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Fund size
$55.1M
NOV 2026
Total cost ratio
1.00%
per year
Distributions
Annually
Since inception
6.3 yrs
JUL 2020
The Fund will attempt to meet its investment objective primarily by investing its assets in a portfolio of short futures contracts to achieve geared inverse exposure to the Index within the Target Range. The Fund may also hold securities, cash and cash equivalents from time to time.
US equity -219.28%Non-US equity -6.14%
| Asset class | Net % | Long % | Short % |
|---|---|---|---|
| Equity | -225.42 | 0.00 | 225.42 |
| Bond | 0.00 | 0.00 | 0.00 |
| Cash | 325.42 | 409.25 | 83.83 |
| Other | 0.00 | 0.00 | 0.00 |
| Holding | % Weight | First bought | Market value | Currency | Units held | Sector | Country | |
|---|---|---|---|---|---|---|---|---|
| E-mini Nasdaq 100 Future Dec 26 NQZ26 | -225.42 | — | -174.5M | USD | 217 | — | United States | |
| Cash Offsets For Shorts & Derivatives | 305.66 | — | 236.6M | — | 0 | — | — | |
| Usd | 89.23 | — | 69.1M | — | 48.3M | — | — | |
| Usd | -83.83 | — | -64.9M | — | 45.4M | — | — | |
| Aud | 14.36 | — | 11.1M | — | 11.1M | — | — |
Fund (NAV) Market price
1M
18.7
3M
-1.8
6M
-11.7
YTD
-23.5
1Y
-17.0
3Y
-39.2
5Y
-30.7
| Period | Fund (NAV) % | Market price % | Before fees % | Rank in category |
|---|---|---|---|---|
| 1 month | 18.69 | 13.93 | 18.79 | — |
| 3 months | -1.78 | -3.57 | -1.54 | — |
| 6 months | -11.72 | -17.63 | -11.28 | — |
| Year to date | -23.52 | -25.14 | -22.88 | — |
| 1 year | -17.00 | -18.54 | -16.17 | — |
| 3 years p.a. | -39.21 | -40.48 | -38.60 | — |
| 5 years p.a. | -30.66 | -31.57 | -29.97 | — |
Returns to 31 OCT 2026, periods of 3 years and longer annualised. Rank is the percentile in the Morningstar category at 30 SEP 2026 (1 = best) over the funds ranked.
Total Capital
2021
-48.7
2022
76.6
2023
-62.9
2024
-40.3
2025
-32.8
| Year | Total % | Capital % | Rank in category |
|---|---|---|---|
| 2025 | -32.76 | -33.36 | — |
| 2024 | -40.34 | -40.05 | — |
| 2023 | -62.90 | -63.99 | — |
| 2022 | 76.56 | 79.46 | — |
| 2021 | -48.67 | -48.72 | — |
FY22
29.6
FY23
-54.1
FY24
-43.9
FY25
-29.2
FY26
-49.6
| Financial year | Total % |
|---|---|
| Financial year to date | 14.37 |
| Year to 30 JUN 2026 | -49.57 |
| Year to 30 JUN 2025 | -29.22 |
| Year to 30 JUN 2024 | -43.91 |
| Year to 30 JUN 2023 | -54.13 |
| Year to 30 JUN 2022 | 29.58 |
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Alpha | 42.57 | -52.77 | -43.79 | — |
| Beta | 289.35 | -34.84 | -77.14 | — |
| R-squared | 1.52 | 0.12 | 1.37 | — |
| Standard deviation | 48.41 | 37.58 | 43.59 | — |
| Sharpe ratio | -0.38 | -1.26 | -0.62 | — |
| Sortino ratio | -0.64 | -1.22 | -0.88 | — |
| Tracking error | 50.57 | 39.50 | 47.48 | — |
| Information ratio | -0.57 | -1.19 | -0.69 | — |
| Upside capture % | -646.45 | -1,293.32 | -1,260.23 | — |
| Downside capture % | — | — | -141,111.41 | — |
| Maximum drawdown % | -48.47 | -78.05 | -86.73 | — |
Measured against Morningstar AUD 1M Cash GR AUD with RBA Bank accepted Bills 90 Days as the risk-free rate, to 31 OCT 2026. Maximum drawdown is on gross returns at the latest quarter end.
Risk score
186.9
Morningstar Portfolio Risk Score at 30 SEP 2026.
Announcements
| DATE | TIME | HEADING | PAGES |
| Price sensitive |
The SNAS ETF looks to provide investors with a 2x leveraged inverse return on the tech-based NASDAQ 100 with fees of 1%. We believe the tracking has been “ok” with this currency-hedged ETF, over the last 3-years, the NASDAQ has advanced 28% while the SNAS ETF has declined almost 43%, not perfect but certainly in the correct directio
MM is neutral/bearish on the SNAS around $22.30
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