Complex ETFs on the ASX: total returns
A complex ETF on the ASX is an exchange traded fund that carries the word "Complex" in its name because its strategy borrows, short sells, uses derivatives beyond currency or interest rate hedging, or meets ASIC's hedge fund test. The label comes from ASIC guidance applied under ASX rules. The table below lists total returns for every fund in the group.
Geared or inverse funds built on a published index, bond benchmark or currency stay off the site, among them GEAR, BBOZ, G200 and AUDS. The full rule and list are on the About page. Complex ETFs where a manager selects the securities, such as LEVR, stay in the table.
27 ETFs. The sort order is not a ranking or recommendation.
General information only, not personal financial advice. Past performance is not a reliable indicator of future performance. Read the disclaimer.
Sorted by YTD, highest first. 27 of 27 funds.
| PGA1Complex | Plato Global Alpha Fund Complex ETF | Day-1.10% | YTD+10.01% | 1Y+15.68% | 3Y p.a.n/a | 5Y p.a.n/a | 10Y p.a.n/a | Inception p.a.+24.38% | Price$15.27 |
|---|---|---|---|---|---|---|---|---|---|
| RGOSComplex | Russell Sust Global Opportunities Complex ETF | Day-1.16% | YTD+8.11% | 1Y+9.43% | 3Y p.a.n/a | 5Y p.a.n/a | 10Y p.a.n/a | Inception p.a.+12.02% | Price$22.21 |
| ALFAComplex | VanEck Australian Long Short Complex ETF | Day-0.61% | YTD+7.44% | 1Y-5.09% | 3Y p.a.n/a | 5Y p.a.n/a | 10Y p.a.n/a | Inception p.a.+6.44% | Price$22.76 |
| QMAXComplex | Betashares Nasdaq 100 Yield Maximiser Complex ETF | Day-1.61% | YTD+7.14% | 1Y+9.94% | 3Y p.a.+16.04% | 5Y p.a.n/a | 10Y p.a.n/a | Inception p.a.+20.51% | Price$30.46 |
| EAFZComplex | Ellerston Asia Growth Fund Complex ETF | Day-5.86% | YTD+6.37% | 1Y+4.73% | 3Y p.a.+15.35% | 5Y p.a.n/a | 10Y p.a.n/a | Inception p.a.+14.12% | Price$7.87 |
| UMAXComplex | Betashares S&P 500 Yield Maximiser Complex ETF | Day-0.66% | YTD+6.31% | 1Y+8.40% | 3Y p.a.+13.32% | 5Y p.a.+11.47% | 10Y p.a.+11.21% | Inception p.a.+11.06% | Price$27.15 |
| WRLDComplex | Betashares Managed Risk Global Shares Complex ETF | Day-1.07% | YTD+6.05% | 1Y+7.18% | 3Y p.a.+15.22% | 5Y p.a.+10.70% | 10Y p.a.+10.80% | Inception p.a.+9.79% | Price$24.06 |
| YMAXComplex | Betashares Australian Top 20 Equities Yield Maximiser Complex ETF | Day+0.41% | YTD+5.23% | 1Y+3.30% | 3Y p.a.+8.01% | 5Y p.a.+6.82% | 10Y p.a.+6.63% | Inception p.a.+6.30% | Price$7.36 |
| JHGAComplex | JPMorgan Global Equity Premium Income (Hedged) Complex ETF | Dayn/a | YTD+4.89% | 1Y+6.88% | 3Y p.a.n/a | 5Y p.a.n/a | 10Y p.a.n/a | Inception p.a.+7.42% | Price$44.96 |
| EQINComplex | Investors Mutual Equity Income Fund - Complex ETF | Dayn/a | YTD+4.78% | 1Y+3.46% | 3Y p.a.n/a | 5Y p.a.n/a | 10Y p.a.n/a | Inception p.a.+2.86% | Price$3.86 |
| PAXXComplex | Platinum Asia Fund Complex ETF | Day-3.83% | YTD+3.24% | 1Y+5.00% | 3Y p.a.+14.74% | 5Y p.a.+6.78% | 10Y p.a.n/a | Inception p.a.+8.30% | Price$5.52 |
| XAROComplex | Ardea Real Outcome Bond Complex ETF | Day+0.00% | YTD+2.48% | 1Y+3.65% | 3Y p.a.+2.86% | 5Y p.a.+2.54% | 10Y p.a.n/a | Inception p.a.+3.45% | Price$25.17 |
| MFOAComplex | Milford Australian Absolute Growth Complex ETF | Day+0.00% | YTD+1.76% | 1Y+0.97% | 3Y p.a.+5.74% | 5Y p.a.n/a | 10Y p.a.n/a | Inception p.a.+5.48% | Price$10.12 |
| AUSTComplex | Betashares Managed Risk Australian Shares Complex ETF | Day-0.56% | YTD+1.47% | 1Y-0.14% | 3Y p.a.+7.48% | 5Y p.a.+3.74% | 10Y p.a.+5.09% | Inception p.a.+5.03% | Price$17.66 |
| JEGAComplex | JPMorgan Global Equity Premium Income Complex ETF | Day+0.63% | YTD-0.71% | 1Y-1.21% | 3Y p.a.n/a | 5Y p.a.n/a | 10Y p.a.n/a | Inception p.a.+4.14% | Price$46.29 |
| MAETComplex | Munro Global Growth Fund Complex ETF | Day-2.68% | YTD-3.42% | 1Y-5.38% | 3Y p.a.+16.93% | 5Y p.a.+7.36% | 10Y p.a.n/a | Inception p.a.+8.68% | Price$5.09 |
| TCAPComplex | Ten Cap Alpha Plus Complex ETF | Dayn/a | YTD-3.88% | 1Yn/a | 3Y p.a.n/a | 5Y p.a.n/a | 10Y p.a.n/a | Inception p.a.n/a | Price$9.56 |
| PIXXComplex | Platinum International Fund Complex ETF | Day-1.39% | YTD-5.17% | 1Y-4.67% | 3Y p.a.+5.27% | 5Y p.a.+5.31% | 10Y p.a.n/a | Inception p.a.+5.85% | Price$4.97 |
| LEVRComplex | First Sentier Geared Australian Share Complex ETF | Day-1.82% | YTD-7.92% | 1Y-18.67% | 3Y p.a.n/a | 5Y p.a.n/a | 10Y p.a.n/a | Inception p.a.-6.45% | Price$1.35 |
| MKAXComplex | Montaka Global Extension Fund - Complex ETF | Dayn/a | YTD-9.27% | 1Y-9.70% | 3Y p.a.+14.38% | 5Y p.a.+3.43% | 10Y p.a.n/a | Inception p.a.+6.36% | Price$3.43 |
| GCQFComplex | GCQ Global Equities Complex ETF | Day-0.24% | YTD-15.67% | 1Y-18.43% | 3Y p.a.n/a | 5Y p.a.n/a | 10Y p.a.n/a | Inception p.a.-11.90% | Price$4.20 |
| FIREComplex | Firetrail Alpha Plus Fund - Complex ETF | Day-2.22% | YTDn/a | 1Yn/a | 3Y p.a.n/a | 5Y p.a.n/a | 10Y p.a.n/a | Inception p.a.n/a | Price$11.03 |
| HGCQComplex | GCQ Global Equities Hedged Complex ETF | Dayn/a | YTDn/a | 1Yn/a | 3Y p.a.n/a | 5Y p.a.n/a | 10Y p.a.n/a | Inception p.a.n/a | Price$5.07 |
| WYNCComplex | iShares World Equity High Income Complex ETF | Day-0.70% | YTDn/a | 1Yn/a | 3Y p.a.n/a | 5Y p.a.n/a | 10Y p.a.n/a | Inception p.a.n/a | Price$25.66 |
| CIEMComplex | Colchester Emerging Markets Bond Complex ETF | Dayn/a | YTDn/a | 1Yn/a | 3Y p.a.n/a | 5Y p.a.n/a | 10Y p.a.n/a | Inception p.a.n/a | Price$20.01 |
| GFXDComplex | Coolabah Active Global Bond Complex ETF | Dayn/a | YTDn/a | 1Yn/a | 3Y p.a.n/a | 5Y p.a.n/a | 10Y p.a.n/a | Inception p.a.n/a | Price$29.28 |
| CISBComplex | Colchester Global Government Bond Complex ETF | Dayn/a | YTDn/a | 1Yn/a | 3Y p.a.n/a | 5Y p.a.n/a | 10Y p.a.n/a | Inception p.a.n/a | Pricen/a |
When the Complex label applies
ASX Operating Rules have required new exchange traded products to follow ASIC's naming conventions since 15 April 2024; existing products had until 15 April 2025 to comply, which is why many funds were renamed in 2025.
ASIC's Regulatory Guide 282, which replaced Information Sheet 230 in November 2025, sets four triggers: borrowing to invest; short selling; derivatives beyond disclosed hedging of currency or interest rate risk, used for lasting material exposure or a net leveraged or inverse position; or meeting the hedge fund definition in Regulatory Guide 240. That covers a fund promoted as a hedge fund or showing two or more of five features: a strategy aiming for low correlation with share and bond indices, borrowing, derivatives, short selling and a performance fee.
ASIC treats notional derivative exposure of 10 per cent or more of net asset value as a materiality guide, though a smaller position counts if the strategy depends on it. Good practice is for the full name to state the feature: leveraged, inverse, synthetic, long-short, covered call or hedge fund.
Complex and Active
Both are secondary labels placed immediately before "ETF" at the end of the trading name; a fund carries only one, and "Complex" prevails when both apply.
The group therefore mixes index trackers and managed strategies. ASIC notes that an index-tracking fund can be labelled Complex when it uses derivatives to get its exposure, such as a covered call fund over a share index. According to the ASX, a name with neither word is normally a plain index tracker.
What to check in a fund's PDS
Start with the section that explains the trigger. For a geared fund that means the gearing range and the interest on the borrowing, charged outside the management fee. For a long-short fund it means the gross and net exposure limits; for a covered call fund, how much of the portfolio is written over and how the premium feeds into distributions. Where exposure comes from swaps or other over-the-counter contracts, the PDS sets out the counterparty and collateral arrangements, since the fund bears the counterparty's default risk.
For a performance fee, check the rate, the hurdle and any high water mark.
ASIC also expects the PDS to cover derivatives use, securities lending and how holdings are disclosed; an active fund may publish full holdings as rarely as quarterly, up to two months in arrears, so the holdings on its website can be months old.
Questions
Is a complex ETF riskier than a normal ETF?
Often, but the label itself does not measure risk. ASIC's guidance states that "Complex" is not a proxy for a fund's risk profile, while noting that complex strategies frequently carry more of it. A geared fund magnifies the market's moves in both directions, whereas a covered call fund gives up some upside in return for option income, so the two sit at opposite ends of the risk range under the same label.
Is a complex ETF the same as an active ETF?
No. "Active" says a manager chooses the holdings instead of tracking an index; "Complex" says how the exposure is built and is silent on who chooses it. A fund shows only one label and Complex takes precedence, so an actively managed fund that borrows, short sells or writes options is listed in this group rather than with the active ETFs.
Are leveraged ETFs available on the ASX?
Yes, with conditions. Geared funds are admitted, but ASIC requires the target gearing range to be stated in the PDS and the exposure to be rebalanced when it drifts outside that range. Products that reset to a fixed multiple such as 2x or 3x every day, common in the United States, have not been permitted on Australian exchanges so far, because daily compounding pulls their returns away from the index multiple over longer holding periods.
Is a currency hedged ETF a complex ETF?
No. ASIC's derivatives test excludes disclosed hedging of exchange rate or interest rate risk, so a currency hedged version of an index fund keeps the plain "ETF" label even though the hedge is run with forward contracts. The same carve-out covers a bond fund that hedges interest rate risk with futures or swaps, provided the derivatives are used for hedging and not to build the exposure itself.