S&P World ex Australia GARP ETF

Reasons to Consider GARP

High Growth at Fair Value

Exposure to companies with robust earnings growth and solid financial strength trading at reasonable valuations.

Broad Global Diversification

Gain diversified exposure to 250 companies spread across multiple countries and sectors.

Disciplined, Low-Cost Approach

Access a strategy balancing both growth and value investing, with potential outperformance over a broad global share market at a competitive management fee.

	Total Return (Fund)	Total Return (Benchmark)	Tracking Difference	Tracking Error
1 Month	-1.62%	-1.64%	0.03%	0.04%
3 Months	-5.86%	-5.87%	--	0.05%
1 Year	--	--	--	--
3 Year p.a.	--	--	--	--
5 Year p.a.	--	--	--	--
10 Year p.a.	--	--	--	--
Since Inception	13.09%	13.26%	-0.17%	0.10%

Total Return (Fund)

Total Return (Benchmark)

Tracking Difference

Tracking Error

1 Month

-1.62%

-1.64%

0.03%

0.04%

3 Months

-5.86%

-5.87%

0.05%

1 Year

3 Year p.a.

5 Year p.a.

10 Year p.a.

Since Inception

13.09%

13.26%

-0.17%

0.10%

Net Assets (%)	Name	SEDOL	Market Price (Local)	Shares Held	Market Value (A$)
6.05	BERKSHIRE HATH-B	2073390	534.57	2,754	2,307,713
4.58	MICROSOFT CORP	2588173	394.04	2,830	1,747,995
4.57	META PLATFORMS-A	B7TL820	554.44	2,009	1,746,015
4.22	ALPHABET INC-C	BYY88Y7	162.06	6,346	1,612,090
4.08	NVIDIA CORP	2379504	109.02	9,123	1,559,040
3.95	EXXON MOBIL CORP	2326618	108.36	8,870	1,506,628
3.20	VISA INC-CLASS A	B2PZN04	341.52	2,280	1,220,575
2.62	MASTERCARD INC-A	B121557	539.68	1,183	1,000,770
2.18	CHEVRON CORP	2838555	139.30	3,815	833,027
2.02	NETFLIX INC	2857817	1,125.64	437	771,071
1.85	UBER TECHNOLOGIE	BK6N347	79.42	5,671	705,997
1.72	ASML HOLDING NV	B929F46	585.00	630	657,636
1.59	SHELL PLC	BP6MXD8	24.43	11,822	606,167
1.48	TJX COS INC	2989301	128.03	2,817	565,343
1.36	CONOCOPHILLIPS	2685717	91.88	3,600	518,486
1.17	COCA-COLA CO/THE	2206657	72.35	3,948	447,743
1.15	NOVO NORDISK-B	BP6KMJ1	424.35	4,319	438,186
1.14	TOTALENERGIES SE	B15C557	52.35	4,640	433,435
1.10	AMERICAN EXPRESS	2026082	267.02	1,005	420,652
1.06	CATERPILLAR INC	2180201	307.40	840	404,759
0.91	PALO ALTO NETWOR	B87ZMX0	186.65	1,190	348,168
0.87	LVMH MOET HENNE	4061412	489.30	381	332,651
0.86	UNICREDIT SPA	BYMXPS7	52.45	3,496	327,195
0.84	BBVA	5501906	12.34	14,614	321,791
0.82	APOLLO GLOBAL MA	BN44JF6	137.55	1,450	312,638
0.79	EOG RESOURCES	2318024	112.93	1,703	301,465
0.77	CAN NATURAL RES	2171573	40.55	6,407	293,713
0.72	ARISTA NETWORKS	BL9XPM3	80.73	2,173	274,984
0.67	CHENIERE ENERGY	2654364	237.83	682	254,252
0.66	ADOBE INC	2008154	370.98	434	252,379
0.62	CHUBB LTD	B3BQMF6	284.95	529	236,286
0.59	HERMES INTL	5253973	2,386.00	53	225,650
0.54	PROSUS NV	BJDS7L3	40.61	2,822	204,493
0.52	MARSH & MCLENNAN	2567741	222.00	572	199,050
0.50	FORTINET INC	B5B2106	104.21	1,161	189,651
0.48	NXP SEMICONDUCTO	B505PN7	182.62	645	184,638
0.48	MARATHON PETROLE	B3K3L40	138.31	849	184,066
0.48	ROSS STORES INC	2746711	140.78	827	182,499
0.48	KLA CORP	2480138	687.95	169	182,246
0.47	ELEVANCE HEALTH	BSPHGL4	413.65	274	177,663
0.45	VALERO ENERGY	2041364	115.52	945	171,121
0.44	TRANE TECHNOLOGI	BK9ZQ96	353.44	306	169,532
0.43	CHIPOTLE MEXICAN	B0X7DZ3	50.65	2,064	163,871
0.43	L'OREAL	4057808	388.00	236	163,393
0.42	CADENCE DESIGN	2302232	302.22	340	161,070
0.42	AMPHENOL CORP-A	2145084	76.68	1,334	160,343
0.42	SUNCOR ENERGY	B3NB1P2	49.44	2,838	158,624
0.41	PHILLIPS 66	B78C4Y8	106.00	940	156,188
0.40	INDITEX	BP9DL90	46.90	1,847	154,571
0.38	COMPASS GROUP	BD6K457	24.50	2,826	145,317
0.38	MITSUBISHI CORP	6596785	2,709.50	4,831	144,119
0.37	DBS GROUP HLDGS	6175203	42.08	2,800	141,121
0.36	DISCOVER FINANCI	B1YLC43	185.37	473	137,440
0.35	ADYEN NV	BZ1HM42	1,448.40	52	134,394
0.35	3I GROUP PLC	B1YW440	41.92	1,515	133,294
0.35	UNITED PARCEL-B	2517382	96.73	878	133,128
0.35	PACCAR INC	2665861	90.29	938	132,757
0.35	FAIRFAX FINL HLD	2566351	2,134.92	55	132,746
0.34	APPLOVIN CO-CL A	BMV3LG4	288.88	285	129,055
0.32	CINTAS CORP	2197137	209.26	378	123,991
0.31	INVESTOR AB-B	BMV7PQ4	281.35	2,625	120,132
0.31	UNITED RENTALS	2134781	630.18	118	116,563
0.30	CSX CORP	2160753	28.05	2,608	114,671
0.30	NUCOR CORP	2651086	118.77	614	114,311
0.29	AMADEUS IT GROUP	B3MSM28	69.00	911	112,165
0.29	SAINT GOBAIN	7380482	96.08	646	110,753
0.29	MITSUI & CO	6597302	2,864.00	3,505	110,524
0.27	PAYPAL HOLDINGS	BYW36M8	66.32	1,005	104,478
0.27	TRAVELERS COS IN	2769503	264.05	250	103,476
0.27	SWISS RE AG	B545MG5	145.80	371	102,863
0.27	REGENERON PHARM	2730190	568.91	115	102,555
0.27	GENERAL MOTORS C	B665KZ5	46.94	1,387	102,055
0.26	FERRARI NV	BD6G507	404.00	140	100,925
0.26	WW GRAINGER INC	2380863	1,012.71	63	100,009
0.26	COPART INC	2208073	60.51	1,046	99,214
0.26	DELTA AIR LI	B1W9D46	42.08	1,493	98,480
0.26	AMERIPRISE FINAN	B0J7D57	471.65	133	98,330
0.25	ARCH CAPITAL GRP	2740542	92.39	672	97,321
0.25	DIAMONDBACK ENER	B7Y8YR3	136.65	442	94,677
0.25	AIRBNB INC-A	BMGYYH4	125.49	478	94,027
0.25	PUBLIC STORAGE	2852533	292.99	204	93,691
0.24	SCHLUMBERGER LTD	2779201	34.11	1,745	93,302
0.24	OCBC BANK	B0F9V20	15.98	4,800	91,870
0.24	UNITED OVERSEAS	6916781	34.36	2,200	90,538
0.23	ENGIE	B0C2CQ3	17.85	2,740	87,248
0.22	ALIMEN COUCHE	BL56KN2	72.46	1,024	83,883
0.21	GARTNER INC	2372763	420.59	122	80,433
0.21	MONSTER BEVERAGE	BZ07BW4	59.25	854	79,316
0.20	STEEL DYNAMICS	2849472	129.28	384	77,817
0.20	LULULEMON ATH	B23FN39	271.27	183	77,816
0.20	AENA SME SA	BVRZ8L1	215.60	202	77,712
0.20	EDWARDS LIFE	2567116	76.28	640	76,525
0.20	MERCEDES-BENZ GR	5529027	53.94	788	75,845
0.19	MONOLITHIC POWER	B01Z7J1	586.74	79	72,658
0.19	CUMMINS INC	2240202	293.16	155	71,228
0.19	VOLVO AB-B	B1QH830	264.40	1,653	71,091
0.18	DOLLARAMA INC	B4TP9G2	172.37	359	69,957
0.18	COMMERZBANK	B90LKT4	24.02	1,603	68,706
0.18	DAIMLER TRUCK HO	BP6VLQ4	35.10	1,090	68,269
0.18	EQUINOR ASA	7133608	238.90	1,890	68,195
0.18	SAMPO OYJ-A SHS	BMXX645	8.68	4,345	67,297
0.18	RESMED INC	2732903	237.74	180	67,079
0.17	HARTFORD INSURAN	2476193	122.22	344	65,904
0.17	DR HORTON INC	2250687	124.75	337	65,900
0.17	COTERRA ENERGY I	2162340	25.51	1,617	64,660
0.17	BRIDGESTONE CORP	6132101	5,934.00	974	63,636
0.17	OLD DOMINION FRT	2656423	149.65	270	63,336
0.16	NIPPON STEEL COR	6642569	3,036.00	1,897	63,411
0.16	MARTIN MAR MTLS	2572079	504.86	79	62,519
0.16	ATLAS COPCO-A	BLDBN41	145.15	2,647	62,496
0.16	OCCIDENTAL PETE	2655408	40.35	988	62,490
0.16	ULTA BEAUTY INC	B28TS42	390.25	101	61,784
0.16	FERGUSON ENTERPR	BS6VHW3	169.80	232	61,750
0.16	LENNAR CORP-A	2511920	107.58	359	60,540
0.16	VICI PROPERTIES	BYWH073	32.26	1,197	60,530
0.16	BAYCURRENT INC	BYP20B9	7,532.00	721	59,792
0.15	HEIDELBERG MATER	5120679	173.30	191	59,064
0.15	PEMBINA PIPELINE	B4PT2P8	53.33	978	58,964
0.15	GENUINE PARTS CO	2367480	118.26	316	58,579
0.15	CAIXABANK SA	B283W97	6.97	4,660	57,974
0.15	BOUYGUES SA	4002121	38.29	843	57,597
0.15	MARKEL GROUP INC	2566436	1,819.93	20	57,056
0.15	STELLANTIS NV	BMD8KX7	8.30	3,841	56,894
0.15	PULTEGROUP INC	2708841	101.74	354	56,456
0.15	IDEXX LABS	2459202	436.97	82	56,167
0.15	EVOLUTION AB	BJXSCH4	835.60	412	55,999
0.15	CENTENE CORP	2807061	59.26	601	55,828
0.15	DEVON ENERGY CO	2480677	31.30	1,130	55,442
0.14	CENOVUS ENERGY	B57FG04	16.76	2,881	54,588
0.14	DARDEN RESTAURAN	2289874	198.82	175	54,540
0.14	CHOW TAI FOOK JE	B4R39F7	9.57	28,035	54,207
0.14	SANRIO CO LTD	6776349	5,817.00	846	54,183
0.14	KBC GROUP	4497749	83.90	361	54,045
0.14	SSAB-B	B17H3F6	60.36	5,501	54,010
0.14	ASM INTL NV	5165294	429.60	70	53,660
0.14	ERSTE GROUP BANK	5289837	61.70	487	53,617
0.14	OMV AG	4651459	46.24	641	52,889
0.14	ICL GROUP LTD	6455530	24.14	4,982	52,027
0.14	NEXT PLC	3208986	120.85	205	51,997
0.14	VODAFONE GROUP	BH4HKS3	0.72	34,227	51,651
0.13	ADMIRAL GROUP	B02J639	32.60	750	51,316
0.13	CENTRICA PLC	B033F22	1.60	15,326	51,306
0.13	CENTRAL JAPAN RL	6183552	2,954.00	1,565	50,900
0.13	ON SEMICONDUCTOR	2583576	38.86	835	50,863
0.13	HITACHI CONST MA	6429405	4,252.00	1,081	50,607
0.13	RWE AG	4768962	34.19	827	50,454
0.13	RAIFFEISEN BANK	B0704T9	23.60	1,196	50,365
0.13	BANK OF IRELAND	BD1RP61	10.41	2,708	50,302
0.13	BANCA MEDIOLANUM	BYWP840	13.28	2,114	50,095
0.13	RYANAIR HLDGS	BYTBXV3	20.61	1,343	49,390
0.13	VOLKSWAGEN-PREF	5497168	97.82	281	49,048
0.13	JERONIMO MARTINS	B1Y1SQ7	21.22	1,291	48,883
0.13	M&T BANK CORP	2340168	169.91	183	48,740
0.13	RAKUS CO LTD	BD87BM2	2,194.50	2,014	48,662
0.13	DELEK GROUP LTD	6219640	578.80	194	48,575
0.13	BANK HAPOALIM	6075808	53.30	2,101	48,444
0.13	SUMITOMO CORP	6858946	3,488.00	1,258	48,312
0.13	NATURGY ENERGY	5650422	26.30	1,027	48,196
0.13	AIB GROUP PLC	BF0L353	5.96	4,508	47,942
0.13	PARTNERS GROUP J	B119QG0	1,094.00	23	47,849
0.13	KOMATSU LTD	6496584	4,127.00	1,053	47,847
0.12	IMPERIAL OIL	2454241	96.08	438	47,576
0.12	BANK LEUMI LE-IS	6076425	51.65	2,116	47,279
0.12	RENESAS ELECTRON	6635677	1,720.50	2,493	47,225
0.12	YAMATO KOGYO	6985446	8,326.00	515	47,210
0.12	REPSOL SA	5669354	10.75	2,457	47,131
0.12	SEMBCORP INDUS	B08X163	6.45	6,100	47,124
0.12	TRACTOR SUPPLY	2900335	49.87	602	47,060
0.12	ISRAEL CORP LTD	6889678	1,144.20	94	46,528
0.12	ARCHER-DANIELS	2047317	47.78	619	46,361
0.12	ADDTECH AB-B SH	BLN8T44	316.00	893	45,901
0.12	ROLLINS INC	2747305	56.34	519	45,835
0.12	KEISEI ELEC RAIL	6487425	1,505.50	2,761	45,766
0.12	KINGSPAN GROUP	4491235	75.40	340	45,745
0.12	CHECK POINT SOFT	2181334	215.30	135	45,561
0.12	SOJITZ CORP	6594143	3,347.00	1,235	45,511
0.12	CHOCOLADEFABR-PC	5962280	11,900.00	2	45,259
0.12	SUBARU CORP	6356406	2,639.50	1,553	45,132
0.12	FINECOBANK SPA	BNGN9Z1	17.55	1,437	45,001
0.12	AKER ASA-A SHARE	B02R4D9	604.00	493	44,973
0.12	MIZRAHI TEFAHOT	6916703	184.30	564	44,967
0.12	BMW AG	5756029	76.52	329	44,922
0.12	MONCLER SPA	BGLP232	53.98	465	44,789
0.12	NVR INC	2637785	7,113.94	4	44,605
0.12	PORSCHE AUTO-PRF	7101069	36.78	678	44,497
0.12	METSO CORP	B1FN8X9	9.45	2,635	44,442
0.12	ARC RESOURCES LT	B6463M8	25.93	1,514	44,382
0.12	INPEX CORP	B10RB15	1,825.00	2,196	44,126
0.12	SANKYO CO/	6775432	2,115.50	1,894	44,115
0.12	HALLIBURTON CO	2405302	20.51	1,371	44,077
0.12	UOL GROUP LTD	6916844	5.75	6,400	44,076
0.12	WISE PLC - A	BL9YR75	9.88	2,120	43,961
0.12	USS CO LTD	6171494	1,403.50	2,834	43,793
0.11	FIBI HOLD	6339429	210.50	481	43,801
0.11	BUILDERS FIRSTSO	B0BV2M7	120.24	232	43,727
0.11	FIBI BANK	6123815	199.80	505	43,649
0.11	MOLINA HEALTHCAR	2212706	319.82	87	43,615
0.11	SINGAPORE AIRLIN	6811734	6.68	5,400	43,204
0.11	ISRAEL DISCOUN-A	6451271	27.15	3,654	42,916
0.11	AKER BP ASA	B1L95G3	222.30	1,266	42,506
0.11	ENN ENERGY	6333937	61.45	3,411	42,350
0.11	MICHELIN	BPBPJ01	31.59	750	42,277
0.11	TOROMONT INDS	2897103	115.31	323	42,106
0.11	AUTO TRADER	BVYVFW2	8.23	2,421	41,799
0.11	INDUSTRIVARDEN-C	B1VSK54	332.90	765	41,425
0.11	SCREEN HOLDINGS	6251028	9,414.00	399	41,356
0.11	EVN AG	4295374	22.55	1,022	41,123
0.11	JFE HOLDINGS INC	6543792	1,680.00	2,222	41,101
0.11	MITSUBISHI MOTOR	6598446	402.90	9,236	40,971
0.11	TRATON SE	BKF1H51	28.94	793	40,951
0.10	AP MOLLER-B	4253048	11,130.00	15	39,915
0.10	VERBUND AG	4661607	65.75	338	39,655
0.10	GENTING SINGAPOR	BDRTVP2	0.74	44,700	39,618
0.10	TOURMALINE OIL C	B3QJ0H8	62.02	565	39,615
0.10	ISUZU MOTORS	6467104	1,936.50	1,857	39,594
0.10	ODDITY TECH LTD	BM9HHR1	47.13	535	39,524
0.10	HERSHEY CO/THE	2422806	165.07	152	39,330
0.10	ANA HOLDINGS INC	6014908	2,732.50	1,305	39,261
0.10	APTIV PLC	BTDN8H1	57.65	432	39,039
0.10	ASSOC BRIT FOODS	0673123	20.34	910	38,848
0.10	HAPAG-LLOYD AG	BYZTSW7	138.70	156	38,609
0.10	AKER SOLUTIONS A	BQN1C50	27.90	9,122	38,439
0.10	MAZDA MOTOR	6900308	877.00	3,966	38,295
0.10	CORP AMERICA AIR	BD45SN0	19.48	1,253	38,261
0.10	INTL CONS AIRLIN	B5M6XQ7	2.62	6,926	38,100
0.10	SWIRE PACIFIC-A	6867748	66.05	2,848	38,007
0.10	EXOR NV	BMJ1825	82.35	257	37,765
0.10	REGIONS FINANCIA	B01R311	20.52	1,174	37,762
0.10	IDEMITSU KOSAN C	B1FF8P7	895.80	3,807	37,548
0.10	STMICROELECTRONI	5962343	20.15	1,041	37,420
0.10	JARDINE CYCLE &	6242260	25.92	1,200	37,254
0.10	CATHAY PAC AIR	6179755	8.93	20,355	36,726
0.10	SONOVA HOLDING A	7156036	249.90	77	36,592
0.09	SCHIBSTED ASA-A	4790534	308.80	766	35,726
0.09	YAMAHA MOTOR CO	6985264	1,126.00	2,852	35,358
0.09	VAR ENERGI ASA	BPLF0Y2	28.84	8,083	35,208
0.09	LASERTEC CORP	6506267	12,885.00	248	35,183
0.09	GALP ENERGIA	B1FW751	13.63	1,437	34,950
0.09	TENARIS SA	BMHVLR3	14.75	1,308	34,426
0.09	HAFNIA LTD	BSY3S84	48.15	4,720	34,325
0.08	CHRISTIAN DIOR	4061393	454.20	39	31,608
0.08	INMODE LTD	BK5Z9R9	14.42	1,365	30,854
0.08	WALLENIUS WILHEL	B55WMQ5	75.30	2,663	30,286
0.08	GALAXY ENTERTAIN	6465874	28.10	5,208	29,568
0.08	KURARAY CO LTD	6497662	1,658.50	1,612	29,436
0.08	LYONDELLBASELL-A	B3SPXZ3	58.83	317	29,233
0.07	TOWER SEMICONDCT	6320605	131.70	493	28,088
0.07	WEST PHARMACEUT	2950482	213.25	76	25,405
0.07	SOCIONEXT INC	BMTVX75	1,485.50	1,444	23,618
0.05	SEADRILL LIMITED	BNTBRX6	21.00	606	19,948

Net Assets (%)

Name

SEDOL

Market Price (Local)

Shares Held

Market Value (A$)

6.05

BERKSHIRE HATH-B

2073390

534.57

2,754

2,307,713

4.58

MICROSOFT CORP

2588173

394.04

2,830

1,747,995

4.57

META PLATFORMS-A

B7TL820

554.44

2,009

1,746,015

4.22

ALPHABET INC-C

BYY88Y7

162.06

6,346

1,612,090

4.08

NVIDIA CORP

2379504

109.02

9,123

1,559,040

3.95

EXXON MOBIL CORP

2326618

108.36

8,870

1,506,628

3.20

VISA INC-CLASS A

B2PZN04

341.52

2,280

1,220,575

2.62

MASTERCARD INC-A

B121557

539.68

1,183

1,000,770

2.18

CHEVRON CORP

2838555

139.30

3,815

833,027

2.02

NETFLIX INC

2857817

1,125.64

437

771,071

1.85

UBER TECHNOLOGIE

BK6N347

79.42

5,671

705,997

1.72

ASML HOLDING NV

B929F46

585.00

630

657,636

1.59

SHELL PLC

BP6MXD8

24.43

11,822

606,167

1.48

TJX COS INC

2989301

128.03

2,817

565,343

1.36

CONOCOPHILLIPS

2685717

91.88

3,600

518,486

1.17

COCA-COLA CO/THE

2206657

72.35

3,948

447,743

1.15

NOVO NORDISK-B

BP6KMJ1

424.35

4,319

438,186

1.14

TOTALENERGIES SE

B15C557

52.35

4,640

433,435

1.10

AMERICAN EXPRESS

2026082

267.02

1,005

420,652

1.06

CATERPILLAR INC

2180201

307.40

840

404,759

0.91

PALO ALTO NETWOR

B87ZMX0

186.65

1,190

348,168

0.87

LVMH MOET HENNE

4061412

489.30

381

332,651

0.86

UNICREDIT SPA

BYMXPS7

52.45

3,496

327,195

0.84

BBVA

5501906

12.34

14,614

321,791

0.82

APOLLO GLOBAL MA

BN44JF6

137.55

1,450

312,638

0.79

EOG RESOURCES

2318024

112.93

1,703

301,465

0.77

CAN NATURAL RES

2171573

40.55

6,407

293,713

0.72

ARISTA NETWORKS

BL9XPM3

80.73

2,173

274,984

0.67

CHENIERE ENERGY

2654364

237.83

682

254,252

0.66

ADOBE INC

2008154

370.98

434

252,379

0.62

CHUBB LTD

B3BQMF6

284.95

529

236,286

0.59

HERMES INTL

5253973

2,386.00

225,650

0.54

PROSUS NV

BJDS7L3

40.61

2,822

204,493

0.52

MARSH & MCLENNAN

2567741

222.00

572

199,050

0.50

FORTINET INC

B5B2106

104.21

1,161

189,651

0.48

NXP SEMICONDUCTO

B505PN7

182.62

645

184,638

0.48

MARATHON PETROLE

B3K3L40

138.31

849

184,066

0.48

ROSS STORES INC

2746711

140.78

827

182,499

0.48

KLA CORP

2480138

687.95

169

182,246

0.47

ELEVANCE HEALTH

BSPHGL4

413.65

274

177,663

0.45

VALERO ENERGY

2041364

115.52

945

171,121

0.44

TRANE TECHNOLOGI

BK9ZQ96

353.44

306

169,532

0.43

CHIPOTLE MEXICAN

B0X7DZ3

50.65

2,064

163,871

0.43

L'OREAL

4057808

388.00

236

163,393

0.42

CADENCE DESIGN

2302232

302.22

340

161,070

0.42

AMPHENOL CORP-A

2145084

76.68

1,334

160,343

0.42

SUNCOR ENERGY

B3NB1P2

49.44

2,838

158,624

0.41

PHILLIPS 66

B78C4Y8

106.00

940

156,188

0.40

INDITEX

BP9DL90

46.90

1,847

154,571

0.38

COMPASS GROUP

BD6K457

24.50

2,826

145,317

0.38

MITSUBISHI CORP

6596785

2,709.50

4,831

144,119

0.37

DBS GROUP HLDGS

6175203

42.08

2,800

141,121

0.36

DISCOVER FINANCI

B1YLC43

185.37

473

137,440

0.35

ADYEN NV

BZ1HM42

1,448.40

134,394

0.35

3I GROUP PLC

B1YW440

41.92

1,515

133,294

0.35

UNITED PARCEL-B

2517382

96.73

878

133,128

0.35

PACCAR INC

2665861

90.29

938

132,757

0.35

FAIRFAX FINL HLD

2566351

2,134.92

132,746

0.34

APPLOVIN CO-CL A

BMV3LG4

288.88

285

129,055

0.32

CINTAS CORP

2197137

209.26

378

123,991

0.31

INVESTOR AB-B

BMV7PQ4

281.35

2,625

120,132

0.31

UNITED RENTALS

2134781

630.18

118

116,563

0.30

CSX CORP

2160753

28.05

2,608

114,671

0.30

NUCOR CORP

2651086

118.77

614

114,311

0.29

AMADEUS IT GROUP

B3MSM28

69.00

911

112,165

0.29

SAINT GOBAIN

7380482

96.08

646

110,753

0.29

MITSUI & CO

6597302

2,864.00

3,505

110,524

0.27

PAYPAL HOLDINGS

BYW36M8

66.32

1,005

104,478

0.27

TRAVELERS COS IN

2769503

264.05

250

103,476

0.27

SWISS RE AG

B545MG5

145.80

371

102,863

0.27

REGENERON PHARM

2730190

568.91

115

102,555

0.27

GENERAL MOTORS C

B665KZ5

46.94

1,387

102,055

0.26

FERRARI NV

BD6G507

404.00

140

100,925

0.26

WW GRAINGER INC

2380863

1,012.71

100,009

0.26

COPART INC

2208073

60.51

1,046

99,214

0.26

DELTA AIR LI

B1W9D46

42.08

1,493

98,480

0.26

AMERIPRISE FINAN

B0J7D57

471.65

133

98,330

0.25

ARCH CAPITAL GRP

2740542

92.39

672

97,321

0.25

DIAMONDBACK ENER

B7Y8YR3

136.65

442

94,677

0.25

AIRBNB INC-A

BMGYYH4

125.49

478

94,027

0.25

PUBLIC STORAGE

2852533

292.99

204

93,691

0.24

SCHLUMBERGER LTD

2779201

34.11

1,745

93,302

0.24

OCBC BANK

B0F9V20

15.98

4,800

91,870

0.24

UNITED OVERSEAS

6916781

34.36

2,200

90,538

0.23

ENGIE

B0C2CQ3

17.85

2,740

87,248

0.22

ALIMEN COUCHE

BL56KN2

72.46

1,024

83,883

0.21

GARTNER INC

2372763

420.59

122

80,433

0.21

MONSTER BEVERAGE

BZ07BW4

59.25

854

79,316

0.20

STEEL DYNAMICS

2849472

129.28

384

77,817

0.20

LULULEMON ATH

B23FN39

271.27

183

77,816

0.20

AENA SME SA

BVRZ8L1

215.60

202

77,712

0.20

EDWARDS LIFE

2567116

76.28

640

76,525

0.20

MERCEDES-BENZ GR

5529027

53.94

788

75,845

0.19

MONOLITHIC POWER

B01Z7J1

586.74

72,658

0.19

CUMMINS INC

2240202

293.16

155

71,228

0.19

VOLVO AB-B

B1QH830

264.40

1,653

71,091

0.18

DOLLARAMA INC

B4TP9G2

172.37

359

69,957

0.18

COMMERZBANK

B90LKT4

24.02

1,603

68,706

0.18

DAIMLER TRUCK HO

BP6VLQ4

35.10

1,090

68,269

0.18

EQUINOR ASA

7133608

238.90

1,890

68,195

0.18

SAMPO OYJ-A SHS

BMXX645

8.68

4,345

67,297

0.18

RESMED INC

2732903

237.74

180

67,079

0.17

HARTFORD INSURAN

2476193

122.22

344

65,904

0.17

DR HORTON INC

2250687

124.75

337

65,900

0.17

COTERRA ENERGY I

2162340

25.51

1,617

64,660

0.17

BRIDGESTONE CORP

6132101

5,934.00

974

63,636

0.17

OLD DOMINION FRT

2656423

149.65

270

63,336

0.16

NIPPON STEEL COR

6642569

3,036.00

1,897

63,411

0.16

MARTIN MAR MTLS

2572079

504.86

62,519

0.16

ATLAS COPCO-A

BLDBN41

145.15

2,647

62,496

0.16

OCCIDENTAL PETE

2655408

40.35

988

62,490

0.16

ULTA BEAUTY INC

B28TS42

390.25

101

61,784

0.16

FERGUSON ENTERPR

BS6VHW3

169.80

232

61,750

0.16

LENNAR CORP-A

2511920

107.58

359

60,540

0.16

VICI PROPERTIES

BYWH073

32.26

1,197

60,530

0.16

BAYCURRENT INC

BYP20B9

7,532.00

721

59,792

0.15

HEIDELBERG MATER

5120679

173.30

191

59,064

0.15

PEMBINA PIPELINE

B4PT2P8

53.33

978

58,964

0.15

GENUINE PARTS CO

2367480

118.26

316

58,579

0.15

CAIXABANK SA

B283W97

6.97

4,660

57,974

0.15

BOUYGUES SA

4002121

38.29

843

57,597

0.15

MARKEL GROUP INC

2566436

1,819.93

57,056

0.15

STELLANTIS NV

BMD8KX7

8.30

3,841

56,894

0.15

PULTEGROUP INC

2708841

101.74

354

56,456

0.15

IDEXX LABS

2459202

436.97

56,167

0.15

EVOLUTION AB

BJXSCH4

835.60

412

55,999

0.15

CENTENE CORP

2807061

59.26

601

55,828

0.15

DEVON ENERGY CO

2480677

31.30

1,130

55,442

0.14

CENOVUS ENERGY

B57FG04

16.76

2,881

54,588

0.14

DARDEN RESTAURAN

2289874

198.82

175

54,540

0.14

CHOW TAI FOOK JE

B4R39F7

9.57

28,035

54,207

0.14

SANRIO CO LTD

6776349

5,817.00

846

54,183

0.14

KBC GROUP

4497749

83.90

361

54,045

0.14

SSAB-B

B17H3F6

60.36

5,501

54,010

0.14

ASM INTL NV

5165294

429.60

53,660

0.14

ERSTE GROUP BANK

5289837

61.70

487

53,617

0.14

OMV AG

4651459

46.24

641

52,889

0.14

ICL GROUP LTD

6455530

24.14

4,982

52,027

0.14

NEXT PLC

3208986

120.85

205

51,997

0.14

VODAFONE GROUP

BH4HKS3

0.72

34,227

51,651

0.13

ADMIRAL GROUP

B02J639

32.60

750

51,316

0.13

CENTRICA PLC

B033F22

1.60

15,326

51,306

0.13

CENTRAL JAPAN RL

6183552

2,954.00

1,565

50,900

0.13

ON SEMICONDUCTOR

2583576

38.86

835

50,863

0.13

HITACHI CONST MA

6429405

4,252.00

1,081

50,607

0.13

RWE AG

4768962

34.19

827

50,454

0.13

RAIFFEISEN BANK

B0704T9

23.60

1,196

50,365

0.13

BANK OF IRELAND

BD1RP61

10.41

2,708

50,302

0.13

BANCA MEDIOLANUM

BYWP840

13.28

2,114

50,095

0.13

RYANAIR HLDGS

BYTBXV3

20.61

1,343

49,390

0.13

VOLKSWAGEN-PREF

5497168

97.82

281

49,048

0.13

JERONIMO MARTINS

B1Y1SQ7

21.22

1,291

48,883

0.13

M&T BANK CORP

2340168

169.91

183

48,740

0.13

RAKUS CO LTD

BD87BM2

2,194.50

2,014

48,662

0.13

DELEK GROUP LTD

6219640

578.80

194

48,575

0.13

BANK HAPOALIM

6075808

53.30

2,101

48,444

0.13

SUMITOMO CORP

6858946

3,488.00

1,258

48,312

0.13

NATURGY ENERGY

5650422

26.30

1,027

48,196

0.13

AIB GROUP PLC

BF0L353

5.96

4,508

47,942

0.13

PARTNERS GROUP J

B119QG0

1,094.00

47,849

0.13

KOMATSU LTD

6496584

4,127.00

1,053

47,847

0.12

IMPERIAL OIL

2454241

96.08

438

47,576

0.12

BANK LEUMI LE-IS

6076425

51.65

2,116

47,279

0.12

RENESAS ELECTRON

6635677

1,720.50

2,493

47,225

0.12

YAMATO KOGYO

6985446

8,326.00

515

47,210

0.12

REPSOL SA

5669354

10.75

2,457

47,131

0.12

SEMBCORP INDUS

B08X163

6.45

6,100

47,124

0.12

TRACTOR SUPPLY

2900335

49.87

602

47,060

0.12

ISRAEL CORP LTD

6889678

1,144.20

46,528

0.12

ARCHER-DANIELS

2047317

47.78

619

46,361

0.12

ADDTECH AB-B SH

BLN8T44

316.00

893

45,901

0.12

ROLLINS INC

2747305

56.34

519

45,835

0.12

KEISEI ELEC RAIL

6487425

1,505.50

2,761

45,766

0.12

KINGSPAN GROUP

4491235

75.40

340

45,745

0.12

CHECK POINT SOFT

2181334

215.30

135

45,561

0.12

SOJITZ CORP

6594143

3,347.00

1,235

45,511

0.12

CHOCOLADEFABR-PC

5962280

11,900.00

45,259

0.12

SUBARU CORP

6356406

2,639.50

1,553

45,132

0.12

FINECOBANK SPA

BNGN9Z1

17.55

1,437

45,001

0.12

AKER ASA-A SHARE

B02R4D9

604.00

493

44,973

0.12

MIZRAHI TEFAHOT

6916703

184.30

564

44,967

0.12

BMW AG

5756029

76.52

329

44,922

0.12

MONCLER SPA

BGLP232

53.98

465

44,789

0.12

NVR INC

2637785

7,113.94

44,605

0.12

PORSCHE AUTO-PRF

7101069

36.78

678

44,497

0.12

METSO CORP

B1FN8X9

9.45

2,635

44,442

0.12

ARC RESOURCES LT

B6463M8

25.93

1,514

44,382

0.12

INPEX CORP

B10RB15

1,825.00

2,196

44,126

0.12

SANKYO CO/

6775432

2,115.50

1,894

44,115

0.12

HALLIBURTON CO

2405302

20.51

1,371

44,077

0.12

UOL GROUP LTD

6916844

5.75

6,400

44,076

0.12

WISE PLC - A

BL9YR75

9.88

2,120

43,961

0.12

USS CO LTD

6171494

1,403.50

2,834

43,793

0.11

FIBI HOLD

6339429

210.50

481

43,801

0.11

BUILDERS FIRSTSO

B0BV2M7

120.24

232

43,727

0.11

FIBI BANK

6123815

199.80

505

43,649

0.11

MOLINA HEALTHCAR

2212706

319.82

43,615

0.11

SINGAPORE AIRLIN

6811734

6.68

5,400

43,204

0.11

ISRAEL DISCOUN-A

6451271

27.15

3,654

42,916

0.11

AKER BP ASA

B1L95G3

222.30

1,266

42,506

0.11

ENN ENERGY

6333937

61.45

3,411

42,350

0.11

MICHELIN

BPBPJ01

31.59

750

42,277

0.11

TOROMONT INDS

2897103

115.31

323

42,106

0.11

AUTO TRADER

BVYVFW2

8.23

2,421

41,799

0.11

INDUSTRIVARDEN-C

B1VSK54

332.90

765

41,425

0.11

SCREEN HOLDINGS

6251028

9,414.00

399

41,356

0.11

EVN AG

4295374

22.55

1,022

41,123

0.11

JFE HOLDINGS INC

6543792

1,680.00

2,222

41,101

0.11

MITSUBISHI MOTOR

6598446

402.90

9,236

40,971

0.11

TRATON SE

BKF1H51

28.94

793

40,951

0.10

AP MOLLER-B

4253048

11,130.00

39,915

0.10

VERBUND AG

4661607

65.75

338

39,655

0.10

GENTING SINGAPOR

BDRTVP2

0.74

44,700

39,618

0.10

TOURMALINE OIL C

B3QJ0H8

62.02

565

39,615

0.10

ISUZU MOTORS

6467104

1,936.50

1,857

39,594

0.10

ODDITY TECH LTD

BM9HHR1

47.13

535

39,524

0.10

HERSHEY CO/THE

2422806

165.07

152

39,330

0.10

ANA HOLDINGS INC

6014908

2,732.50

1,305

39,261

0.10

APTIV PLC

BTDN8H1

57.65

432

39,039

0.10

ASSOC BRIT FOODS

0673123

20.34

910

38,848

0.10

HAPAG-LLOYD AG

BYZTSW7

138.70

156

38,609

0.10

AKER SOLUTIONS A

BQN1C50

27.90

9,122

38,439

0.10

MAZDA MOTOR

6900308

877.00

3,966

38,295

0.10

CORP AMERICA AIR

BD45SN0

19.48

1,253

38,261

0.10

INTL CONS AIRLIN

B5M6XQ7

2.62

6,926

38,100

0.10

SWIRE PACIFIC-A

6867748

66.05

2,848

38,007

0.10

EXOR NV

BMJ1825

82.35

257

37,765

0.10

REGIONS FINANCIA

B01R311

20.52

1,174

37,762

0.10

IDEMITSU KOSAN C

B1FF8P7

895.80

3,807

37,548

0.10

STMICROELECTRONI

5962343

20.15

1,041

37,420

0.10

JARDINE CYCLE &

6242260

25.92

1,200

37,254

0.10

CATHAY PAC AIR

6179755

8.93

20,355

36,726

0.10

SONOVA HOLDING A

7156036

249.90

36,592

0.09

SCHIBSTED ASA-A

4790534

308.80

766

35,726

0.09

YAMAHA MOTOR CO

6985264

1,126.00

2,852

35,358

0.09

VAR ENERGI ASA

BPLF0Y2

28.84

8,083

35,208

0.09

LASERTEC CORP

6506267

12,885.00

248

35,183

0.09

GALP ENERGIA

B1FW751

13.63

1,437

34,950

0.09

TENARIS SA

BMHVLR3

14.75

1,308

34,426

0.09

HAFNIA LTD

BSY3S84

48.15

4,720

34,325

0.08

CHRISTIAN DIOR

4061393

454.20

31,608

0.08

INMODE LTD

BK5Z9R9

14.42

1,365

30,854

0.08

WALLENIUS WILHEL

B55WMQ5

75.30

2,663

30,286

0.08

GALAXY ENTERTAIN

6465874

28.10

5,208

29,568

0.08

KURARAY CO LTD

6497662

1,658.50

1,612

29,436

0.08

LYONDELLBASELL-A

B3SPXZ3

58.83

317

29,233

0.07

TOWER SEMICONDCT

6320605

131.70

493

28,088

0.07

WEST PHARMACEUT

2950482

213.25

25,405

0.07

SOCIONEXT INC

BMTVX75

1,485.50

1,444

23,618

0.05

SEADRILL LIMITED

BNTBRX6

21.00

606

19,948

	Sector	Weight (%)
	Financials	23.8
	Energy	17.3
	Information Technology	16.8
	Communication Services	11.2
	Industrials	11.1
	Consumer Discretionary	10.6
	Health Care	2.9
	Consumer Staples	2.7
	Materials	1.8
	Utilities	1.1
	Real Estate	0.5
	Other/Cash	0.2

Sector

Weight (%)

Financials

23.8

Energy

17.3

Information Technology

16.8

Communication Services

11.2

Industrials

11.1

Consumer Discretionary

10.6

Health Care

2.9

Consumer Staples

2.7

Materials

1.8

Utilities

1.1

Real Estate

0.5

Other/Cash

0.2

	Country	Weight (%)
	United States	66.4
	Japan	4.0
	France	3.9
	Netherlands	3.5
	Britain	3.3
	Canada	2.9
	Spain	2.1
	Italy	1.5
	Singapore	1.5
	Israel	1.5
	Germany	1.4
	Other/Cash	8.0

Country

Weight (%)

United States

66.4

Japan

4.0

France

3.9

Netherlands

3.5

Britain

3.3

Canada

2.9

Spain

2.1

Italy

1.5

Singapore

1.5

Israel

1.5

Germany

1.4

Other/Cash

8.0

FAQs

What is GARP investing?

GARP stands for Growth at a Reasonable Price. It’s an investment strategy that aims to strike a balance between growth and value investing. Growth investing involves investing in companies with strong revenue and earnings growth. While value invests in companies that are trading cheaply to their intrinsic value. Often these two areas of investing are like a pendulum, switching between the other. GARP is a uniquely positioned strategy that sits at the intersection of both, enabling investors to find companies with strong growth characteristics that aren’t considered too expensive relative to their growth.
What filters does GARP use to find companies?
GARP employs a robust rules-based methodology to invest in companies based on three different styles/factors:
- Growth - looking for companies with strong revenue and earnings growth. This refers to companies not only growing their sales over time but also their profits.
- Value - looking for companies that are trading relatively cheaply compared to their intrinsic value. A common ratio used is the Price to Earnings Ratio (called the PE Ratio) which is a simple way to measure what investors are willing to pay for a company’s earnings. A lower PE ratio indicates the company could potentially be undervalued.
- Quality - looking for companies that have solid financial strength and good fundamentals. This includes companies with low levels of debt (referred to as leverage) and high returns on equity (which effectively shows how the company is using shareholder money to generate profits).
While investors can individually search for leading growth stocks, it can be time-consuming and challenging, especially with frequent stock rotation. Outsourcing this process to a systematic rules-based index ETF like GARP offers advantages, including saving time and effort while ensuring consistent exposure to high-quality growth companies.
How many companies does GARP invest in and does it pay dividends?

GARP invests in the leading 250 global companies that exhibit GARP characteristics. Each company’s weight in the portfolio is calculated by multiplying its Float Market Capitalisation (i.e. its size) by its Growth score, with a maximum security weight of 5% and sector cap of 40% at each semi-annual rebalance date. Although GARP companies typically prioritise growth over dividends, the GARP ETF aims to provide semi-annual distributions.
Why is ‘Quality’ included as a factor in GARP?

Valuation and profitability are crucial for identifying growth opportunities. GARP aims to capture growth at reasonable valuations while also emphasising company fundamentals like profitability and leverage. Historically, quality has been a strong contributing factor in identifying growth companies.¹

^{1. S&P Dow Jones}
How does GARP fit into a diversified portfolio?

GARP can play a valuable role in a diversified portfolio, particularly as a core allocation to global equities. It can also complement or blend with an existing broad global equity ETF, offering a balanced approach by combining both growth and value stocks, with the potential for outperformance. This blend helps smooth out performance across different market cycles, as growth and value stocks tend to perform differently depending on the environment. GARP can also serve as a potential replacement for active growth managers for investors looking for a lower-cost alternative while still maintaining a strong growth strategy with a long-term focus.
What are some of the potential risks of investing in GARP?

GARP investing may pose some risk, as the market cycle can impact the performance of GARP stocks. During periods of extreme market optimism, high-growth stocks may outperform, potentially leaving GARP investors with relatively modest gains. Expensive stocks may keep getting more expensive if multiple expansion continues. Conversely, in a downturn, the value component of GARP can provide some downside protection, but it may not be as defensive as pure value stocks or defensive assets.

Inception Date	24 Sep 2024
Management Costs (% p.a.)	0.30
Currency Hedged	No
Domicile	Australia
Legal Form	Managed Investment Scheme
SMSF Eligible	Yes

NAV/Unit (A$)	11.30870000
Currency (NAV)	AUD
Shares Outstanding	3,375,000
AUM (A$)	38,167,021.74
NAV History File	View

Ticker	GARP
Bloomberg Code	GARP AU Equity
ISIN	AU0000350209
Trading Hours	10:00AM – 4:00PM

Issuer	Global X Management (AUS) Limited
Custodian	The Hongkong and Shanghai Banking Corporation Limited, Sydney Branch
Registrar	Computershare Investor Services Pty Limited
Trustee	Global X Management (AUS) Limited

Benchmark	S&P World Ex-Australia GARP Index
Provider	S&P Dow Jones Indices, LLC
Ticker	SPWHGPAN

GARP

Reasons to Consider GARP

High Growth at Fair Value

Broad Global Diversification

Disciplined, Low-Cost Approach

Product Information As of 29 Apr 2025

NAV Information As of 29 Apr 2025

Product Summary

Product Objective

Trading Details

Management & Administration

Benchmark Information

Distributions As of 31 Mar 2025

Performance Table As of 29 Apr 2025

Top Holdings As of 30 Apr 2025

Sector Breakdown As of 30 Apr 2025

Country Breakdown As of 30 Apr 2025

Research

The Investment Case for GARP

Introducing the Global X S&P World ex Australia GARP ETF (ASX: GARP)

GARP in Action: Delivering Value-Driven Growth

Documents

Announcements/Notices

FAQs

What is GARP investing?

What filters does GARP use to find companies?

How many companies does GARP invest in and does it pay dividends?

Why is ‘Quality’ included as a factor in GARP?

How does GARP fit into a diversified portfolio?

What are some of the potential risks of investing in GARP?

12-Month Yield	0.00%
12-Month Franking Level	0.00%
Distribution Frequency	Semi-Annually
Distribution History	View