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GCAPAU VanEck Bentham Global Capital Securities Active ETF Please read important information Close important disclosure false

    • GCAP
    VanEck Bentham Global Capital Securities Active ETF

    GCAP
    VanEck Bentham Global Capital Securities Active ETF

    • NAV
      $8.83

      as at 10-Sep-26
    • Total Net Assets
      $52.89M
    • Dividend Frequency
      Monthly
    • Management fee (p.a.)
      0.59%*
    • Number of securities
      97
    • Inception Date
      03-Aug-21
    *The Fund charges a performance fee of 15.5% of excess return over the Benchmark (RBA Cash Rate + 3% p.a.). Performance Fees are subject to a high water mark. Other fees and costs may apply. Please refer to the PDS.
    GCAP

    Overview

    Fund description

    GCAP aims to provide investors with a professionally managed active strategy in global Capital Securities. The fund aims to provide total investment returns, measured over the long term in excess of the Benchmark.

    Benchmark: RBA Cash Rate + 3% per annum

    Why consider GCAP?

    Global income opportunity

    Capital securities offers an opportunity for investors to diversify their income away from Australian exposures by harnessing a deep and sizeable global universe including AT1 and Contingent Convertibles (CoCos) bonds.

    Actively managed by leading global credit specialists

    Professionally managed by Bentham Asset Management, a leading and award-winning global credit specialist with a deep track record and strong pedigree of investing.

    Fundamental high conviction exposure

    A high conviction portfolio selected on the basis of top-down and fundamental credit analysis.

    Who is TICKER suitable for?

      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 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 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 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, is intending to use the product as a 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.
      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.

    Performance

    Holdings & allocations

    All holdings (%) as at 11-Sep-26 Download all holdings

    No. of holdings: 97
    Security name
    Coupon
    Composite
    rating^
    Country†
    Currency
    % of Fund
    net assets
    Rothesay Life Plc 6.993 BBB+ United Kingdom GBP 2.46
    Barclays Plc 8.300 BB+ United Kingdom SGD 2.21
    Nordea Bank Abp 6.750 BBB Finland USD 2.14
    Commerzbank Ag 7.875 BB Germany EUR 2.10
    Barclays Plc 8.000 BB+ United Kingdom AUD 1.97
    Kbc Group Nv 6.250 BBB- Belgium EUR 1.95
    Toronto-Dominion Bank/The 5.909 BBB- Canada CAD 1.92
    Kbc Group Nv 6.000 BBB- Belgium EUR 1.91
    Cooperatieve Rabobank Ua 5.500 BBB- Netherlands EUR 1.86
    Nationwide Building Society -- -- United Kingdom GBP 1.82
    Bank Of Nova Scotia/The 4.650 BBB- Canada USD 1.74
    Sumitomo Mitsui Financial Group Inc 5.334 BBB+ Japan USD 1.60
    Bank Of Ireland Group Plc 6.375 BBB- Ireland EUR 1.57
    Svenska Handelsbanken Ab 4.750 BBB Sweden USD 1.54
    Nationwide Building Society 7.500 BB+ United Kingdom GBP 1.49
    Axa Sa 6.375 A- France EUR 1.44
    Cooperatieve Rabobank Ua 6.500 NR Netherlands EUR 1.38
    Enbridge Inc 7.200 BBB- Canada USD 1.34
    Banco Comercial Portugues Sa 8.125 NR Portugal EUR 1.32
    Commerzbank Ag 6.625 BB Germany EUR 1.31
    Bpce Sa 4.125 BBB+ France EUR 1.23
    Citigroup Inc 3.493 BBB+ United States EUR 1.20
    Sumitomo Mitsui Financial Group Inc 6.600 BB+ Japan USD 1.19
    Dnb Bank Asa 7.375 BBB Norway USD 1.15
    Natwest Group Plc 7.500 BBB- United Kingdom GBP 1.10
    Royal Bank Of Canada 7.500 BBB Canada USD 1.09
    Citigroup Inc 6.875 BB+ United States USD 1.07
    Mitsubishi Ufj Financial Group Inc 6.350 BB+ Japan USD 1.04
    Toronto-Dominion Bank/The 5.750 BBB- Canada CAD 0.99
    Cdc Data Centres Australia Pty Ltd 6.899 BBB- Australia AUD 0.97
    Apa Infrastructure Ltd 6.365 BBB- Australia AUD 0.97
    Bnp Paribas Sa 6.644 BBB France AUD 0.97
    Bpce Sa 7.156 BBB France AUD 0.96
    Apa Infrastructure Ltd 6.772 BBB- Australia AUD 0.96
    National Australia Bank Ltd 6.558 A- Australia AUD 0.96
    Westconnex Finance Co Pty Ltd 5.944 BBB+ Australia AUD 0.96
    Australia & New Zealand Banking Group L 6.064 A- Australia AUD 0.95
    Alphabet Inc 5.423 AA United States AUD 0.95
    L&K Finance Pty Ltd 6.326 BBB+ Australia AUD 0.94
    Treasury Corp Of Victoria 6.000 AA Australia AUD 0.94
    L&K Finance Pty Ltd 6.825 BBB+ Australia AUD 0.94
    New South Wales Treasury Corp 5.250 AA+ Australia AUD 0.89
    Firstmac Mortgage Funding Trust No.4 Se 5.380 AAA Australia AUD 0.87
    Citigroup Inc 6.625 BB+ United States USD 0.80
    Enbridge Inc 8.747 BB+ Canada CAD 0.79
    National Rmbs Trust 2026-1 5.082 AAA Australia AUD 0.79
    Jpmorgan Chase & Co 5.502 A United States USD 0.79
    Bank Of America Corp 5.511 A- United States USD 0.78
    Lloyds Banking Group Plc 8.500 BBB- United Kingdom GBP 0.76
    Nationwide Building Society 7.875 BBB- United Kingdom GBP 0.75
    Barclays Plc 8.875 BB+ United Kingdom GBP 0.75
    Series 2026-1 Wst Trust 5.000 AAA Australia AUD 0.74
    Jpmorgan Chase & Co 5.766 A United States USD 0.68
    Caixabank Sa 8.250 BB+ Spain EUR 0.67
    Abn Amro Bank Nv 6.875 NR Netherlands EUR 0.67
    Bpce Sa 6.293 BBB+ France USD 0.67
    Bnp Paribas Sa 7.375 BB+ France EUR 0.67
    Caixabank Sa 7.500 BB+ Spain EUR 0.66
    Aib Group Plc 7.125 BB+ Ireland EUR 0.66
    Commerzbank Ag 6.500 BB Germany EUR 0.66
    Banco Santander Sa 7.000 BB+ Spain EUR 0.65
    Credit Agricole Sa 6.500 BBB- France EUR 0.64
    Caixabank Sa 6.250 BB+ Spain EUR 0.64
    Axa Sa 5.750 A- France EUR 0.63
    Aib Group Plc 6.000 BB+ Ireland EUR 0.63
    Commerzbank Ag 4.250 BB Germany EUR 0.62
    Cooperatieve Rabobank Ua 4.875 BBB- Netherlands EUR 0.62
    Credit Agricole Sa 5.875 BBB- France EUR 0.61
    Caixabank Sa 5.875 BB+ Spain EUR 0.61
    Caixabank Sa 3.625 BB+ Spain EUR 0.60
    Swedbank Ab 7.750 BBB Sweden USD 0.57
    Toronto-Dominion Bank/The 5.918 BBB- Canada CAD 0.57
    Bnp Paribas Sa 9.250 BB+ France USD 0.56
    Swedbank Ab 7.625 BBB Sweden USD 0.56
    Bank Of Nova Scotia/The 8.000 BBB- Canada USD 0.56
    Allianz Se 2.625 A- Germany EUR 0.56
    Bank Of Nova Scotia/The 7.350 BBB- Canada USD 0.54
    Toronto-Dominion Bank/The 7.250 BBB- Canada USD 0.54
    Nordea Bank Abp 6.300 BBB Finland USD 0.54
    Sumitomo Mitsui Financial Group Inc 6.950 BB+ Japan USD 0.53
    Sumitomo Mitsui Financial Group Inc 6.450 BB+ Japan USD 0.52
    Jpmorgan Chase & Co 5.576 A- United States USD 0.52
    Royal Bank Of Canada 7.408 BBB Canada CAD 0.51
    Swedbank Ab 4.000 BBB Sweden USD 0.51
    Nordea Bank Abp 3.750 BBB Finland USD 0.49
    Royal Bank Of Canada 6.698 BBB Canada CAD 0.41
    Bank Of America Corp 3.846 BBB+ United States USD 0.36
    Bpce Sa 5.125 BBB France EUR 0.32
    Hayfin Emerald Clo Vi Dac 5.000 AA Ireland EUR 0.31
    Providus Clo V Dac 5.000 AA Ireland EUR 0.31
    Abn Amro Bank Nv 4.375 BBB- Netherlands EUR 0.31
    Wells Fargo & Co 6.491 BBB+ United States USD 0.28
    Jpmorgan Chase & Co 5.572 A United States USD 0.27
    Bank Of America Corp 5.464 A- United States USD 0.26
    Jpmorgan Chase & Co 5.193 A- United States USD 0.25
    Enbridge Inc 5.150 BBB- Canada CAD 0.23
    Enbridge Inc 6.250 BB+ Canada USD 0.12
    Other/Cash -- -- -- AUD 11.59
    Total 100.00

    Source: VanEck. These are not recommendations to buy or to sell any security.

    ^Composite rating is an evenly weighted blend of a bond’s Moody’s, S&P and Fitch credit ratings when there are two or more. ‘NR’ means the bond has one ‘Investment Grade’ rating. The above ratings are not a credit opinion by VanEck on any bond or the Fund or a recommendation to buy any individual security.

    † – country of risk

    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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