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Citigroup’s structured products division, CitiFirst, has published an updated 35-page schedule detailing revised parameters for MINI Warrants on single stocks, Australian and global indices, currencies, and commodities, effective from 2 July 2026. The update outlines new strike prices, Stop Loss trigger levels, estimated MINI values, and gearing ratios for numerous ASX-listed underlying securities. This information is essential for retail and wholesale investors holding or considering CitiFirst MINI Long or MINI Short positions on the affected securities. Investors with open positions in any listed instruments are advised to carefully review these updated parameters before the effective date.
Key Points
- Issuer: CitiFirst (structured products issuer, ASX code CTW)
- Updated MINI warrant parameters cover single stocks, indices, currencies, and commodities
- All revised strike and stop loss levels take effect on 2 July 2026
- The 35-page document includes MINI Long and MINI Short instruments for dozens of ASX-listed underlying securities
- Underlying stocks include major ASX names such as ANZ, AGL, Aristocrat Leisure, A2 Milk, Amp, Ansell, Amcor, ALS, Ampol, Atlas Arteria, among others
- Investors should examine individual MINI codes for updated gearing, approximate MINI values, and percentage distances from stop loss triggers
Implications of the 2 July 2026 Effective Date for CitiFirst MINI Investors
The 2 July 2026 effective date marks when all revised strike prices, stop loss trigger levels, and gearing ratios outlined in the update will apply to the relevant MINI instruments. This applies to both MINI Long and MINI Short products across a wide range of underlying securities. Existing position holders should note these changes as they may significantly affect their exposure and risk.
This update aligns with standard periodic resets by structured product issuers to reflect changes in financing costs, corporate actions, or other issuer-driven adjustments. Investors who do not monitor their MINI positions ahead of this date may experience material shifts in gearing, stop loss proximity, or MINI value compared to previous figures.
Differences Between CitiFirst MINI Long and MINI Short Instruments in This Update
The update clearly differentiates MINI Long and MINI Short products. MINI Longs provide leveraged exposure to rising underlying share prices, with the Strike Price representing the effective borrowing amount. MINI Shorts offer leveraged exposure to declining underlying prices. Both types incorporate a stop loss trigger as a risk control: if the underlying price hits this level, the MINI is knocked out and the issuer closes the position.
For each underlying stock, CitiFirst offers multiple MINI codes with varying strike prices, allowing investors to select different gearing levels. For example, MINI Longs with strike prices closer to the current share price have higher gearing, while those with lower strikes offer reduced gearing but greater distance from the stop loss. This pattern applies across all single-stock entries, including ANZ Group Holdings, Aristocrat Leisure, and ALS Ltd.
ANZ Group Holdings MINI Details: Strike Prices Range from $10.01 to $60.18
ANZ Group Holdings (ANZ) features one of the most comprehensive MINI series in the update. The current share price is $34.47. MINI Longs range from a low-gearing instrument with a strike of $10.0126 and stop loss at $11.2100 (ANZKOA, approx. 29.05% gearing, 67.48% from stop loss) to a high-gearing instrument with a strike of $30.3931 and stop loss at $34.0300 (ANZKOB, approx. 88.17% gearing, only 1.28% from stop loss).
On the MINI Short side, strikes range from $39.9523 up to $60.1790, covering bearish scenarios with varying gearing. The highest gearing MINI Short is ANZKOP, with an approximate MINI value of $5.48, gearing of 86.28%, and just 2.00% from its stop loss trigger at $35.1600. Investors holding ANZ MINIs near stop loss levels should monitor closely ahead of the reset.
Aristocrat Leisure MINI Range: Current Price $59.98 Supports Diverse Products
Aristocrat Leisure (ALL) is another major underlying in the schedule. With a current share price of $59.98, MINI Longs include strikes from $8.2169 (ALLKOG, 13.70% gearing, approx. 84.93% from stop loss) up to $47.9811 (ALLKOA, 80.00% gearing, approx. 8.02% from stop loss). The highest gearing Long has an approximate MINI value of $12.00, while the lowest gearing Long is valued at about $51.76.
MINI Shorts for Aristocrat include five instruments (ALLKOT to ALLKOS) with strikes between $71.1555 and $86.3481. The closest MINI Short to its stop loss is ALLKOT, only 0.83% from its trigger at $60.4800, highlighting the importance of monitoring stop loss distances in volatile markets.
MINIs for AGL Energy, AMP, and Ampol: Gearing Across Energy and Financial Sectors
AGL Energy (AGL) is represented by four MINI instruments: three Longs (AGLKOB, AGLKOC, AGLKOD) and one Short (AGLKOP and AGLKOS). The current share price is $8.39. The highest gearing Long is AGLKOB with a strike of $6.5526, stop loss at $7.5300, gearing of 78.10%, and approximate MINI value of $1.84. The MINI Short AGLKOP has a strike of $10.4417 and is 5.72% from its stop loss at $8.8700.
AMP Ltd’s current price is $1.68 and includes both Long and Short instruments. The schedule features a GSL MINI Long (AMPLOA) — a guaranteed stop loss product — with strike and stop loss both at $1.5900, 5.36% from stop loss. Ampol Limited (ALD) has a current price of $32.88; its Long product ALDKOA has a strike of $8.0263 and is 73.14% from stop loss, while Shorts ALDKOP, ALDKOS, and ALDKOR offer bearish gearing up to 78.73%.
MINIs for A2 Milk, Amcor, Ansell, and ALS: Consumer and Industrial Stocks Covered
A2 Milk Co (A2M) is covered by five MINI Longs and one MINI Short, with a current price of $7.34. The highest gearing Long is A2MKOD with a strike of $5.4821, gearing of 74.69%, approximate value of $1.86, and 10.08% from its stop loss at $6.6000. The MINI Short A2MKOV has a strike of $9.5807 and is 4.36% from its stop loss at $7.6600.
ALS Ltd (ALQ) includes five MINI Long and four MINI Short instruments, with a current price of $23.03. The closest Long to stop loss is ALQKOD at 15.20% from $19.5300, while ALQKOQ Short is 8.64% from its trigger at $25.0200. Amcor Ltd (AMC) has three products: AMCKOB (MINI Long, 82.62% gearing, 5.00% from stop loss) and two MINI Shorts. Ansell Ltd (ANN) and Atlas Arteria (ALX) also feature multiple MINIs, with current prices of $32.11 and $5.10 respectively.
Smaller-Cap ASX Stocks 4DMedical and Life360 Included in CitiFirst MINI Update
CitiFirst’s update also covers smaller-cap ASX stocks. 4DMedical Ltd (4DX) has four MINI Long instruments (4DXKOE, 4DXKOB, 4DXKOA, 4DXKOC) with a current price of $4.04. The closest to stop loss is 4DXKOE, 3.22% from its trigger at $3.9100, with a strike of $3.1254 and approximate MINI value of $0.91. The highest gearing option 4DXKOD was not included in the extract.
Life360 Inc (360) is represented by six MINI Longs and three MINI Shorts, with a current price of $26.16. MINI Long gearing ranges from 14.84% (360KOB, strike $3.8834) to 65.94% (360KOA, strike $17.2486). The three MINI Shorts (360KOP, 360KOQ, 360KOR) have strikes of $34.3375, $35.0875, and $35.8375, with the closest short (360KOP) 5.01% from its stop loss trigger at $27.4700.
Stop Loss Trigger Mechanism Across CitiFirst MINI Products
All CitiFirst MINI products feature a stop loss trigger level as a risk control. For MINI Longs, the stop loss is set above the strike price. If the underlying price falls to or below this level, the MINI is knocked out and the issuer closes the position, returning any residual value based on the difference between the stop loss and strike at termination. The percentage distances from stop loss in the schedule indicate the remaining buffer.
For MINI Shorts, the stop loss is below the strike price. A rising underlying price reaching this trigger causes a knock-out. Several products in the schedule are currently close to their stop loss levels, indicating elevated risk for holders. The company did not provide forward-looking commentary on share price expectations or market conditions.
APA Group and Other Single-Stock MINIs Included in Full Schedule
The single-stock section covers pages 1 to 29 of the 35-page document, indicating many more underlying securities beyond those in the extract. APA Group (APA) is included with MINI Long code APAKOA showing a current price of $10.14, strike $4.9997, stop loss $6.0000, gearing 49.31%, approximate MINI value $5.14, and 40.83% from stop loss. A MINI Short code APAKOQ is also mentioned but details were incomplete.
The remaining pages cover Australian index MINIs (page 30), International Index MINIs (page 31), Currency MINIs (pages 32–33), and Commodities MINIs (pages 34–35), expanding the update’s scope beyond single stocks. Specific parameters for these sections were not included in the extract. Investors interested in these products should consult the full document filed with the ASX.
Investor Guidance Ahead of 2 July 2026
Investors holding CitiFirst MINI products should focus on the 2 July 2026 effective date. Before then, they should verify updated strike prices and stop loss levels for their specific MINI codes, reassess gearing exposure considering any underlying price movements, and confirm their risk tolerance aligns with the new parameters. Instruments close to stop loss triggers—such as those in the ANZ, Aristocrat, Life360, and 4DMedical series—require particular vigilance.
This update relates solely to structured product parameters and does not reflect corporate developments of the underlying companies. Investors may wish to review the CitiFirst product disclosure statement or seek independent financial advice before making decisions based on these revised MINI schedules. The full 35-page document is accessible via the ASX platform for those wishing to examine parameters for index, currency, and commodities MINI products beyond the single-stock extract.
