Pro-active ETFs

Monthly Fund Update

Fund update: 30th November 2019

Pinnacle aShares Dynamic Cash Fund (Managed Fund)

Highlights for the month

As shown in the table, Z3RO’s income exceeded the RBA Cash Rate return for November. The main contributors to performance came from major Australian bank NCDs in addition to ING and ME Bank NCDs and VW CP, with an even spread across 1 to 3-month maturities, but a slight lengthening of the weighted average duration of the portfolio relative to the previous month.

Market pricing of NCD rates during the month has reflected some likelihood of further cash rate cuts in the period ahead with a strengthening of views that the RBA may eventually cut the official cash rate to 25bps.  RBA Governor Lowe provided market guidance that the RBA could possibly go below 50bps (and indeed embark on a QE program) if it was warranted by economic conditions, in his speech at the Australian Business Economists Dinner in Sydney on November 26, 2019.

A distribution of 3.91 cents was declared at the end of November.

Fund Performance

Benchmark is Reserve Bank of Australia (RBA) Cash Rate.
Inception date is 27 August 2019.
Past performance is not a reliable indicator of future performance. Returns are quoted in AUD and net of applicable fees, costs and taxes.

Performance

Portfolio Information

Portfolio Characteristics

Top Portfolio Holdings

Short term credit quality breakdown

(% of portfolio)

Long term credit quality breakdown

(% of portfolio)

Maturity breakdown

(% of portfolio)

.

Source: Pinnacle aShares. Data as at 30th November 2019.

Key Information

1. Zero management fee

First Australian ETF with no management fee* keeps more in your pocket

2. Better than cash yield

Targeting higher yield than the RBA Cash Rate via a dynamically managed cash ETF

3. Flexibility in one trade

Simple and secure way to invest and access your cash

Fund Features

  • Zero management fee
  • Fund is actively managed targeting monthly income above RBA Cash
  • Daily disclosure of portfolio holdings
  • Minimum administration to invest: trade like a share on the ASX
  • Provision of liquidity by market maker

*Recoverable expenses are capped at 0.15% p.a. of the Fund’s net asset value. Recoverable expenses are the ordinary and everyday expenses incurred in operating the Fund and are deducted from the assets of the Trust as and when they are incurred. The expenses normally incurred in the day-to-day operation of the Fund include custodian, fund administration, unit registry, ASX and audit costs.
This communication was prepared Pinnacle Investment Management Limited (ABN 66 109 659 109 AFSL 322140) (‘Pinnacle’). Pinnacle Funds Services Limited ABN 29 082 494 362 AFSL 238371 is the product issuer of the Pinnacle aShares Dynamic Cash Fund (Managed Fund) ARSN 632 118 720 (‘the Fund’). Any potential investor should consider the relevant PDS before deciding whether to acquire, or continue to hold units in, a fund.
Past performance is for illustrative purposes only and is not indicative of future performance. Unless otherwise specified, all amounts are in Australian Dollars (AUD).
This communication is for general information only and was prepared for multiple distribution. This communication is not, and does not constitute, an offer to sell or the solicitation, invitation or recommendation to purchase any securities and neither this communication nor anything contained in it forms the basis of any contract or commitment. Any offer or sale of securities are made pursuant to definitive documentation, which describes the terms of the offer (‘Offer Document’), which is available www.pinnacleashares.com.. Prospective investors should consider the Offer Document in deciding whether to acquire securities under the offer. Prospective investors who want to acquire under the offer will need to complete an application form that is in or accompanies the Offer Document. The Offer Document is an important document that should be read in its entirety before deciding whether to participate in the offer. Prospective investors should rely only on information in the Offer Document and any supplementary or replacement document. Prospective investors should contact their professional advisers with any queries after reading the Offer Document. The information in this communication has been prepared without taking account of any person’s objectives, financial situation or needs. Any persons relying on this information should obtain professional advice before doing so. The issuer is not licensed to provide financial product advice. Please consult your financial adviser before making a decision.
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