AGOV — ETC Gavekal Asia Pacific Government Bond ETF

AGOV Fund Overview

AGOV — ETC Gavekal Asia Pacific Government Bond ETF is a US ETF managed by Exchange Listed Funds Trust, categorised as Treasury / Sovereign Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US ETF
• Manager: Exchange Listed Funds Trust
• Category: Treasury / Sovereign Bond
• Assets under management: $36.01M
• 1-year return: -4.4%
• Ticker: AGOV
• SEC CIK: 0001547950
• SEC series ID: S000071406
• Share class ID: C000226483

AGOV Investment Objective and Strategy

ETC Gavekal Asia Pacific Government Bond ETF describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Exchange Listed Funds Trust.

Investment objective

The ETC Gavekal Asia Pacific Government Bond ETF seeks to provide absolute positive returns.

Principal investment strategy

The Fund is an actively-managed exchange-traded fund (ETF) that seeks to achieve its investment objective by investing in local currency bonds issued by national governments ( i.e. , sovereign bonds) and instrumentalities or political sub-divisions ( i.e. , quasi-sovereign bonds) in the Asia-Pacific region (Asia-Pacific government bonds). Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in Asia-Pacific government bonds. The Fund also may invest in bonds issued by supranational entities such as the World Bank, Asia Development Bank, and Asian Infrastructure Bank ( i.e. , supranational bonds). The Fund may invest without limit in securities of issuers in emerging markets, including frontier markets. The Asia-Pacific government bonds in which the Fund expects to invest are those from China, India, Indonesia, Singapore, South Korea, Russia, Japan, Malaysia, Taiwan, Thailand, Hong Kong, the Philippines, Pakistan, Vietnam, Sri Lanka, Kazakhstan, Australia, and New Zealand.

Gavekal Capital Limited (Gavekal), the sub-adviser to the Fund that is primarily responsible for portfolio investment decisions, currently expects to allocate at least 3% of the Funds total assets to Asia-Pacific government bonds of each country. The list of countries in which the Fund may invest may change from time to time to include other countries in the Asia-Pacific region. In selecting investments for the Fund, Gavekal considers (i) a bonds liquidity, with an emphasis on bonds that can be purchased while having the smallest impact on price, and (ii) a bonds expected yield, with an emphasis on bonds that have relatively higher yields. The Fund may invest in bonds rated in any category, including bonds that are rated below investment grade. Bonds rated below investment grade are commonly known as junk bonds.

The Fund will normally maintain an average portfolio duration of at least five years, but may invest in bonds of any duration. Duration is a measure of the sensitivity of a fixed-income investment to a change in interest rates ( e.g. , for every 1% change in interest rates, a bonds price will change by 1% for every year of duration). For example, if a bond has a duration of 5 years and interest rates increase by 1%, the value of that bond can be expected to decrease by 5%. The Fund will generally acquire bonds that have a remaining maturity of between 6 and 12 years at the time of investment and Gavekal expects to maintain for the Fund a dollar-weighted average portfolio maturity of at least five years. When a bonds maturity falls below five years, Gavekal will seek to replace it with a bond with a longer remaining time to maturity.

The Fund may also invest in inflation-protected bonds. The Fund may invest in bonds of Chinese issuers through a Bond Connect Company Limited program (Bond Connect), which allows foreign investors, such as the Fund, to invest in such bonds through a Hong Kong account. The Fund is a non-diversified investment company under the Investment Company Act of 1940 (the 1940 Act) and, therefore, may invest a greater percentage of its assets in a particular issuer than a diversified fund.

AGOV Performance

Total returns for AGOV (as of 2026-10-01), from SEC filings.

AGOV Risk Information

Risk metrics for AGOV, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 10.6%

AGOV Costs and Fees

AGOV costs about $50 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.50%
• Gross expense ratio: 0.50%
• Portfolio turnover: 23%
• Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)

AGOV Cashflows

Over the 12 months to 2023-09, ETC Gavekal Asia Pacific Government Bond ETF had net inflows of $8.39M, from monthly SEC N-PORT filings.

AGOV Debt Constituents

No individual debt constituents are reported in ETC Gavekal Asia Pacific Government Bond ETF's latest SEC N-PORT filing.

AGOV Prospectus and SEC Filings

Official ETC Gavekal Asia Pacific Government Bond ETF filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2023-07-28
• Prospectus (485BPOS) — filed 2022-07-29
• Prospectus supplement (497) — filed 2021-07-22
• Portfolio holdings (N-PORT) — filed 2023-11-21
• Portfolio holdings (N-PORT) — filed 2023-08-21
• Portfolio holdings (N-PORT) — filed 2023-05-19
• Annual census (N-CEN) — filed 2023-05-26
• Annual census (N-CEN) — filed 2022-06-13

Related Funds

Other Treasury / Sovereign Bond funds tracked on ABC INVEST:

• Goldman Sachs Government Income Fund (GSOIX)
• Defiance Treasury Enhanced Options Income ETF (TLTY)
• Virtus Stone Harbor EMD Sovereign MACS (VMAMX)
• Yorktown Treasury Advanced Total Return Fund (AATRX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.