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

    • GCAP
    VanEck Bentham Global Capital Securities Active ETF

    GCAP
    VanEck Bentham Global Capital Securities Active ETF

    • NAV
      $8.87

      as at 23-Jan-26
    • Total Net Assets
      $45.03M
    • Dividend Frequency
      Monthly
    • Management fee (p.a.)
      0.59%
    • Number of securities
      92
    • Inception Date
      03-Aug-21
    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 3pm next business day.
    GCAP-VanEck-Global-Capital-Securities-ETF-Tile.webp

    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

    Key benefits

    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.
      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, 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 or major, core, minor or satellite allocation within a portfolio, has no minimum investment timeframe, and has a low risk/return profile.

    Performance

    Holdings & allocations

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

    No. of holdings: 98
    Security name
    Coupon
    Composite
    rating^
    Country†
    Currency
    		 % of Fund
    net assets
    Cooperatieve Rabobank Ua 3.250 BBB- Netherlands EUR 2.29
    Toronto-Dominion Bank/The 5.909 BBB- Canada CAD 1.95
    Treasury Corp Of Victoria 3.625 AA Australia EUR 1.91
    Nationwide Building Society 7.500 BB+ United Kingdom GBP 1.86
    Natwest Group Plc 5.125 BBB- United Kingdom GBP 1.76
    Axa Sa 8.600 A- France USD 1.70
    Banco Comercial Portugues Sa 8.125 NR Portugal EUR 1.66
    Kbc Group Nv 6.000 BBB- Belgium EUR 1.60
    Westpac Banking Corp 5.618 A- Australia USD 1.42
    Natwest Group Plc 7.500 BBB- United Kingdom GBP 1.39
    Commonwealth Bank Of Australia 5.837 A- Australia USD 1.39
    Australia & New Zealand Banking Group L 5.816 A- Australia USD 1.35
    Nordea Bank Abp 6.750 BBB Finland USD 1.35
    Mitsubishi Ufj Financial Group Inc 6.350 BB+ Japan USD 1.32
    National Australia Bank Ltd 6.429 A- United States USD 1.31
    Bank Of Nova Scotia/The 4.650 BBB- Canada USD 1.31
    Svenska Handelsbanken Ab 4.750 BBB Sweden USD 1.29
    Bank Of Ireland Group Plc 6.375 BB+ Ireland EUR 1.23
    Barclays Plc 4.616 BBB United Kingdom EUR 1.23
    Westpac Banking Corp 7.199 A- Australia AUD 1.22
    Toronto-Dominion Bank/The 5.750 BBB- Canada CAD 1.21
    Australia & New Zealand Banking Group L 6.736 A- Australia AUD 1.20
    Commonwealth Bank Of Australia 6.704 A- Australia AUD 1.19
    Lloyds Banking Group Plc 7.875 BBB- United Kingdom GBP 1.17
    Bnp Paribas Sa 5.803 BBB France AUD 1.14
    Caixabank Sa 3.875 BBB Spain EUR 1.14
    Commonwealth Bank Of Australia 6.152 A- Australia AUD 1.13
    Bpce Sa 6.562 BBB France AUD 1.13
    Province Of Ontario Canada 5.350 AA- Canada AUD 1.13
    Other -- -- -- AUD 1.12
    Westpac Banking Corp 6.135 A- Australia AUD 1.12
    Other -- -- -- AUD 1.11
    Tasmanian Public Finance Corp 5.500 AA Australia AUD 1.10
    New South Wales Treasury Corp 5.250 AA+ Australia AUD 1.09
    Province Of British Columbia Canada 5.200 A+ Canada AUD 1.09
    Province Of Quebec Canada 5.100 A+ Canada AUD 1.08
    Northern Territory Treasury Corp 5.250 AA- Australia AUD 1.06
    Other -- -- -- AUD 1.03
    Nationwide Building Society 7.875 BBB- United Kingdom GBP 0.94
    Other -- -- -- AUD 0.94
    Lloyds Banking Group Plc 8.500 BBB- United Kingdom GBP 0.94
    Barclays Plc 8.875 BB+ United Kingdom GBP 0.93
    Lloyds Banking Group Plc 8.500 BBB- United Kingdom GBP 0.93
    New South Wales Treasury Corp 3.500 AA+ Australia AUD 0.92
    Other -- -- -- AUD 0.87
    Bpce Sa 6.293 BBB+ France USD 0.86
    Credit Agricole Sa 6.251 BBB+ France USD 0.86
    Abn Amro Bank Nv 6.875 NR Netherlands EUR 0.85
    Bnp Paribas Sa 7.375 BB+ France EUR 0.85
    Caixabank Sa 7.500 BB+ Spain EUR 0.85
    Commerzbank Ag 6.625 BB Germany EUR 0.84
    Aib Group Plc 7.125 BB+ Ireland EUR 0.84
    Credit Agricole Sa 7.250 BBB- France EUR 0.82
    Kbc Group Nv 6.250 BBB- Belgium EUR 0.82
    Caixabank Sa 6.250 BB+ Spain EUR 0.82
    Credit Agricole Sa 6.500 BBB- France EUR 0.81
    Madison Park Funding Xxxviii Ltd 5.000 NR United Kingdom USD 0.81
    Other -- -- -- AUD 0.79
    Commerzbank Ag 4.250 BB Germany EUR 0.79
    Aib Group Plc 6.000 BB+ Ireland EUR 0.79
    Cooperatieve Rabobank Ua 4.875 BBB- Netherlands EUR 0.78
    Toronto-Dominion Bank/The 4.030 BBB+ Canada EUR 0.77
    Cooperatieve Rabobank Ua 4.375 BBB- Netherlands EUR 0.77
    Other -- -- -- AUD 0.75
    Caixabank Sa 3.625 BB+ Spain EUR 0.75
    National Australia Bank Ltd 3.347 A- Australia USD 0.74
    Swedbank Ab 7.750 BBB- Sweden USD 0.72
    Bnp Paribas Sa 5.894 A+ France USD 0.69
    Nordea Bank Abp 6.300 BBB Finland USD 0.67
    Nordea Bank Abp 6.625 BBB Finland USD 0.66
    Royal Bank Of Canada 7.408 BBB Canada CAD 0.66
    Oversea-Chinese Banking Corp Ltd 4.550 BBB+ Singapore USD 0.65
    National Australia Bank Ltd 5.902 A- Australia USD 0.61
    Kbc Group Nv 6.151 BBB+ Belgium GBP 0.46
    Bank Of America Corp 3.846 BBB+ United States USD 0.46
    Natwest Group Plc 5.642 BBB+ United Kingdom GBP 0.46
    Nationwide Building Society 5.500 BBB United Kingdom GBP 0.45
    Australia & New Zealand Banking Group L 5.145 A- Australia GBP 0.44
    Bpce Sa 5.125 BBB France EUR 0.42
    Aib Group Plc 4.625 BBB Ireland EUR 0.41
    Credit Agricole Sa 4.375 BBB+ France EUR 0.40
    Abn Amro Bank Nv 4.375 BBB- Netherlands EUR 0.40
    Lloyds Banking Group Plc 2.707 BBB+ United Kingdom GBP 0.40
    Nationwide Building Society 4.000 BBB United Kingdom EUR 0.39
    Australia & New Zealand Banking Group L 3.706 A- Australia EUR 0.39
    Commonwealth Bank Of Australia 3.788 A- Australia EUR 0.39
    Providus Clo V Dac 5.000 AA Ireland EUR 0.38
    Hayfin Emerald Clo Vi Dac 5.000 AA Ireland EUR 0.38
    Bank Of Ireland Group Plc 4.000 BBB Ireland EUR 0.38
    Kbc Group Nv 3.375 A- Belgium EUR 0.38
    Wells Fargo & Co 6.491 BBB+ United States USD 0.36
    Jpmorgan Chase & Co 5.502 A United States USD 0.35
    Bank Of America Corp 5.511 A- United States USD 0.35
    Jpmorgan Chase & Co 5.572 A United States USD 0.34
    Bank Of America Corp 5.464 A- United States USD 0.34
    Bank Of America Corp 5.468 A- United States USD 0.34
    Jpmorgan Chase & Co 5.766 A United States USD 0.17
    Enbridge Inc 6.250 BB+ Canada USD 0.15
    Other/Cash -- -- -- AUD 11.74
    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 Update”.

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