VanEck Bentham Global Capital Securities Active ETF (GCAP) Review & Analysis

MER · #347 of 514AUM · #334 of 5081Y Return · Top 50%3Y Return · #201 of 3005Y Return · #169 of 225

What's new this monthData to 30 September 2026

−0.4% in September (total return), ahead of the median international bonds ETF at −1.8%.
Investors added a net $2.7m (5.0% of the fund).
The unit price closed the month at $8.84, 1% below its 12-month high (range $8.67 to $8.95).
🏆 Won Top 1Y performer: International bonds in the September ReviewETF Awards.

About GCAP

GCAP is an international bonds ETF from VanEck, listed on the ASX since August 2021. With $56m under management it is number 26 of 48 international bonds ETFs by size. The management fee is 0.59% a year, about $59 on every $10,000 invested, dearer than the typical international bonds ETF at 0.50%.

Its largest holdings are Cooperatieve Rabobank Ua, Toronto-Dominion Bank/The and Treasury Corp Of Victoria, and the top 10 make up 17% of the fund. By sector it leans towards bonds & cash (100%).

Over five years it has returned +2.3% a year including distributions, against −0.9% for the median international bonds ETF. With its focus on bonds & fixed income, it is the kind of fund many investors use as a smaller satellite holding alongside a diversified core.

GCAP distributions and dividend dates

GCAP pays distributions monthly, with payment about 15 days after the ex-date.

The latest distribution was $0.045 per unit (0% franked), ex-distribution on 2 November 2026 and paid on 17 November 2026. To receive it you need to own GCAP before the ex-date.

Its distribution yield over the past 12 months is about 5.8%. Distributions vary and past payments are not a guide to future ones.

From ASX announcements, updated nightly. See every ETF in the dividend calendar.

Compare GCAP Check overlap VanEck website ↗

Compare GCAP with

GCAPvsVCF

Vanguard International Credit Securities Index (Hedged) ETF

Fee	0.59%	0.30%
1 year	+5.2%	−0.6%
5 yrs p.a.	+2.3%	−0.9%
Size	$56m	$172m

Same holdingsNo holdings data

Full comparison →

GCAPvsVBND

Vanguard Global Aggregate Bond Index (Hedged) ETF

Fee	0.59%	0.20%
1 year	+5.2%	−1.2%
5 yrs p.a.	+2.3%	−1.3%
Size	$56m	$4.9bn

Same holdingsNo holdings data

Full comparison →

GCAPvsVIF

Vanguard International Fixed Interest Index (Hedged) ETF

Fee	0.59%	0.20%
1 year	+5.2%	−1.7%
5 yrs p.a.	+2.3%	−1.5%
Size	$56m	$862m

Same holdingsNo holdings data

Full comparison →

GCAPvsWBND

Betashares Global Aggregate Bond Currency H ETF

Fee	0.59%	0.19%
1 year	+5.2%	−0.6%
5 yrs p.a.	+2.3%	–
Size	$56m	$782m

Same holdingsNo holdings data

Full comparison →

GCAP price by TradingView

Stock Code	GCAP
Fund Manager	VanEck
Asset Class	International bonds
AUM	$56m
MER (%)	0.59%
Net flows (Sep)	+$2.7m
Last Price	$8.84
52-Week Range	$8.67 – $8.95
Bid/Ask Spread	0.30%
Listing Date	05/08/2021
Exchange	ASX
Benchmark index	RBA cash rate + 3% p.a. (benchmark) Index
Issuer website	VanEck ↗

Performance (% return)

1 month−0.4%

1 year+5.2%

3 years p.a.+7.7%

5 years p.a.+2.3%

$10,000 invested…

1 year ago$10,5173 years ago$12,4825 years ago$11,204

Value at 30 September 2026 with distributions reinvested, before tax and brokerage.

Total returns including distributions, to 30 September 2026. 1M, 1Y, 3Y and 5Y bars are cumulative.

GCAP at a glance: strengths and things to watch

👍 Strengths

Ahead of its peers. +2.3% a year over 5 years, against −0.9% for the median international bonds ETF.

⚠️ Things to watch

In a downtrend. Its price has been trending down since 13 October (as at 7 November).

Worked out from GCAP's fees, size, flows, returns and trend against the 48 international bonds ETFs in Australia, to 30 September 2026. General information, not a recommendation.

etfadviserTrend check

Downtrend since 13 Oct 2026

GCAP is in a downtrend. Here's why that matters.

GCAP's price is below its 20-day average and its averages are stacked downward.

Why it matters: Downtrends can run for months, and that is where most big losses happen. For satellite holdings, waiting in cash until the trend turns has often been the better choice.

At ETF Adviser the core of a portfolio stays invested through every stage, and satellite ETFs are only bought in an uptrend. Members get a weekly update on which ETFs are breaking out of a base and which trends have broken.

Get the weekly trend updates: try it free for 30 days How base and trend works →See every ETF's stage →Visit etfadviser.com.au →

Why no chart? Bond, cash and currency fund prices drop each time a distribution is paid, so a price chart makes them look worse than they are. Check the total returns above instead.

Investment Focus

Themes & Sectors

Active ETFs Bonds & fixed income

Portfolio Breakdown

Top 10 holdings (17.0% of the fund)

Symbol	Company	% assets
		2.22%
		1.88%
		1.86%
		1.80%
		1.70%
		1.64%
		1.62%
		1.56%
		1.38%
		1.35%

Sector breakdown

Bonds & cash100.0%

Holdings from the issuer's published portfolio. Compare GCAP's holdings with other ETFs →

Best-endeavours estimate. Built from each issuer's published holdings, which may be weeks or months old, may cover only part of a fund (some publish only their top 10) and are matched by company name. Figures may be incomplete or inaccurate. Check the issuer's website and PDS before relying on them. General information only.

Similar ETFs

Code	Name	Same holdings	MER	AUM	1Y	3Y p.a.	5Y p.a.
VCF	Vanguard International Credit Securities Index (Hedged) ETF Currency hedged	–	0.30%	$172m	−0.6%	+4.2%	−0.9%
VBND	Vanguard Global Aggregate Bond Index (Hedged) ETF Currency hedged	–	0.20%	$4.9bn	−1.2%	+3.3%	−1.3%
VIF	Vanguard International Fixed Interest Index (Hedged) ETF Currency hedged	–	0.20%	$862m	−1.7%	+2.3%	−1.5%
WBND	Betashares Global Aggregate Bond Currency H ETF	–	0.19%	$782m	−0.6%	–	–
FRAR	Franklin Australian Absolute Return Bond Fund – Active ETF Active	–	0.50%	$695m	+2.5%	–	–
YLDX	Coolabah Global Floating-Rate High Yield Complex ETF	–	1.00%	$653m	+4.9%	–	–

Same holdings is the share of GCAP's money in companies the other ETF also holds, weighted by size. No other ETF shares much with GCAP, so these are ETFs in the same category. See every ETF like GCAP →

GCAP vs its closest alternatives

What actually differs between GCAP and the ETFs most like it. Data to 30 Sep 2026.

VCF Vanguard International Credit Securities Index (Hedged) ETF

VCF is cheaper (0.30% vs 0.59%), worth about $19,381 on $100,000 over 20 years.
Over 3 years, a year: GCAP +7.7%, VCF +4.2% (GCAP ahead by 3.5 percentage points).
VCF is about 3 times larger ($172m vs $56m), which usually means tighter trading spreads.
Different structure: GCAP is actively managed, VCF is currency hedged.

Compare GCAP and VCF side by side →

VBND Vanguard Global Aggregate Bond Index (Hedged) ETF

VBND is cheaper (0.20% vs 0.59%), worth about $26,300 on $100,000 over 20 years.
Over 3 years, a year: GCAP +7.7%, VBND +3.3% (GCAP ahead by 4.4 percentage points).
VBND is much larger ($4.9bn vs $56m), which usually means tighter trading spreads.
Different structure: GCAP is actively managed, VBND is currency hedged.

Compare GCAP and VBND side by side →

VIF Vanguard International Fixed Interest Index (Hedged) ETF

VIF is cheaper (0.20% vs 0.59%), worth about $26,300 on $100,000 over 20 years.
Over 3 years, a year: GCAP +7.7%, VIF +2.3% (GCAP ahead by 5.4 percentage points).
VIF is much larger ($862m vs $56m), which usually means tighter trading spreads.
Different structure: GCAP is actively managed, VIF is currency hedged.

Compare GCAP and VIF side by side →

General information only. Past performance is not a reliable indicator of future performance.

GCAP FAQs

What is the fee for GCAP?

GCAP charges a management fee (MER) of 0.59% a year, according to the TMX Australia monthly funds report as at 30 September 2026.

How big is GCAP?

GCAP had $56m in funds under management as at 30 September 2026.

How has GCAP performed?

GCAP returned +5.2% over the year to 30 September 2026 (total return, including distributions). Over three years it returned +7.7% a year. Past performance is not a reliable indicator of future performance.

Who manages GCAP?

GCAP is managed by VanEck and has been listed since August 2021.

Does GCAP pay monthly distributions?

Yes. GCAP pays a distribution every month.

When is the next GCAP distribution?

Based on its usual schedule, GCAP's next distribution should go ex around the start of December, with payment about 15 days later. Dates can move, so check VanEck's announcements to confirm.

What is GCAP's dividend yield?

GCAP's distribution yield over the past 12 months was about 5.8%. Yields change with the unit price and each payment, and are not a forecast.

Disclaimer

This review is general information only and does not take into account your objectives, financial situation or needs. Consider the VanEck product disclosure statement (PDS) and target market determination (TMD) before investing. Past performance is not a reliable indicator of future performance.