Key Highlights

  • The fund is about $612.38 million in size and is actively managed.
  • The management fee is 0.85%, and the listed annual Yield is 6.25%.
  • The fund aims to outperform the S&P/ASX Small Ordinaries Accumulation index over the medium to long term.
  • The listing does not show a breakdown of holdings or sector weightings.

Firetrail Aust Small Companies Fund Active ETF (ASX:FSML) aims to outperform the S&P/ASX Small Ordinaries Accumulation Index over the medium to long term, investing in small and mid-sized Australian companies. The units were listed at $1.95, the fund is about $612.38 million in size, and the management fee is 0.85%. Because the listing does not give a breakdown of holdings, this article focuses on the fund's mandate, costs and income.

Ticker

ASX:FSML

Listed price

$1.95

Fund size

$612.38 million

Management fee

0.85%

Listed annual yield

6.25%

Benchmark

S&P/ASX Small Ordinaries TR AUD

Investment mandate

The fund is actively managed, so the manager selects the holdings rather than tracking an index. Its objective is to outperform the S&P/ASX Small Ordinaries Accumulation Index over the medium to long term, which places it in the small and mid-sized segment of the Australian Equity market.

The listing does not show the number of holdings, the top positions or the sector weightings, so investors should review the fund's Investment updates for that detail.

Income and costs

The management fee is 0.85%, which is higher than passive small cap funds. The listed annual yield is 6.25%, and the most recent distribution listed was a final payment in July 2026. Yield for smaller companies depends on their payout decisions, which can change.

Risks to weigh

Smaller companies can be more volatile than large caps, and their shares can be harder to sell in a downturn. Active management carries the risk that stock selection underperforms the benchmark, and the higher fee reduces the return the manager needs to deliver. Investors should weigh the growth potential against these risks and against the lack of holdings detail on the listing.

Final Word

The Firetrail Aust Small Companies Fund Active ETF pursues outperformance in smaller Australian companies through active stock selection. Its higher fee, the Volatility of small caps and the limited holdings detail on the listing are the main points for investors to weigh.