular 18.6% 29.5% 49.6% 50.6% 79.4% 28.1% n/a Jul-16

Healthcare Ex-Aus (A$) DRUG 6.75 BetaShares 1.0% Half Yearly 1.9% 2.8% 2.5% 0.5% 12.8% 9.3% n/a Aug-16

Infrastructure (50% A$) IFRA 19.00 VanEck 3.8% Quarterly 1.3% 2.0% -16.0% -12.9% -8.7% 2.6% n/a May-16

Distribution

Frequency

Return (as at 31 July 2020)ListedDescription ETF Code Price ($) Manager

Distribution

Yield¹


Global Equity ETFs.



Fundamentals

Emerging Markets Multifactor EMKT 19.29 VanEck 2.5% Annually 6.6% 6.6% -3.4% -4.3% 3.4% n/a n/a Apr-18

Morningstar Wide Moat MOAT 76.85 VanEck 1.1% Annually -1.7% -2.1% -7.5% -4.2% 5.1% 15.9% 13.5% Jun-15

RAFI US 1000 QUS 33.75 BetaShares 4.2% Half Yearly -0.1% -0.5% -14.8% -12.7% -7.1% 7.6% 6.5% Dec-14

World Minimum Volatility WVOL 31.63 iShares 2.3% Half Yearly -0.1% -2.0% -11.7% -6.6% -3.2% 9.9% n/a Oct-16

World Multifactor WDMF 32.69 iShares 1.7% Half Yearly 0.7% 2.5% -9.7% -7.0% -2.1% 7.9% n/a Oct-16

World Quality QMIX 20.71 State Street 4.7% Half Yearly -0.7% -0.3% -10.3% -6.2% 0.0% 11.4% n/a Sep-15

World Quality QLTY 19.92 BetaShares 2.4% Half Yearly 0.2% 4.3% 1.4% 5.8% 14.8% n/a n/a Nov-18

World Quality (A$ Hedged) HQLT 21.43 BetaShares n/a n/a 3.0% n/a n/a n/a n/a n/a n/a Jun-20

World Quality (ex-Australia) QUAL 32.19 VanEck 1.1% Annually 0.4% 2.7% -1.4% 3.9% 13.4% 18.3% 12.4% Oct-14

World Quality (ex-Aus) Hedged QHAL 31.42 VanEck 1.0% Annually 3.2% 10.4% 2.4% 2.9% 13.2% n/a n/a Mar-19

Yield

Dividend Fund WDIV 15.43 State Street 6.2% Half Yearly -3.0% -5.8% -27.4% -25.2% -19.7% -0.5% 0.5% Nov-13

Income Leaders INCM 12.40 BetaShares 4.0% Quarterly -2.6% -4.4% -28.1% -27.9% -22.8% n/a n/a Oct-18

S&P 500 High Yield Low Volatility ZYUS 10.23 ETF Securities 6.6% Quarterly -1.7% -6.0% -23.6% -23.0% -19.7% 1.1% 4.4% Jun-15

Environmental, Social and Governance (ESG)

Ethically Conscious VESG 58.08 Vanguard 1.9% Quarterly 1.1% 3.9% -3.9% 0.6% 8.1% n/a n/a Sep-18

Sustainability Leaders ETHI 10.09 BetaShares 10.9% Half Yearly 0.3% 7.8% 5.2% 11.7% 23.0% 22.0% n/a Dec-16

Sustainability Leaders (A$) HETH 10.47 BetaShares n/a n/a -0.3% n/a n/a n/a n/a n/a n/a Jul-20

International Sustainable Equity ESGI 24.54 VanEck 1.5% Annually -0.2% 3.3% -5.1% -0.9% 7.8% n/a n/a Mar-18


Asia PAXX 5.11 Platinum 2.0% Annually 5.4% 9.6% 12.5% 12.9% 19.4% n/a n/a Sep-17

Emerging Markets EMMG 6.03 Legg Mason 0.3% Irregular 5.9% 9.9% -3.0% -1.2% 8.6% n/a n/a Jun-19

Emerging Markets FEMX 5.54 Fidelity n/a Irregular 6.4% 11.5% -1.9% -1.9% 5.8% n/a n/a Oct-18

Equities AGX1 5.22 Antipodes 2.2% Irregular 0.8% 2.4% -8.1% -6.6% -1.9% n/a n/a Nov-18

Equities MGE 3.90 Magellan 4.1% Annually 0.9% 1.1% -4.7% 1.6% 5.8% 16.3% 10.5% Mar-15

Equities (A$ Hedged) MHG 3.52 Magellan 3.7% Annually 4.0% 9.1% -0.3% 1.4% 6.6% 11.4% 10.0% Aug-15

Equities MOGL 3.32 Montgomery 4.7% Half Yearly 0.8% 9.5% -12.6% -8.6% -3.9% n/a n/a Dec-17

Equities MSTR 9.04 Morningstar n/a n/a 3.6% 9.5% 6.7% n/a n/a n/a n/a Nov-19

Global Extension (Hedge Fund) MKAX 3.44 Montaka n/a n/a 1.9% n/a n/a n/a n/a n/a n/a Jun-20

International Fund PIXX 4.27 Platinum 3.0% Annually -0.6% -1.2% -8.9% -10.5% -6.7% n/a n/a Sep-17

Managed Risk WRLD 13.17 BetaShares 1.4% Half Yearly -0.2% 0.6% -8.7% -5.2% -0.1% 7.8% n/a Dec-15

Exchange Traded Managed Fund (Strategy)

US Equities Bear (A$ Hedged) BBUS 2.11 BetaShares n/a n/a -12.8% -28.9% -23.0% -23.3% -37.7% -30.0% -31.2% Aug-15

Geared US Equity (A$ Hedged) GGUS 20.37 BetaShares n/a Annually 13.2% 28.3% -10.6% -11.1% 3.7% 12.9% 14.3% Aug-15

S&P 500 Yield Maximiser UMAX 18.05 BetaShares 6.9% Quarterly 1.9% -0.3% -14.3% -10.9% -7.9% 6.6% 5.3% Sep-14

Global Minimum Volatility VMIN 56.23 Vanguard 2.1% Irregular 3.7% 6.3% -8.1% -7.4% -1.8% n/a n/a Apr-18

Global Multi-Factor VGMF 47.27 Vanguard 1.5% Quarterly 0.4% 2.6% -15.8% -14.5% -10.0% n/a n/a Apr-19

Global Value Equity VVLU 39.93 Vanguard 2.7% Quarterly -2.4% -1.2% -23.5% -25.5% -20.0% n/a n/a Apr-18

Global Quality Growth WCMQ 6.88 WCM 3.1% Irregular 3.9% 10.7% 9.3% 15.5% 18.7% n/a n/a Aug-18

Ultra Short Nasdaq (A$ Hedged) SNAS 8.87 ETF Securities n/a n/a -2.5% n/a n/a n/a n/a n/a n/a Jul-20

Ultra Long Nasdaq (A$ Hedged) LNAS 10.82 ETF Securities n/a n/a 0.2% n/a n/a n/a n/a n/a n/a #VALUE!

Exchange Traded Managed Fund (Infrastructure & Property)

Global Infrastructure GLIN 2.77 AMP Capital 10.5% Quarterly -2.3% -4.8% -19.3% -15.5% -8.4% 5.9% n/a Jun-16

Global Infrastructure (A$ Hedged) MICH 2.80 Magellan 4.2% Half Yearly 0.6% 2.7% -15.1% -12.6% -8.4% 4.6% n/a Jul-16

Global Property RENT 2.60 AMP Capital 1.7% Quarterly 0.9% -1.0% -19.8% -13.9% -10.0% 6.1% n/a Jun-16

Mixed Asset (Global)

Diversified Balanced DBBF 24.68 BetaShares 1.1% Quarterly 0.7% 3.9% -4.4% -1.6% n/a n/a n/a Dec-19

Diversified Balanced VDBA 55.15 Vanguard 3.8% Quarterly 1.1% 4.2% -3.4% -0.8% 1.5% n/a n/a Nov-17

Diversified Conservative Income DZZF 23.95 BetaShares 1.9% Monthly 0.6% 2.7% -4.8% -3.3% n/a n/a n/a Dec-19

Diversified Conservative VDCO 55.48 Vanguard 2.2% Quarterly 1.0% 3.1% -1.2% 1.0% 2.6% n/a n/a Nov-17

Diversified Growth DGGF 24.38 BetaShares 1.3% Quarterly 0.7% 4.6% -7.2% -4.0% n/a n/a n/a Dec-19

Diversified Growth VDGR 54.29 Vanguard 4.4% Quarterly 1.2% 5.2% -5.7% -3.0% 0.0% n/a n/a Nov-17

Diversified High Growth DHHF 23.74 BetaShares 0.8% Quarterly 0.6% 5.3% -9.7% -6.2% n/a n/a n/a Dec-19

Diversified High Growth VDHG 53.95 Vanguard 4.5% Quarterly 1.2% 6.1% -8.1% -5.2% -1.6% n/a n/a Nov-17

Price ($) ManagerDistribution

Yield¹

Distribution

Frequency

Return (as at 31 July 2020)ListedDescription ETF Code


Fixed Interest ETFs.

Domestic fixed interest ETFs continued to strengthen, albeit diminishing from the previous

month, with net inflows of ~$392m. This was predominantly led by BetaShares Australian High

Interest Cash ETF (AAA), which recorded net inflows of ~$166m. AAA aims to provide

exposure to Australian cash deposits with attractive monthly income distributions that exceed

the 30 day Bank Bill Swap Rate (BBSW) after fees and expenses. The interest rate earned on

the fund’s bank deposits, net of management costs, was 0.64% p.a. as at 21 August 2020.

AAA provides investors with monthly distributions. The fund generated a distribution yield of

1.1% as at 31 July 2020 (calculated using trailing 12 month ex-dividends).

Global fixed interest ETFs also bolstered over July, recording net inflows of ~$64m.

Figure 31 - Domestic fixed interest net fund flows


Figure 32 - Domestic fixed interest FUM

Figure 33 - Global fixed interest net fund flows


Figure 34 - Global fixed interest FUM


AAA BetaShares Australian High Interest Cash ETF $166.4m

HBRD BetaShares Active Australian Hybrids Fund $35.8m

IAF iShares Core Composite Bond ETF $31.5m

XARO ActiveX Ardea Real Outcome Bond Fund $25.4m

VGB Vanguard Australian Government Bond Index ETF $25.1m

Figure 35 - Domestic fixed interest July net fund inflows



BILL iShares Core Cash ETF -$18.0m

Figure 36 - Domestic fixed interest July net fund outflows



VIF Vanguard Int. Fixed Interest Index (Hedged) ETF $20.0m

VBND Vanguard Global Agg. Bond Index (Hedged) ETF $15.7m

GBND BetaShares Sus. Leaders Diversified Bond (Hedged) $14.5m

IHCB iShares Global Corporate Bond ETF $10.3m

IHHY iShares Global High Yield Bond ETF $2.0m

Figure 37 - Global fixed interest July net fund inflows



VIF Vanguard Int. Fixed Interest Index (Hedged) ETF $184.4m

IHCB iShares Global Corporate Bond ETF $138.3m

VBND Vanguard Global Agg. Bond Index (Hedged) ETF $80.1m

GBND BetaShares Sus. Leaders Diversified Bond (Hedged) $77.0m

IHHY iShares Global High Yield Bond ETF $54.2m

Figure 38 - Global fixed interest 12 month net fund inflows


+$76m+$62m

+$37m

+$97m

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+$206m

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$5bn

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+$444m+$396m

+$359m

+$164m

+$385m+$302m

+$390m

-$873m

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+$493m

+$392m

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-$800m

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$0m

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$400m

$600m


$400m

$600m

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$1,600m

$1,800m






Composite Bonds IAF 116.16 iShares Bloomberg AusBond Composite ~507 Passive 0.15 0.08 1,353.6

Fixed Interest BOND 28.37 State Street S&P/ASX Australian Fixed Income ~142 Passive 0.24 0.15 48.8

Fixed Interest VAF 52.39 Vanguard Bloomberg AusBond Composite ~584 Passive 0.20 0.09 1,415.2

Floating Rate Bonds FLOT 25.12 VanEck Bloomberg AusBond Credit FRN 0+ Yr ~185 Passive 0.22 0.15 274.9

Senior Floating Rate Bonds QPON 26.02 BetaShares Solactive Aus Bank Senior Floating Rate Bond ~12 Passive 0.22 0.16 718.9

Core Corporate Bond ICOR 101.90 iShares Bloomberg AusBond Credit 0+ Yr ~52 Passive 0.15 0.27 10.2

Corporate Fixed Interest VACF 53.39 Vanguard Bloomberg AusBond Credit 0+ Yr ~362 Passive 0.26 0.09 348.0

Corporate Bond Plus PLUS 18.65 VanEck Markit iBoxx AUD Corporates Yield Plus ~127 Smart Beta 0.32 0.19 242.0

Investment Grade Corp. Bond CRED 27.47 BetaShares Solactive Aus Invest. Grade Corp. Bond Select TR ~38 Smart Beta 0.25 0.18 387.0

Select Corporate Bonds RCB 20.81 Russell Australian Corporate Bonds ~12 Passive 0.28 0.22 244.3

Subordinated Debt SUBD 25.06 VanEck iBoxx AUD Investment Grade Subordinated Debt ~13 Passive 0.29 0.21 106.3

Yield Plus IYLD 101.08 iShares Bloomberg AusBond Credit & FRN ex-Big 4 Banks ~34 Passive 0.12 0.33 10.1

Core Cash BILL 100.26 iShares Australian Cash ~31 Passive 0.07 0.01 532.0

Enhanced Cash ISEC 100.46 iShares Australian Cash ~54 Smart Beta 0.12 0.02 183.3

High Interest Cash AAA 50.09 BetaShares Australian Cash n/a Passive 0.18 0.02 2,354.0

Government Bonds AGVT 52.28 BetaShares Solactive Australian Government 7-12 Year AUD TR ~53 Passive 0.22 0.14 39.7

Government Bonds RGB 23.11 Russell Australian Government Bonds ~9 Passive 0.24 0.18 83.7

Government Bonds GOVT 28.54 State Street S&P /ASX Bond ~82 Passive 0.22 0.14 28.8

Government Bonds VGB 53.51 Vanguard Bloomberg AusBond Government ~127 Passive 0.20 0.08 533.4

Government Inflation ILB 132.73 iShares Bloomberg AusBond Inflation Government ~15 Passive 0.18 0.63 149.2

Semi-Government Bonds RSM 21.30 Russell Australian Semi-Government Bonds ~10 Passive 0.26 0.23 64.7

Treasury IGB 113.47 iShares Bloomberg AusBond Treasury ~28 Passive 0.18 0.09 99.3

Global Fixed Interest (Currency Hedged)

Global High Yield Bond (A$) IHHY 99.56 iShares Markit iBoxx Global Dev. Market Liquid HY Cap (A$) ~2 Passive 0.56 1.07 65.0

Global Corporate Bond (A$) IHCB 113.51 iShares Barclays Global Aggregate Corporate Bond (A$) ~1 Passive 0.26 1.51 312.4

USD Em Markets Bond (A$) IHEB 101.62 iShares J.P. Morgan EMBI Global Core (A$) ~1 Passive 0.51 2.01 32.6

Global Aggregate Bond (A$) VBND 54.48 Vanguard Bloomberg Barclays Global Agg. Float Adj. Scaled (A$) n/a Passive 0.20 0.07 169.4

Global Government 20+ Year (A$) GGOV 24.44 BetaShares S&P G7 Sovereign Dur-Capped 20+ Year Bond Index (A$) ~46 Passive 0.22 0.39 2.0

Credit Securities (A$) VCF 51.40 Vanguard Barclays Global Agg. Gov. Related and Corp. Scaled (A$) ~6,074 Passive 0.30 0.29 182.2

Ethically Conscious Bond (A$) VEFI 54.91 Vanguard Bloomberg Barclays MSCI Global Agg SRI EFA (A$) n/a Smart Beta 0.26 0.28 18.4

Fixed Interest (A$) VIF 50.82 Vanguard Bloomberg Barclays Global Treasury Scaled (A$) ~918 Passive 0.20 0.07 518.5

Sustainability Leaders Diversified GBND 25.71 BetaShares Solactive Aus & Global Select Sust. Leaders Bond TR (A$) ~268 Smart Beta 0.49 0.32 78.2

Exchange Traded Managed Fund

Australian Bond BNDS 27.20 Western Asset Bloomberg AusBond Composite n/a Active 0.42 0.21 140.2

Australian Hybrids HBRD 10.13 Coolabah Capital Solactive Australian Hybrid Securities n/a Active 0.55 0.18 792.8

Emerging Market Opportunities EBND 11.51 VanEck 50/50 J.P. Morgan EM Bond AUD & Government Bond-EM ~51 Active 0.95 n/a 21.1

Real Outcome XARO 26.62 Ardea CPI n/a Active 0.50 0.24 235.3

Market Cap


Spread

(%)



SOURCE: BLOOMBERG, BELL POTTER RESEARCH. DATA AS AT 18 AUG 2020. ¹DISTRIBUTION YIELD IS THE TRAILING 12 MONTH NET YIELD.² DATA AS AT 31 JUL 2020.

^ EFFECTIVE DURATION - AN OPTION-ADJUSTED MEASURE OF THE SENSITIVITY OF THE VALUE OF THE PORTFOLIO TO CHANGES IN INTEREST RATES. IT IS USED TO CALCULATE

AN APPROXIMATION OF THE MODIFIED DURATION OF A BOND WITH AN EMBEDDED OPTION.

ˣ MODIFIED DURATION - MEASURES THE SENSITIVITY OF THE VALUE OF THE PORTFOLIO TO CHANGES IN INTEREST RATES. IT FOLLOWS THE CONCEPT THAT INTEREST RATE AND

BOND PRICES MOVE IN OPPOSITE DIRECTIONS. A MODIFIED DURATION OF 6.0 YEARS IMPLIES THAT A 1% INCREASE IN THE INTEREST RATE WILL REDUCE THE VALUE OF THE

PORTFOLIO BY 6.0%, AND VICE-VERSA FOR A DECREASE IN THE INTEREST RATE.

YTD 1 Year 3 Year 5 Year


Composite Bonds IAF 116.16 iShares 2.1% Quarterly 0.92% n/a 5.74 yrs^ 3.8% 3.4% 5.4% 4.4% Mar-12

Fixed Interest BOND 28.37 State Street 1.7% Quarterly 0.88% n/a 6.11 yrsˣ 4.1% 3.5% 5.7% 4.5% Jul-12

Fixed Interest VAF 52.39 Vanguard 3.0% Quarterly 0.92% AA+ 5.70 yrs^ 3.8% 3.4% 5.4% 4.4% Oct-12

Floating Rate Bonds FLOT 25.12 VanEck 1.7% Monthly 0.86% n/a 0.13 yrsˣ 1.0% 1.5% 2.3% n/a Jul-17

Senior Floating Rate Bonds QPON 26.02 BetaShares 1.4% Monthly 1.40% A+ 0.13 yrsˣ 1.7% 2.1% 2.9% n/a Jun-17

Core Corporate Bond ICOR 101.90 iShares 0.1% Irregular 2.53% n/a 4.61 yrs^ n/a n/a n/a n/a May-20

Corporate Fixed Interest VACF 53.39 Vanguard 3.0% Quarterly 1.80% A+ 3.80 yrs^ 2.9% 3.1% 5.0% n/a May-16

Corporate Bond Plus PLUS 18.65 VanEck 2.8% Quarterly 2.53% n/a 4.61 yrsˣ 2.9% 3.1% 5.7% n/a May-17

Investment Grade Corp. Bond CRED 27.47 BetaShares 4.6% Monthly 3.04% A- 6.45 yrsˣ 3.5% 3.8% n/a n/a May-18

Select Corporate Bonds RCB 20.81 Russell 4.2% Quarterly 1.16% n/a 3.64 yrs^ 4.3% 4.0% 5.0% 4.3% Mar-12

Subordinated Debt SUBD 25.06 VanEck 2.2% Monthly 2.81% n/a 0.12 yrsˣ 0.5% n/a n/a n/a Oct-19

Yield Plus IYLD 101.08 iShares 0.2% Irregular 2.81% n/a 0.12 yrs^ n/a n/a n/a n/a May-20

Core Cash BILL 100.26 iShares 0.8% Monthly 0.19% n/a 0.12 yrs^ 0.3% 0.8% 1.5% n/a Jun-17

Enhanced Cash ISEC 100.46 iShares 0.9% Monthly 0.52% n/a 0.12 yrs^ 0.5% 0.9% 1.7% n/a Jun-17

High Interest Cash AAA 50.09 BetaShares 1.1% Monthly 0.70% n/a n/a 0.5% 1.1% 1.7% 1.9% Mar-12

Government Bonds AGVT 52.28 BetaShares 1.1% Monthly 1.10% AAA 7.79 yrsˣ 5.8% 5.0% n/a n/a Jul-19

Government Bonds RGB 23.11 Russell 3.4% Quarterly 0.73% AAA 7.10 yrs^ 4.1% 4.0% 6.5% 4.9% Mar-12

Government Bonds GOVT 28.54 State Street 1.9% Quarterly 0.76% AAA 6.54 yrsˣ 4.3% 3.6% 5.9% 4.6% Jul-12

Government Bonds VGB 53.51 Vanguard 2.8% Quarterly 0.79% AAA 6.30 yrs^ 4.1% 3.5% 5.7% 4.5% Apr-12

Government Inflation ILB 132.73 iShares 1.0% Quarterly 0.88% AAA 8.68 yrsˣ 4.7% 4.1% 6.1% 4.1% Mar-12

Semi-Government Bonds RSM 21.30 Russell 4.5% Quarterly 0.74% n/a 4.22 yrsˣ 3.2% 3.2% 4.3% 3.6% Mar-12

Treasury IGB 113.47 iShares 2.9% Quarterly 0.67% AAA 6.72 yrs^ 4.1% 3.3% 5.8% 4.5% Mar-12

Global Fixed Interest (Currency Hedged)

Global High Yield Bond (A$) IHHY 99.56 iShares 5.7% 3x a yr 5.28% BB- 3.79 yrs^ -3.4% -0.7% 2.5% n/a Dec-15

Global Corporate Bond (A$) IHCB 113.51 iShares 2.6% 3x a yr 3.01% n/a 6.96 yrs^ 4.5% 6.7% 5.3% n/a Dec-15

USD Em Markets Bond (A$) IHEB 101.62 iShares 6.5% 3x a yr 5.87% n/a 7.75 yrs^ -0.1% 2.2% 3.5% n/a Dec-15

Global Aggregate Bond (A$) VBND 54.48 Vanguard 1.9% Quarterly 0.98% AA- 7.30 yrs^ 4.8% 5.6% n/a n/a Oct-17

Global Government 20+ Year (A$) GGOV 24.44 BetaShares 2.2% Irregular n/a n/a n/a n/a Apr-20

Credit Securities (A$) VCF 51.40 Vanguard 2.3% Quarterly 1.80% A 7.00 yrs^ 4.5% 6.1% 5.2% n/a Dec-15

Ethically Conscious Bond (A$) VEFI 54.91 Vanguard 1.9% Irregular 0.91% AA- 7.20 yrs^ 5.1% 5.8% n/a n/a Sep-18

Fixed Interest (A$) VIF 50.82 Vanguard 3.6% Quarterly 0.39% AA- 8.70 yrs^ 4.9% 5.2% 4.9% n/a Dec-15

Sustainability Leaders Diversified GBND 25.71 BetaShares 0.4% Quarterly 1.01% AA 7.08 yrsˣ 4.0% n/a n/a n/a Nov-19


Australian Bond BNDS 27.20 Western Asset 2.6% Monthly 1.43% AA 5.53 yrsˣ 3.8% 3.5% n/a n/a Nov-18

Australian Hybrids HBRD 10.13 Coolabah Capital 3.0% Monthly n/a n/a n/a 0.3% 0.9% n/a n/a Nov-17

Emerging Market Opportunities EBND 11.51 VanEck 2.4% Irregular n/a n/a n/a n/a n/a n/a n/a Feb-20

Real Outcome XARO 26.62 Ardea 4.8% Quarterly n/a n/a n/a 4.3% 6.4% n/a n/a Dec-18

Distribution

Frequency

Yield to

Maturity²

Av. Credit

Quality²Duration²


Distribution

Yield¹


Commodity & Currency ETFs.

Following consecutive monthly decreases, commodity net inflows rebounded in July to

~$211m. ETFS Physical Gold (GOLD) and Betashares Gold Bullion ETF Currency Hedged

($A) (QAU) received the majority of net inflows with ~$136m and ~$41m respectively.

The demand for commodity exposure continues to rise in light of unprecedented quantitative

easing on a global scale. ETFS Physical Silver (ETPMAG) was the highest performer,

delivering a monthly return of 29.4%. One year returns now stand at 39.7%. ETPMAG is

backed by physical allocated silver held by JP Morgan Chase Bank, N.A. Only silver that

conforms with the London Bullion Market Association's (LBMA) rules for Good Delivery can be

accepted by the Custodian. No new securities can be issued until the bullion is delivered to the

Custodian. Each security represents an effective entitlement to silver, which changes daily to

reflect the accrual of the fund’s management fee (0.49% p.a. as at 31 July 2020).

Figure 39 - Commodity net fund flows


Figure 40 - Commodity FUM


GOLD ETFS Physical Gold $136.1m

QAU BetaShares Gold Bullion ETF Currency Hedged $40.9m

PMGOLD Perth Mint Gold $33.5m

ETPMAG ETFS Physical Silver $20.9m

ETPMPM ETFS Physical Precious Metal Basket $1.1m

Figure 43 - Commodity July net fund inflows Figure 44 - Commodity 1 year net fund inflows

Figure 41 - Currency net fund flows


Figure 42 - Currency FUM


Figure 45 - Currency July net fund inflows



USD BetaShares U.S. Dollar ETF -$5.2m

POU BetaShares British Pound ETF -$0.9m

Figure 46 - Currency July net fund outflows



EEU BetaShares Euro ETF $5.9m

AUDS BetaShares Strong Australian Dollar Fund $3.0m


GOLD ETFS Physical Gold $907.5m

PMGOLD Perth Mint Gold $289.5m

QAU BetaShares Gold Bullion ETF Currency Hedged $165.7m

OOO BetaShares Crude Oil Index ETF Hedged $160.9m

ETPMAG ETFS Physical Silver $69.7m

+$170m

+$126m

+$65m

+$78m

+$29m

+$48m

+$187m

+$257m

+$211m

+$142m

+$83m

+$211m

$0m

$40m

$80m

$120m

$160m

$200m

$240m

$280m


$1,000m

$1,250m

$1,500m

$1,750m

$2,000m

$2,250m

$2,500m

$2,750m

$3,000m

$3,250m

$3,500m

$3,750m


$300m

$320m

$340m

$360m

$380m

$400m

$420m


-$7m

+$0m

-$9m

-$15m

+$3m

-$4m

+$4m

+$55m

+$4m

-$1m

-$11m

+$3m

-$20m

-$10m

$0m

$10m

$20m

$30m

$40m

$50m

$60m



Commodity & Currency ETFs.

Commodities

Physical Gold GOLD 259.11 ETF Securities Gold n/a Passive 0.40 0.13 2,129.3

Spot Gold PMGOLD 27.69 Perth Mint Gold n/a Passive n/a 0.19 n/a

Physical Silver ETPMAG 36.61 ETF Securities Silver n/a Passive 0.49 0.27 229.1

Physical Platinum ETPMPT 126.94 ETF Securities Platinum n/a Passive 0.49 1.22 8.6

Physical Palladium ETPMPD 284.14 ETF Securities Palladium n/a Passive 0.49 1.16 6.5

Physical Precious Metal Basket ETPMPM 223.50 ETF Securities Basket of precious metals n/a Passive 0.44 1.63 17.3

Commodities (AUD Hedged)

Agricultural (Synthetic) QAG 5.01 BetaShares S&P/GSCI Agriculture n/a Passive 0.69 0.80 3.0

Spot Gold QAU 19.19 BetaShares Gold ~1 Passive 0.59 0.14 335.5

Commodities (Synthetic) QCB 6.83 BetaShares S&P/GSCI Light Energy n/a Passive 0.69 1.15 8.4

Crude Oil (Synthetic) OOO 4.33 BetaShares S&P/GSCI Crude Oil n/a Passive 0.69 0.28 224.7

Currency

EUR EEU 15.74 BetaShares Euro n/a Passive 0.45 0.11 17.6

GBP POU 17.67 BetaShares British Pound n/a Passive 0.45 0.07 15.4

USD ZUSD 10.54 ETF Securities US Dollar n/a Passive 0.30 0.14 11.4

USD USD 13.31 BetaShares US Dollar n/a Passive 0.45 0.09 207.9


Strong Australian Dollar AUDS 10.08 BetaShares AUD n/a Active 1.38 0.45 10.1

Strong US Dollar YANK 11.39 BetaShares USD n/a Active 1.38 0.42 10.8

Spread

(%)

Market Cap




Commodities

Physical Gold GOLD 259.11 ETF Securities n/a n/a 6.7% 5.2% 15.6% 26.2% 31.8% 19.5% 12.4% Mar-03

Spot Gold PMGOLD 27.69 Perth Mint n/a n/a 6.4% 5.4% 17.2% 26.0% 31.9% 20.1% 13.1% n/a

Physical Silver ETPMAG 36.61 ETF Securities n/a n/a 29.4% 43.1% 25.3% 30.4% 39.7% 16.4% 10.6% Jan-09

Physical Platinum ETPMPT 126.94 ETF Securities n/a n/a 6.7% 7.6% -12.1% -8.9% -0.9% 1.9% -1.6% Jan-09

Physical Palladium ETPMPD 284.14 ETF Securities n/a n/a 4.0% -5.2% -16.2% 5.1% 28.8% 36.3% 27.6% Dec-08

Physical Precious Metal Basket ETPMPM 223.50 ETF Securities n/a n/a 9.4% 7.5% 4.8% 18.1% 29.9% 20.9% 13.6% Jan-09

Commodities (AUD Hedged)

Agricultural (Synthetic) QAG 5.01 BetaShares n/a Annually 0.6% 1.1% -11.8% -14.0% -13.5% -12.2% -9.0% Dec-11

Spot Gold QAU 19.19 BetaShares 2.1% Annually 11.1% 14.4% 22.0% 26.6% 33.7% 13.6% 11.3% May-11

Commodities (Synthetic) QCB 6.83 BetaShares n/a Annually 4.4% 14.8% -14.4% -20.9% -19.2% -8.5% -7.3% Dec-11

Crude Oil (Synthetic) OOO 4.33 BetaShares 21.5% Quarterly 3.6% 49.1% -68.7% -73.5% -72.4% -31.8% -27.1% Nov-11

Currency

EUR EEU 15.74 BetaShares n/a Annually 1.0% -1.7% -0.8% 2.7% 1.2% 3.1% 1.3% Jul-11

GBP POU 17.67 BetaShares 0.5% Annually 1.9% -5.1% -7.2% -3.0% 2.9% 3.5% -3.1% Jul-11

USD ZUSD 10.54 ETF Securities 1.2% Quarterly -4.0% -8.7% -6.5% -1.6% -2.9% 4.9% 1.1% Jun-15

USD USD 13.31 BetaShares 1.1% Annually -4.0% -8.8% -6.6% -1.8% -3.2% 4.7% 1.0% Feb-11


Strong Australian Dollar AUDS 10.08 BetaShares 11.5% Irregular 9.0% 22.2% 4.8% -6.1% -2.4% -13.5% n/a Nov-16

Strong US Dollar YANK 11.39 BetaShares n/a Annually -8.9% -20.8% -21.7% -13.0% -17.5% 4.8% n/a Nov-16

Distribution

Yield¹

Distribution

Frequency




Global Returns.

Figure 47 - 5 year net total returns in AUD

SOURCE: BLOOMBERG, BELL POTTER RESEARCH. DATA AS AT 31 JULY 2020

Figure 48 - 10 year net total returns in AUD

SOURCE: BLOOMBERG, BELL POTTER RESEARCH. DATA AS AT 31 JULY 2020

Indices used for each region with Bloomberg code in brackets. Converted to AUD:

Australia S&P/ASX 200 Accumulation Index (ASA51 Index) Japan MSCI Japan Net Total Return in AUD (NDDLJN Index)

Brazil MSCI Brazil Net Total Return Local Index in AUD (NDLEBRAF Index) MSCI ACWI MSCI ACWI Net Total Return USD Index in AUD (NDUEACWF Index)

Canada S&P/TSX Composite Total Return Index in AUD (0000AR Index) Russia MOEX Russia Total Return Index in AUD (MCFTR Index)

China CSI 300 Total Return Index in AUD (CSIR0300 Index) South Africa FTSE JSE All Share Index Total Return Value in AUD (JALSHTR Index)

Europe (ex-UK) EURO STOXX 50 Net Return Index in AUD (SX5T Index) U.K. FTSE 100 Total Return Index in AUD (TUKXG Index)

India NSE Fifty 500 Total Return Index in AUD (NSE500TR Index) USA S&P 500 Total Return Index in AUD (SPXT Index)

USA 12.0% p.a.

Australia 5.1% p.a.

China 4.5% p.a.

Japan (0.2%) p.a.

U.K. (1.6%) p.a.

Europe (ex-UK)

1.9% p.a.

India 3.3% p.a.

Brazil 15.1% p.a.

South Africa

(1.0%) p.a.

Canada 5.3% p.a.

MSCI ACWI 7.9% p.a.

Russia 14.4% p.a.

USA 16.5% p.a.

Australia 7.4% p.a.

China 9.5% p.a.

Japan 7.7% p.a.

U.K. 5.6% p.a.

Europe (ex-UK)

5.8% p.a.

India 5.9% p.a.

Brazil 7.0% p.a.

South Africa

3.8% p.a.

Canada 6.1% p.a.

MSCI ACWI 11.5% p.a.

Russia 5.7% p.a.


5-Year Index Returns.

Figure 49 - Domestic broad equity indices

SOURCE: BLOOMBERG, BELL POTTER RESEARCH

Figure 50 - Domestic sector indices


Figure 51 - Global broad equity indices


Figure 52 - Global regional indices


Figure 53 - Global sector indices Figure 54 - Global sector indices

SOURCE: BLOOMBERG, BELL POTTER RESEARCH SOURCE: BLOOMBERG, BELL POTTER RESEARCH

Figure 55 - Domestic fixed interest indices Figure 56 - Global fixed interest indices


-20%

-10%

0%

10%

20%

30%

40%

50%

60%

70%

Jul'15 Jul'16 Jul'17 Jul'18 Jul'19 Jul'20

ASX All Ords S&P/ASX 200 S&P/ASX 50 ASX Small Cap

-40%

-20%

0%

20%

40%

60%

80%

100%


S&P/ASX 100 Industrial S&P/ASX 100 Resources

S&P/ASX 200 Property S&P/ASX 200 Financials

-20%

0%

20%

40%

60%

80%

100%


MSCI ACWI A$ S&P Global 100 A$

MSCI World Small Cap A$ MSCI ACWI US$

-40%

-20%

0%

20%

40%

60%

80%

100%


S&P 500 A$ MSCI Emerging Markets A$

S&P Asia 50 A$ S&P Europe 350 A$

-20%

0%

20%

40%

60%

80%

100%

120%

140%

160%

180%

200%


S&P Global Technology A$ S&P Global Communications A$

S&P Global Healthcare A$

-20%

0%

20%

40%

60%

80%

100%

120%

140%

160%

180%

200%


S&P Global Consumer Staples A$ S&P Global Financials A$

S&P Global Infrastructure A$

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

35%

40%


Bloomberg AusBond Credit 0+ Yr Bloomberg AusBond Composite 0+ Yr

Markit iBoxx Corp Yield Plus Bloomberg AusBond Bank Bill

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

35%

40%


Bloomberg Barclays Global Treasury A$ Bloomberg Barclays Global Corp. Bond A$

J.P. Morgan EMBI Global Core A$ Markit iBoxx Global High Yield A$


Macro Trends.

Figure 57 - Australian Commonwealth government bond yields Figure 58 - International interest rates


Figure 59 - Foreign exchange rates Figure 60 - Foreign exchange rates


Figure 61 - Foreign exchange rates


Figure 62 - Domestic unemployment


Figure 63 - Domestic inflation


Figure 64 - Oil & gold prices


0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%


Aus. Gov. 2y Bond Yield Aus. Gov. 3y Bond Yield

Aus. Gov. 5y Bond Yield Aus. Gov. 10y Bond Yield

-1%

0%

1%

2%

3%

4%

5%

6%

7%

8%

Jul'00 Jul'02 Jul'04 Jul'06 Jul'08 Jul'10 Jul'12 Jul'14 Jul'16 Jul'18 Jul'20

US Fed Funds Maximum Target Rate Japan Policy Rate

UK Bank of England Rate Aus RBA Cash Rate

0.4000

0.5000

0.6000

0.7000

0.8000

0.9000

1.0000

1.1000

1.2000


AUD/USD AUD/EUR AUD/GBP

0.6000

0.7000

0.8000

0.9000

1.0000

1.1000

1.2000

1.3000

1.4000


AUD/NZD AUD/SGD AUD/CAD

40.00

50.00

60.00

70.00

80.00

90.00

100.00

110.00

120.00

3.0000

4.0000

5.0000

6.0000

7.0000

8.0000

9.0000


AUD/CNY (LHS) AUD/HKD (LHS) AUD/JPY (RHS)

60%

62%

64%

66%

68%

3.0%

4.5%

6.0%

7.5%

9.0%


Australia Unemployment Rate (LHS) Australia Labour Force Participation Rate (RHS)

-1%

0%

1%

2%

3%

4%

5%

6%

7%


RBA Target Inflation Rate Australia Nominal Inflation Rate

$0

$500

$1,000

$1,500

$2,000

$2,500

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

$200


Crude Oil WTI A$/bbl. (LHS) Gold A$/oz (RHS)


Appendix.

Performance Fees:

KSM - 15.38% p.a. (incl. GST & RITC) of the amount by which the NAV exceeds the High Water Mark. The fund must

also exceed a net 6% p.a. hurdle before a performance fees applies on total performance.

IMPQ - 20% of the Trust’s net return in excess of the S&P/ASX Small Ordinaries Accumulation Index return.

SMLL - A performance fee of 15.5% (inclusive of GST less reduced input tax credits) of the outperformance of the Fund

may be paid to the Responsible Entity, based on the Fund’s total return over the performance benchmark (the S&P/ASX

Small Ordinaries Accumulation Index) in a calendar quarter.

PAXX - 15% of outperformance over benchmark (MSCI AC Asia ex-Japan Net Index (A$))

AGX1 - 15% of net return in excess of MSCI All Country World Net Index in AUD, net of the management fee

KII - 20.5% p.a. (incl. GST & RITC) of the amount by which the NAV exceeds the High Water Mark.

MGE - 10% of excess return over the higher of the MSCI World Net Total Return Index (AUD) and the yield of 10-year

Australian Government Bonds, subject to a high water mark.

MHG - 10% of excess return over the higher of the MSCI World Net Total Return Index (hedged to AUD) and the yield of

10-year Australian Government Bonds, subject to a high water mark.

MOGL - 15.38% of the total return of The Fund after management fees and expenses have been deducted, that is in

excess of the MSCI World Net Total Return Index (AUD), subject to a high water mark.

PIXX - 15% of outperformance over MSCI AC World Net Index (A$), subject to a high water mark

WCMQ - 10% excess return above MSCI All Country World Index ex-Australia after Management Fee

MICH - 10% of excess return over the higher of the S&P Global Infrastructure Index A$ Hedged Net Total Return and the

yield of 10-year Australian Government Bonds, subject to a high water mark.

HBRD - 15.5% of outperformance above Solactive Australian Hybrid Securities Index

MKAX - 20% of the outperformance of 7% p.a. in any Performance Fee Calculation Period. The Hurdle is the greater of

the High Watermark and the NAV per Unit at the beginning of any Performance Fee Calculation Period

Please refer to the relevant Product Disclosure Statement (PDS) for full disclosure of the fees and additional costs that

may be incurred in the management of the ETF.


Appendix.

How an ETF operates:

ETFs are open ended securities that trade on an exchange. Open ended denotes that new products can be created and

redeemed on the Primary Market, without the requirement to release a new prospectus, ad infinitum. The open ended

nature of ETFs is unique to this product class, and what keeps the underlying Net Asset Value (NAV) in line with the

assets’ market price. This process is managed by the Authorised Participants and Market Makers who are engaged by the

ETF operator to continually create and redeem shares to ensure the discount to NAV is managed within a defined range.

This results in a two tiered market structure: The Primary Market and the Secondary Market. The Primary Market is the

market in which Market Makers, via the Authorised Participants, are able to create and redeem units. The Secondary

Market is the market in which investors are able to buy and sell these units on an exchange.

Mechanics of the Primary Market

The Authorised Participant applies to the issuer to create new ETF units via creation units. In return for each creation unit,

the Authorised Participant will deliver a basket of securities that has been specified by the Issuer. This basket will be

transferred and held by a Custodian. Following settlement, the Authorised Participant has an inventory of ETF securities

(shares) that can be accessed by the Market Makers and sold on the ASX in the Secondary Market.

The redemption process operates in a similar manner. The Authorised Participant applies to redeem the securities in

creation units. In return for each creation unit, the Authorised Participant will receive a basket of securities in kind. Each

ETF security effectively represents a sliver of a creation unit.

Mechanics of the Secondary Market

The Secondary Market is the market in which investors are able to buy and sell ETF units with the assistance of the

Market Maker. The Market Maker will access the Authorised Participants (Primary Market) if additional inventory is

required (create) or alternatively sold (redeem), to in effect make the market. Hence, the liquidity of the ETF is as liquid as

the underlying market.

The Market Maker effectively ensures liquidity in the market place by quoting Buy and Sell prices during the trading day.

These prices are continuously updated to reflect the underlying changes in the securities. The ETF Issuer generally has a

formal arrangement with at least one Market Maker with a mandate to make the market within a specified range of spread.

However, in dislocated markets, Market Makers can suspend operations until the market stabilises.

Appendix Figure 1 - ETF Market Structure: Primary and Secondary Market

SOURCE: BELL POTTER RESEARCH


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