Key Highlights

  • Betashares Geared Short Australian Government Bond Complex ETF (ASX:BBAB) is listed in the Unconstrained Fixed Income category with a fund size of $2.66 million and a management fee of 0.98%.
  • Reported asset allocation shows cash at 100.00%.
  • The latest final distribution is $0.850 per unit, with a payment date of 16 Jul 2024.

Betashares Geared Short Australian Government Bond Complex ETF (ASX:BBAB) is an exchange traded fund listed on the ASX within the Unconstrained Fixed Income category. It was admitted to the exchange on 06 December 2023, and no benchmark is listed for it. The fund’s investment objective is to provide unitholders with geared short exposure to the returns of Australian Treasury Bonds with a term to maturity of approximately 10 years.

The management fee listed for the fund is 0.98%. The fund’s head office is listed in Sydney. The sections below walk through the latest trading snapshot, portfolio composition, distribution information, risk measures and recent announcements for the fund.

Latest Trading Snapshot

The last price was $22.87, lower by $0.01 or 0.04% on the session, against a previous close of $22.88. Trading volume stood at 32 units, with a bid and offer range of $22.82 to $22.87. The day range was $22.87 - $22.87. Average volume is shown as 2,736 units. On size, the fund size is $2.66 million and units outstanding total 116,100. Prices are delayed by at least 20 minutes.

Portfolio Composition and Allocation

Asset allocation data lists cash at 100.00%.

The fund has 1 total holding. The holdings listed include 10 Year Australian Treasury Bond Future June 26 (0.00%).

Distribution Information

The most recent distribution listed is a final distribution of $0.850 per unit, with an ex-date of 01 Jul 2024, a record date of 02 Jul 2024 and a payment date of 16 Jul 2024.

Risk Measures and Recent Announcements

The fund has a beta of -4.06, a negative beta, meaning the fund has tended to move in the opposite direction to its reference market, alongside a standard deviation of 12.67. Recent announcements include Units on Issue Disclosure - September 2026 (06/10/2026), Monthly Notional Derivatives Exposure Report - Sep 2026 (02/10/2026) and Annual Report (25/09/2026).

Category and Market Context

The Unconstrained Fixed Income category contains funds with broad scope to build portfolios with little reference to traditional bond indices, and derivatives can be prominent in implementing exposures. This fund uses a futures-based approach to take a short position on Australian government bonds.

Key Risks and Considerations

A geared short position gains when bond prices fall and loses when bond prices rise, so the fund’s direction can run opposite to a conventional bond holding, as the negative beta shows. Gearing magnifies these moves in both directions, and the listed distribution dated July 2024 is the only payment shown.

What to Watch Ahead

Items that readers following Betashares Geared Short Australian Government Bond Complex ETF (ASX:BBAB) may track include the next monthly units-on-issue disclosure, distribution announcements and any portfolio or investment updates from the manager. Changes in the sector and asset mix, trading volumes and the fund’s size over time will also show how the portfolio is evolving. This article is informational and does not constitute investment advice.

The Bottom Line

Betashares Geared Short Australian Government Bond Complex ETF (ASX:BBAB) is a Unconstrained Fixed Income fund admitted to the ASX on 06 December 2023, with the latest ASX data showing a last price of $22.87 and a move of -0.04% on the session, a portfolio led by cash at 100.00%, and a latest final distribution of $0.850 per unit. Reading these figures alongside the fund’s category, fee, structure and risk measures gives a fuller picture of how the ETF is built and how it has been trading.