Strong U.S. Dollar Fund (hedge fund)
Overview
Fund objective
YANK aims to provide geared exposure to changes in the value of the U.S. dollar against the Australian dollar.
Fund strategy
YANK generally expects to generate a positive return of between 2% and 2.75% for a 1% rise in the value of the U.S. dollar against the Australian dollar on a given day (and a corresponding negative return when the U.S. dollar falls in value on a given day).
The Fund’s portfolio exposure is actively monitored and adjusted to stay within a 2x to 2.75x range on any given day. The Fund’s returns will not necessarily be in the range 2x to 2.75x over periods longer than a day, due to the effects of rebalancing to maintain the Fund’s daily target geared exposure range and compounding of investment returns over time. The Fund’s returns over periods longer than one day may differ in amount and possibly direction from the daily target return range. This effect on returns over time can be expected to be more pronounced the more volatile the USD/AUD currency exchange rate and the longer an investor’s holding period.
Due to the effects of rebalancing and compounding of investment returns over time, investors should not expect the Fund’s Net Asset Value to be at a particular level for a given value of the U.S. dollar relative to the Australian dollar at any point in time.
Investors should actively monitor their investment as frequently as daily to ensure it continues to meet their investment objectives.
Gearing magnifies gains and losses and may not be a suitable strategy for all investors. An investment in the Fund is very high risk in nature.
Benefits
Geared exposure to a rising USD
Potential to make magnified gains if the USD appreciates against the AUD (and magnified losses if the USD depreciates).
Simple to access, convenience
YANK is traded in Australian dollars on the ASX, avoiding the inconvenience and complexity of trading CFDs, or dealing in FX markets. No margin calls for investors.
Portfolio diversification
Currency exposure can diversify your portfolio, as currencies historically have shown low correlation to shares and most other major asset classes.
Invest in YANK with Betashares Direct
Key facts
Profile
| Units outstanding* (#) | 655,308 |
|---|---|
| Management fee and cost** (p.a.) | 1.38% |
| Distribution frequency | Annual |
| Distribution reinvestment plan (DRP) | Full or partial participation available |
| Issuer | Betashares Capital Ltd |
| Registry | MUFG Corporate Markets |
* As at 17 January 2025
**Certain additional costs apply. Please refer to PDS.
Pricing information
| Current price | |
|---|---|
| Last trade* | |
| % Change (prev day) | |
| Bid (delayed) | |
| Offer (delayed) | |
| NAV | * As at 17 January 2025 |
| NAV/Unit* | $14.04 |
| iNAV (live)** | |
|
* Data is delayed by at least 20 minutes.
* As at 20 April 2022 04:29:59 PM |
|
Past performance is not indicative of future performance. Please refer to "Fund returns after fees" for additional information regarding performance/return information.
Trading information
| ASX code | YANK |
|---|---|
| Bloomberg code | YANK AU |
| IRESS code | YANK.AXW |
| iNAV IRESS code | YANKINAV.ETF |
| Market makers | Susquehanna Pacific |
Index information
| Index | N/A |
|---|---|
| Index provider | N/A |
| Index ticker | N/A |
| Bloomberg index ticker | N/A |
Information
Gearing
| Gearing exposure range | 200%-275% |
|---|---|
| Current gearing exposure* (%) | 222.4% |
| Current gearing multiple** (x) | 2.22 |
* As at 20 January 2025. Calculated as Fund borrowings divided by Fund total assets. Current Gearing Ratio is as at start of the above date and can be expected to vary throughout the day.
**Represents the Fund's approximate exposure, for the above date, to the change in value of the U.S. dollar relative to the Australian dollar as measured by the futures contract held in the Fund. For example, if the Fund's Gearing multiple is 2.30x and the U.S. dollar goes up relative to the Australian dollar by 1% that day, the Fund would be expected to go up approximately 2.30% that day, before fees and expenses. The Fund is actively managed and the portfolio exposure will change on a daily basis, affecting returns over time.
Performance
Fund returns after fees (%)
| Fund | Spot AUD/USD | |
|---|---|---|
| 1 month | 13.16% | -5.16% |
| 3 months | 32.10% | -10.55% |
| 6 months | 21.84% | -7.20% |
| 1 year | 32.07% | -9.17% |
| 3 year p.a. | 16.20% | -5.23% |
| 5 year p.a. | 4.83% | -2.48% |
| 10 year p.a. | - | - |
| Since inception | 4.23% | -2.31% |
| Inception date | 28-Nov-16 | - |
Past performance is not an indicator of future performance. Returns are calculated in Australian dollars using net asset value per unit at the start and end of the specified period and do not reflect brokerage or the bid ask spread that investors incur when buying and selling units on the ASX. Returns are after fund management costs, assume reinvestment of any distributions and do not take into account tax paid as an investor in the Fund. Returns for periods longer than one year are annualised. Current performance may be higher or lower than the performance shown.
Distributions
Frequency and yield
| Distribution frequency | Annual |
|---|---|
| 12 mth distribution yield* | 5.5% |
*As at 31 December 2024. Yield is calculated by summing the prior 12-month per unit distributions divided by the closing NAV per unit at the end of the relevant period. Yield will vary and may be lower at time of investment. Past performance is not indicative of future performance.
You can elect DRP by logging into Link’s Investor Centre. Once you are logged in, please proceed to the 'Payments and Tax' tab and select 'Reinvestment Plans'.
Recent distributions
| Ex Date | Record Date | Payment Date | Distribution Unit ($) | Annual Distribution Return (%) (1) |
|---|---|---|---|---|
| 1-Jul-24 | 2-Jul-24 | 16-Jul-24 | $0.76927 | 6.65% |
| 3-Jul-23 | 4-Jul-23 | 18-Jul-23 | $0.672956 | 5.79% |
| 1-Jul-22 | 4-Jul-22 | 18-Jul-22 | $0.796652 | 7.95% |
| 1-Jul-19 | 2-Jul-19 | 16-Jul-19 | $2.637862 | 22.85% |
| 2-Jul-18 | 3-Jul-18 | 17-Jul-18 | $0.436888 | 3.19% |
1 This is the annual distribution return to the end of the relevant distribution date. The distribution return reflects the contribution to total investment return made by the Fund's distributions. Distribution return is calculated as the total return less the growth return. Total return is calculated as the percentage change in a continuing investor's interest in the Fund assuming reinvestment of all distributions back into the Fund (and no other application or withdrawal), net of ongoing fees. Growth return is the Fund's return excluding distributions, net of ongoing fees. Past performance is not indicative of future performance.