Key highlights

  • EX20 tracks about 180 of the largest Australian securities after excluding the 20 largest by free float-adjusted market capitalisation.
  • The fund had 179 holdings, a fund size of $664.52 million, a 0.25% management fee and a 2.84% annual yield.
  • Basic Materials is its largest sector at 31.34%, and Financial Services is 15.44%, compared with 30.04% for its category.

Large Australian index funds tend to be dominated by a small group of banks and resource companies. The Betashares Australian Ex-20 Portfolio Diversifier ETF (ASX:EX20) approaches the market differently, by excluding the 20 largest companies and giving exposure to the next tier of Australian-listed securities. It was admitted to the ASX on 7 October 2016 and is categorised as Equity Australia Large Blend, with the Solactive Australia ex 20 TR AUD index as its benchmark.

This article summarises the exposure that EX20 provides, based on the fund page published on the ASX, including sector and geographic allocations, its largest positions, its fee and its distribution pattern. It contains no forecasts and no advice.

What the fund is designed to do

The index behind EX20 is designed to provide exposure to approximately 180 of the largest securities from Australia, after excluding the 20 largest based on their free float-adjusted market capitalisation. The fund seeks to achieve the investment objective by adopting a full replication strategy, which means it holds the securities in the index in the same proportions rather than a sample of them.

The practical effect is that big banks and the largest miners are not in the portfolio, and the weights shift toward mid-sized miners, insurers, property trusts, healthcare and technology names. The fund’s turnover ratio was 24.35%, and it held 179 companies in total. Its portfolio is positioned as a diversifier alongside holdings of the largest Australian companies, and the fund’s name reflects that purpose.

Sector allocation

By Morningstar sector, EX20’s largest weightings are Basic Materials (31.34%), Financial Services (15.44%), and Healthcare (9.28%). Relative to its Morningstar category average, the fund holds a higher share in Basic Materials (31.34 vs 26.24%), Healthcare (9.28 vs 6.88%), Industrials (8.99 vs 6.74%), Real Estate (8.98 vs 5.75%), Technology (6.67 vs 3.32%), and Utilities (3.97 vs 1.30%). It holds a lower share than the category average in Financial Services (15.44 vs 30.04%). The remaining listed sectors are Industrials (8.99%), Real Estate (8.98%), Technology (6.67%), Consumer Cyclical (6.13%), Energy (4.13%), Utilities (3.97%), and Communication Services (3.13%).

The shift away from the very largest banks is reflected in the lower Financial Services weight, while gold and lithium producers lift the Basic Materials allocation.

Asset mix, company size and geography

The fund is fully invested in shares, with stocks at 100.00% and no cash or bonds. By company size, 92.35% of the portfolio is in companies above $1 billion, 6.98% between $500 million and $1 billion and 0.66% below $500 million, which is close to the category’s 92.40%, 6.82% and 0.79%.

Geographically, 88.76% of the fund is in Australia, 7.44% in the United States, 1.52% in New Zealand, 1.48% in the United Kingdom, 0.47% in Canada and 0.33% in China. The United States exposure is above the category’s 3.51% and reflects ASX-listed companies with US domiciles or CDI listings, such as ResMed.

Top holdings

The ten largest holdings make up 22.07% of the fund, leaving 77.93% across the rest, which is a much lower concentration than a fund that includes the top 20 companies. They are Northern Star Resources (ASX:NST) at 3.26%, Evolution Mining (ASX:EVN) at 3.03%, South32 (ASX:S32) at 2.33%, Computershare (ASX:CPU) at 2.08%, Suncorp Group (ASX:SUN) at 2.01%, Origin Energy (ASX:ORG) at 2.00%, ResMed CDIs at 1.89%, Scentre Group (ASX:SCG) at 1.89%, Insurance Australia Group (ASX:IAG) at 1.84% and PLS Group (ASX:PLS) at 1.70%.

Distributions

EX20 pays distributions twice a year. The most recent was a final distribution of $0.353 per unit, with an ex-date of 1 July 2026, a record date of 2 July 2026 and a payment date of 16 July 2026. Previous distributions were $0.272 in January 2026, $0.582 in July 2025, $0.255 in January 2025 and $0.315 in July 2024. The fund’s annual yield is shown as 2.84%.

Fund snapshot and recent filings

The ASX page showed a last price of $21.98, down $0.01 or 0.09%, a bid-offer range of $21.80 to $22.15, a day range of $21.97 to $22.08 and trading volume of 56,092 units against an average of 51,288. The fund size is $664.52 million with 30,205,660 units outstanding, and the management fee is 0.25%. Its beta is 0.94 and its standard deviation is 13.12. The ISIN is AU00000EX202.

Recent announcements include the Units on Issue Disclosure for September 2026 on 6 October, the Annual Report on 25 September, a Product Disclosure Statement on 18 September, the August units disclosure on 4 September and a Supplementary Product Disclosure Statement on 18 August 2026.

What EX20 means for portfolio exposure

EX20 provides diversified exposure to about 180 mid-to-large Australian securities outside the top 20, with a lower weight in the biggest banks and a higher weight in materials, property and technology. It carries a 0.25% management fee and distributes twice a year.