BetaShares - Australian Equities Bear Complex ETF (BEAR.AX)

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This Exchange Traded Fund (ETF) is designed to produce returns that move in the opposite direction to the performance of the Australian stock market. Specifically, on any given day, if the S&P/ASX Accumulation 200 Index experiences a decline, the Fund aims to increase in value; conversely, an increase in the index is expected to result in a decrease in the Fund's value. Typically, a 1% drop in the Australian share market over a day should translate to an appreciation of 0.9% to 1.1% in the Fund's worth, with a corresponding depreciation if the market rises. The Fund's market exposure is continuously managed and recalibrated to maintain a daily target leverage within a negative 0.9x to 1.10x range. However, it's crucial to understand that returns over periods exceeding one day may not consistently fall within this specific inverse range. This divergence can occur due to the necessary daily rebalancing to sustain the Fund's target short exposure and the cumulative effect of investment returns over time. Consequently, the actual returns over longer durations might vary in both magnitude and direction from the intended daily target. This effect on overall returns tends to be more significant when the Australian share market is highly volatile and as an investor's holding period lengthens. Therefore, investors are advised to diligently monitor their investment, even on a daily basis, to ensure it remains aligned with their financial objectives. Rather than holding physical shares, the Fund achieves its market exposure by utilizing futures contracts. Since the futures market operates for a longer period than the underlying share market, the Fund's daily performance might occasionally differ from what the share market alone indicates. This Fund is inherently considered to be of very high risk. Its fundamental strategy of seeking returns inversely correlated to market movements distinguishes it from most conventional managed funds. The Fund is actively managed and does not follow a predefined, publicly disclosed benchmark.