Antipodes Global SMID Active ETF

The Antipodes Global SMID Active ETF (ASX:MIDS) offers an eclectic portfolio of attractively valued small-to-mid sized companies (based on market capitalisation) listed on global stock exchanges, with a focus on companies with a market capitalisation between US$1-30bn. The strategy of the fund is appealing to investors who seek to grow their wealth over the long term while remaining mindful of volatility during challenging times in the market.

Dual access fund
Investors can invest in the Fund by either applying for Units directly using an Application Form (online or paper-based) with APIR Code WHT1464AU, or by purchasing the Units on the ASX under the ticker MIDS. Please refer to the Invest now tab below for further details. 

*An indicative NAV per Unit (iNAV) will be published on the fund’s website throughout the ASX Trading Day. The iNAV will be based on the latest closing price of each security, and will take into account proxies (including futures) where a live price is unavailable (for example, if the relevant market is closed). The iNAV reflects the real time movements in stock markets and currencies during the ASX Trading Day and, for securities not trading during the ASX Trading Day, listed proxy instruments selected on the basis of correlations with the underlying investments. The proxies and their correlations with underlying instruments are reviewed regularly and updated as required.

 

The Responsible Entity has appointed Solactive AG as an iNAV calculation agent to independently calculate and disseminate an iNAV. The iNAV represents the best estimate by the Responsible Entity or its appointed agents of the value per unit in the fund throughout the trading day. No assurance can be given that the iNAV will be published continuously or that it will be up to date or free from error. To the extent permitted by law, neither the Responsible Entity nor its appointed agent shall be liable to any person who relies on the iNAV.

This product is intended for use as a core allocation for a consumer who is seeking capital growth and has a high/very high risk and return profile for that portion of their investment portfolio. It is likely to be consistent with the financial situation and needs of a consumer with a 5-year investment timeframe and who is unlikely to need to withdraw their money on less than one week’s notice.

Indicative NAV*:

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NAV:
per unit as at
December 4, 2025 close of business

$9.1254

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Net performance

Net performance

All returns are net of fees and in AUD terms. Past performance is not a reliable indicator of future performance. 1The inception date of the Antipodes Global SMID Active ETF is 2 November 2022. 2 MSCI All Country World SMID Cap Net Index (AUD). The performance of the Fund includes the period prior to quotation on 10 November 2025.

Investors who apply for units directly with the Responsible Entity may pay a different price per unit to an investor who purchases those units on the ASX at the same time, and such differences may have a material impact on the performance of that investment. The above performance reflects the performance of the Fund where units are purchased and redeemed directly with the Responsible Entity only.

Performance chart

Cumulative performance (over selected time horizon)

All returns are net of fees and in AUD terms. Calculations are based on exit price with distributions reinvested, after ongoing fees and expenses but excluding taxation. Past performance is not a reliable indicator of future performance. The inception date of the Antipodes Global SMID Active ETF is 2 November 2022. The performance of the Fund includes the period prior to quotation on 10 November 2025.

Investors who apply for units directly with the Responsible Entity may pay a different price per unit to an investor who purchases those units on the ASX at the same time, and such differences may have a material impact on the performance of that investment. The above performance reflects the performance of the Fund where units are purchased and redeemed directly with the Responsible Entity only.

Key facts

ASX code MIDS
Investment manager Antipodes Partners Limited
Responsible entity Pinnacle Fund Services Limited
Fund inception date 2 November 2022
Active ETF availability date 10 November 2025
Strategy Global Equity – SMID Cap
Investment Objective The aim of the Fund is to outperform the benchmark over the investment cycle (typically 3-5 years)
Benchmark MSCI All Country World SMID Cap Net Index (AUD)
Suggested minimum investment period 5 years
Risk High
Portfolio Allocation1 75-100% Global Equities
0-25% Cash
Management fee 1.20% p.a.
Performance fee 15% of net return in excess of benchmark
Distribution frequency Annually, 30 June
Share registry Automic Pty Limited
Market making agent Citigroup Global Markets Australia Pty Limited

1The portfolio allocation ranges provided are indicative only. The Fund will be rebalanced within a reasonable period of time should the exposure move outside these ranges.

NAV history (A$)

Unit price history

Distribution history

Distribution history

ASX announcements

ASX announcements

For historical reports, please contact the Antipodes team
For historical reports, please contact the Antipodes team

Request for the latest research rating reports here

Portfolio profile as at 31st October 2025
Top 10 equity longs (%)
Sector exposure (%)2
Regional exposure (%)1, 3
1 Where possible, regions, countries and currencies classified on a look through basis. 2 GICS Classification. 3 Antipodes Partners classification.
Invest via the ASX
The Fund is available on the ASX under the ticker: MIDS. This means you can buy and sell units in MIDS through your online trading account or via your broker or licensed adviser in the same way that you trade shares in ASX-listed companies. You can view your MIDS investment alongside any other direct shareholding you have.

If you are applying online, or using paper application forms, the minimum investment in the Antipodes Global SMID Active ETF is $25,000 for new investors and $5,000 for existing investors. However, if you choose to invest on line through the ASX mFund service, these restrictions do not apply.

Who may invest in the fund

This fund is open to investors from Australia and New Zealand. For international investors, please visit our international page for investment options.

Online applications are available for individuals, partnerships, SMSFs, superannuation funds and other regulated trusts and companies. Applications for unregulated trusts, (such as family and testamentary trusts) cannot be completed online and should make use of the paper based application form in the ‘All forms’ section of this page.

Important Information

It is a legal requirement to download and read the Product Disclosure Statement before proceeding and we recommend that you consult a licensed financial advisor before making investment decisions.

Download Product Disclosure Statement (PDS).

Download Target Market Determination (TMD).

Apply online

The application below allows you to open an account with our distribution partner; Pinnacle Investment Management Group Pty Ltd (‘Pinnacle’), who focus on providing superior investment services and delivering investment excellence.

  1. Select your account type
  2. Complete the application form, selecting the relevant fund
  3. Verify your identity online (use your Drivers Licence)
  4. Submit the application
  5. Separately make a secure payment from your bank account to the Trustee


Receive live email notifications as the application is processed.

Financial advisers:

Apply online

Individual investors:

Apply online

Apply via a paper form

Purchase, top-up or sell a managed fund investment the familiar way.

  1. Download an application form here
  2. Complete the application form & sign
  3. Provide certified copies of your identity to verify your identity
  4. Post original form and certified documents to:
    Antipodes Global SMID Active ETF
    C/ Automic Group
    GPO Box 5193
    SYDNEY
    NSW 2001
  5. Separately make a secure payment from your bank account to the Trustee

Download an application form.

Investors can invest in the Fund by either applying for Units directly using an Application Form (online or paper-based) with APIR Code WHT1464AU.

What is the difference between an on-market and off-market unit?

You are investing in the same fund but you have a choice whether you hold off-market units via the Responsible Entity (RE) or buy the on-market units on the ASX in the same way you buy other publicly listed ETFs and shares.

Investors who apply for units directly with the Responsible Entity may pay a different price per unit to an investor who purchases those units on the ASX at the same time, and such differences may have a material impact on the performance of that investment. The above performance reflects the performance of the Fund where units are purchased and redeemed directly with the Responsible Entity only.

What is an Active ETF?

Active ETFs are actively managed by fund managers to generate alpha and outperform relevant benchmarks.

Active ETFs will aim to beat the benchmark using a number of active investing strategies. They operate in a similar way to traditional managed funds but have the benefit of transparent, live intra-day pricing and market making ability which ensures liquidity.

Investors invest in the exchange quoted managed funds by using a stockbroker, financial adviser or share trading platform.

How do I invest or redeem in MIDS?

To invest via the ASX – You can buy and sell units in MIDS via your online share trading platform, your stockbroker or your financial adviser.

To invest via the Responsible Entity (RE) – You can apply online at antipodes.com/invest/invest-now/ Alternatively, you can download a printer-friendly Application Form from the Fund Documents and Forms section of the relevant Fund page on our website, you will need to print the completed Form and return the original signed Form to the Registry via post:

Antipodes Global SMID Active ETF (ASX:MIDS)
C/- Automic Group
GPO Box 5193
Sydney NSW 2001

If you are a wholesale investor as defined in section 761G of the Corporations Act 2001 and wish to invest via the RE in the Antipodes Global SMID Active ETF (ASX:MIDS), please contact Client Services on 1300 010 311 Monday to Friday between 8.30am and 5.30pm (Sydney time) or via email at service@pinnacleinvestment.com.

Online Applications are available for individuals, partnerships, SMSF’s, superannuation funds, other regulated trusts, and companies. Note, applications for unregulated trusts (such as family and testamentary trusts) CANNOT be completed online.
The avenue by which you invested in the Fund, either via buying units from the RE or via the ASX, does not restrict how you can withdraw your investment.

To withdraw via the ASX – Log into your share trading platform and issue a sell order, just as you would for any listed ETF or share. This is a straight forward process if you have a Holder Identification Number (HIN) associated with your holding. If have a Security holder Reference Number (SRN), ask your stockbroker if they can sell your units on your behalf. If they are unable to do that, you will need to ask your stockbroker or trading platform if they can convert your holding into a HIN after which you will be able to sell your holding via the ASX.

To withdraw via the RE – Complete a redemption request form available at on the fund page and submit it to the RE. You will need to provide your SRN or Investor Number on the withdrawal form. If you have a HIN instead, you will need to convert your holding from a HIN to a SRN with the assistance of your stockbroker or online trading platform.

Please note that there are differences when you redeem via the RE or by selling on the securities exchange including the price you may pay. You should read the PDS or speak with your adviser before you decide which avenue you use.

Does MIDS pay distributions? If so, can I reinvest them?

Antipodes Global SMID Active ETF (ASX:MIDS) pays a distribution semi-annually. Distribution payments are not guaranteed as they are subject to the earnings of the Fund. Any distributions paid will be automatically re-invested unless you advise otherwise.

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Ratings

The Antipodes Global SMID Active ETF has been rated “Recommended” by Zenith Investment Partners and “Investment Grade” by Lonsec Research.

Important information

This webpage is prepared by Antipodes Partners Limited (‘Antipodes’) (ABN 29 602 042 035, AFSL 481 580) as the investment manager of the Antipodes Global SMID Active ETF (ARSN 654 913 309) (the ‘Fund’). Pinnacle Fund Services Limited (‘PFSL’) (ABN 29 082 494 362, AFSL 238371) is the product issuer of the Fund and is a wholly owned subsidiary of Pinnacle Investment Management Group Limited (‘Pinnacle’) (ABN 22 100 325 184). PFSL is not licensed to provide financial product advice.

The information contained in this webpage is general information only and does not take into account your objectives, financial situation or needs. Before making a decision to acquire, or continue to hold units in, the Fund, you should consider the Product Disclosure Statement (PDS) and Target Market Determination (TMD). For historic TMDs, please contact Pinnacle Client Services via phone 1300 010 311 or email service@pinnacleinvestment.com. Any persons relying on this information should obtain professional advice before doing so and consider the appropriateness of the information having regard to your specific circumstances.

Past performance is not a reliable indicator of future performance and the repayment of capital is not guaranteed. The specific risks associated with investing in the Fund, and the risks associated with the Fund’s investments, are discussed in Section 3 of the PDS. Any opinions and forecasts reflect the judgment and assumptions of Antipodes and its representatives on the basis of information available as at the date of publication and may later change without notice.

Neither PFSL nor Antipodes guarantees repayment of capital or any particular rate of return from the Fund.  There can be no assurance that the Fund will achieve its investment objectives. The value of your units at any point in time may be worth less than your original investment even after taking into account the reinvestment of Fund distributions. Returns are not guaranteed, and you may lose some or all of your money. The specific risks associated with investing in the Fund, and the risks associated with the Fund’s investments, are discussed in Section 3 of the Product Disclosure Statement. Neither PFSL nor Antipodes gives any representation or warranty as to the currency, reliability, completeness or accuracy of the information contained in this website. All opinions and estimates included in this website constitute judgments of Antipodes as at the date of website creation and are subject to change without notice. Past performance is not a reliable indicator of future performance.

The Zenith Investment Partners (ABN 27 103 132 672, AFS Licence 226872) (“Zenith”) rating (Antipodes Global SMID Active ETF assigned February 2025) referred to in this piece is limited to “General Advice” (s766B Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual, including target markets of financial products, where applicable, and is subject to change at any time without prior notice. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Past performance is not an indication of future performance. Zenith usually charges the product issuer, fund manager or related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessments and at Fund Research Regulatory Guidelines.

Zenith Investment Partners Pty Ltd ABN 27 103 132 672 AFSL 226872 Fund Awards issued 23 October 2025 are solely statements of opinion and not a recommendation in relation to making any investment decisions. Fund Awards are current for 12 months and subject to change at any time. Fund Awards for previous years are for historical purposes only. Full details on Zenith Fund Awards at www.zenithpartners.com.au/zenith-fund-awards-2025

The rating issued 04/2025 for the Antipodes Global SMID Active ETF is published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445 (Lonsec). Ratings are general advice only, and have been prepared without taking account of your objectives, financial situation or needs. Consider your personal circumstances, read the product disclosure statement and seek independent financial advice before investing. The rating is not a recommendation to purchase, sell or hold any product. Past performance information is not indicative of future performance. Ratings are subject to change without notice and Lonsec assumes no obligation to update. Lonsec uses objective criteria and receives a fee from the Fund Manager. Visit lonsec.com.au for ratings information and to access the full report. © 2025 Lonsec. All rights reserved.

Now available on the ASX: the Antipodes Global SMID Active ETF (ASX:MIDS)

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