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HVLUAU VanEck MSCI International Value (AUD Hedged) ETF Please read important disclosure Close important disclosure false

    • HVLU
    VanEck MSCI International Value (AUD Hedged) ETF

    HVLU
    VanEck MSCI International Value (AUD Hedged) ETF

    • NAV
      $46.26

      as at 27-May-26
    • Total Net Assets
      $115.65M
    • Dividend Frequency
      1 each year
    • Management fee (p.a.)
      0.43%
    • Number of securities
      248
    • Inception Date
      07-Nov-23
    The NAV is generally calculated daily after all markets are closed for that day based on the closing price of the securities on the relevant foreign stock exchange. The NAV is then converted to AUD based on the relevant London WM Reuters 4pm exchange rate. This means, due to Australia’s time zone, that the NAV will generally not be updated until around 1pm next business day.
    HVLU

    Overview

    Fund Description

    HVLU gives investors a diversified portfolio of 250 international developed market large- and mid-cap companies, with high value scores as calculated by MSCI at each rebalance with returns hedged into Australian dollars. HVLU aims to provide investment returns before fees and other costs which track the performance of the Index.

    Key points

    International companies exhibiting value characteristics

    Access a portfolio of international companies that are selected for their high value score relative to sector peers as measured by MSCI based on: (i) price to book value; (ii) price to forward earnings; and (iii) enterprise value to cash flow from operations.

    Long term focus, capturing value across the market cycle

    The index is designed to capture a high level of exposure to value while minimising unintended and unwanted sector bets.

    Diversified across countries, sectors and companies

    Offering investors a portfolio of 250 companies across a range of geographies, sectors and economies.

    Australian dollar currency hedged
      is likely to be appropriate for a consumer who is seeking capital preservation and a regular income distribution, is intending to use the product as a minor or satellite allocation within a portfolio, has an investment timeframe of at least 3 years, and has a medium risk/return profile.
      is likely to be appropriate for a consumer who is seeking capital growth, is intending to use the product as a minor or satellite allocation within a portfolio, has an investment timeframe of at least 7 years, and has a very high risk/return profile.
      is likely to be appropriate for a consumer who is seeking capital growth, is intending to use the product as a minor or satellite allocation within a portfolio, has an investment timeframe of at least 5 years, and has a very high risk/return profile.
      is likely to be appropriate for a consumer who is seeking capital growth and a regular income distribution, is intending to use the product as a minor or satellite allocation within a portfolio, has an investment timeframe of at least 5 years, and has a high to very high risk/return profile.
      is likely to be appropriate for a consumer who is seeking capital growth and a regular income distribution, is intending to use the product as a minor or satellite allocation within a portfolio, has an investment timeframe of at least 5 years, and has a high risk/return profile.
      is likely to be appropriate for a consumer who is seeking capital growth and a regular income distribution, is intending to use the product as a minor or satellite allocation within a portfolio, has an investment timeframe of at least 5 years, and has a very high risk/return profile.
      is likely to be appropriate for a consumer who is seeking capital growth, is intending to use the product as a core, minor or satellite allocation within a portfolio, has an investment timeframe of at least 5 years, and has a high risk/return profile.
      is likely to be appropriate for a consumer who is seeking capital growth, is intending to use the product as a major, core, minor or satellite allocation within a portfolio, has an investment timeframe of at least 5 years, and has a high risk/return profile.
      is likely to be appropriate for a consumer who is seeking capital preservation and a regular income distribution, is intending to use the product as a core, minor or satellite allocation within a portfolio, has an investment timeframe of at least 3 years, and has a medium risk/return profile.
      is likely to be appropriate for a consumer who is seeking capital growth and a regular income distribution, is intending to use the product as a core, minor or satellite allocation within a portfolio, has an investment timeframe of at least 7 years, and has an extremely high risk/return profile.
      is likely to be appropriate for a consumer who is seeking capital growth and a regular income distribution, is intending to use the product as a core, minor or satellite allocation within a portfolio, has an investment timeframe of at least 5 years, and has a high risk/return profile.
      is likely to be appropriate for a consumer who is seeking a regular income distribution, is intending to use the product as a minor or satellite allocation within a portfolio, has an investment timeframe of at least 5 years, and has a very high risk/return profile.
      is likely to be appropriate for a consumer who is seeking capital growth, is intending to use the product as a minor or satellite allocation within a portfolio, has no investment timeframe, and has a high or very high risk/return profile.
      is likely to be appropriate for a consumer who is seeking regular income distribution, is intending to use the product as a core, minor or satellite allocation within a portfolio, has an investment timeframe of at least 3 years, and has a medium risk/return profile.
      is likely to be appropriate for a consumer who is seeking capital growth, is intending to use the product as a satellite allocation within a portfolio, has no minimum investment timeframe, and has an extremely high risk/return profile.
      is likely to be appropriate for a consumer who is seeking capital growth and a regular income distribution, is intending to use the product as a minor or satellite allocation within a portfolio, has an investment timeframe of at least 3 years, and has a high risk/return profile.
      is likely to be appropriate for a consumer who is seeking a regular income distribution, is intending to use the product as a minor or satellite allocation within a portfolio, has an investment timeframe of at least 3 years, and has a medium risk/return profile.
      is likely to be appropriate for a consumer who is seeking capital preservation and a regular income distribution, is intending to use the product as a standalone solution, major, core, minor or satellite allocation within a portfolio, has no investment timeframe and has a low risk/return profile.
      is likely to be appropriate for a consumer who is seeking capital growth and a regular income distribution, is intending to use the product as a standalone solution or major, core, minor or satellite allocation within a portfolio, has an investment timeframe of at least 3 years, and has a medium risk/return profile.
      is likely to be appropriate for a consumer who is seeking capital growth and a regular income distribution, is intending to use the product as a standalone solution or major, core, minor or satellite allocation within a portfolio, has an investment timeframe of at least 5 years, and has a high risk/return profile.
      is likely to be appropriate for a consumer who is seeking capital growth and a regular income distribution, is intending to use the product as a standalone solution or major, core, minor or satellite allocation within a portfolio, has an investment timeframe of at least 5 years, and has a high to very high risk/return profile.

    Index Key points

    Index name
    MSCI World ex Australia Enhanced Value Top 250 Select 100% Hedged to AUD Index

    Overview
    The Index measures the performance of 250 international developed market large- and mid-cap companies selected from the MSCI World ex Australia Index, with high value scores relative to their industry peers as calculated by MSCI at each rebalance. Exclusions apply for weapons and tobacco (subject to threshold screening).

    Summary of Index calculation methodology
    A five step process is followed to determine the Index:

    1. Eligible universe
    The eligible universe is all the companies in the MSCI World ex Australia Index (“Parent Index”) which is a traditional free-float adjusted market capitalisation (“FMC”) weighted index.

    2. Securities are screened for exclusion based on the following business activities:

    Business activities Exclusion
    Conventional weapons All companies deriving:
    • 5% or more revenue from the production of conventional weapons; or
    • 15% or more aggregate revenue from weapons systems, components, and support systems and services.
    Controversial weapons

    All companies with an involvement in the production of cluster bombs, landmines, depleted uranium weapons, chemical and biological weapons, blinding lasers, non-detectable fragments and incendiary weapons.

    • Cluster Bombs
      • cluster bombs and munitions, or the essential components of these products.
    • Landmines
      • anti‐personnel landmines, anti‐vehicle landmines, or the essential components of these products.
    • Depleted Uranium Weapons  
      • depleted uranium weapons and armor.
    • Chemical and Biological Weapons
      • chemical and biological weapons, or the essential components of these products.
    • Blinding Laser Weapons
      • weapons utilising laser technology to cause permanent blindness.
    • Non-Detectable Fragments
      • weapons that use non-detectable fragments to inflict injury.
    • Incendiary Weapons (White Phosphorus)
      • weapons using white phosphorus.

    For more details, refer to the methodology of the MSCI Global Ex-Controversial Weapons Indexes available in the documents section below.
    Nuclear weapons All companies that:
    • manufacture nuclear warheads and/or whole nuclear missiles; or
    • manufacture components that were developed or are significantly modified for exclusive use in nuclear weapons (warheads and missiles); or
    • manufacture or assemble delivery platforms that were developed or significantly modified for the exclusive delivery of nuclear weapons; or
    • provide auxiliary services related to nuclear weapons; or
    • manufacture components that were not developed or not significantly modified for exclusive use in nuclear weapons (warheads and missiles) but can be used in nuclear weapons; or
    • manufacture or assemble delivery platforms that were not developed or not significantly modified for the exclusive delivery of nuclear weapons but have the capability to deliver nuclear weapons; or
    • manufacture components for nuclear-exclusive delivery platforms.
    Tobacco All companies:
    • classified as a “Producer”; or
    • deriving 5% or more aggregate revenue from the production, distribution, retail and supply of tobacco-related products.

    The effectiveness of an exclusionary screen is limited by the accuracy, completeness and accessibility of information and disclosure the relevant entity makes available or is willing to make available. There may be instances where the above screens may not exclude a company if data about the company is incomplete, inaccurate or unavailable.

    You may have differing views, opinions and understanding of the meaning of the terminology used in this section and PDS, to VanEck or MSCI or their third party providers (including ESG research providers), and therefore your expectations of permitted investments may be different to the actual investments of the Fund.


    3. Value
    MSCI calculates a value score for each remaining company in the universe based on the following fundamental accounting variables:

    a) price-to-book value;
    b) price-to-forward earnings; and
    c) enterprise value-to-cash flow from operations.

    Companies are ranked by value score and a fixed number required to cover 30% of the FMC of the Parent Index are selected, with the aim of attaining a high exposure to the value factor, while maintaining sufficient market capitalisation and number of companies covered. At the date of this PDS, 350 companies are included.
    Constituents are then weighted with a tilt to value as follows:

              Value weight = Value score x FMC weight in the Parent Index

    4. Select top 250
    The top 250 companies by value weight are then selected for the Index.

    5. Weighting
    The weights of the final 250 constituents are then:

    (i) adjusted proportionately based on their value weight in step 3; and
    (ii) normalised so that sectors in the Index represent the same weight as the Parent Index.


    Currency hedging
    MSCI reduces the exposure of the Index to foreign exchange rate fluctuations between the Australian dollar and currencies in which the constituents are denominated by notionally entering into forward foreign exchange contracts on a rolling one-month basis at the end of each month. The Index is not fully hedged and retains some exposure to currency movements.

    Rebalances
    The Index is reviewed and rebalanced on a semi-annual basis, usually as of the close of the last business day of May and November. The value scores are recalculated at the end of April and October and used for May and November rebalances respectively.

    For full details of the methodology, click here.

    Index provider
    MSCI Inc (“MSCI”). MSCI is not a related body corporate of VanEck.
    HVLU is indexed to a MSCI index. HVLU is not sponsored, endorsed or promoted by MSCI, and MSCI bears no liability with respect to HVLU or the MSCI World ex Australia Enhanced Value Top 250 Select 100% Hedged to AUD Index. The PDS contains a more detailed description of the limited relationship MSCI has with VanEck and HVLU.

    Performance

    Holdings & allocations

    All holdings (%) as at 27-May-26 Download all holdings

    No. of holdings: 248
    Security name
    Ticker
    		 % of Fund net
    assets
    Micron Technology Inc MU US 13.11
    Intel Corp INTC US 6.28
    Cisco Systems Inc CSCO US 4.48
    Qualcomm Inc QCOM US 2.53
    Verizon Communications Inc VZ US 1.93
    Nokia Oyj NOKIA FH 1.55
    Toyota Motor Corp 7203 JP 1.44
    At&T Inc T US 1.41
    Infineon Technologies Ag IFX GR 1.29
    Hewlett Packard Enterprise Co HPE US 1.26
    Comcast Corp CMCSA US 1.17
    Merck & Co Inc MRK US 1.16
    General Motors Co GM US 1.09
    Mitsubishi Corp 8058 JP 1.07
    Hsbc Holdings Plc HSBA LN 1.06
    Pfizer Inc PFE US 1.02
    Mitsui & Co Ltd 8031 JP 1.02
    Renesas Electronics Corp 6723 JP 0.98
    Citigroup Inc C US 0.97
    Murata Manufacturing Co Ltd 6981 JP 0.91
    Shell Plc SHEL LN 0.86
    Sumitomo Corp 8053 JP 0.80
    Totalenergies Se TTE FP 0.78
    Stmicroelectronics Nv STMPA FP 0.78
    Cvs Health Corp CVS US 0.75
    Banco Santander Sa SAN SM 0.74
    Bnp Paribas Sa BNP FP 0.74
    Archer-Daniels-Midland Co ADM US 0.70
    Rio Tinto Plc RIO LN 0.70
    Itochu Corp 8001 JP 0.67
    Bristol-Myers Squibb Co BMY US 0.65
    Marubeni Corp 8002 JP 0.63
    On Semiconductor Corp ON US 0.60
    Mercedes-Benz Group Ag MBG GR 0.59
    Dell Technologies Inc DELL US 0.58
    Koninklijke Ahold Delhaize Nv AD NA 0.57
    Kraft Heinz Co/The KHC US 0.57
    Mitsubishi Ufj Financial Group Inc 8306 JP 0.56
    Ford Motor Co F US 0.56
    Ck Hutchison Holdings Ltd 1 HK 0.56
    Tdk Corp 6762 JP 0.56
    Sanofi Sa/France SAN FP 0.55
    Telefonaktiebolaget Lm Ericsson ERICB SS 0.51
    Arcelormittal Sa MT NA 0.50
    Cigna Group/The CI US 0.50
    Kyocera Corp 6971 JP 0.50
    Canon Inc 7751 JP 0.49
    Panasonic Corp 6752 JP 0.49
    Vodafone Group Plc VOD LN 0.48
    Barclays Plc BARC LN 0.46
    Honda Motor Co Ltd 7267 JP 0.46
    First Solar Inc FSLR US 0.46
    Sumitomo Mitsui Financial Group Inc 8316 JP 0.45
    Komatsu Ltd 6301 JP 0.44
    Banco Bilbao Vizcaya Argentaria Sa BBVA SM 0.44
    Gsk Plc GSK LN 0.43
    Glencore Plc GLEN LN 0.43
    Cie De Saint-Gobain SGO FP 0.43
    Bayer Ag BAYN GR 0.43
    Deutsche Post Ag DHL GR 0.43
    Engie Sa ENGI FP 0.42
    Elevance Health Inc ELV US 0.41
    Fujifilm Holdings Corp 4901 JP 0.41
    Volkswagen Ag VOW3 GR 0.40
    Unicredit Spa UCG IM 0.40
    Hp Inc HPQ US 0.39
    Enel Spa ENEL IM 0.39
    Aercap Holdings Nv AER US 0.39
    Sun Hung Kai Properties Ltd 16 HK 0.38
    Bayerische Motoren Werke Ag BMW GR 0.37
    Toyota Tsusho Corp 8015 JP 0.36
    Societe Generale Sa GLE FP 0.36
    Mizuho Financial Group Inc 8411 JP 0.35
    Cognizant Technology Solutions Corp CTSH US 0.35
    Fujitsu Ltd 6702 JP 0.34
    Nxp Semiconductors Nv NXPI US 0.33
    Orange Sa ORA FP 0.33
    Central Japan Railway Co 9022 JP 0.33
    Daimler Truck Holding Ag DTG GR 0.33
    Kddi Corp 9433 JP 0.33
    Ing Groep Nv INGA NA 0.32
    Carrefour Sa CA FP 0.32
    Bp Plc BP/ LN 0.32
    Tyson Foods Inc TSN US 0.32
    Bunge Global Sa BG US 0.31
    Rwe Ag RWE GR 0.31
    Zoom Video Communications Inc ZM US 0.30
    Deutsche Bank Ag DBK GR 0.30
    Capital One Financial Corp COF US 0.29
    Stellantis Nv STLAM IM 0.29
    Jabil Inc JBL US 0.29
    Mitsubishi Estate Co Ltd 8802 JP 0.29
    Capgemini Se CAP FP 0.28
    Strategy Inc MSTR US 0.28
    Lloyds Banking Group Plc LLOY LN 0.28
    Teva Pharmaceutical Industries Ltd TEVA US 0.28
    Wh Group Ltd 288 HK 0.28
    Intesa Sanpaolo Spa ISP IM 0.27
    Twilio Inc TWLO US 0.27
    Nippon Yusen Kk 9101 JP 0.27
    Netapp Inc NTAP US 0.27
    Asahi Group Holdings Ltd 2502 JP 0.26
    Dr Horton Inc DHI US 0.26
    Mitsui Osk Lines Ltd 9104 JP 0.25
    Natwest Group Plc NWG LN 0.25
    Jardine Matheson Holdings Ltd JM SP 0.25
    Toyota Industries Corp 6201 JP 0.24
    Centene Corp CNC US 0.24
    Standard Chartered Plc STAN LN 0.24
    Nippon Telegraph & Telephone Corp 9432 JP 0.24
    Eni Spa ENI IM 0.23
    Teledyne Technologies Inc TDY US 0.23
    Repsol Sa REP SM 0.23
    Truist Financial Corp TFC US 0.23
    Takeda Pharmaceutical Co Ltd 4502 JP 0.23
    Pg&E Corp PCG US 0.22
    Daiwa House Industry Co Ltd 1925 JP 0.22
    F5 Inc FFIV US 0.22
    Nutrien Ltd NTR CN 0.22
    Nippon Steel Corp 5401 JP 0.21
    Kirin Holdings Co Ltd 2503 JP 0.21
    Cie Generale Des Etablissements Micheli ML FP 0.21
    Wp Carey Inc WPC US 0.20
    Prudential Financial Inc PRU US 0.20
    Keurig Dr Pepper Inc KDP US 0.20
    Kubota Corp 6326 JP 0.19
    Manulife Financial Corp MFC CN 0.19
    Henkel Ag & Co Kgaa HEN3 GR 0.19
    Gen Digital Inc GEN US 0.18
    Biogen Inc BIIB US 0.18
    Devon Energy Corp DVN US 0.18
    Bt Group Plc BT/A LN 0.18
    Super Micro Computer Inc SMCI US 0.18
    Orix Corp 8591 JP 0.18
    Magna International Inc MG CN 0.18
    Delta Air Lines Inc DAL US 0.17
    Bridgestone Corp 5108 JP 0.17
    Chubu Electric Power Co Inc 9502 JP 0.17
    Edison International EIX US 0.17
    Pultegroup Inc PHM US 0.16
    Metlife Inc MET US 0.16
    Kansai Electric Power Co Inc/The 9503 JP 0.15
    Denso Corp 6902 JP 0.15
    Royalty Pharma Plc RPRX US 0.15
    Nn Group Nv NN NA 0.15
    Japan Post Bank Co Ltd 7182 JP 0.15
    Charter Communications Inc CHTR US 0.14
    Roper Technologies Inc ROP US 0.14
    Suzuki Motor Corp 7269 JP 0.14
    Lennar Corp LEN US 0.13
    American International Group Inc AIG US 0.13
    Bank Leumi Le-Israel Bm LUMI IT 0.13
    Otsuka Holdings Co Ltd 4578 JP 0.13
    Open Text Corp OTEX CN 0.13
    Deutsche Lufthansa Ag LHA GR 0.13
    Caixabank Sa CABK SM 0.13
    Inpex Corp 1605 JP 0.13
    Japan Post Holdings Co Ltd 6178 JP 0.13
    Pernod Ricard Sa RI FP 0.13
    Credit Agricole Sa ACA FP 0.13
    Asahi Kasei Corp 3407 JP 0.13
    Equinor Asa EQNR NO 0.12
    Commerzbank Ag CBK GR 0.12
    3i Group Plc III LN 0.12
    Mitsui Fudosan Co Ltd 8801 JP 0.12
    Ap Moller - Maersk A/S MAERSKA DC 0.12
    Ck Asset Holdings Ltd 1113 HK 0.12
    Mitsubishi Chemical Holdings Corp 4188 JP 0.12
    State Street Corp STT US 0.11
    Erste Group Bank Ag EBS AV 0.11
    Ss&C Technologies Holdings Inc SSNC US 0.11
    Bank Hapoalim Bm POLI IT 0.11
    Danske Bank A/S DANSKE DC 0.11
    Becton Dickinson & Co BDX US 0.11
    Citizens Financial Group Inc CFG US 0.11
    Porsche Automobil Holding Se PAH3 GR 0.11
    Fiserv Inc FI US 0.11
    Eneos Holdings Inc 5020 JP 0.11
    Subaru Corp 7270 JP 0.11
    Sse Plc SSE LN 0.11
    Telefonica Sa TEF SM 0.10
    Nomura Holdings Inc 8604 JP 0.10
    Global Payments Inc GPN US 0.10
    Fresenius Se & Co Kgaa FRE GR 0.10
    Sekisui House Ltd 1928 JP 0.10
    Abn Amro Bank Nv ABN NA 0.10
    Synchrony Financial SYF US 0.10
    Osaka Gas Co Ltd 9532 JP 0.09
    Omnicom Group Inc OMC US 0.09
    Jfe Holdings Inc 5411 JP 0.09
    Fairfax Financial Holdings Ltd FFH CN 0.09
    Everest Group Ltd EG US 0.09
    United Therapeutics Corp UTHR US 0.09
    Sumitomo Mitsui Trust Holdings Inc 8309 JP 0.09
    Ms&Ad Insurance Group Holdings Inc 8725 JP 0.08
    Smurfit Westrock Plc SW US 0.08
    Diamondback Energy Inc FANG US 0.08
    Publicis Groupe Sa PUB FP 0.08
    Aib Group Plc AIBG ID 0.08
    Rogers Communications Inc RCI/B CN 0.08
    Boc Hong Kong Holdings Ltd 2388 HK 0.08
    Nidec Corp 6594 JP 0.08
    Bank Of Ireland Group Plc BIRG ID 0.08
    Koninklijke Philips Nv PHIA NA 0.08
    Cgi Inc GIB/A CN 0.07
    Shionogi & Co Ltd 4507 JP 0.07
    M&T Bank Corp MTB US 0.07
    Regions Financial Corp RF US 0.07
    Labcorp Holdings Inc LH US 0.07
    Sompo Holdings Inc 8630 JP 0.07
    Principal Financial Group Inc PFG US 0.07
    Resona Holdings Inc 8308 JP 0.07
    Banco De Sabadell Sa SAB SM 0.07
    Banca Monte Dei Paschi Di Siena Spa BMPS IM 0.07
    Amcor Plc AMCR US 0.07
    Zimmer Biomet Holdings Inc ZBH US 0.07
    Fresenius Medical Care Ag FME GR 0.06
    Tokyo Gas Co Ltd 9531 JP 0.06
    Nice Ltd NICE IT 0.06
    Annaly Capital Management Inc NLY US 0.06
    Edp Sa EDP PL 0.06
    Sino Land Co Ltd 83 HK 0.06
    Norsk Hydro Asa NHY NO 0.06
    Banco Bpm Spa BAMI IM 0.06
    Bouygues Sa EN FP 0.06
    Bper Banca Spa BPE IM 0.06
    Keycorp KEY US 0.06
    Eiffage Sa FGR FP 0.06
    Svenska Handelsbanken Ab SHBA SS 0.06
    Zebra Technologies Corp ZBRA US 0.06
    Lyondellbasell Industries Nv LYB US 0.06
    Huntington Bancshares Inc/Oh HBAN US 0.05
    United Airlines Holdings Inc UAL US 0.05
    Aegon Nv AGN NA 0.05
    International Paper Co IP US 0.05
    Merck Kgaa MRK GR 0.05
    Israel Discount Bank Ltd DSCT IT 0.05
    Universal Health Services Inc UHS US 0.05
    Dsm-Firmenich Ag DSFIR NA 0.05
    Orsted As ORSTED DC 0.05
    Kajima Corp 1812 JP 0.05
    Incyte Corp INCY US 0.04
    Alstom Sa ALO FP 0.04
    First Citizens Bancshares Inc/Nc FCNCA US 0.04
    Raiffeisen Bank International Ag RBI AV 0.04
    Corebridge Financial Inc CRBG US 0.04
    Waters Corp WAT US 0.03
    Equitable Holdings Inc EQH US 0.03
    Other/Cash -- -0.00
    Total 100.00
    These are not recommendations to buy or to sell any security.
    Holdings: Holdings data shows the direct investments of the VanEck MSCI International Value ETF (VLUE), the underlying fund into which HVLU primarily invests to obtain exposure to the securities in the index. The percentage holdings of VLUE and HVLU will vary slightly because of the cash and forward positions present in HVLU.

    Dividends

    Election of Dividend Reinvestment Plan (DRP)

    You can elect DRP by logging into MUFG’s Investor Centre. Once you are logged in, please proceed to the “Payments and Tax” tab and select “Reinvestment Plans”.

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