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Fund size
$10.45B
NOV 2026
Total cost ratio
0.04%
per year
Distributions
Semi-Annually
Since inception
26.5 yrs
MAY 2000
The Fund seeks to achieve its objective by tracking the performance of the S&P 500® Net TR Index (AUD).
US equity 99.43%Non-US equity 0.48%
| Asset class | Net % | Long % | Short % |
|---|---|---|---|
| Equity | 99.91 | 99.91 | 0.00 |
| Bond | 0.00 | 0.00 | 0.00 |
| Cash | 0.09 | 0.24 | 0.15 |
| Other | 0.00 | 0.00 | 0.00 |
Cyclical 25.50%Sensitive 57.04%Defensive 17.46%
Developed markets 99.86%Emerging markets 0.14%
Size score
278
Value-growth score
136
Economic moat
Wide 65%Narrow 25%None 9%
Giant 44%Large 35%Mid 20%Small 1%
| Holding | % Weight | First bought | Market value | Currency | Units held | Sector | Country | |
|---|---|---|---|---|---|---|---|---|
| iShares Core S&P 500 ETF 0JFF | 100.04 | — | 14.71B | USD | 13.6M | — | United States | |
| USD - Spendable Cash | -0.14 | — | -20.9M | USD | 14.7M | — | United States | |
| USD/AUD Purchased | 0.12 | — | 17.1M | USD | 12.0M | — | — | |
| USD/AUD Sold | -0.12 | — | -17.1M | AUD | 12.0M | — | — | |
| AUD - Spendable Cash | 0.10 | — | 15.1M | AUD | 15.1M | — | United States | |
| USD/AUD Purchased | 0.08 | — | 11.4M | USD | 8.0M | — | — | |
| USD/AUD Sold | -0.08 | — | -11.4M | AUD | 8.0M | — | — | |
| USD/AUD Purchased | 0.03 | — | 4.3M | USD | 3.0M | — | — | |
| USD/AUD Sold | -0.03 | — | -4.3M | AUD | 3.0M | — | — | |
| USD/AUD Purchased | 0.02 | — | 2.8M | USD | 2.0M | — | — |
Fund (NAV) Market price
1M
-0.9
3M
1.4
6M
5.6
YTD
11.6
1Y
11.9
3Y
23.1
5Y
11.8
10Y
15.2
| Period | Fund (NAV) % | Market price % | Before fees % | Rank in category |
|---|---|---|---|---|
| 1 month | -0.87 | -0.11 | -0.87 | 48 / 37 |
| 3 months | 1.43 | 2.67 | 1.44 | 32 / 37 |
| 6 months | 5.63 | 6.95 | 5.65 | 55 / 37 |
| Year to date | 11.61 | 12.34 | 11.65 | 57 / 34 |
| 1 year | 11.89 | 12.47 | 11.93 | 59 / 33 |
| 3 years p.a. | 23.14 | 23.99 | 23.19 | 29 / 23 |
| 5 years p.a. | 11.80 | 12.24 | 11.84 | 24 / 17 |
| 10 years p.a. | 15.16 | 15.23 | 15.22 | 19 / 12 |
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
2016
14.4
2017
11.0
2018
6.8
2019
29.5
2020
8.1
2021
36.5
2022
-13.9
2023
29.0
2024
36.7
2025
10.2
| Year | Total % | Capital % | Rank in category |
|---|---|---|---|
| 2025 | 10.19 | 8.08 | 36 / 30 |
| 2024 | 36.70 | 35.64 | 23 / 26 |
| 2023 | 28.98 | 23.86 | 30 / 19 |
| 2022 | -13.86 | -13.68 | 57 / 18 |
| 2021 | 36.50 | 34.95 | 13 / 18 |
| 2020 | 8.10 | 5.88 | 34 / 13 |
| 2019 | 29.54 | 28.15 | 39 / 14 |
| 2018 | 6.78 | 4.72 | 24 / 14 |
| 2017 | 10.99 | 10.76 | 45 / 14 |
| 2016 | 14.44 | 10.26 | 67 / 15 |
| 2015 | 15.75 | 11.51 | 1 / 3 |
FY17
14.3
FY18
18.7
FY19
15.7
FY20
9.1
FY21
28.9
FY22
-2.6
FY23
23.2
FY24
23.9
FY25
17.0
FY26
15.2
| Financial year | Total % |
|---|---|
| Financial year to date | 0.07 |
| Year to 30 JUN 2026 | 15.24 |
| Year to 30 JUN 2025 | 16.97 |
| Year to 30 JUN 2024 | 23.90 |
| Year to 30 JUN 2023 | 23.15 |
| Year to 30 JUN 2022 | -2.59 |
| Year to 30 JUN 2021 | 28.91 |
| Year to 30 JUN 2020 | 9.07 |
| Year to 30 JUN 2019 | 15.75 |
| Year to 30 JUN 2018 | 18.68 |
| Year to 30 JUN 2017 | 14.34 |
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Alpha | 0.62 | 0.48 | 0.74 | 0.46 |
| Beta | 0.98 | 0.97 | 0.98 | 0.98 |
| R-squared | 99.77 | 99.77 | 99.69 | 99.63 |
| Standard deviation | 13.40 | 12.33 | 15.50 | 15.34 |
| Sharpe ratio | 0.02 | 1.23 | 0.80 | 1.13 |
| Sortino ratio | -0.02 | 2.32 | 1.27 | 1.95 |
| Tracking error | 0.55 | 0.62 | 0.72 | 0.75 |
| Information ratio | 1.24 | 0.23 | 0.93 | 0.41 |
| Upside capture % | 98.44 | 98.56 | 99.92 | 99.92 |
| Downside capture % | 93.32 | 94.95 | 95.30 | 97.49 |
| Maximum drawdown % | -8.45 | -9.79 | -15.46 | -15.46 |
Measured against MSCI USA NR 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
93.9
Morningstar Portfolio Risk Score at 30 SEP 2026.
2024
0.7
2023
0.8
2022
0.5
2021
0.5
2020
0.5
2019
0.5
2018
0.7
2017
0.3
2016
0.4
2015
0.4
| Year | Per unit ($) |
|---|---|
| 2024 | 0.7033 |
| 2023 | 0.8070 |
| 2022 | 0.5045 |
| 2021 | 0.5359 |
| 2020 | 0.4563 |
| 2019 | 0.4938 |
| 2018 | 0.6706 |
| 2017 | 0.3200 |
| 2016 | 0.4000 |
| 2015 | 0.3930 |
| Ex Date | Per unit ($) |
|---|---|
| 29 SEP 2026 | 0.1733 |
| 1 JUL 2026 | 0.2330 |
| 30 MAR 2026 | 0.1395 |
| 29 DEC 2025 | 0.2014 |
| 3 OCT 2025 | 0.1678 |
| 1 JUL 2025 | 0.1737 |
| 28 MAR 2025 | 0.1604 |
| 27 DEC 2024 | 0.1891 |
| 3 OCT 2024 | 0.1776 |
| 1 JUL 2024 | 0.1406 |
| 28 MAR 2024 | 0.1398 |
| 2 JAN 2024 | 0.1599 |
Average
ESG risk score
18.31
9.65% of assets are in companies with high or severe controversies.
Carbon risk score
6.76
Announcements
| DATE | TIME | HEADING | PAGES |
| Price sensitive |
The IVV ETF remains one of the simplest and most cost-effective ways to gain exposure to US equities, but we're increasingly questioning whether it's the best way to invest in the US market at this point in the cycle. Today, the 10 largest holdings account for ~40% of IVV, with Nvidia (~8.2%), Apple (~7.4%) and Microsoft (~6%) alone representing more than 21% of the ETF.
The S&P 500 edged 0.2% higher on Wednesday, snapping a three-day losing streak, after the Treasury’s surprise decision to increase long-dated bond buybacks helped pull the 30-year yield ~10bp lower to 5.18%. A surge in Healthcare—led by Moderna after positive melanoma vaccine data—offset continued weakness in semiconductors, with the Nasdaq 100 falling 0.2% for a fourth straight session.
The S&P 500 gained +1.1% last week, although the journey was particularly choppy with news flow thick on the ground. The index tumbled -1.5% on Tuesday after the Fed left rates unchanged but the Fed Chair sounded hawkish, while Brent crude climbed above US$90/bbl. on escalating Middle East tensions, pushing 30-year Treasury yields to their highest levels in almost two decades.
The S&P 500 closed down 1.5% overnight, while the Dow dived more than 1100-points delivering its worst session since “Liberation Day” more than a year ago. It sounds dramatic but the chart below shows the market remains in the same relatively tight trading range of the last 3-months. Strong comments from Fed Chair sent US 30-year bond yields to their highest level since the GFC in 2007:
The S&P 500 ended marginally higher overnight despite a positive open. The session was defined by two competing forces: a geopolitical relief rally in the morning, driven by a pause in US-Iran hostilities that sent Brent crude tumbling over 9% and lifted the likes of airlines and cruise lines, and a sharp intraday reversal in semiconductor stocks that capped broader index gains, e.g. AMD (-5.2%) and Nvidia (-5%).
We’re now around 60% through US earnings season and the S&P 500’s 2Q earnings have been exceptionally strong, with around 85% of companies beating EPS expectations, the highest beat rate in five years, however, despite the strength, the market reaction has been muted, with the median stock underperforming the broader index following its results - simply expectations have often been too high.
US stocks retreated overnight with the S&P 500 closing down 0.2% as the US completed its 9th consecutive day of strikes on Iran. Elsewhere, US equities finished mixed overnight, with the Dow falling 0.6% while the Nasdaq rose less than 0.1% after rallying more than 1% intraday. The Dow underperformed as losses in heavyweight constituents, including Apple (-2.6%) and Tesla (-1.9%), weighed on the index, while financials edged lower after a good run.
The S&P 500 experienced a volatile week, opening strongly as semiconductor stocks rallied on a record US$21bn of inflows into chip ETFs and a 20% surge in SK Hynix's ADRs. However, sentiment reversed sharply mid-week after TSMC delivered another strong result but raised FY capex guidance to US$60–64bn, again fuelling concerns AI infrastructure spending may be nearing a peak and future margins could come under pressure.
The S&P 500 closed up 0.4% this morning, helped by a bounce in semiconductors, softer inflation data, and a strong financial sector following earnings beats by the first banks to report. The US banks kicked off earnings season strongly, with Goldman Sachs jumping +9% after comfortably beating expectations, while JPMorgan Chase and Bank of America both gained around +2% following bumper second-quarter results, dragging up the broader financial sector, with UBS rallying by 3.6%. The only bank to disappoint was Citi, which fell 5% on a mixed update. We would expect Macquarie to have a good day – nicely poised to break out of it’s recent trading range to new highs.
The S&P 500 closed down 0.2% overnight as the Iran situation weighed on risk assets. Still, if you stand back and look at a chart of the S&P500 over the last 3 years, it's simply consolidating before another likely leg higher - there's nothing scary from a technical perspective. However, it feels very different when you read the news! As we know, President Donald Trump declared the Iran ceasefire effectively over at the NATO summit in Turkey, fuelling concerns of renewed Middle East conflict and lifting oil prices. The renewed geopolitical risk has caused investors to understandably recalibrate risk when comments such as “I think it’s over. I don’t want to deal with them anymore. They’re scum”, cross-trading screens.
MM is bullish towards both the S&P 500 growth and value indices
MM remains bullish towards the S&P 500 around 7500
MM remains bullish towards the S&P 500 into 2027
MM remains bullish towards the S&P 500 Growth & Value Indices
MM remains bullish towards the S&P 500 below 7600
MM remains bullish towards the S&P 500 into 2027
MM remains bullish towards the S&P 500 around 7740
MM remains bullish towards the S&P 500 below 7700
MM believes the US rally will now broaden
MM remains bullish towards the S&P 500 around 7600 into Christmas
iShares Core S&P 500 ETF is an exchange-traded fund incorporated in the Australia. The ETF tracks the performance of the S&P 500 Index. The Fund invests in all 500 stocks that comprise the index. The ETF holds predominantly large-cap stocks from U.S. companies.
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