Key Highlights

  • The active fund holds 766 positions, mainly Australian Commonwealth and state government bonds, with CPI as its benchmark.
  • The top ten positions add up to 149.09% of net assets because of the fund's use of leverage.
  • The management fee is 0.50% and the fund size is $146.98 million.
  • The fund pays quarterly, and a Fund Changes notice was lodged on 9 October 2026.

Ardea Real Outcome Bond Complex ETF (ASX:XARO) is a managed fund established as a separate class of units in the ActiveX Trust, a registered managed investment scheme administered by Fidante. Its units trade on the ASX's AQUA market. The fund was admitted to the ASX on 10 December 2018 and last traded at $25.13 on 13 October 2026. It reports a fund size of $146.98 million, and its listed benchmark is the consumer price index.

Detail

Information

Ticker

ASX:XARO

Fund

Ardea Real Outcome Bond Complex ETF

Category

Alternative - Other

Benchmark

CPI

Fund size

$146.98 million

Management fee

0.50%

Total holdings

766

ASX admission date

10 December 2018

Holdings and leverage

The ten largest positions add up to 149.09% of net assets. A New South Wales Treasury Corporation 2.75% bond leads at 55.25%, followed by Australian Commonwealth Government Loans (34.33%) and a Commonwealth of Australia 2.5% bond (34.24%). Treasury Corporation of Victoria 2.25% holds 6.63%, New South Wales Treasury Corporation 1.75% 5.06% and Commonwealth of Australia 1.25% 3.04%.

France 2.75% holds 3.03%, Export Development Canada 4% 2.87% and two CPPIB Capital bonds 2.41% and 2.18%. The total above 100% reflects the fund's use of derivatives and leverage.

Allocation and country

Bonds account for 98.60% of the fund, other assets 2.81%, stocks 0.25% and cash -1.65%. Australia represents 89.16% of the portfolio, against 9.00% for the Alternative - Other category, Canada 7.68% and France 3.12%.

Morningstar places the fund in the Alternative - Other category, which covers funds with a wide range of strategies.

Fee, risk and distributions

The management fee is 0.50% a year and the fund reports a standard deviation of 2.84. XARO pays quarterly. The listing shows an interim distribution with an ex-date of 1 October 2026, a record date of 2 October and payment on 21 October, with the amount shown as $0.000 in the summary field.

The distribution history lists amounts of $0.122, $0.124, $0.151 and $0.121 for recent quarters.

Category classification and liquidity

Morningstar places the fund in the Alternative - Other category, which covers funds investing primarily in funds with a wide range of strategies that do not fit other Morningstar categories.

Liquidity indicators add a further view. There are 5,855,890 units on issue, and average daily trading volume is 7,226 units. Over the five sessions from 7 to 13 October 2026, daily volume ranged from 1,500 to 10,400 units, with 9,457 recorded on 13 October while the market was still open. The bid-offer range stood at $25.06 to $25.50, and the day range at $25.06 to $25.14. These figures change through the trading day and reflect market activity rather than the fund's holdings.

Recent announcements

The issuer lodged a Fund Changes notice on 9 October, monthly redemptions, units-on-issue and OTC exposure details on 7 October and a Final September 2026 Quarterly Distribution notice on 5 October. The FY2026 Annual Financial Report followed on 29 September.

Final Takeaway

XARO combines Australian government bonds with derivative and leveraged positions to pursue a real return, at a 0.50% fee. The size of its top positions and its issuer notices are part of its profile, and the Fund Changes notice contains further detail. These facts do not forecast outcomes.