Key highlights

  • GMVW combines investor application money with borrowed funds and invests in the VanEck Australian Equal Weight ETF (ASX:MVW).
  • Its stock allocation is 221.23% and its bond allocation negative 119.82%, reflecting the borrowing used to build the exposure.
  • The management fee is 0.35% and the ETF was admitted to the ASX on 29 February 2024.

Geared ETFs borrow money so that each dollar invested produces more share market exposure than a conventional fund. The VanEck Geared Australian Equal Weight Complex ETF (ASX:GMVW) uses that approach with an equal-weight Australian share portfolio. It was admitted to the ASX on 29 February 2024 and is classified by Morningstar as Equity Australia Large Geared. The ASX page shows no benchmark for the fund, and it is a complex ETF.

This article explains the exposure GMVW provides, based on its ASX fund page, including how its gearing appears in its asset allocation, what it holds, how its distributions have been paid and what it has lodged recently. It contains no return data or advice.

What the fund is designed to do

The fund’s description is brief: GMVW combines investor application money with borrowed funds and invests in the VanEck Australian Equal Weight ETF (ASX:MVW). MVW itself holds a portfolio of the largest and most liquid ASX-listed companies, all equally weighted, so that no single company dominates the portfolio as the biggest companies do in a market-capitalisation-weighted index.

Morningstar’s Equity Australia Large Geared category covers funds that invest in large Australian companies and that may raise further funds by borrowing directly from financial institutions to buy extra stocks, which increases the element of risk. GMVW’s beta is 1.39 and its standard deviation 17.38, higher than those of an ungeared equal-weight fund, which is consistent with the borrowing used. The fund’s average daily volume is 2,990 units.

Sector allocation

By Morningstar sector, GMVW’s largest weightings are Financial Services (20.85%), Basic Materials (20.40%), and Real Estate (10.57%). Relative to its Morningstar category average, the fund holds a higher share in Real Estate (10.57 vs 6.68%), Industrials (9.29 vs 6.05%), Energy (6.50 vs 1.55%), and Consumer Defensive (4.02 vs 1.14%). It holds a lower share than the category average in Financial Services (20.85 vs 35.23%), and Basic Materials (20.40 vs 27.36%). The remaining listed sectors are Industrials (9.29%), Healthcare (8.26%), Energy (6.50%), Technology (5.74%), Consumer Cyclical (5.42%), Communication Services (5.08%), and Consumer Defensive (4.02%).

These weights are the look-through sector weights of the equal-weight portfolio, which spreads capital across sectors more evenly than a market-capitalisation index.

Asset mix, company size and geography

The asset allocation shows stocks at 221.23%, cash at negative 1.41% and bonds at negative 119.82%, with no other assets. The negative bond figure corresponds to the HSBC loan used to fund the extra exposure. The category average is stocks at 104.88%, cash at negative 4.16%, bonds at negative 1.75% and other at 1.02%, so GMVW is much more heavily geared than the typical fund in its category.

All of the look-through portfolio is in companies above $1 billion, compared with 98.74% for the category. By geography, 98.77% is in Australia and 1.23% in the United Kingdom, compared with 93.65% and 0.10% for the category.

Top holdings

GMVW has four holdings listed in total, two of which are shown on the page. The VanEck Australian Equal Weight ETF (ASX:MVW) represents 221.26% of the fund, and an HSBC loan represents 119.81%. The page shows the top 10 positions together as 341.08%, which exceeds 100% because of the gearing.

The HSBC loan is the borrowing that funds the extra exposure to MVW, and the fund’s net assets are the difference between its share holding and the loan.

Distributions

GMVW pays distributions twice a year. The most recent was a final distribution of $0.330 per unit, with an ex-date of 1 July 2026, a record date of 2 July 2026 and a payment date of 29 July 2026. Earlier distributions were $0.630 in January 2026, $1.570 in July 2025, $0.350 in January 2025 and $1.520 in July 2024.

Fund snapshot and recent filings

On the ASX page, GMVW showed a last price of $39.12, down $0.20 or 0.50%, a bid-offer range of $38.79 to $39.50, a day range of $39.07 to $39.16 and a trading volume of 1,540 units. The management fee is 0.35% and the ISIN is AU0000269961. Its head office is at Level 12, Suite 1, 60 Castlereagh Street, Sydney.

Recent announcements include the issued units outstanding report and the monthly disclosure information as at 30 September 2026 on 7 October, the annual report for the year ended 30 June 2026 on 28 September and equivalent reports as at 31 August on 4 September 2026.

What GMVW’s exposure adds up to

GMVW provides geared exposure to an equal-weighted portfolio of large Australian companies through the VanEck Australian Equal Weight ETF, with stock exposure of 221.23% and a 0.35% management fee.