SUBD - VanEck Australian Subordinated Debt ETF | Australian Income

SUBD

VanEck

Australian Subordinated

Debt ETF

SUBD invests in a portfolio of subordinated bonds with the aim of providing investment returns, before fees and other costs, that track the performance of the Index.

30 April 2026

Benefits

Investment grade subordinated bonds

Access a portfolio of regulatory Tier 2 Capital investment grade credit quality subordinated floating rate bonds that rank ahead of Additional Tier 1 Capital bonds such as listed hybrids.

Potential to protect against rising rates

Subordinated bonds pay coupons (interest) that vary with short-term interest rates and interest rates are reset periodically resulting in reduced duration (interest rate risk).

Yield premium

Subordinated bonds offer a higher yield, commensurate with risk.

Performance

Month End as at 30-Apr-26	1 Mth	3 Mths	6 Mths	1 Yr	3 Yrs p.a.	5 Yrs p.a.	Inception p.a.
Price return	0.24%	-0.42%	-0.30%	0.95%	0.68%	-0.09%	0.08%
Income return	0.46%	1.34%	2.67%	5.52%	5.82%	4.61%	4.03%
Total return	0.70%	0.92%	2.37%	6.47%	6.50%	4.52%	4.11%
Index (IBXXAIS1)	0.73%	1.00%	2.52%	6.78%	6.78%	4.84%	4.42%
Quarter End as at 31-Mar-26	1 Mth	3 Mths	6 Mths	1 Yr	3 Yrs p.a.	5 Yrs p.a.	Inception p.a.
Price return	-0.47%	-0.80%	-0.40%	0.12%	0.60%	-0.16%	0.04%
Income return	0.44%	1.74%	2.64%	5.50%	5.80%	4.54%	4.01%
Total return	-0.03%	0.94%	2.24%	5.62%	6.40%	4.38%	4.05%
Index (IBXXAIS1)	0.00%	1.02%	2.40%	5.92%	6.69%	4.70%	4.36%

The tables above show past performance of the ETF from 28 October 2019. Index performance shown prior to 1 June 2020 is simulated based on the current Index methodology. Results are calculated to the last business day of the month and assume immediate reinvestment of dividends. ETF results are net of management fees and costs, but before brokerage fees or bid/ask spreads incurred when investors buy/sell on the ASX. Returns for periods longer than one year are annualised. Past performance is not indicative of current or future performance which may be lower or higher.

Key risks

An investment in our Australian Subordinated Debt ETF carries risks associated with: subordinated debt, bond markets generally, interest rate movements, issuer default, credit ratings, fund operations, liquidity and tracking an index. See the VanEck Australian Subordinated Debt ETF PDS and TMD for more details.

Fund Details

ASX code	SUBD
Bloomberg code	IBXXAIS1
IRESS code	SUBD.AXW
Index	iBoxx AUD Investment Grade Subordinated Debt Mid Price Index
Inception date	28 October 2019
Net Assets	$3.6B
Management fee*	0.29% p.a.
Dividend frequency	Monthly

Fundamentals

Number of Holdings	36
Running yield	5.95%
Yield to worst	5.73%
Average maturity (years)	8.15
Modified duration (years)	0.13

Credit rating^#	A-

Other fees and costs apply. Please see the PDS for more details.

Sector weightings (%)

Banking Services
78.9
Investment Banking & Investment Srvices
13.1
Insurance
6.2
Equity Fund
1.8

Country weightings (%)

Australia
84.3
United Kingdom
9.5
France
4.4
United States
1.8
Other/Cash
-0.0

Top ten fund holdings as at 30-Apr-26

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Top ten fund holdings	Maturity	Weight (%)
AUSTRALIA & NEW ZEALAND BANKING GROUP L	16-Jan-34	5.5
WESTPAC BANKING CORP	23-Jun-33	5.0
COMMONWEALTH BANK OF AUSTRALIA	20-Aug-31	4.7
COMMONWEALTH BANK OF AUSTRALIA	12-Sep-35	4.4
NATIONAL AUSTRALIA BANK LTD	09-Feb-34	4.4
AUSTRALIA & NEW ZEALAND BANKING GROUP L	15-Jan-35	4.3
NATIONAL AUSTRALIA BANK LTD	14-Nov-35	4.1
WESTPAC BANKING CORP	10-Jul-34	3.8
COMMONWEALTH BANK OF AUSTRALIA	05-Mar-36	3.6
COMMONWEALTH BANK OF AUSTRALIA	09-Nov-32	3.5
Top ten total (%)		43.4

About VanEck

For more than 70 years VanEck has delivered strategies for investors that provide unequalled access to markets, sectors and investment ideas. VanEck is one of the world’s largest issuers of ETFs, managing in excess of US$100 billion globally for individual and institutional investors. In Australia, VanEck is a pioneer of smart beta strategies and has more than 40 funds on ASX.

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Source: VanEck, FactSet.
# Credit rating is the weighted average of each constituent’s credit rating - please see the website for details.
Securities listed are not recommendations to buy or sell.
All figures are in Australian dollars unless stated otherwise.

VanEck Investments Limited (ACN 146 596 116 AFSL 416755) (VanEck) is the issuer and responsible entity of all VanEck exchange traded funds (Funds) trading on the ASX. This information is general in nature and not personal advice, it does not take into account any person’s financial objectives, situation or needs. The product disclosure statement (PDS) and the target market determination (TMD) for all Funds are available at vaneck.com.au. You should consider whether or not an investment in any Fund is appropriate for you. Investments in a Fund involve risks associated with financial markets. These risks vary depending on a Fund’s investment objective. Refer to the applicable PDS and TMD for more details on risks. Investment returns and capital are not guaranteed.

The Fund is based on the Markit iBoxx Investment Grade Subordinated Debt Index (‘the Index’). The Index is the property of Markit Indices Limited (‘Markit’) and iBoxx® and Markit® are trademarks of Markit or its affiliates. The Index and trademarks have been licensed for use by VanEck. The Fund is not sponsored, endorsed, or promoted by Markit.