Key Highlights

  • The fund holds 31 listed private credit companies, with the top ten at 70.58%.
  • Financial Services represents 100% of the portfolio, and the United States 100%.
  • The listing shows a management fee of 5.57% and a fund size of $208.02 million.
  • The October 2026 distribution of $0.140 is lower than each of the four earlier monthly amounts.

VanEck Global Listed Private Credit (AUD Hedged) ETF (ASX:LEND) invests directly in the assets that comprise its reference index, the LPX Listed Private Credit Hedged Index. The fund was admitted to the ASX on 2 February 2024 and last traded at $14.12 on 13 October 2026. It reports a fund size of $208.02 million.

Detail

Information

Ticker

ASX:LEND

Fund

VanEck Global Listed Private Credit (AUD Hedged) ETF

Category

Miscellaneous

Benchmark

LPX Listed Pvt Credit Hed TR AUD

Fund size

$208.02 million

Management fee (as listed)

5.57%

Total holdings

31

ASX admission date

2 February 2024

Holdings

The ten largest positions represent 70.58% of the fund and are US business development companies. Main Street Capital leads at 8.35%, followed by Hercules Capital (8.33%), FS Investment Corp (8.15%), Ares Capital (8.07%) and Blackstone Secured Lending Fund (7.93%).

Golub Capital BDC holds 7.76%, Blue Owl Capital Corp 7.66%, Sixth Street Specialty Lending 5.17%, Trinity Capital 4.76% and Capital Southwest 4.34%.

Allocation and size

Stocks account for 104.05% of the fund, bonds -1.06% and cash -2.99%, which reflects the hedging arrangements. Companies below $500 million in market capitalisation represent 69.21%, against 35.53% for the category, and those between $500 million and $1 billion 30.79%.

Financial Services accounts for 100% of the sector weighting, against 62.08% for the Miscellaneous category, and the United States for 100%.

Fee, risk and distributions

The listing shows a management fee of 5.57%, which is far above the fees on the other funds in this batch and should be read alongside the issuer's product disclosure. The fund reports a standard deviation of 18.58.

LEND pays monthly, and the interim distribution of $0.140 per unit had an ex-date of 1 October 2026, a record date of 2 October and payment on 16 October, equal to an annual yield of 12.61%. The amount was $0.145 in September and August and $0.150 in July and June.

Category classification and liquidity

Morningstar places the fund in the Miscellaneous category, which covers funds investing primarily in funds that are not suited to, or do not meet the criteria for, any other Morningstar category.

Liquidity indicators add a further view. There are 14,742,815 units on issue, and average daily trading volume is 23,918 units. Over the five sessions from 7 to 13 October 2026, daily volume ranged from 6,200 to 36,900 units, with 29,891 recorded on 13 October while the market was still open. The bid-offer range stood at $14.07 to $14.11, and the day range at $14.08 to $14.13. These figures change through the trading day and reflect market activity rather than the fund's holdings.

Recent announcements

The issuer published dividend component details on 8 October, Issued Units Outstanding as at 30 September 2026 on 7 October, Dividend Reinvestment Plan prices on 1 October, a final distribution notice on 30 September and the Annual Report on 28 September.

Final Takeaway

LEND holds a single type of US-listed lender, so exposure to one segment of the credit market is concentrated, and nearly 70% of assets sit in companies below $500 million. The listed fee and the step-down in monthly distributions are part of its profile. These facts do not forecast outcomes.