Key highlights

  • SWTZ holds 36 companies, with its top 10 holdings making up 48.59% of the fund and cash at 17.76%.
  • Basic Materials is 31.56% of the fund, compared with a category average of 19.89%, and the fund is fully invested in Australia.
  • The fund size is $52.95 million, the management fee is 1.00% and distributions are paid monthly.

Dividend-oriented ETFs aim to give investors a stream of income as well as exposure to the share market, and some manage that income actively rather than following an index. The Switzer Dividend Growth Fund Active ETF (ASX:SWTZ) is one such fund. It was admitted to the ASX on 24 February 2017, is classified by Morningstar as Australia Equity Income and uses the S&P/ASX 100 TR index as its benchmark.

This article sets out the exposure SWTZ provides, drawing on its ASX fund page, including its sector mix, its cash position, its largest holdings, its fee and its monthly distribution pattern. It contains no return data or advice.

What the fund is designed to do

The investment manager is an active portfolio manager and seeks to deliver long-term growth in both capital and income by investing in Australian listed equities. The investment process incorporates a blended approach of investment styles, including value, growth and quality at a reasonable price.

Morningstar describes Australia Equity Income funds as those that invest principally in Australian equities that seek to generate above-market levels of income, which may be achieved by investing in higher-yielding stocks or by using derivatives to complement dividend income. Funds in this category typically have a large-cap bias. SWTZ holds 36 companies, and its metrics show a beta of 0.77 and a standard deviation of 8.70. The fund size is $52.95 million with 22,626,337 units outstanding, and average daily volume is 16,602 units.

Sector allocation

The sector breakdown shows Basic Materials (31.56%), Financial Services (28.59%), and Utilities (7.25%) as the three largest allocations. Relative to its Morningstar category average, the fund holds a higher share in Basic Materials (31.56 vs 19.89%), and Utilities (7.25 vs 2.02%). It holds a lower share than the category average in Financial Services (28.59 vs 34.37%), and Energy (1.98 vs 6.69%). The remaining listed sectors are Industrials (7.13%), Real Estate (5.17%), Consumer Defensive (4.81%), Healthcare (4.65%), Consumer Cyclical (4.51%), Communication Services (4.34%), and Energy (1.98%).

The fund’s lower Energy weight and higher Materials and Utilities weights are the main differences from the average equity income fund.

Asset mix, company size and geography

Stocks make up 82.24% of the fund and cash 17.76%, a much higher cash share than the category average of 0.67% cash and 99.28% stocks. By company size, 100.00% of the fund is in companies above $1 billion, compared with 96.30% for the category. All of the fund, 100.00%, is in Australia, compared with 95.96% in the category.

Top holdings

The ten largest holdings make up 48.59% of the fund, with 51.41% in the other 26 positions. They are BHP Group (ASX:BHP) at 13.30%, Commonwealth Bank of Australia (ASX:CBA) at 8.91%, Westpac Banking Corporation (ASX:WBC) at 3.78%, Aristocrat Leisure (ASX:ALL) at 3.71%, Rio Tinto (ASX:RIO) at 3.48%, Orica (ASX:ORI) at 3.29%, National Australia Bank (ASX:NAB) at 3.23%, AGL Energy (ASX:AGL) at 3.00%, Fortescue (ASX:FMG) at 2.98% and ANZ Group (ASX:ANZ) at 2.87%.

The list includes miners, banks, a gaming technology company, a mining services business and an electricity retailer.

Distributions

SWTZ pays distributions monthly. The most recent was an interim distribution of $0.009 per unit, with an ex-date of 1 October 2026, a record date of 2 October 2026 and a payment date of 20 October 2026. Earlier monthly distributions were $0.009 in September, $0.009 in August, $0.033 in July and $0.009 in June 2026.

Fund snapshot and recent filings

On the ASX page, SWTZ showed a last price of $2.34 with no change, a bid-offer range of $2.33 to $2.48, a day range of $2.34 to $2.35 and a trading volume of 13,929 units. The management fee is 1.00% and the ISIN is AU00000SWTZ1. Its head office is at Level 12, 2 Chifley Square, Sydney.

Recent announcements include the investment update for 30 September 2026 on 19 October, the distribution reinvestment plan price, the notional derivatives exposure report and the monthly redemptions and units on issue notice as at 30 September on 6 October, and the distribution notice for the month ending 30 September 2026 on 28 September.

The unusually high cash weighting is the feature of SWTZ that most distinguishes its exposure from the category. A cash holding of 17.76% means that only about 82% of each dollar in the fund is invested in shares, so the fund’s sector weights, which are shown as a percentage of the share portfolio, describe a smaller part of the fund than they would in a fully invested ETF. The monthly distribution pattern, with a larger payment in July, is also visible in the figures above.

What SWTZ’s exposure adds up to

SWTZ provides active, income-oriented exposure to 36 Australian companies, with a material cash holding and a higher materials weight than its category. It has a 1.00% management fee and pays distributions monthly.