About Underly
Who's behind Underly
Underly is a factual reference for Australian investors. It unwraps ETFs to the holdings underneath and organises the paperwork that comes with them. It is built by one person who wanted it for his own portfolio.
Why it exists
From the founder
I spent my career inside Australian financial services: investments, superannuation, advice, and the software companies that serve all three. In every one of those businesses somebody could say exactly what a portfolio held, where it concentrated, and which parts of it moved together.
ETFs changed what I could reach on my own account. Parts of the market that once took institutional size, or a relationship, now sit behind a single trade. My own holdings are wider for it.
The analysis did not come with them. Nobody hands a private investor the concentration figures, the correlations, or the asset allocation sitting underneath the funds they hold. Four ETFs can be four lines on a statement and much the same twenty companies underneath, and nothing that arrives with them tells you that.
So I built that view for myself, out of files the issuers and the ASX already publish: the look-through, the concentration and overlap figures, the franking totals at year end. Underly is that work, opened up to anyone who wants the same depth on what they own. It shows you what is there.
The underlying data is public. Issuers publish their holdings files, the ASX publishes a monthly product report, and the ATO publishes the labels each distribution component maps to. It arrives in different formats and on different schedules, and putting it together by hand is slow work.
Underly does that work, shows the source and date behind each number, and leaves the conclusions to you.
Who makes it
More than 25 years in Australian financial services, building and running technology across superannuation and investment platforms, fund research and ratings, and advice technology, much of it in APRA-regulated environments.
- Master of Applied Finance (FINSIA)
- Graduate Diploma of Applied Finance & Investment (FINSIA)
- Fellow, FINSIA
- Graduate, Australian Institute of Company Directors (GAICD)
- Bachelor of Business, Information Systems (University of South Australia)
The promise
We state facts
Underly shows what a fund holds, what you hold through it, and what your statements add up to. It does not tell you what to buy, sell or hold.
Every figure is sourced and dated
Each number traces to the issuer file, exchange report or ATO instruction it came from, and shows the date that source was published.
We tell you when a machine made it
We generate fund pages automatically from the source data, and we label every one of them so you know.
We correct things in the open
When a figure is wrong, we fix the source data and let you know what's different.
Underly is general information only. It does not take your circumstances into account, and it is not financial, tax or legal advice.
How it's made
The legal entity
Underly is published by Seraco Pty Ltd, an Australian company.
- Registered name
- Seraco Pty Ltd
- ACN
- 673 560 757
- ABN
- 36 673 560 757
- Registered in
- Victoria, Australia
- Publishing since
- 2026
- Contact
- andrew@underly.com.au
Seraco Pty Ltd does not hold an Australian Financial Services Licence. Underly publishes factual information about financial products; it does not provide financial product advice or recommendations, and nothing on it takes your objectives, financial situation or needs into account.
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