Gearing without margin calls

Take advantage of the benefits of leverage and diversification to invest in some of Australia's major companies, managed investments and other underlying assets with Warrants. Warrants are listed and traded on the ASX and Chi-X.

There are many types of Warrants, each with their own characteristics, risk profile and terms, offering you the flexibility to build a portfolio or trade market movements. Some Warrants may also be used to provide gearing within a Self-Managed Super Fund. Warrants you can trade through CommSec include Mini Warrants (MINIs) and Instalment Warrants.



Warrants offer a degree of leverage, where a small price change in the underlying asset price can mean a larger percentage change in the value of your Warrant.


There are a variety of Warrants to suit your trading and investing needs. Such variety includes how the interest is charged, how income is paid, and the time to maturity.


Warrants offer the potential to diversify your investments and spread risk across your portfolio.

Listed and traded on the ASX

Warrants are listed on the ASX and Chi-X and are generally available over major Australian shares and Exchange-Traded Funds (ETFs).

No margin calls

Warrants are not subject to margin calls, due to the limited recourse nature of the leverage provided.

Limited risk

The limited recourse nature of Warrants means that the most you put at risk is your initial purchase price of the Warrant.

No loan documents

No credit checks or loan documents are required for Warrants.

Dividend income

With Instalment Warrants, you may receive dividends and franking credits for the underlying securities (subject to eligibility). You may receive dividends as cash or use them to reduce your Final Instalment.

Wide asset range

With Warrants you can gain exposure to a wide range of underlying assets including shares, indices, currencies and commodities. Refer to the issuer for specific information.


Leveraging can magnify losses

If the underlying asset prices moves against your position, the market price of the Warrant will fall by a larger percentage. It may fall as low as zero, but you cannot lose more than your original outlay.

Market risk

Changes to interest rates, volatility and dividends may adversely affect the value of a Warrant.

Specific risks

Each series of Warrants has specific risks. You should consider the Product Disclosure Statement (PDS) for each product before making any trading or investment decision.

Issuer risk

You are exposed to the risk of the Issuer not meeting its obligations. Warrants are unsecured obligations, not guaranteed by the ASX, the National Guarantee Fund, ASX Clear or any other person.

Changes to tax law

Tax legislation in respect to Warrants could change, which might adversely affect your investment.

Corporate actions

Corporate actions and extraordinary events could affect your investment. Each Warrant Issuer may treat Corporate Actions differently. Check the Product Disclosure Statement for your series.

How they work

Market movements

Warrants provide you with a form of gearing that allows you to borrow to invest in some of Australia's leading companies and Exchange-Traded Funds or trade market movements in a variety of underlying assets. Warrants are listed on the ASX and Chi-X so you can buy and sell them during normal market hours.
There are a range of different Warrants, and how each one works will depend on its individual features.

Rates and fees

Trade Execution

Brokerage fee amount by transaction value1

Trade online and settle your trade to a CDIA or CommSec Margin Loan2

$10.00 (Up to and including $1,000)

$19.95 (Over $1,000 up to $10,000 (inclusive))

$29.95 (Over $10,000 up to $25,000 (inclusive))

0.12% (Over $25,000)

Trade online and settle into a bank account of your choice

$29.95 (Up to and including $9,999.99)

0.31% ($10,000 and above)

Share Trades over the Phone3

$59.95 (Up to and including $10,000)

0.52% (Over $10,000 up to $25,000 (inclusive))

0.49% (Over $25,000 up to $1,000,000 (inclusive))

0.11% (Over $1,000,000)

Trades requiring settlement through a third party4

$99.95 (Up to and including $15,000)

0.66% (Over $15,000)

Deceased Estates

$59.95 (Up to and including $10,000)

0.52% (Over $10,000 up to $25,000 (inclusive))

0.49% (Over $25,000 up to $1,000,000 (inclusive))

0.11% (Over $1,000,000)

Unless otherwise indicated, where a fee or charge is expressed as a percentage, it refers to a percentage of the transaction value. For GST rounding reasons, the final brokerage fee may result in a slight variance from the stated or expected charge, which may exceed two cents for large trades.

To be eligible, you must trade online, be CHESS Participant Sponsored with CommSec and settle your trades through either a Commonwealth Direct Investment Account (CDIA) or a CommSec Margin Loan.

Brokerage charged (shares, warrants and listed managed investments): Brokerage at these rates applies each time you buy or sell a stock, warrant or listed managed investment.

Includes third party Margin Lending, and where the Commonwealth Bank exercises its rights under the loan Terms and Conditions.

Interest Rates vary for each Warrant. Please refer to the Warrant issuer for the rates on each Individual Warrant.

Get started

Open a CommSec Share Trading Account to invest in Warrants

To start trading Warrants with CommSec, it is an ASX and Chi-X requirement that you read the Understanding Trading and Investment Warrants (ASX) and Investing in Warrants (Chi-X) booklets. You’ll also need to complete the Warrants Trading Agreement. To help you get started:

Already have a CommSec Share Trading Account?

If you have a CommSec Share Trading Account, you can review the required booklets and complete the Warrants Trading Agreement via the Service Centre. Login to CommSec below, go to Support and then create a Service Request.

Don't have a CommSec Share Trading Account?

You’ll need to become a CommSec customer before investing in Warrants. Join now to open a standard Share Trading Account and select ‘Use our cash account'1.

Frequently asked questions

They are most commonly issued over leading Australian shares and Exchange-Traded funds, however they can also be issues over many other asset classes including indicies, currencies, commodoties and international securities.

You can buy and sell Warrants on the ASX and Chi-X during normal market hours via your Commsec Trading Account.

Warrants are listed on the ASX and Chi-X. You can view their pricing via your Commsec Account during normal market hours. Most issuers also provide indicative pricing on their websites or alternatively the ASX/Chi-X websites.

There is a minimum $500 investment amount for purchases made on ASX and Chi-X.

Important Information

Warrants are financial instruments issued by banks and other institutions which are traded on ASX and Chi-X. They are a form of derivative giving the holder the right to trade (Buy or Sell) or cash settle the underlying instrument (eg: shares in a company, a currency, an index or a commodity or a managed investment) with the warrant issuer for a particular price at a particular time according to the terms of issue. Warrants are issued pursuant to a Product Disclosure Statement (“PDS”) which may be amended or supplemented from time to time. You should carefully consider the PDS before making any investment decision, including whether to acquire, or continue to invest in that product.

The target market for this product can be found within the product’s Target Market Determination, available here.

The information on this site is not advice and has been prepared without taking account the objectives, financial and taxation situation or needs of any particular individual. For this reason, any individual should, before acting on the information on this site, consider the appropriateness of the information, having regard to the individual's objectives, financial and taxation situation and needs, and, if necessary, seek appropriate professional advice.



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