Key Highlights

  • GGAB provides geared long exposure to 10 Year Australian Treasury Bonds through futures contracts rather than direct bond holdings.
  • The fund's only reported holding is a 10 Year Australian Treasury Bond Future contract, with 100% of Assets classified as cash.
  • GGAB carries a management fee of 0.98% per annum, matching the highest fee level among the funds reviewed.
  • The fund's most recent recorded distribution was $0.642, with an annual Yield of 0.00% reported.

Fund Overview and Objective

GGAB, admitted to the ASX on 6 December 2023, sits within the Unconstrained Fixed Income category with no formal benchmark. The fund is designed to provide unitholders with geared long exposure to the returns of 10 Year Australian Treasury Bonds, achieved through futures contracts. The management fee was reported at 0.98% per annum.

Portfolio Structure

GGAB's asset allocation was reported entirely in cash at 100.00%, with its economic exposure achieved through a position in a 10 Year Australian Treasury Bond Future contract expiring June 2026, its only listed holding. No direct bond, Equity or other asset exposure was reported.

Distribution Profile

GGAB's annual yield was reported at 0.00%, with a final distribution of $0.642 recorded, the only distribution data point available across the periods reviewed for this fund. As with other geared complex products, the fund's return profile is oriented around Capital movements in the underlying futures position rather than a recurring income stream.

Risk Considerations

The fund's reported Standard Deviation of 12.29 and Beta of 4.14 were among the highest recorded across the funds covered in this review, reflecting its geared, futures-based design. Such metrics indicate that price movements in GGAB are structured to be considerably more pronounced than those of an unleveraged Australian Government Bond exposure.

Conclusion

GGAB's geared, futures-based structure targeting 10 Year Australian Treasury Bonds sets it apart from the unleveraged domestic government bond funds also covered in this review, carrying a correspondingly higher fee and elevated risk metrics. With limited distribution history and an annual yield of 0.00% reported, the fund's data points to a design centred on amplified capital exposure to Australian Interest Rate movements rather than income generation.