Key Highlights

  • GGFD provides geared long exposure to 10 Year US Treasury Bonds via futures contracts, hedged to Australian dollars.
  • The fund's sole reported holding is an Ultra 10 Year US Treasury Note Future contract, with cash making up 100% of asset allocation.
  • GGFD carries the highest management fee among the funds reviewed at 0.98% per annum.
  • The fund's annual Yield was reported at 0.00%, with its most recent final distribution recorded at $0.106.

Fund Overview and Objective

GGFD, admitted to the ASX on 6 December 2023, falls under the Unconstrained Fixed Income category with no formal benchmark. The fund's stated objective is to provide unitholders with geared long exposure to the returns of 10 Year US Treasury Bonds, hedged to Australian dollars, achieved through the use of futures contracts rather than direct bond holdings. The management fee was reported at 0.98% per annum, the highest among the funds reviewed in this coverage.

Portfolio Structure

GGFD's asset allocation was reported entirely in cash at 100.00%, with the fund's economic exposure achieved through its position in an Ultra 10 Year US Treasury Note Future contract expiring June 2026, representing its only listed holding. No bond, Equity or other Asset Class exposure was directly reported, reflecting the fund's derivatives-based approach to gaining geared exposure.

Distribution Profile

GGFD's annual yield was reported at 0.00%, with a final distribution of $0.106 recorded for the most recent period, the only distribution figure available across the periods reviewed. This reflects the fund's structure as a geared vehicle whose returns are driven primarily by Capital movements in US Treasury futures rather than a recurring income stream.

Risk Considerations

GGFD's reported Standard Deviation of 13.72 and Beta of 2.71 were notably elevated relative to the unleveraged bond funds covered in this review, consistent with its geared design. As a fund employing Leverage through futures contracts, its price movements are structured to amplify changes in US Treasury bond returns, in either direction, relative to an unleveraged exposure.

Conclusion

GGFD's structure as a geared, currency-hedged vehicle tracking 10 Year US Treasury Bond futures distinguishes it clearly from the unleveraged fixed income funds also covered in this review, with a correspondingly higher management fee and elevated risk metrics. Its distribution history shows limited data points, with a $0.106 final distribution recorded most recently and a reported annual yield of 0.00%, reflecting the fund's design around capital exposure to Interest Rate movements rather than recurring income generation.