Macquarie’s active ETF attracts $676 million as assets climb above $1 billion

Applications Drive Macquarie ETF’s Scale-Up

Macquarie Core Australian Equity Active ETF (ASX:MQA) more than doubled its balance sheet in 2026, with net assets reaching $1.138 billion from $451.617 million a year earlier. The expansion was chiefly fund-flow driven: applications totalled $676.067 million, while the fund recorded no redemptions during the year.

The unit count rose to 95.939 million from 39.202 million. That distinction matters because the reported growth in net assets does not represent investment performance alone; new investor capital was the largest contributor to the increase.

Profit Rises as Dividend Income Expands

Profit attributable to unitholders increased to $33.876 million from $22.538 million. Dividend income was the largest source of reported income at $28.258 million, up from $4.690 million, while net gains on financial instruments fell to $6.033 million from $18.191 million.

The fund paid or declared $24.470 million in distributions, compared with $3.265 million in the prior year. Distribution per unit rose to 30.93 cents from 14.66 cents, although the annual report does not provide a total-return percentage, unit-price performance or a direct comparison with the S&P/ASX 300 Accumulation Index.

Equity Portfolio Carries the Main Market Exposure

Equity securities were valued at $1.126 billion at year-end, representing 96.6% of total assets according to Ernst & Young’s audit report. The portfolio was classified entirely as level-one fair value, meaning the securities had quoted prices in active markets; the fund also reported a $28,000 derivative liability.

The disclosed risk sensitivity is substantial: a 10% market-price movement in the portfolio, with other variables unchanged, would have altered profit and net assets by approximately $113.187 million in either direction. The report says derivatives were not used to gear the portfolio, but the scale of the equity exposure leaves asset values closely tied to listed-market movements.

Macquarie Group Holding Adds a Concentration Question

One disclosed position was Macquarie Group (ASX:MQG), with 169,827 shares valued at $42.489 million and dividend income of $856,534. The holding represented 1.04% of the ETF’s units through a related-party scheme, Macquarie Equity Index Fund, while fees charged to the fund included $250,563 in management fees and $499,260 in performance fees.

Ernst & Young gave the financial report an unmodified audit opinion and identified investment existence and valuation as the key audit matter. No significant subsequent events, contingent liabilities or commitments were reported. The accounts therefore present a larger and more profitable vehicle, but leave the central investor question open: whether the sharp increase in applications can be matched by sustained performance against the fund’s benchmark.