Global X Ultra Long Nasdaq 100 Complex ETF delivered a sharply higher annual profit, driven largely by realised gains, but its net asset value has since fallen more than 10%. The result highlights both the attraction and the volatility of geared exposure to the Nasdaq 100.
- AUD 43.51 million annual profit, up from AUD 17.23 million
- AUD 49.58 million in realised investment gains
- 489.18 cents per unit distribution declared
- Net assets fell to AUD 71.80 million after redemptions and distributions
- Post-year-end NAV declined more than 10%
Profit surges on realised investment gains
Global X Ultra Long Nasdaq 100 Complex ETF (ASX:LNA) produced a AUD 43.51 million profit for the year ended 30 June 2026, up from AUD 17.23 million a year earlier. The result was powered by AUD 42.70 million in net gains on financial instruments, including foreign exchange movements, with realised gains contributing AUD 49.58 million.
That composition matters. Unrealised gains on the fund’s financial instruments were negative AUD 6.88 million for the year, compared with a positive AUD 8.04 million in the prior period. The profit therefore reflects trading and market outcomes during the year rather than a recurring operating income stream. Net investment income reached AUD 44.27 million, while management and other expenses totalled AUD 757,000.
Large distribution meets a smaller asset base
The fund declared AUD 26.44 million in distributions, equivalent to 489.18 cents per unit. The distribution was paid to entitled unitholders on 16 July 2026, after the reporting date.
Despite the annual profit, net assets attributable to unitholders fell to AUD 71.80 million from AUD 79.81 million. Applications of AUD 182.97 million were outweighed by AUD 208.38 million of redemptions, while distributions accounted for a further AUD 26.44 million reduction in equity. Cash and cash equivalents rose to AUD 51.88 million, alongside AUD 47.42 million held in margin accounts for derivative transactions.
Post-year-end NAV decline exposes geared risk
The more consequential disclosure sits after the balance date: the fund’s net asset value has decreased by more than 10% since 30 June because of changes in the value of investments linked to the Nasdaq 100. The filing does not specify the exact percentage decline or the measurement date, so the scale and timing of the move cannot be established from the report alone.
LNA is designed to deliver returns that are significantly magnified against the index, in either direction. At 30 June, it held listed futures with a contract value of AUD 220.29 million and forward currency contracts with a notional value of AUD 85.86 million. Listed futures were recorded at AUD 6.25 million on the asset side and AUD 8.67 million on the liability side, making valuation movements central to the fund’s results and risk profile. Ernst & Young issued an unmodified audit opinion, with investment existence and valuation identified as the key audit matter.
Bottom Line?
The annual profit is substantial, but the more immediate question is how much of it remains after the post-year-end Nasdaq 100 reversal and what leverage the smaller asset base now supports.
Questions in the middle?
- What was the exact size and timing of the post-year-end NAV decline beyond the disclosed 10% threshold?
- How has the fund’s futures and currency-derivative exposure changed since 30 June 2026?
- Will redemptions continue to reduce the asset base after the large distribution and recent NAV fall?