Key Highlights

• MIDS holds 81 companies across 10 geographic regions, with the United States comprising 41.25% of the portfolio.

• The fund was admitted to the ASX on 10 November 2025, making it one of the more recently listed active ETFs in this analysis.

• Technology is the largest sector allocation at 28.27%, significantly above the category average of 17.60%.

• Beta of 0.94 and Standard Deviation of 11.76 position MIDS close to market-level risk within its peer category.

The Antipodes Global SMID Active ETF (ASX:MIDS) provides Australian investors with active exposure to global small and mid-capitalisation equities. Listed on the ASX on 10 November 2025, MIDS is managed by Antipodes Partners and benchmarks against the MSCI ACWI SMID Cap NR AUD. The fund falls within Morningstar's Equity World Mid/Small category and carries a management fee of 1.20% per annum, reflecting the additional complexity and research required for the SMID cap universe.

Portfolio Construction

MIDS holds 81 companies across its portfolio, with top 10 positions accounting for 29.43% of the fund. The portfolio has meaningful geographic diversification: the United States is the largest allocation at 41.25%, followed by Brazil (10.79%), China (5.52%), Canada (5.45%), and Japan (5.22%). The top holding is International Workplace Group PLC (IWG) at 4.87%, followed by Brookdale Senior Living at 3.67% and Chime Financial at 3.10%. The fund permits a maximum single stock limit of 10% of NAV, providing a defined concentration ceiling.

Sector Allocation and Category Positioning

Technology is the fund's largest sector allocation at 28.27%, well above the category average of 17.60%. Financial Services (11.52%), Basic Materials (10.14%), and Real Estate (9.09%) are other notable exposures. The fund is meaningfully underweight Industrials compared to peers — MIDS holds 7.32% versus the category average of 23.69%. This positioning is a deliberate active decision and reflects a different view on the SMID cap opportunity set compared to benchmark-weight peers. Healthcare at 9.01% is also slightly below category.

Risk Profile and Performance

MIDS has a beta of 0.94 and standard deviation of 11.76, positioning it close to market-level risk within the global SMID cap category. Total returns reflect positive performance: one-month return of 3.74%, three-month return of 6.18%, and six-month return of 9.02%. As the fund was only listed in November 2025, longer-term return data is not yet available. The 52-week price range of $8.63 to $10.75 indicates the fund has experienced meaningful price movements since inception, consistent with the inherent Volatility of SMID cap investing.

Liquidity and Trading Activity

MIDS demonstrates notably higher average daily trading Volume than many peers, with average volume of 63,455 units and 5-day volume readings ranging from approximately 34,000 to 98,000 units. This level of Liquidity is attractive for investors looking to build or exit meaningful positions without significant market impact. The fund is also permitted to use exchange-traded Derivatives for risk management and to achieve equity exposure without holding physical securities, adding flexibility to the Portfolio Management process.

Conclusion

MIDS offers a focused approach to global SMID cap investing through active stock selection by Antipodes Partners, a manager with an established track record in global equities. The fund's overweight to Technology relative to peers is a notable active position, while its underweight to Industrials represents a significant departure from category norms. As a recently listed fund with limited performance history, investors should weigh the one-year return data alongside the manager's broader experience with global equities. The management fee of 1.20% reflects the additional cost of active management in the typically less-efficient SMID cap space.

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