Hejaz Sukuk Active ETF (SKUK) Review & Analysis

MER · #505 of 514AUM · #460 of 5081Y Return · #371 of 426

What's new this monthData to 30 September 2026

−1.1% in September (total return), ahead of the median international bonds ETF at −1.8%.
The unit price closed the month at $0.94, near its 12-month low (range $0.94 to $1.07).

About SKUK

SKUK is an international bonds ETF from Hejaz, listed on the ASX since November 2023. With $5.2m under management it is number 37 of 48 international bonds ETFs by size. The management fee is 1.33% a year, about $133 on every $10,000 invested, dearer than the typical international bonds ETF at 0.50%.

Over the past year it returned −5.9%, against −0.8% 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.

SKUK distributions and dividend dates

The latest distribution was $0.0521 per unit (0% franked), ex-distribution on 1 July 2026 and paid on 23 July 2026. To receive it you need to own SKUK before the ex-date.

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

Compare SKUK Check overlap Hejaz website ↗

Compare SKUK with

SKUKvsVBND

Vanguard Global Aggregate Bond Index (Hedged) ETF

Fee	1.33%	0.20%
1 year	−5.9%	−1.2%
5 yrs p.a.	–	−1.3%
Size	$5.2m	$4.9bn

Same holdingsNo holdings data

Full comparison →

SKUKvsVIF

Vanguard International Fixed Interest Index (Hedged) ETF

Fee	1.33%	0.20%
1 year	−5.9%	−1.7%
5 yrs p.a.	–	−1.5%
Size	$5.2m	$862m

Same holdingsNo holdings data

Full comparison →

SKUKvsWBND

Betashares Global Aggregate Bond Currency H ETF

Fee	1.33%	0.19%
1 year	−5.9%	−0.6%
5 yrs p.a.	–	–
Size	$5.2m	$782m

Same holdingsNo holdings data

Full comparison →

SKUKvsFRAR

Franklin Australian Absolute Return Bond Fund – Active ETF

Fee	1.33%	0.50%
1 year	−5.9%	+2.5%
5 yrs p.a.	–	–
Size	$5.2m	$695m

Same holdingsNo holdings data

Full comparison →

SKUK price by TradingView

Stock Code	SKUK
Fund Manager	Hejaz
Asset Class	International bonds
AUM	$5.2m
MER (%)	1.33%
Net flows (Sep)	$0.0m
Last Price	$0.94
52-Week Range	$0.94 – $1.07
Bid/Ask Spread	0.95%
Listing Date	02/11/2023
Exchange	ASX
Index	None: actively managed. See the PDS for its benchmark
Issuer website	Hejaz ↗

Performance (% return)

1 month−1.1%

1 year−5.9%

3 years p.a.–

5 years p.a.–

$10,000 invested…

1 year ago$9,407

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.

SKUK at a glance: strengths and things to watch

👍 Strengths

Nothing stands out against its category.

⚠️ Things to watch

Higher fee. At 1.33% a year it costs more than 98% of international bonds ETFs (median 0.50%), or about $83 a year more on every $10,000.
Small fund. With $5.2m under management, it is more at risk of being closed or merged than larger funds, and trading can be thinner.
Wider trading spread. 0.95% between the buy and sell price. Use a limit order.
Short track record. Listed in November 2023, so it hasn't been tested through a full market cycle.

Worked out from SKUK'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

Base since 23 Oct 2026

SKUK is in a base. Here's why that matters.

SKUK's moving averages are tangled and the price is moving sideways. The trend hasn't picked a direction yet.

Why it matters: Bases are where the next big move starts. A breakout can begin a new uptrend, while a breakdown can start a long fall. Buying a satellite before the breakout often means waiting months for nothing to happen.

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

Sector breakdown

Bonds & cash100.0%

Holdings from the issuer's published portfolio. Compare SKUK'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.
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%	–	–
AESG	iShares Global Aggregate Bond ESG (AUD Hedged) ETF Currency hedged	–	0.19%	$455m	−1.0%	+3.4%	–

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

SKUK vs its closest alternatives

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

VBND Vanguard Global Aggregate Bond Index (Hedged) ETF

VBND is cheaper (0.20% vs 1.33%), worth about $71,432 on $100,000 over 20 years.
Over 1 year: SKUK −5.9%, VBND −1.2% (VBND ahead by 4.8 percentage points).
VBND is much larger ($4.9bn vs $5.2m), which usually means tighter trading spreads.
Different structure: SKUK is actively managed, VBND is currency hedged.

Compare SKUK and VBND side by side →

VIF Vanguard International Fixed Interest Index (Hedged) ETF

VIF is cheaper (0.20% vs 1.33%), worth about $71,432 on $100,000 over 20 years.
Over 1 year: SKUK −5.9%, VIF −1.7% (VIF ahead by 4.2 percentage points).
VIF is much larger ($862m vs $5.2m), which usually means tighter trading spreads.
Different structure: SKUK is actively managed, VIF is currency hedged.

Compare SKUK and VIF side by side →

WBND Betashares Global Aggregate Bond Currency H ETF

WBND is cheaper (0.19% vs 1.33%), worth about $72,131 on $100,000 over 20 years.
Over 1 year: SKUK −5.9%, WBND −0.6% (WBND ahead by 5.3 percentage points).
WBND is much larger ($782m vs $5.2m), which usually means tighter trading spreads.
Different structure: SKUK is actively managed, WBND is a standard fund.

Compare SKUK and WBND side by side →

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

SKUK FAQs

What is the fee for SKUK?

SKUK charges a management fee (MER) of 1.33% a year, according to the TMX Australia monthly funds report as at 30 September 2026.

How big is SKUK?

SKUK had $5.2m in funds under management as at 30 September 2026.

How has SKUK performed?

SKUK returned −5.9% over the year to 30 September 2026 (total return, including distributions). Past performance is not a reliable indicator of future performance.

Who manages SKUK?

SKUK is managed by Hejaz and has been listed since November 2023.

Is SKUK franked?

Generally no. SKUK 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 Hejaz product disclosure statement (PDS) and target market determination (TMD) before investing. Past performance is not a reliable indicator of future performance.