Key highlights

  • XX20 holds 30 companies drawn from the S&P/ASX 300 outside the S&P/ASX 20, with its top 10 holdings making up 53.18%.
  • Technology (30.53%) and Healthcare (20.21%) are its largest sectors, well above the 17.13% and 11.80% category averages.
  • The management fee is 0.75% and the ETF was admitted to the ASX on 3 December 2025.

The largest 20 companies on the ASX account for a large share of Australian index funds, so some active ETFs deliberately look elsewhere. The First Sentier Ex-20 Australian Share Active ETF (ASX:XX20) invests in medium and smaller companies from the broader market. It was admitted to the ASX on 3 December 2025, is categorised as Equity Australia Mid/Small Growth and uses the S&P/ASX 300 ex S&P/ASX 20 TR index as its benchmark.

This article describes the exposure XX20 provides, based on its ASX fund page, covering sector weights, company size, geography, its largest holdings, its fee and its distributions. It does not include return data or advice.

What the fund is designed to do

The fund’s strategy is to invest in mid to small cap companies which the investment manager believes are growing strongly and generating positive returns on capital. By tapping into the broader opportunity set of the S&P/ASX 300, the fund can diversify away from the larger financials and resources companies that dominate the S&P/ASX 20 Index and focus on medium to small cap quality Australian companies that the manager believes have sound balance sheets, earnings growth and high or improving returns on invested capital.

Morningstar defines growth stocks as those with high growth expectations and high valuations, with portfolios typically concentrated in rapidly expanding industries. The portfolio holds only 30 companies, which is a concentrated line-up. Its beta is 0.98 and its standard deviation is 22.07, and average daily volume was 92,269 units.

Sector allocation

The sector breakdown shows Technology (30.53%), Healthcare (20.21%), and Basic Materials (14.26%) as the three largest allocations. Relative to its Morningstar category average, the fund holds a higher share in Technology (30.53 vs 17.13%), Healthcare (20.21 vs 11.80%), and Communication Services (7.70 vs 5.06%). It holds a lower share than the category average in Basic Materials (14.26 vs 20.27%), Industrials (7.00 vs 11.21%), Consumer Cyclical (5.12 vs 13.80%), Real Estate (2.13 vs 4.32%), and Consumer Defensive (0.00 vs 2.04%). The remaining listed sectors are Financial Services (13.05%), Communication Services (7.70%), Industrials (7.00%), Consumer Cyclical (5.12%), Real Estate (2.13%), Utilities (0.00%), and Consumer Defensive (0.00%).

The fund holds no Utilities or Consumer Defensive companies, in line with a growth-oriented selection process.

Asset mix, company size and geography

The fund is 98.93% in shares and 1.07% in cash. By company size, 90.78% is in companies above $1 billion and 9.20% in companies between $500 million and $1 billion, with none below $500 million, compared with category averages of 67.91%, 24.54% and 7.55%. In other words, it is weighted toward larger names within the mid and small cap universe.

Geographically, 83.88% of the fund is in Australia, 13.86% in the United States and 2.26% in New Zealand. The US share is far above the category’s 5.10%, reflecting holdings such as ResMed and Newmont, which are listed in Australia through CDIs.

Top holdings

The ten largest holdings make up 53.18% of the fund, with 46.81% in the other 20 holdings. They are Pro Medicus (ASX:PME) at 8.13%, Megaport (ASX:MP1) at 6.30%, ResMed CDIs at 5.47%, WiseTech Global (ASX:WTC) at 5.21%, AUB Group (ASX:AUB) at 5.10%, HUB24 (ASX:HUB) at 4.92%, Qantas Airways (ASX:QAN) at 4.79%, REA Group (ASX:REA) at 4.65%, Xero (ASX:XRO) at 4.42% and Newmont CDIs at 4.15%.

These holdings combine software and platform businesses, medical technology, a broker network and an airline, with a gold producer through Newmont.

Distributions

XX20’s most recent distribution was an interim distribution of $0.001 per unit, with an ex-date of 1 October 2026, a record date of 2 October 2026 and a payment date of 14 October 2026. The preceding distribution was $0.017 in July 2026. The amounts are small compared with the unit price, which is consistent with a growth-oriented portfolio.

Fund snapshot and recent filings

On the ASX page, XX20 showed a last price of $1.23 with no change, a bid-offer range of $1.21 to $1.24, a day range of $1.22 to $1.23 and a trading volume of 126,304 units. The management fee is 0.75% and the ISIN is AU60PIM19250. Its head office is at Level 18, Angel Place, 123 Pitt Street, Sydney.

Recent announcements include the XX20 MPI tracking report as at 30 September 2026 and the outstanding units and monthly redemptions notice on 7 October, distribution announcements on 2 October and 29 September, and the audited financial statements for the year to 30 June 2026 on 23 September.

What XX20’s exposure adds up to

XX20 provides concentrated, growth-oriented exposure to 30 Australian companies outside the ASX 20, with technology and healthcare making up half the portfolio and a larger US share than its category. It carries a 0.75% management fee.