Macquarie Subordinated Debt Active ETF (MQSD) Review & Analysis
- +0.5% in September (total return), ahead of the median Australian bonds ETF at −0.4%.
- Investors added a net $54m (5.1% of the fund). That ranked #37 of 508 ETFs for new money.
- The unit price closed the month at $50.37, 0% below its 12-month high (range $50.04 to $50.60).
About MQSD
MQSD is an actively managed fund from Macquarie that invests in subordinated debt, mainly issued by Australian banks and insurers. Subordinated debt, often called Tier 2 capital, ranks below ordinary bonds but above hybrids and shares if an issuer gets into trouble. Most of these securities pay floating rates of interest.
In practice, MQSD pays more income than senior bank bonds or cash, in return for taking a step down the repayment queue. Because coupons are mostly floating, the unit price is not very sensitive to interest rate changes, but income moves up and down with official rates. The bigger risk is credit: in periods of banking stress, prices can drop as investors demand a higher margin. The portfolio is heavily concentrated in the financial sector. Income is paid monthly and is unfranked, with no meaningful currency risk.
MQSD is often used as an income-focused part of a defensive allocation. Alternatives include BSUB, SUBD and FSUB; see MQSD vs BSUB and SUBD vs MQSD.
MQSD distributions and dividend dates
MQSD pays distributions monthly, with payment about 15 days after the ex-date. (Pattern estimated from recent payments.)
The latest distribution was $0.247 per unit (0% franked), ex-distribution on 2 November 2026 and paid on 17 November 2026. To receive it you need to own MQSD before the ex-date.
Its distribution yield over the past 12 months is about 5.6%. 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 MQSD with
| Fee | 0.29% | 0.29% |
| 1 year | +5.4% | +5.1% |
| 5 yrs p.a. | – | +4.2% |
| Size | $1.1bn | $4.0bn |
| Fee | 0.29% | 0.29% |
| 1 year | +5.4% | +4.8% |
| 5 yrs p.a. | – | – |
| Size | $1.1bn | $857m |
| Fee | 0.29% | 0.29% |
| 1 year | +5.4% | – |
| 5 yrs p.a. | – | – |
| Size | $1.1bn | $121m |
| Fee | 0.29% | 0.10% |
| 1 year | +5.4% | −0.4% |
| 5 yrs p.a. | – | −0.1% |
| Size | $1.1bn | $3.9bn |
MQSD price by TradingView
| Stock Code | MQSD |
|---|---|
| Fund Manager | Macquarie |
| Asset Class | Australian bonds |
| AUM | $1.1bn |
| MER (%) | 0.29% |
| Net flows (Sep) | +$54m |
| Last Price | $50.37 |
| 52-Week Range | $50.04 – $50.60 |
| Bid/Ask Spread | 0.03% |
| Listing Date | 19/02/2025 |
| Exchange | ASX |
| Benchmark index | Bloomberg AusBond Bank Bill Index |
| Issuer website | Macquarie ↗ |
Performance (% return)
$10,000 invested…
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.
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