InvestSMART Australian Exchange-Traded Fund Quarterly Report - December 2017

About this report

Welcome to InvestSMART’s December Quarter 2017 Australian Exchange-Traded Funds (ETF) update.

ETFs are the basis of InvestSMART’s Separately Managed Account (SMA) portfolios. The purpose of this report is to provide our clients with an easy to digest wrap of market activity as well as a greater level of insight into how and why we’ve built our SMA portfolios the way we have.

ETFs are a low-cost, hassle-free way for investors to achieve their investment objectives. Whether your aim is to diversify your portfolio or to obtain exposure to a particular asset class or investment theme, the ability to buy ETFs directly on the market, their low cost and transparency has seen the popularity of these securities amongst investors grow rapidly.

We have categorised the ETF market by asset class to allow members to quickly identify suitable securities to fill any investment gaps in their portfolio and remain aligned to their specific investment objectives.

Figure 1: Asset Classes

About InvestSMART

Founded in 1999, InvestSMART Group Limited (ASX:INV) believes everyone should have the confidence to control their financial future and it shouldn’t be hard or expensive to do so.

Whether you’re managing your own investments or looking for a little help, we deliver straightforward, flexible and affordable solutions to ensure you are better able to meet your investment goals.

Our three leading brands – InvestSMART, Eureka Report and Intelligent Investor – together offer actionable investment tools, wealth advice and independent ASX-listed stock research.

We’re all about making investing simple. Statistics show four in five Australians do not receive any professional investment advice, with cost the primary reason. We aim to change that.

Through our Portfolio Manager, stock research, wealth commentary and affordable investment products, we believe we are delivering the right tools to help all Australians grow and protect their wealth.

InvestSMART Star Rating

When reviewing an ETF there are some key metrics common to every security. Our quantitative 5 Star Rating System takes each of these items into account, reflecting the process we use to identify investments in InvestSMART’s ETF-based Portfolios.

We have categorised the ETF market by asset class to allow members to quickly identify suitable securities to fill any investment gaps in their portfolio and remain aligned to their specific investment objectives.

For our portfolios, we generally like to see a 4 to 5-star rating. This implies the security rates highly across each of the above-mentioned metrics. However, the star rating is best used as a filtering tool when comparing ETFs with the same objective.

It does not make sense to compare a highly liquid, and hence low-cost S&P 500 ETF, to one designed to track the performance of emerging markets, which are often less liquid and more expensive to access.

As the table below shows, only eight Australian ETFs out of the total of 173 listed funds achieve the maximum 5 Star Rating. The bulk of ETFs are rated 3 Stars or less.

It should also be noted that the InvestSMART Star Rating is a quantitative measure and it does not take personal investment objectives into account. It does not constitute a recommendation.

Figure 3: Number of ETFs per star rating

Star Rating	Number of ETFs
5	8
4	36
3	61
2	52
1	2
NA	2

So which ETF is best?

Following our September Quarter ETF report, we had a lot of members asking, “but which ETF is best?”

Determining this is not as simple as looking at a funds performance. As ETFs are passively managed and are constructed to track a given benchmark the performance of an ETF over any given period does not generally indicate it is better or worse than. Rather, it is simply reflective of the performance of the asset class or sector the ETF has been designed to track.

With this in mind, in order to determine which ETF is best for you, an investor must firstly understand how their portfolio is currently positioned. With over 60,000 self-directed investors utilising InvestSMARTs Portfolio Manager, we gather unique insights into the behaviour of a large proportion of Australia’s investing public.

We reviewed the average asset allocation of portfolios and found that most Australians wealth is invested in domestic equities.

We recognise that over the long term no one asset class is guaranteed to deliver substantial outperformance on a consistent basis and that attempting to time turning points across various asset classes is near impossible.

As such, our view on portfolio construction is based on the concept of diversification. Via InvestSMART's Health Check we assist our clients in understanding how their portfolio is currently positioned and whether it is appropriate in achieving their objectives.

If we take the above to be an indication of the ‘average’ Australian portfolio and decided a ‘balanced portfolio’ would be best suited in achieving our investment objective, we’d see that we are overweight domestic equities and would determine the following:

Figure 5: Balanced Asset Allocation

What is ‘best’ for this particular portfolio therefore would be to diversify by re-investing a portion of Equity exposure across Fixed Interest and International Equities. We could then filter through the ETF market to find securities worthy of more detailed analysis. This can be achieved using InvestSMARTs ETF Filtering Tool.

For the Fixed interest component, should we decide we would like Australian Bond Exposure only. To identify these securities we could search for, Asset Class: Fixed income and Cash > Geographic Exposure: Australia > Category: Bonds – Australia.

Figure 6: Australian Fixed Income and Cash ETFs

Source: InvestSMART ETF Filtering Tool.

For the International Equities component, should we decide we would like to focus on large cap, global, broad-based securities. To identify these securities we could search for, Asset Class: Equities > Geographic Exposure: Global > Category: Equity World Large Blend.

Figure 7: Global Equity ETFs

Source: InvestSMART ETF Filtering Tool

After narrowing down the list, we can then conduct further due diligence to determine which security best suits our needs. We will explore the due diligence process next quarter.

The Active vs Passive Debate

As the ETF market grows, there is growing debate surrounding what is better, passive or active investment.

We don’t believe it is a simple black or white consideration. Perhaps to actively engaged investors the concept of a passive fund seems illogical. “Why would I want to invest in something that guarantees benchmark returns?”.

However, for the average person who does not have the time or skill to invest themselves or identify a manager that will ensure they consistently outperform over an extended period, passive strategies could be suitable. Even Warren Buffett has stated that for most investors the best option is to put their money in a low-cost index fund.

Passive investing has its place in building the core of a well-diversified portfolio. Where fees are justified by way of consistent long-term performance, active strategies also have a place within a portfolio in generating alpha (the excess return of an investment relative to the return of a benchmark index).

Figure 8: Passive vs Active Strategies

Coming back to ETFs and contrary to common belief, no longer are all listed funds simple passive market cap weighted, index hugging securities and there is a growing number of actively managed funds coming to. That is, actively managed funds that you can buy or sell in the same way as any security on the market. These securities are being generally referred to as Exchange Quoted Managed Funds (EQMF) or Exchange Traded Managed Funds (ETMF). Similar to mFunds but actively quoted not just settled on ASX systems. 

This growing category of listed fund allows investors to allocate capital toward active managed strategies without the hassle of filling out additional paperwork and with the benefit of knowing the price at which you will be buying or selling units at the time of transaction.

Figure 9: Benefits of a listed fund

At present there are 14 actively managed funds listed on the exchange with varying mandates, from those that focus on yield, to small caps, to international equity markets. 2017 saw 5 new actively managed funds come to market and we see this becoming an increasingly common way for fund managers to structure their funds.

When identifying whether a fund is a suitable investment, some things to consider include:

1. Cost: As seen in the above table, actively managed funds will generally charge higher fees than passive funds. This is the premium you pay for the managers skill in generating alpha.
2. Performance: Elaborating on point 1, does the manager have a track record of consistent performance over longer time frames? Manager skill is worth paying for.
3. Investment Objectives: Perhaps the most important consideration is understanding what you are investing in and how it fits as part of achieving your overall investment objective. It is not sensible to simply chase returns without regard to risk. 

Given these funds are not intended to simply track their benchmark, we do not currently provide a star rating on them. The InvestSMART Star Rating is a measure designed to compare similar securities across a number of quantifiable metrics - size, costs, liquidity & tracking error. Throughout the analysis, this is denoted by 'Not Rated'.

Market Overview - FUM

The Australian ETF market exceeded expectations of $35bn in Funds under Management (FUM) by calendar year end.

While this has primarily been driven by inflows, strong performance across the traditional ‘risk’ asset classes, Commodities, Equities & Property have added to the FUM growth.

New funds continue to be listed with 8 new securities across a range of categories coming online during the December quarter.

Figure 13: Australian ETF market breakdown

Asset Class	Geography	Issuer
The largest asset class in terms of both product range as well as FUM is equities, representing over 75% of the market.	Geographically, the largest exposure for ETFs across the market is Australia, followed by those providing diversified global exposure.	With combined FUM over $30 billion, close to 90% of the Australian ETFs market is managed by five issuers, namely BlackRock, Vanguard, State Street, BetaShares and Magellan.

Source: ASX and Morningstar

Market Overview - Flows 

Fund flow is an interesting metric when analysing the ETF market as it provides insight into ‘net demand’. Given the majority of ETFs are index tracking, that is they are designed to replicate the performance of a given market index or asset class, analysing flows gives an insight into trends in market sentiment toward a given thematic.

Overview

Figure 14: FUM Flows & Turnover 

Source: ASX and Morningstar

Equities continue to see the majority of inflows, though the most notable change when compared to previous periods has been in the Fixed Income & Cash category. December was the first time this calendar year that there were net outflows in this category.

While ETFs designed to provide exposure to floating rate securities (FLOT, QPON & HBRD) saw net inflows, BetaShares Australia High Interest Cash ETF (AAA) saw net outflows of $75m during the month of December. 

November saw exceptionally large equity market focused inflows with iShares Core S&P ASX 200 ETF (IOZ) making up over a third of this figure.

Figure 15: FUM Flows ($m) by Asset Class 

Source: ASX and Morningstar

ETFs designed to provide broad based equity exposure saw the largest inflows for the quarter, while BetaShares Dividend Harvesting (HVST), US Dollar (USD) and British Pound (POU) ETFs saw the largest net outflows.

Market Overview - Costs

There are two main components to the total cost of an ETF. The Management Expense Ratio (MER) and the difference between the Bid and the Offer (spread). 

Generally speaking, simpler index tracking (passive) funds will have a lower MER than an Actively Managed Fund. This is primarily due to the difference in the objectives of the Fund Manager. While passive funds are designed to deliver returns in line with a benchmark, active funds are managed to outperform them and to do so consistently over long periods of time requires a greater level of oversight, experience and skill.

The spread is generally a function of the liquidity in the underlying securities and transactional costs to acquire them.

Overview

Figure 18: Cost Analysis 

Source: ASX and Morningstar

Fixed income & cash remains the cheapest asset class, even after incorporating spreads.

At a security level, broad-based equity market and cash-focussed ETFs are the cheapest, which is reflective of underlying liquidity in these markets.

Geographically, ETFs focused on Australia and the US are, on average, the cheapest.

Per below, index tracking broad based equity and cash exposed ETFs are the cheapest with low MERs and tight spreads, whereas the active and more exotic strategies funds tend to be more expensive.

It should be emphasised though that high fees should not be cause for immediate dismissal when reviewing an ETF. If a particular security is suited to achieving your investment objective, or if in the case of an actively managed fund, long term performance warrants paying a higher fee, then they should be considered.

Market Overview - Performance

A passively managed ETF should closely track its underlying index. Unlike active fund mandates, negative returns do not necessarily mean the fund manager is doing a bad job, but rather reflects the performance of the underlying securities the ETF has been designed to track.

When reviewing an actively managed fund though, cost vs long term performance is an important metric to consider.

Overview

Market Overview - Yield

Yield is the income earned on an investment and is expressed as a percentage. Historically, Fixed income, Property & Infrastructure securities generate most of an investor’s return from distributions of income.

Equities are mixed given a company has the option to distribute profits or retain them to grow, while investments in Commodities and Currency return little to no returns from yield given they are non-income producing assets.

Overview

As expected, Equities Fixed Income & Cash and Property & Infrastructure continue to provide the greatest income based returns on average.

Geographically, Australia sees the highest returns from income, reflective of our relatively high interest rates and equity pay-out ratios when compared to the rest of the world.

The highest yielding security for the year to December was BetaShares Australian Dividend Harvester (HVST). This fund is specifically aimed to generate regular franked dividend income by investing in large cap Australian shares.

Securities Overview - Commodities

These securities are designed to provide exposure to the performance of various commodities and natural resources. The majority are physically backed, though there is a number of synthetic securities available.

We do not hold any Commodity focused ETFs in InvestSMART's Separately Managed Account (SMA) portfolio.

Commodities	FUM ($m)	Qtr Flows	Avg Returns 3m	Avg Returns 12m
	$ 729m	$ -20.8m	3.70%	5.20%

Avg Star Rating	Avg Yield	Avg MER	Qtr Avg Spread	No. Funds
2.0	0.00%	0.54%	0.72%	10

Source: ASX and Morningstar

Overview

While BetaShares Currency Hedged Gold Bullion ETF (QAU) saw net outflows for the quarter of $11.6m, ETF Securities Gold ETF (GOLD) saw $11m in net inflows. While it may be coincidental, it may also be reflective of a switch into the lower cost GOLD (0.40% MER) and of a view on the currency as GOLD is unhedged whereas QAU is hedged.

BetaShares Currency Hedged Agriculture ETF (QAG) was the only security of this category to deliver a negative return for the period, while rising oil prices saw BetaShares Oil ETF (OOO) deliver positive returns in excess of 15%.

Geographic Exposure

Figure 26: Commodity ETFs by Geography 

Source: ETF Issuers^
^ETF Issuers indicates a combination of ETF providers as detailed in the Issuer column of Figure 11, as throughout the entire ETF report 

Key Data: Commodity ETFs

Figure 27: Commodity ETFs

Name	Code	FUM ($M)	Qtr Flows ($M)	MER	Qtr Avg Spread	3MTH Return	12MTH Return	Historical YLD	QTR AVG Liquidity	Sub Category	STAR Rating
GLOBAL
Agriculture
BetaShares Agriculture ETF CcyHgd(Synth)	QAG	2.25	-0.33	0.69%	1.61%	-3.72%	-11.90%	0.00%	12.71%	Miscellaneous	1
Diversified Commodities
ETFS Physical PM Basket ETC	ETPMPM	5.00	0.00	0.44%	0.70%	3.03%	6.56%	0.00%	2.82%	Commodities & Precious Metals	2
BetaShares Com Basket ETF Ccy Hgd(Synth)	QCB	8.12	-1.77	0.69%	1.43%	5.51%	4.15%	0.00%	17.67%	Commodities & Precious Metals	1
Gold.
ETFS Physical Gold ETC	GOLD	559.99	11.03	0.40%	0.14%	0.84%	2.70%	0.00%	4.42%	Commodities & Precious Metals	4
BetaShares Gold Bullion ETF Ccy Hedged	QAU	49.21	-11.68	0.59%	0.28%	0.40%	10.67%	0.00%	19.39%	Commodities & Precious Metals	2
ETFS Physical Singapore Gold ETF	ZGOL	13.26	0.00	0.40%	0.24%	0.96%	3.14%	0.00%	4.12%	Commodities & Precious Metals	2
Oil
BetaShares Crude Oil ETF Ccy Hgd(Synth)	OOO	32.36	-15.26	0.69%	0.25%	15.69%	3.00%	0.00%	17.36%	Commodities & Precious Metals	2
Palladium
ETFS Physical Palladium ETC	ETPMPD	1.15	-1.01	0.49%	0.89%	13.27%	44.05%	0.00%	7.66%	Commodities & Precious Metals	2
Platinum
ETFS Physical Platinum ETC	ETPMPT	1.16	-1.80	0.49%	0.83%	0.74%	-6.05%	0.00%	6.35%	Commodities & Precious Metals	2
Silver
ETFS Physical Silver ETC	ETPMAG	56.61	0.00	0.49%	0.80%	0.23%	-4.33%	0.00%	3.61%	Commodities & Precious Metals	2

Source: ASX and Morningstar

Securities Overview - Currency

These securities are designed to track the performance of the Australian dollar relative to various currencies.

We do not hold any Currency focussed ETFs in InvestSMART'S Separately Managed Account (SMA) portfolios.

Currency	FUM ($m)	Qtr Flows	Avg Returns 3m	Avg Returns 12m
	$ 536m	$ -59.2m	0.66%	-1.42%

Avg Star Rating	Avg Yield	Avg MER	Qtr Avg Spread	No. Funds
2.9	0.30%	0.67%	0.15%	7

Source: ASX and Morningstar

Overview

USD and POU provide investors with a way to gain exposure to a falling Australian dollar relative to the US Dollar and British Pound respectively and the December quarter saw large outflows in each of these funds. The consensus view is that the AUD will be lower by year end with low expectations of a rate rise in 2018 compared to more hawkish foreign central banks.

Geographic Exposure

Figure 28: Currency ETFs by Geography 

Source: ETF Issuers

Key Data: Currency ETFs

Figure 29: Currency ETFs

Name	Code	FUM ($M)	Qtr Flows ($M)	MER	Qtr Avg Spread	3MTH Return	12MTH Return	Historical YLD	QTR AVG Liquidity	Sub Category	STAR Rating
ASIA
ETFS Physical Renminbi ETF	ZCNH	0.46	0.00	0.30%	0.24%	2.41%	-1.17%	0.00%	1.28%	Miscellaneous	2
EUROPE
BetaShares Euro ETF	EEU	6.92	1.14	0.45%	0.12%	1.79%	4.90%	0.00%	15.51%	Miscellaneous	3
BetaShares British Pound ETF	POU	28.95	-27.30	0.45%	0.09%	1.10%	1.03%	0.00%	32.28%	Miscellaneous	3
AUSTRALIA
BetaShares Strong Australian Dollar Hdg	AUDS	1.61	0.00	1.38%	0.19%	-2.06%	19.26%	1.95%	79.49%	Alternative Strategies	2
USA
BetaShares US Dollar ETF	USD	472.87	-33.87	0.45%	0.10%	0.36%	-7.41%	0.17%	9.93%	Miscellaneous	5
BetaShares Strong US Dollar Hedge	YANK	11.82	-1.35	1.38%	0.15%	0.56%	-19.46%	0.00%	17.89%	Alternative Strategies	2
ETFS Physical US Dollar ETF	ZUSD	14.22	2.16	0.30%	0.15%	0.46%	-7.11%	0.00%	14.51%	Miscellaneous	3

Source: ASX and Morningstar

Securities Overview - Property & Infrastructure

These securities are designed to track various Domestic and Global Property & Infrastructure indexes. 

We hold positions in VAP, IFRA & DJRE in InvestSMART's Separately Managed Account (SMA) portfolios.

Property & Infrastructure	FUM ($m)	Qtr Flows	Avg Returns 3m	Avg Returns 12m
	$ 2226m	$ 140.7m	4.42%	6.69%

Avg Star Rating	Avg Yield	Avg MER	Qtr Avg Spread	No. Funds
2.9	2.80%	0.59%	0.33%	9

Source: ASX and Morningstar

Overview

Domestic focused REITs were the best performing category this quarter with MVA, SLF & VAP all delivering returns in excess of 7% for the 3 months to December. Below we list these three securities head to head. It is interesting to note that despite a relatively small pool of potential securities to invest in, there are three ETFs designed to track Domestic REITs. Per below, you can see that each is constructed slightly differently and this will result is slightly different outcomes. It is important to dive deeper into an ETFs construction when selecting one that is right for you.

Geographic Exposure

Figure 30: Property & Infrastructure ETFs by Geography 

Source: ETF Issuers

VAP is our preferred security in this space given greater diversification with 31 underlying securities, low tracking error, MER and spread.

Key Data: Property & Infrastructure ETFs

Figure 32: Property & Infrastructure ETFs

Name	Code	FUM ($M)	Qtr Flows ($M)	MER	Qtr Avg Spread	3MTH Return	12MTH Return	Historical YLD	QTR AVG Liquidity	Sub Category	STAR Rating
AUSTRALIA
Property
VanEck Vectors Australian Property ETF	MVA	77.92	2.90	0.35%	0.16%	7.07%	7.27%	5.47%	5.31%	Equity Australia Real Estate	3
SPDR? S&P/ASX 200 Listed Property ETF	SLF	598.21	-3.91	0.40%	0.18%	7.77%	5.56%	4.09%	3.60%	Equity Australia Real Estate	4
Vanguard Australian Property Secs ETF	VAP	1,098.93	66.54	0.23%	0.08%	7.72%	6.61%	2.58%	5.15%	Equity Australia Real Estate	4
GLOBAL
Infrastructure
AMP Capital Global Infras Secs Unhdg	GLIN	28.24	3.55	0.85%	0.70%	0.81%	8.22%	2.07%	5.36%	Infrastructure - Global	Not Rated
VanEck Vectors FTSE Glbl Infras(Hdg)ETF	IFRA	64.06	14.32	0.52%	0.20%	2.09%	14.61%	3.17%	13.63%	Infrastructure - Global	3
Magellan Infrastructure Ccy Hdg ETF	MICH	145.28	30.66	1.05%	0.44%	3.02%	16.35%	2.69%	8.03%	Infrastructure - Global	Not Rated
ETFS Global Core Infrastructure ETF	CORE	2.34	1.60	0.45%	N/A	2.28%	0.00%	0.22%	41.39%	Equity World Other	2
Property
SPDR? Dow Jones Global Real Estate ETF	DJRE	194.06	25.84	0.50%	0.13%	3.81%	-0.77%	3.45%	10.58%	Equity Global Real Estate	3
AMP Capital Global Property Secs Unhdg	RENT	17.20	-0.75	0.99%	0.82%	5.19%	2.40%	1.46%	5.18%	Equity Global Real Estate	Not Rated

Source: ASX and Morningstar

Securities Overview - Fixed Income & Cash

These securities are designed to provide investors access to domestic and global Fixed Income & Cash securities.

We hold positions in AAA, FLOT & IAF in InvestSMART's Separately Managed Account (SMA) portfolios.

Fixed Income & Cash	FUM ($m)	Qtr Flows	Avg Returns 3m	Avg Returns 12m
	$ 4089m	$ 278.4m	1.07%	2.94%

Avg Star Rating	Avg Yield	Avg MER	Qtr Avg Spread	No. Funds
3.3	2.9%	0.26%	0.16%	25

Source: ASX and Morningstar

Overview

Domestic Government Bonds were the best performing of the fixed interest securities over both the quarter and the last 12 months. The majority of inflows were directed to funds exposed to floating rate securities (HBRD, QPON, FLOT) and domestic corporate fixed rate securities (PLUS & VACF).

Vanguard listed a new Hedged Global Bond Fund (VBND) in October which seeks to provide exposure to high-quality, income-generating securities issued by governments, government-owned entities, government-guaranteed entities, investment-grade corporate issues and securitised assets from around the world. 

Geographic Exposure

Figure 33: Fixed Income & Cash ETFs by Geography 

Source: ETF Issuers

Key Data: Fixed Income & Cash ETFs

Figure 34: Fixed Income & Cash ETFs

Name	Code	FUM ($M)	Qtr Flows ($M)	MER	Qtr Avg Spread	3MTH Return	12MTH Return	Historical YLD	QTR AVG Liquidity	Sub Category	STAR Rating
GLOBAL
Corporate
iShares Core Global Corp Bd AUDH ETF	IHCB	85.57	6.40	0.26%	0.20%	1.28%	5.68%	2.91%	14.23%	Bonds - Global	3
iShares Global High Yield Bond AUDH ETF	IHHY	23.62	-2.13	0.56%	0.25%	0.27%	6.78%	6.46%	33.02%	High Yield Credit	2
Diversified
iShares JP Morgan USD EmMkts Bd AUDH ETF	IHEB	12.04	1.07	0.51%	0.19%	1.14%	10.16%	3.29%	51.82%	Bonds-Emerging Market Debt	2
Vanguard Intl Credit Secs Idx (Hdg) ETF	VCF	112.68	-10.81	0.30%	0.22%	1.13%	5.23%	10.29%	16.83%	Diversified Credit	3
Vanguard Global Aggregate Bd Hdg ETF	VBND	4.55	4.53	0.20%	N/A	0.00%	0.00%	0.37%	47.16%	Bonds - Global	2
Government
Vanguard Intl Fxd Intr Idx (Hdg) ETF	VIF	159.90	10.03	0.20%	0.19%	0.83%	2.57%	10.17%	10.66%	Bonds - Global	3
AUSTRALIA
Cash
BetaShares Aus High Interest Cash ETF	AAA	1,257.38	-6.16	0.18%	0.02%	0.50%	2.03%	2.01%	17.51%	Australian Cash	5
iShares Core Cash ETF	BILL	163.85	8.02	0.07%	0.01%	0.42%	0.00%	0.89%	5.56%	Australian Cash	5
iShares Enhanced Cash ETF	ISEC	16.06	1.00	0.12%	0.01%	0.51%	0.00%	1.06%	8.29%	Australian Short Term Fixed Interest	4
UBS IQ Cash ETF	MONY	1.00	0.00	0.18%	0.06%	0.26%	0.00%	0.97%	2.83%	Australian Cash	4
Corporate
VanEck Vectors Australian Corp Bd ETF	PLUS	151.04	70.60	0.32%	0.23%	1.64%	0.00%	1.85%	18.99%	Diversified Credit	4
Russell Inv Australian Select CorpBd ETF	RCB	154.08	6.09	0.28%	0.23%	1.04%	4.98%	4.22%	6.11%	Bonds - Australia	3
Vanguard Australian Corp Fxd Intr ETF	VACF	84.07	21.20	0.26%	0.18%	1.43%	5.03%	2.94%	12.09%	Bonds - Australia	3
VanEck Vectors Australian Fltng Rt ETF	FLOT	52.15	31.13	0.22%	0.06%	0.66%	0.00%	1.44%	28.31%	Diversified Credit	4
Betashares Aus Bank Sr Fltng Rt Bd ETF	QPON	190.85	80.05	0.22%	0.04%	0.82%	0.00%	1.34%	24.52%	Diversified Credit	4
Diversified
iShares Core Composite Bond ETF	IAF	494.27	38.52	0.20%	0.12%	1.39%	3.47%	2.29%	5.83%	Bonds - Australia	4
Vanguard Australian Fixed Interest ETF	VAF	679.81	0.23	0.20%	0.07%	1.39%	3.50%	2.88%	6.25%	Bonds - Australia	4
Government
SPDR? S&P/ASX Australian Bond ETF	BOND	28.59	0.02	0.24%	0.15%	1.99%	4.05%	2.67%	5.64%	Bonds - Australia	3
SPDR? S&P/ASX Australian Govt Bd ETF	GOVT	12.87	-2.55	0.22%	0.12%	1.90%	3.68%	2.35%	11.32%	Bonds - Australia	3
iShares Treasury ETF	IGB	21.32	-8.21	0.26%	0.19%	1.52%	3.21%	2.65%	11.02%	Bonds - Australia	3
iShares Government Inflation ETF	ILB	99.24	2.34	0.26%	0.35%	2.54%	3.47%	0.94%	5.09%	Bonds - Inflation - Linked	3
Russell Inv Australian Government Bd ETF	RGB	59.88	0.01	0.24%	0.29%	1.74%	3.65%	3.14%	2.09%	Bonds - Australia	3
Russell Inv Australian Semi-Govt Bd ETF	RSM	60.88	0.03	0.26%	0.27%	0.95%	2.85%	2.36%	2.09%	Bonds - Australia	3
Vanguard Australian Government Bond ETF	VGB	141.88	4.99	0.20%	0.11%	1.45%	3.20%	2.56%	9.91%	Bonds - Australia	4
Hybrids
BetaShares Active Australian Hybrids Fund (managed fund)	HBRD	22.06	22.04	N/A	0.28%	0.00%	0.00%	0.47%	183.56%	Bonds - Australia	Not Rated

Source: ASX and Morningstar

Securities Overview - Diversified

These securities are designed to provide investors with diversified multi sector asset allocation.

We do not hold any Diversified ETFs InvestSMART's Separately Managed Account (SMA) portfolios.

Diversified	FUM ($m)	Qtr Flows	Avg Returns 3m	Avg Returns 12m
	$ 23m	$ 30.9m	0.00%	0.00%

Avg Star Rating	Avg Yield	Avg MER	Qtr Avg Spread	No. Funds
2.0	0.42%	0.27%	0.28%	4

Source: ASX and Morningstar

Overview

Vanguard listed the Australia markets' first multisector or 'diversified' ETFs in November. These listed fund of funds follow the same principles that our diversified Separately Managed Account (SMA) portfolio does. Given they have only just listed, we will look to review them in greater detail next quarter as data is limited at the time of writing.

Geographic Exposure

Figure 35: Diversified ETFs by Geography

Source: ETF Issuers

Key Data: Diversified ETFs

Figure 36: Diversified ETFs

Name	Code	FUM ($M)	Qtr Flows ($M)	MER	Qtr Avg Spread	3MTH Return	12MTH Return	Historical YLD	QTR AVG Liquidity	Sub Category	STAR Rating
GLOBAL
Balanced
Vanguard Diversified Balanced ETF	VDBA	3.53	4.03	0.27%	N/A	0.00%	0.00%	0.25%	60.89%	Multisector Balanced	2
Conservative
Vanguard Diversified Conservative ETF	VDCO	1.00	1.00	0.27%	N/A	0.00%	0.00%	0.37%	54.87%	Multisector Moderate	2
High Growth
Vanguard Diversified High Growth ETF	VDHG	14.20	19.25	0.27%	N/A	0.00%	0.00%	0.57%	75.54%	Multisector Aggressive	2
Growth
Vanguard Diversified Growth ETF	VDGR	4.55	6.57	0.27%	N/A	0.00%	0.00%	0.48%	77.15%	Multisector Growth	2

Source: ASX and Morningstar

Securities Overview - Equities

This group of securities provides the investor with broad-based as well as specific sector exposure across domestic and international equity markets. There are an increasing number of ETFs designed to achieve specific rules-based objectives, for example High Yield, Ethical, Value, Momentum.

We hold positions in IAA, IVV, VEQ, VEU, UMAX & IOZ in InvestSMART's Separately Managed Account (SMA) portfolios.

Equities	FUM ($m)	Qtr Flows	Avg Returns 3m	Avg Returns 12m
	$ 27954m	$ 1998.8m	6.71%	13.43%

Avg Star Rating	Avg Yield	Avg MER	Qtr Avg Spread	No. Funds
2.9	2.78%	0.52%	0.27%	118

Source: ASX and Morningstar

Overview

Equity focused ETFs saw close to $2bn in net inflows in Dec Qtr on the back of strong equity market performance globally. These sentiments were shared in the domestic market with the iShares Core S&P ASX 200 ETF (IOZ) seeing huge inflows of over $500m.

In terms of performance, on a Geographic basis ETFs exposed to US and Asian markets saw the best returns for the quarter.

Geographic Exposure

Figure 37: Equity ETFs by Geography

Source: ETF Issuers

Key Data: Equity ETFs

Figure 38: Equity ETFs Europe

Name	Code	FUM ($M)	Qtr Flows ($M)	MER	Qtr Avg Spread	3MTH Return	12MTH Return	Historical YLD	QTR AVG Liquidity	Sub Category	STAR Rating
EUROPE
Equities - Broad
ETFS EURO STOXX 50? ETF	ESTX	51.09	26.55	0.35%	0.19%	-0.46%	15.13%	1.15%	27.89%	Equity Europe	3
BetaShares WisdomTree Europe ETF-Ccy Hdg	HEUR	53.62	5.15	0.58%	0.18%	-1.15%	14.10%	1.44%	15.01%	Equity Europe	3
iShares Europe ETF (AU)	IEU	775.57	61.07	0.60%	0.13%	8.58%	26.20%	2.07%	5.98%	Equity Europe	3
Vanguard FTSE Europe Shares ETF	VEQ	141.52	22.80	0.35%	0.19%	2.17%	16.94%	2.22%	9.03%	Equity Europe	3
Equities - Strategy
UBS IQ MSCI Europe Ethical ETF	UBE	10.23	1.10	0.40%	0.34%	2.35%	16.18%	2.41%	5.75%	Equity Europe	2

Source: ASX and Morningstar

Figure 39: Breakdown - Equity ETFs Emerging Markets

Name	Code	FUM ($M)	Qtr Flows ($M)	MER	Qtr Avg Spread	3MTH Return	12MTH Return	Historical YLD	QTR AVG Liquidity	Sub Category	STAR Rating
EMERGING MARKETS
Equities - Broad
iShares MSCI BRIC ETF (AU)	IBK	35.46	1.01	0.72%	0.70%	8.98%	31.61%	1.31%	7.34%	Equity Emerging Markets	2
iShares MSCI Emerging Markets ETF (AU)	IEM	610.00	19.69	0.72%	0.16%	7.68%	28.37%	1.63%	7.48%	Equity Emerging Markets	3
Vanguard FTSE Emerging Markets Shrs ETF	VGE	180.06	30.38	0.48%	0.28%	6.05%	20.88%	1.67%	11.77%	Equity Emerging Markets	3
SPDR? S&P Emerging Markets ETF	WEMG	17.21	-4.14	0.65%	0.27%	7.27%	24.59%	1.29%	20.95%	Equity Emerging Markets	2

Source: ASX and Morningstar

Figure 40: Equity ETFs USA

Name	Code	FUM ($M)	Qtr Flows ($M)	MER	Qtr Avg Spread	3MTH Return	12MTH Return	Historical YLD	QTR AVG Liquidity	Sub Category	STAR Rating
USA
Equities - Broad
iShares S&P Mid-Cap ETF	IJH	124.84	-2.81	0.07%	0.30%	15.10%	15.24%	1.01%	9.26%	Equity North America	4
iShares S&P Small-Cap ETF	IJR	108.52	10.34	0.07%	0.51%	17.61%	14.39%	1.02%	6.02%	Equity North America	4
iShares Russell 2000 ETF (AU)	IRU	76.59	7.63	0.20%	0.50%	15.14%	15.09%	1.06%	5.74%	Equity North America	2
iShares S&P 500 ETF	IVV	2,504.48	16.30	0.04%	0.05%	12.45%	19.48%	1.49%	5.25%	Equity North America	5
BetaShares NASDAQ 100 ETF	NDQ	247.80	42.86	0.48%	0.11%	7.43%	22.28%	0.41%	11.33%	Equity North America	4
BetaShares FTSE RAFI US 1000 ETF	QUS	39.62	6.34	0.40%	0.14%	6.73%	6.97%	2.13%	11.89%	Equity North America	3
SPDR? S&P 500 ETF	SPY	19.58	-2.15	0.09%	0.14%	12.45%	19.37%	1.59%	20.38%	Equity North America	4
Vanguard US Total Market Shares ETF	VTS	1,179.95	38.10	0.04%	0.08%	6.15%	11.62%	1.46%	4.46%	Equity North America	5
Equities - Strategy
BetaShares Geared US Eq- Ccy Hdg	GGUS	14.38	3.12	0.80%	0.11%	14.07%	45.14%	0.62%	47.54%	Equity World - Currency Hedged	2
iShares S&P 500 AUD Hedged ETF	IHVV	103.01	9.14	0.10%	0.10%	6.86%	21.94%	1.74%	12.02%	Equity North America	4
UBS IQ MSCI USA Ethical ETF	UBU	6.37	0.00	0.20%	0.21%	6.77%	12.03%	1.88%	5.12%	Equity North America	2
BetaShares S&P 500 Yield Maximiser	UMAX	92.98	-1.76	0.79%	0.16%	3.98%	6.93%	4.08%	4.68%	Equity World Other	3
ETFS S&P 500 High Yield Low Volatil ETF	ZYUS	57.56	3.16	0.35%	0.18%	4.43%	2.25%	6.04%	8.19%	Equity North America	3
BetaShares US Eqs Strong Bear H-Ccy Hdg	BBUS	56.10	-4.88	1.38%	0.20%	-14.16%	-36.75%	0.00%	19.04%	Alternative Strategies	2

Source: ASX and Morningstar

Figure 41: Equity ETFs, Asia

Name	Code	FUM ($M)	Qtr Flows ($M)	MER	Qtr Avg Spread	3MTH Return	12MTH Return	Historical YLD	QTR AVG Liquidity	Sub Category	STAR Rating
ASIA
Equities - Broad
Market Vectors ChinaAMC A-Share ETF(Syn)	CETF	9.43	4.08	0.72%	0.43%	5.92%	20.76%	0.92%	40.99%	Equity Greater China	2
BetaShares WisdomTree Japan ETF-Ccy Hdg	HJPN	78.12	25.50	0.58%	0.18%	9.32%	22.81%	2.15%	26.34%	Equity Japan	3
iShares Asia 50 ETF (AU)	IAA	386.29	31.16	0.50%	0.45%	12.02%	33.60%	1.25%	5.88%	Equity Asia Pacific w/o Japan	3
iShares MSCI Hong Kong ETF (AU)	IHK	16.95	4.63	0.48%	0.98%	7.91%	20.13%	3.78%	17.99%	Equity World Other	2
iShares MSCI Japan ETF (AU)	IJP	206.00	10.52	0.48%	0.24%	14.68%	20.51%	1.08%	10.98%	Equity Japan	3
iShares MSCI South Korea ETF (AU)	IKO	40.59	-8.30	0.64%	0.68%	14.76%	37.11%	2.51%	8.33%	Equity World Other	2
iShares MSCI Singapore ETF	ISG	6.42	-2.51	0.48%	0.71%	11.63%	26.79%	2.99%	7.41%	Equity World Other	2
iShares MSCI Taiwan ETF	ITW	45.24	-16.59	0.64%	1.05%	3.16%	19.26%	2.43%	10.61%	Equity World Other	2
iShares China Large-Cap ETF (AU)	IZZ	92.54	7.88	0.74%	0.51%	9.17%	22.86%	1.99%	13.71%	Equity Greater China	2
Vanguard FTSE Asia ex Japan Shrs Idx ETF	VAE	52.89	14.52	0.40%	0.26%	8.90%	28.15%	2.80%	22.03%	Equity Asia Pacific w/o Japan	3
Platinum Asia (Quoted Managed Hdg)	PAXX	69.79	36.65	1.10%	N/A	9.09%	0.00%	0.00%	22.27%	Equity Asia Pacific w/o Japan	Not rated
Equities - Strategy
UBS IQ MSCI Japan Ethical ETF	UBJ	4.47	0.96	0.40%	0.23%	8.77%	14.43%	1.38%	5.12%	Equity Japan	2
UBS IQ MSCI Asia APEX 50 Ethical ETF	UBP	8.91	4.64	0.45%	0.37%	8.10%	37.15%	0.32%	47.55%	Equity Asia Pacific w/o Japan	2

Source: ASX and Morningstar

Figure 42: Equity ETFs Australia

Name	Code	FUM ($M)	Qtr Flows ($M)	MER	Qtr Avg Spread	3MTH Return	12MTH Return	Historical YLD	QTR AVG Liquidity	Sub Category	STAR Rating
AUSTRALIA
Equities - Broad
iShares S&P/ASX 20 ETF	ILC	323.86	-6.60	0.24%	0.08%	6.06%	7.04%	4.93%	4.45%	Equity Australia Large Blend	4
BetaShares Aus Ex-20 Port Divrs ETF	EX20	22.93	8.73	0.25%	0.17%	8.84%	18.20%	2.09%	25.74%	Equity Australia Large Blend	3
iShares Core S&P/ASX 200 ETF	IOZ	1,286.08	510.71	0.15%	0.06%	7.59%	11.60%	3.61%	20.01%	Equity Australia Large Blend	5
iShares S&P/ASX Small Ordinaries ETF	ISO	82.34	8.82	0.55%	0.31%	13.43%	19.30%	2.01%	8.60%	Equity Australia Mid/Small Blend	3
VanEck Vectors S&P/ASX MidCap ETF	MVE	62.50	8.33	0.45%	0.17%	11.72%	21.42%	3.61%	8.36%	Equity Australia Mid/Small Blend	3
VanEck Vectors Small Coms Masters ETF	MVS	69.92	2.41	0.49%	0.18%	10.51%	14.38%	3.10%	4.07%	Equity Australia Mid/Small Blend	3
VanEck Vectors Australian Equal Wt ETF	MVW	422.23	74.01	0.35%	0.08%	9.46%	15.54%	3.01%	12.65%	Equity Australia Large Blend	4
BetaShares FTSE RAFI Australia 200 ETF	QOZ	319.25	28.54	0.40%	0.10%	7.29%	11.27%	3.91%	15.26%	Equity Australia Large Blend	4
SPDR? S&P/ASX 50 ETF	SFY	485.47	18.40	0.29%	0.05%	6.36%	9.26%	4.59%	4.93%	Equity Australia Large Blend	4
SPDR? S&P/ASX Small Ordinaries ETF	SSO	16.46	0.00	0.50%	0.15%	13.58%	19.56%	2.46%	5.37%	Equity Australia Mid/Small Blend	2
SPDR? S&P/ASX 200 ETF	STW	3,587.34	69.51	0.19%	0.04%	7.68%	11.70%	4.10%	7.73%	Equity Australia Large Blend	5
Vanguard Australian Shares ETF	VAS	2,661.32	78.65	0.14%	0.04%	7.68%	11.81%	3.44%	7.31%	Equity Australia Large Blend	5
Vanguard MSCI Australian Large Coms ETF	VLC	81.99	5.08	0.20%	0.05%	6.30%	7.81%	4.04%	11.40%	Equity Australia Large Blend	4
Vanguard MSCI Australian Small Coms ETF	VSO	140.71	22.00	0.30%	0.10%	11.89%	17.99%	3.59%	10.26%	Equity Australia Mid/Small Blend	4
ETFS S&P/ASX 100 ETF	ZOZI	8.66	-2.10	0.24%	0.19%	6.98%	10.75%	4.73%	12.01%	Equity Australia Large Blend	3
Equities - Sector
VanEck Vectors Australian Banks ETF	MVB	28.39	1.19	0.28%	0.08%	2.63%	4.51%	5.56%	11.55%	Equity Australia Other	3
VanEck Vectors Australian Resources ETF	MVR	37.64	4.95	0.35%	0.12%	14.28%	27.85%	2.88%	10.37%	Equity Australia Other	3
SPDR? S&P/ASX 200 Fincls EX A-REIT ETF	OZF	72.72	10.53	0.40%	0.10%	0.97%	2.07%	4.86%	18.96%	Equity Australia Other	4
SPDR? S&P/ASX 200 Resources ETF	OZR	58.84	12.46	0.40%	0.16%	15.48%	25.49%	2.13%	12.00%	Equity Australia Other	3
BetaShares S&P/ASX200 Fincls Sect ETF	QFN	34.08	15.48	0.39%	0.13%	3.54%	4.63%	3.79%	26.02%	Equity Australia Other	3
BetaShares S&P/ASX200 Res Sect ETF	QRE	76.39	53.12	0.39%	0.25%	15.44%	25.37%	1.33%	38.00%	Equity Australia Other	3
Equities - Strategy
iShares Edge MSCI Australia Mltfctr ETF	AUMF	7.00	0.00	0.30%	0.19%	8.35%	15.38%	4.05%	13.71%	Equity Australia Large Blend	3
BetaShares Managed Risk Australian Share	AUST	26.50	-6.52	0.49%	0.12%	7.13%	9.62%	4.01%	8.72%	Equity Australia Large Blend	3
BetaShares Australian Eqs Strong BearHdg	BBOZ	90.27	9.44	1.38%	0.12%	-15.51%	-20.18%	0.00%	44.00%	Alternative Strategies	3
BetaShares Aus Equities Bear Hedge	BEAR	55.93	4.31	1.38%	0.11%	-6.74%	-8.69%	0.00%	16.23%	Alternative Strategies	3
UBS IQ Morningstar Australia Div Yld ETF	DIV	28.31	-1.77	0.30%	0.18%	8.35%	11.88%	3.89%	3.96%	Equity Australia Large Growth	3
UBS IQ Morningstar Australia Quality ETF	ETF	10.71	-17.52	0.30%	0.17%	8.02%	12.37%	1.44%	115.89%	Equity Australia Large Blend	3
VanEck Vectors S&P/ASX Franked Div ETF	FDIV	3.94	0.01	0.35%	0.16%	7.16%	5.89%	5.32%	8.67%	Equity Australia Large Blend	3
BetaShares Geared Australian Equity(Hdg)	GEAR	60.66	-13.24	0.80%	0.11%	15.68%	21.45%	6.16%	53.57%	Equity Australia Large Geared	3
iShares S&P/ASX Dividend Opps ETF	IHD	270.58	7.40	0.30%	0.12%	6.12%	8.63%	5.14%	4.42%	Equity Australia Large Value	4
iShares Edge MSCI Australia Mini Vol ETF	MVOL	6.74	0.00	0.30%	0.14%	7.05%	11.81%	4.43%	1.49%	Equity Australia Large Blend	3
Russell Inv Australian Rspnb Inv ETF	RARI	64.95	-3.78	0.45%	0.24%	5.81%	8.54%	5.30%	10.39%	Equity Australia Large Value	3
Russell Inv High Dividend Aus Shrs ETF	RDV	294.50	3.95	0.34%	0.08%	5.86%	9.50%	5.41%	3.54%	Equity Australia Large Value	4
Russell Inv Australian Value ETF	RVL	13.53	0.00	0.34%	0.08%	8.23%	5.77%	4.41%	2.88%	Equity Australia Large Value	3
BetaShares Australian Small Coms Sel	SMLL	15.55	3.10	0.39%	0.53%	10.89%	0.00%	1.18%	12.68%	Equity Australia Mid/Small Blend	2
Switzer Dividend Growth	SWTZ	77.67	0.71	0.89%	0.49%	5.10%	0.00%	3.19%	3.91%	Equity Australia Large Growth	Not rated
SPDR? MSCI Australia Sel Hi Div Yld ETF	SYI	188.25	-2.69	0.35%	0.07%	3.74%	6.50%	4.91%	8.59%	Equity Australia Large Value	4
UBS IQ MSCI Australia Ethical ETF	UBA	176.89	-1.01	0.17%	0.16%	7.13%	11.02%	3.99%	0.31%	Equity Australia Large Blend	4
Vanguard Australian Shares High Yld ETF	VHY	1,034.98	82.48	0.25%	0.06%	3.63%	9.87%	6.76%	5.98%	Equity Australia Large Blend	4
BetaShares Aus Top 20 Eq Yld Maxmsr	YMAX	405.20	-8.35	0.79%	0.18%	5.01%	6.51%	8.46%	10.96%	Equity Australia Large Blend	4
ETFS S&P/ASX 300 High Yield Plus ETF	ZYAU	43.68	14.26	0.35%	0.19%	4.08%	12.43%	9.95%	15.24%	Equity Australia Large Blend	2
BetaShares Australian Div Harvester(mgd)	HVST	272.72	-71.36	0.90%	0.10%	1.64%	-9.07%	11.23%	15.94%	Equity Australia Large Value	4
K2 Australian Small Cap Fund	KSM	16.55	-2.02	2.70%	1.25%	8.66%	19.98%	9.61%	5.19%	Alternative Strategies	Not rated
BetaShares Australian Sustnby Ldrs ETF	FAIR	53.03	53.03	0.49%	N/A	0.00%	0.00%	0.24%	17.76%	Equity Australia Large Blend	2

Source: ASX and Morningstar

Figure 43: Equity ETFs Global

Name	Code	FUM ($M)	Qtr Flows ($M)	MER	Qtr Avg Spread	3MTH Return	12MTH Return	Historical YLD	QTR AVG Liquidity	Sub Category	STAR Rating
GLOBAL
Equities - Broad
iShares Global 100 AUD Hedged ETF	IHOO	36.78	5.16	0.43%	0.34%	6.00%	20.43%	11.15%	7.84%	Equity World - Currency Hedged	2
iShares Core MSCI World All Cap AUDH ETF	IHWL	9.24	1.30	0.19%	0.25%	5.38%	19.32%	1.07%	9.43%	Equity World - Currency Hedged	2
iShares Global 100 ETF (AU)	IOO	1,338.17	18.09	0.40%	0.12%	11.97%	23.26%	1.92%	3.43%	Equity World Large Blend	4
iShares MSCI EAFE ETF (AU)	IVE	307.31	4.28	0.33%	0.24%	9.78%	23.68%	2.22%	11.58%	Equity World Large Blend	3
iShares Core MSCI World All Cap ETF	IWLD	20.23	5.04	0.16%	0.26%	5.62%	12.68%	1.45%	10.45%	Equity World Large Blend	2
K2 Global Equities Fund (Hedge Fund)	KII	20.33	-2.21	2.70%	1.37%	6.49%	18.22%	0.00%	4.04%	Alternative Strategies	Not rated
Magellan Global Equities	MGE	980.89	36.48	1.35%	0.42%	6.51%	14.19%	1.65%	3.38%	Equity World Large Blend	Not rated
Magellan Global Equities Currency Hdg	MHG	63.10	4.87	1.35%	0.57%	6.30%	22.99%	1.63%	4.37%	Equity World - Currency Hedged	Not rated
VanEck Vectors MSCI Wld ex Aus Qlty ETF	QUAL	321.43	33.94	0.40%	0.13%	7.34%	16.56%	2.90%	6.84%	Equity World Large Blend	4
UBS IQ MSCI World ex Australia Ethcl ETF	UBW	25.29	0.98	0.35%	0.22%	5.73%	13.12%	1.77%	5.82%	Equity World Large Blend	2
Vanguard All-World ex-US Shares ETF	VEU	1,092.46	56.73	0.11%	0.11%	4.17%	16.80%	2.40%	4.62%	Equity World Large Blend	4
Vanguard MSCI Index Intl (Hdg) ETF	VGAD	374.13	45.43	0.21%	0.08%	5.52%	19.95%	4.85%	10.70%	Equity World - Currency Hedged	4
Vanguard MSCI Index Intl ETF	VGS	832.19	106.67	0.18%	0.07%	5.80%	13.41%	2.71%	10.00%	Equity World Large Blend	4
SPDR? S&P World ex Australia(Hedged) ETF	WXHG	79.39	3.35	0.35%	0.23%	5.50%	20.10%	2.83%	4.28%	Equity World - Currency Hedged	3
SPDR? S&P World ex Australia ETF	WXOZ	164.39	1.67	0.30%	0.18%	5.96%	13.88%	2.17%	1.76%	Equity World Large Blend	3
Platinum International (Quoted Mngd Hdg)	PIXX	124.97	82.46	1.10%	N/A	6.55%	0.00%	0.00%	31.50%	Equity World Large Blend	Not rated
Equities - Sector
BetaShares Glb Banks ETF-Ccy Hdg	BNKS	73.72	14.77	0.57%	0.26%	4.98%	18.71%	2.05%	15.26%	Equity World Other	3
BetaShares Glb Healthcare ETF-Ccy Hdg	DRUG	24.42	2.20	0.57%	0.31%	0.65%	17.56%	0.30%	10.73%	Equity World Other	2
BetaShares Glb Agltr Coms ETF-Ccy Hdg	FOOD	17.37	3.65	0.57%	0.32%	5.51%	16.07%	1.05%	22.06%	Equity World Other	2
BetaShares Glb Energy Coms ETF-Ccy Hdg	FUEL	12.12	4.60	0.57%	0.27%	6.18%	3.51%	3.72%	25.90%	Equity Global Resources	2
Market Vectors Gold Miners ETF	GDX	63.62	1.17	0.53%	0.34%	1.51%	2.89%	0.64%	5.69%	Equity Global Resources	2
Betashares Global Cybersecurity ETF	HACK	55.61	8.00	0.67%	0.26%	5.83%	9.39%	2.48%	16.79%	Equity Global Technology	3
iShares Global Consumer Staples ETF (AU)	IXI	122.13	-13.48	0.47%	0.36%	7.03%	15.27%	1.89%	4.52%	Equity World Other	3
iShares Global Healthcare ETF (AU)	IXJ	487.31	-0.66	0.47%	0.28%	6.97%	19.25%	1.26%	2.91%	Equity World Other	3
iShares Global Telecom ETF (AU)	IXP	49.67	29.28	0.47%	0.69%	6.08%	7.78%	2.93%	52.75%	Equity World Other	2
BetaShares Glb Gold Miners ETF-Ccy Hdg	MNRS	5.29	0.00	0.57%	0.48%	-0.29%	1.61%	0.44%	22.92%	Equity Global Resources	2
ETFS ROBO Glbl Robotics and Atmtn ETF	ROBO	44.84	40.54	0.69%	n/a	7.56%	0.00%	0.00%	69.27%	Equity Global Technology	2
Equities - Strategy
AMP Capital Dynamic Markets ETF (Hedge)	DMKT	25.53	5.30	0.50%	0.70%	2.70%	5.27%	4.81%	8.44%	Multisector Balanced	Not rated
BetaShares Global Sstnbty Ldrs ETF	ETHI	126.39	27.97	0.59%	0.23%	6.06%	0.00%	1.31%	15.28%	Equity World Large Blend	3
Schroder Real Return ETF	GROW	45.25	2.42	0.90%	0.48%	2.14%	4.56%	2.54%	4.15%	Multisector Balanced	Not rated
Market Vectors Morningstar Wide Moat ETF	MOAT	51.40	0.41	0.49%	0.28%	5.52%	12.86%	0.90%	11.55%	Equity North America	3
SPDR? MSCI World Quality Mix	QMIX	7.26	0.00	0.40%	0.28%	6.89%	13.27%	2.25%	3.80%	Equity World Large Blend	2
ETFS Morningstar Global Technology ETF	TECH	29.25	13.98	0.45%	0.33%	6.12%	0.00%	0.84%	22.15%	Equity Global Technology	2
SPDR? S&P Global Dividend ETF	WDIV	161.12	12.40	0.50%	0.20%	5.16%	8.84%	3.96%	9.67%	Equity World Large Value	3
iShares Edge MSCI World Multifactor ETF	WDMF	23.54	4.98	0.35%	0.45%	7.09%	17.89%	4.40%	10.71%	Equity World Large Blend	2
BetaShares Managed Risk Global Share	WRLD	42.27	-2.37	0.54%	0.18%	5.39%	11.99%	0.99%	12.30%	Multisector Aggressive	3
iShares Edge MSCI World Minimum Vol ETF	WVOL	12.40	0.00	0.30%	0.46%	5.44%	8.87%	2.49%	4.68%	Equity World Large Blend	2
Montgomery Global Equities Fund (Managed Fund)	MOGL	62.58	62.58	1.89%	N/A	0.00%	0.00%	0.00%	14.35%	Equity World Large Value	Not rated

Source: ASX and Morningstar