Technicals

Price against the 20/50/100/200-day moving averages, the 50 v 200-day spread and the drawdown from peak, for the two funds with daily unit prices. Read at 25 September 2026; the daily-average refresh is Part 2 of the build.

Trend state

Total-return adjusted daily NAVs. Green: above the average; amber: within half a per cent; red: below.

Macquarie Core Australian Equity Active ETF

11.8632 · 25 September 2026

vs 20-day	−1.6%
vs 50-day	−2.4%
vs 100-day	−0.9%
vs 200-day (11.8868)	−0.2%
50 v 200-day	+2.3%
From 12-month high	−5.1%
Max drawdown	−9.7%
Since 31 August	−3.3%
Calendar-year total return	+0.9%

Inverted since August; sitting on the 200-day — a weekly close below it turns the core trend negative (50 v 200: narrowing; high 6 Aug 2026; drawdown Mar 2026)

Spheria Australian Microcap

1.8373 · 24 September 2026

vs 20-day	−0.2%
vs 50-day	+3.7%
vs 100-day	+6.8%
vs 200-day (1.8100)	+2.5%
50 v 200-day	−1.2%
From 12-month high	−12.3%
Max drawdown	−21.9%
Since 31 August	−0.5%
Calendar-year total return	−9.2%

Rebound held; above all four averages; 50-day within 1.2% of crossing back above the 200-day (50 v 200: nearly repaired; high 2 Dec 2025; drawdown Dec 2025 – May 2026)

Month-end total-return index

The two daily-priced funds from 30 September 2025 = 100; October 2026 to the 30th.

Figure: month-end total-return index for the two holdings with daily unit-price history. The March 2026 correction and the August gold-led small-cap rally stand out.