Russell Investments Australian Semi-Government Bond ETF
RSM.AX
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- Russell Investments Australian Semi-Government Bond ETF (ASX:RSM) is an exchange-traded fund that provides investors with targeted exposure to the Australian semi-government fixed income market by tracking the performance of the DBIQ 0-5 year Australian Semi-Government Bond Index before costs and tax over the long term. The Fund invests predominantly in a portfolio of the largest and most liquid Australian semi-government fixed income securities issued by state government agencies, such as Treasury Corporation of Victoria, New South Wales Treasury Corporation, Queensland Treasury Corporation, Western Australia Treasury Corporation, South Australian Government Financing Authority, and Tasmanian Public Finance; these holdings typically number around 15 securities with maturities between 1 and 5 years, equally weighted upon quarterly index reconstitution, and may include limited use of derivatives for exposure adjustment. It distributes income quarterly and maintains characteristics including a yield to maturity of approximately 3.88%, modified duration of 4.30 years, running yield of 2.70%, and average coupon rate of 2.58% as of May 2025 . Established in 2012 and listed on the ASX under AQUA rules, the ETF is managed by Russell Investment Management Ltd (RIM), a subsidiary of Russell Investments, which serves institutional investors, financial intermediaries, and individuals globally from its Australian headquarters at Level 28, 85 Castlereagh Street, Sydney, NSW. Russell Investments, founded in 1936 and headquartered in Seattle, Washington, USA, operates in multiple regions including Australia, with over US$369 billion in assets under management as of September 2025 and a focus on multi-asset solutions, ETFs, and fixed income strategies. The ETF targets investors seeking diversified, investment-grade semi-government bond exposure within Australian fixed income portfolios, emphasizing liquidity and tradability. Recent updates include a Supplementary Product Disclosure Statement issued in May 2024, which revised creation and redemption procedures for authorised participants, such as updated application forms and contact protocols with fund operations, alongside a Target Market Determination refresh. RIM continues to enhance ETF operations amid broader Russell Investments developments, including the U.S. launch of five new multi-manager active ETFs in June 2025 and a strategic partnership with Research Affiliates in October 2025 for a UCITS systematic global active equity fund. No major acquisitions, funding rounds, or name changes specific to RSM or Australian operations were reported in 2024-2025, reflecting stable focus on index-tracking fixed income products.