Key highlights

  • LEVR invests in 37 large, high-quality Australian companies and uses gearing to magnify the exposure.
  • Financial Services (37.38%) and Basic Materials (25.86%) are its largest sectors, and its top 10 holdings make up 58.07%.
  • The fund size is $122.63 million, the management fee is 2.38% and its annual yield is shown as 0.61%.

Geared share funds borrow to hold more shares than the capital invested, which increases the amount of market exposure each unit gives. The First Sentier Geared Australian Share Complex ETF (ASX:LEVR) applies this approach to a portfolio of large Australian companies. It was admitted to the ASX on 15 May 2025, is classified by Morningstar as Equity Australia Large Geared and uses the S&P/ASX 100 TR index as its benchmark. It is a complex ETF.

This article sets out the exposure LEVR provides, drawing on its ASX fund page, with details on its sector and geographic mix, its largest holdings, its fee and its distributions. It contains no return data or advice.

What the fund is designed to do

The fund’s investment strategy is based on the belief that, over the medium to long term, stock prices are driven by the ability of management to generate excess returns over their cost of capital in their chosen industry. The fund invests in large, high-quality companies with sound balance sheets and earnings, uses gearing to magnify the returns from the underlying investments, invests in Australian equities and does not hedge currency risk.

Its portfolio has 37 companies, and the effect of gearing is visible in its metrics: its beta is 2.56 and its standard deviation is 27.18, far higher than the figures for ungeared Australian equity ETFs. The fund’s units outstanding were 86,662,417, and average daily trading volume was 121,466 units.

Sector allocation

By Morningstar sector, LEVR’s largest weightings are Financial Services (37.38%), Basic Materials (25.86%), and Real Estate (7.29%). The remaining listed sectors are Industrials (6.42%), Healthcare (5.90%), Consumer Cyclical (5.63%), Technology (4.43%), Communication Services (3.87%), Utilities (1.52%), and Energy (1.05%).

The ASX page does not show category sector averages for this fund, so its sector weights are given without a comparison.

Asset mix, company size and geography

The fund’s asset allocation is stocks at 98.14% and cash at 1.84%, with no bonds, and the page shows this in terms of the fund’s own assets rather than showing the borrowed exposure. The Equity Australia Large Geared category shows stocks at 104.88%, cash at negative 4.16%, bonds at negative 1.75% and other at 1.02%. By company size, 100.01% of the fund is in companies above $1 billion, which reflects rounding.

Geographically, 94.41% of the fund is in Australia and 5.59% in the United States, compared with the category’s 93.65% and 5.96%. The United States exposure comes from US-domiciled companies listed on the ASX, such as ResMed.

Top holdings

The ten largest holdings make up 58.07% of the fund, with 41.93% in the remaining 27 holdings. They are BHP Group (ASX:BHP) at 14.31%, Commonwealth Bank of Australia (ASX:CBA) at 11.23%, National Australia Bank (ASX:NAB) at 6.36%, Rio Tinto (ASX:RIO) at 4.42%, Goodman Group (ASX:GMG) at 4.15%, Brambles (ASX:BXB) at 3.59%, Westpac Banking Corporation (ASX:WBC) at 3.57%, Suncorp Group (ASX:SUN) at 3.49%, ResMed CDIs at 3.46% and QBE Insurance Group (ASX:QBE) at 3.45%.

BHP and CBA together make up more than 25% of the fund, which means two companies have an outsized influence on the geared portfolio’s exposure.

Distributions

LEVR’s most recent distribution was an interim distribution of $0.004 per unit, with an ex-date of 1 July 2026, a record date of 2 July 2026 and a payment date of 14 July 2026. Earlier distributions were $0.004 in January 2026 and $0.040 in July 2025. The page lists an annual yield of 0.61%.

Fund snapshot and recent filings

On the ASX page, LEVR showed a last price of $1.42, up $0.01 or 0.70%, a bid-offer range of $1.32 to $1.50, a day range of $1.40 to $1.43 and a trading volume of 68,242 units. The fund size is $122.63 million and the management fee is 2.38%. The ISIN is AU60PIM75906. Its head office is at Level 5, Tower 3, International Towers, 300 Barangaroo Avenue, Sydney.

Recent announcements include the LEV MPI tracking report as at 30 September 2026 and the outstanding units and monthly redemptions notice on 7 October, audited financial statements for the year to 30 June 2026 on 23 September, the September units notice on 7 September and the quarterly holdings report to 30 June 2026 on 27 August. The fund’s Morningstar category average for its Large Geared peers shows a stock weighting above 100%, and the ASX page notes that borrowing may be raised directly from financial institutions to purchase extra stocks.

What LEVR’s exposure comes to

LEVR provides geared exposure to 37 large Australian companies, led by BHP and Commonwealth Bank, with a beta of 2.56 and a management fee of 2.38%, which is high compared with most Australian equity ETFs.