Key Highlights

  • Betashares Geared US Equity Currency Hedged Complex ETF (ASX:GGUS) aims to provide geared, AUD hedged exposure to the US share market.
  • iShares U.S. Factor Rotation Active ETF (ASX:IACT) uses a proprietary factor rotation model for US large- and mid-cap stocks.
  • State Street Blackstone Senior Loan (AUD Hedged) Active ETF (ASX:SBSL) accesses US senior loans through an underlying fund.

Three exchange traded funds use distinct structures: Betashares Geared US Equity Currency Hedged Complex ETF (ASX:GGUS) uses gearing, iShares U.S. Factor Rotation Active ETF (ASX:IACT) applies a factor rotation model, and State Street Blackstone Senior Loan (AUD Hedged) Active ETF (ASX:SBSL) invests in US leveraged loans through an underlying fund. Each holds its exposure through one underlying fund.

Betashares Geared US Equity Currency Hedged Complex ETF (ASX:GGUS)

Gearing means the fund's market exposure is larger than its capital. In GGUS the structure is visible in its allocation: stocks represent 203.35% of the portfolio and cash is negative 103.34%, which reflects borrowing used to increase exposure. The fund describes its objective as geared exposure to the US share market with currency hedging to Australian dollars, and it notes there is no assurance or guarantee that returns will meet that objective.

The portfolio is held through a single investment, iShares Core S&P 500 ETF (IVV), which represents 203.84% of the fund.

By sector, the portfolio is allocated as follows: Technology 38.69%, Financial Services 12.07%, Communication Services 9.50%, Consumer Cyclical 9.31%, Healthcare 9.28%, Industrials 7.75%, Consumer Defensive 4.46%, Energy 3.48%.

The most recent recorded distribution was a final distribution of $0.870 per unit, with an ex-date of 1 July 2025, a record date of 2 July 2025 and payment on 16 July 2025.

iShares U.S. Factor Rotation Active ETF (ASX:IACT)

The fund provides diversified and tactical exposure to style factors via a factor rotation model. Under normal circumstances it invests at least 80% of its net assets, plus any borrowings for investment purposes, in U.S. listed common stock of large- and mid-capitalisation companies selected using a proprietary Factor Rotation model developed by BFA and its affiliates. In practice it holds units in the iShares U.S. Equity Factor Rotation Active ETF (ticker DYNF), which makes up 99.96% of the portfolio.

The portfolio is held through a single investment, iShares U.S. Equity Factor Rotation Active ETF (DYNF), which represents 99.96% of the fund.

By sector, the portfolio is allocated as follows: Technology 41.04%, Financial Services 13.84%, Communication Services 9.99%, Industrials 8.88%, Healthcare 7.83%, Consumer Cyclical 6.86%, Energy 4.82%, Consumer Defensive 2.08%.

The most recent recorded distribution was a interim distribution of $0.024 per unit, with an ex-date of 29 September 2026, a record date of 30 September 2026 and payment on 9 October 2026.

State Street Blackstone Senior Loan (AUD Hedged) Active ETF (ASX:SBSL)

To achieve its objective, the fund obtains exposure to loans and other debt instruments through units in the US-domiciled State Street Blackstone Senior Loan ETF (the Underlying Fund). In addition to this investment, currency hedging is implemented using rolling one-month forward currency contracts. The Underlying Fund (ticker SRLN) represents 99.06% of the portfolio.

The portfolio is held through a single investment, State Street Blackstone Senior Loan ETF (SRLN), which represents 99.06% of the fund.

In terms of asset allocation, bonds make up 92.04% of the portfolio and cash 7.41%, with a 0.55% stock allocation. Geographic exposure is United States (73.45%), the Cayman Islands (17.30%), the United Kingdom (3.16%), Jersey (1.74%), Canada (1.52%) and Australia (1.09%).

The most recent recorded distribution was a interim distribution of $0.296 per unit, with an ex-date of 8 October 2026, a record date of 9 October 2026 and payment on 23 October 2026.

Fund Details at a Glance

  • GGUS: Equity World - Currency Hedged; benchmark S&P 500 TR AUD; admitted 18 August 2015; fund size $446.44 million; management fee 2.28%
  • IACT: Equity World Other; benchmark MSCI USA NR USD; admitted 11 June 2025; management fee 0.45%
  • SBSL: Non Investment Grade Debt; benchmark Morningstar LSTA US LL TR Hdg AUD; admitted 7 August 2026; management fee 0.70%

In Summary

GGUS, IACT and SBSL show three ways of structuring US exposure: gearing, active factor rotation and senior loan investing. Their most recent distributions were $0.870 per unit for GGUS (paid 16 July 2025), $0.024 for IACT (paid 9 October 2026) and $0.296 for SBSL (paid 23 October 2026).