• XARO is a complex ETF administered by Fidante and quoted on the ASX AQUA market.
  • The fund is benchmarked to CPI and reports a portfolio that is 98.60% bonds.
  • Australia accounts for 89.16% of reported geographic exposure.
  • The management fee is 0.50% and the fund size is $147.39 million.

The Ardea Real Outcome Bond Complex ETF (ASX:XARO) is a complex exchange-traded fund quoted on the ASX AQUA market. It is a separate class of units in the ActiveX Trust, a registered managed investment scheme, and is administered by Fidante. The fund is measured against CPI and sits in the Alternative - Other category, while its reported portfolio is almost entirely bonds. The main fund details are set out in the table below.

Fund name

Ardea Real Outcome Bond Complex ETF

ASX code

XARO

Category

Alternative - Other

Benchmark

CPI

Management fee

0.50%

Fund size

$147.39 million

Last price (23 October 2026 session)

$25.12

Admitted to ASX

10 December 2018

What exposure does XARO offer?

XARO gives access to a bond-based portfolio that is benchmarked to CPI rather than to a conventional bond index. It is classified as Alternative - Other, and the product is described as a managed fund established as a class of units within the ActiveX Trust, with unitholders holding units in that specific class. Reported holdings are concentrated in Australian semi-government and Commonwealth securities, with smaller positions in French, Canadian and supranational-style issuers such as Export Development Canada and CPPIB Capital.

Portfolio composition

The fund's reported asset allocation comprises bonds 98.60%, other 2.81%, stock 0.25% and cash -1.65%. By region, the largest weightings are Australia (89.16%), Canada (7.68%), France (3.12%) and the United States (0.04%). The fund reports 766 holdings, and the ten largest account for 149.09% of the portfolio. The leading positions include New South Wales Treasury Corporation 2.75% (55.25%), Australian Commonwealth Government loans (34.33%) and Australia (Commonwealth of) 2.5% (34.24%).

Fees, price and distributions

The management fee is 0.50%. Fund size is $147.39 million, with 5,855,890 units outstanding. The last quoted price was $25.12 during the 23 October 2026 session. Fund announcements refer to a quarterly distribution for September 2026, with an ex-date of 1 October 2026, a record date of 2 October 2026 and a payment date of 21 October 2026.

Who XARO may suit

The fund may be of interest to investors who want a bond-focused product measured against inflation and who are comfortable with a complex fund structure. The reported weights of the ten largest holdings add up to more than 100% of the portfolio, with the remaining holdings shown at a negative figure, which is a feature investors who use this product would want to understand before investing. Its reported fund size is $147.39 million.

Final perspective

XARO combines a bond-heavy portfolio with a CPI benchmark and a complex fund structure. Its latest quoted price, fee level, holdings and distribution timetable are summarised above, and further detail is available in the fund announcements, including the FY2026 annual financial report released on 29 September 2026.