Schroder Absolute Return Income Active ETF (PAYS) Review & Analysis

MER · #323 of 514AUM · #328 of 5081Y Return · #233 of 4263Y Return · #230 of 3005Y Return · #162 of 225

What's new this monthData to 30 September 2026

−0.8% in September (total return), ahead of the median international bonds ETF at −1.8%.
The unit price closed the month at $9.41, near its 12-month low (range $9.41 to $9.60).

About PAYS

PAYS is an international bonds ETF from Schroders, listed on the TMX Australia exchange since November 2019. With $63m under management it is number 24 of 48 international bonds ETFs by size. The management fee is 0.55% a year, about $55 on every $10,000 invested, dearer than the typical international bonds ETF at 0.50%.

Over five years it has returned +3.0% a year including distributions, against −0.9% for the median international bonds ETF. With its focus on dividends & income, bonds & fixed income, it is the kind of fund many investors use as a smaller satellite holding alongside a diversified core.

Compare PAYS Check overlap Schroders website ↗

Compare PAYS with

PAYSvsXKAP

Kapstream Absolute Return Income Active ETF

Fee	0.55%	0.55%
1 year	+3.0%	+4.5%
5 yrs p.a.	+3.0%	+3.7%
Size	$63m	$33m

Same holdingsNo holdings data

Full comparison →

PAYSvsFRAR

Franklin Australian Absolute Return Bond Fund – Active ETF

Fee	0.55%	0.50%
1 year	+3.0%	+2.5%
5 yrs p.a.	+3.0%	–
Size	$63m	$695m

Same holdingsNo holdings data

Full comparison →

PAYSvsEBND

VanEck Vectors Emerging Income Opportunities Active ETF

Fee	0.55%	0.95%
1 year	+3.0%	+1.2%
5 yrs p.a.	+3.0%	+3.4%
Size	$63m	$292m

Same holdingsNo holdings data

Full comparison →

PAYSvsMQIO

Macquarie Income Opportunities Active ETF

Fee	0.55%	0.49%
1 year	+3.0%	+3.2%
5 yrs p.a.	+3.0%	–
Size	$63m	$105m

Same holdingsNo holdings data

Full comparison →

Stock Code	PAYS
Fund Manager	Schroders
Asset Class	International bonds
AUM	$63m
MER (%)	0.55%
Net flows (Sep)	$0.0m
Last Price	$9.41
52-Week Range	$9.41 – $9.60
Bid/Ask Spread	0.26%
Listing Date	26/11/2019
Exchange	TMX Australia
Index	None: actively managed. See the PDS for its benchmark
Issuer website	Schroders ↗

Performance (% return)

1 month−0.8%

1 year+3.0%

3 years p.a.+5.2%

5 years p.a.+3.0%

$10,000 invested…

1 year ago$10,3053 years ago$11,6445 years ago$11,616

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.

PAYS at a glance: strengths and things to watch

👍 Strengths

Ahead of its peers. +3.0% 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 28 October (as at 7 November).

Worked out from PAYS'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 28 Oct 2026

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

PAYS'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

Dividends & income Active ETFs Bonds & fixed income

Portfolio Breakdown

Sector breakdown

Bonds & cash100.0%

Holdings from the issuer's published portfolio. Compare PAYS'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.
XKAP	Kapstream Absolute Return Income Active ETF Active	–	0.55%	$33m	+4.5%	+5.7%	+3.7%
FRAR	Franklin Australian Absolute Return Bond Fund – Active ETF Active	–	0.50%	$695m	+2.5%	–	–
EBND	VanEck Vectors Emerging Income Opportunities Active ETF Active	–	0.95%	$292m	+1.2%	+7.6%	+3.4%
MQIO	Macquarie Income Opportunities Active ETF Active	–	0.49%	$105m	+3.2%	–	–
DCOR	Daintree Core Income Active ETF Active	–	0.45%	$79m	+4.7%	–	–
JPIE	JPMorgan Income (Hedged) Active ETF Currency hedged	–	0.48%	$17m	+2.4%	+4.3%	–

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

PAYS vs its closest alternatives

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

XKAP Kapstream Absolute Return Income Active ETF

Both charge the same fee (0.55%).
Over 3 years, a year: PAYS +5.2%, XKAP +5.7% (almost identical).

Compare PAYS and XKAP side by side →

FRAR Franklin Australian Absolute Return Bond Fund – Active ETF

FRAR is cheaper (0.50% vs 0.55%), worth about $3,294 on $100,000 over 20 years.
Over 1 year: PAYS +3.0%, FRAR +2.5% (PAYS ahead by 0.6 percentage points).
FRAR is much larger ($695m vs $63m), which usually means tighter trading spreads.

Compare PAYS and FRAR side by side →

EBND VanEck Vectors Emerging Income Opportunities Active ETF

PAYS is cheaper (0.55% vs 0.95%), worth about $25,318 on $100,000 over 20 years.
Over 3 years, a year: PAYS +5.2%, EBND +7.6% (EBND ahead by 2.4 percentage points).
EBND is about 5 times larger ($292m vs $63m), which usually means tighter trading spreads.

Compare PAYS and EBND side by side →

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

PAYS FAQs

What is the fee for PAYS?

PAYS charges a management fee (MER) of 0.55% a year, according to the TMX Australia monthly funds report as at 30 September 2026.

How big is PAYS?

PAYS had $63m in funds under management as at 30 September 2026.

How has PAYS performed?

PAYS returned +3.0% over the year to 30 September 2026 (total return, including distributions). Over three years it returned +5.2% a year. Past performance is not a reliable indicator of future performance.

Who manages PAYS?

PAYS is managed by Schroders and has been listed since November 2019.

Is PAYS franked?

Generally no. PAYS invests outside Australia, so its distributions carry little or no franking credits. Franking comes from Australian companies that have paid tax here.

Disclaimer

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