Strong US Dollar Complex ETF (YANK) — Review & Analysis

YANK is the mirror image of AUDS — a leveraged currency ETF designed to deliver approximately 2.0-2.75x the daily movement of the USD against the AUD. AUM is $5.72 million as at May 2026, the smallest fund in the cash category, with a 1.38% p.a. management fee. The fund uses currency forwards and futures to deliver magnified USD strength exposure, with daily leverage reset. YANK sits alongside the cash and currency products on our high interest cash ETF page.

YANK is built for investors who want a magnified directional bet on USD strength (i.e. AUD weakness). When the USD rises 1% against the AUD, YANK targets 2-2.75% gains; when the AUD strengthens, YANK falls by the same magnitude. This is fundamentally different from USD (Betashares U.S. Dollar ETF), which provides unleveraged 1:1 USD exposure at a lower 0.45% fee.

Daily leverage reset creates path-dependency in returns over multi-day periods. Volatile but ultimately flat USD/AUD moves can produce small losses through compounding decay, even when the overall direction is right. This makes YANK unsuitable for buy-and-hold positions — the structure works best when investors have a specific short-term directional view and exit when the view plays out.

The 1.38% fee is the highest on this page and reflects the structural complexity of running daily-reset leveraged FX. AUM of $5.72M is materially smaller than peers, which can mean wider execution spreads. YANK is a tactical instrument only — for unleveraged USD exposure use USD at a third of the fee. Our hold vs trade ETFs guide covers strategic vs tactical instrument selection.