Key Highlights

  • TCAP aims to deliver positive returns above its benchmark over the long term by holding long and short positions in Australian shares.
  • The fund holds about 107 companies, with BHP, Commonwealth Bank and Macquarie Group among the largest long positions.
  • Management fees are 0.97% a year, with a final distribution of A$0.116 and an annual Yield of 2.71%.
  • The fund traded at A$9.38 in the 5 November 2026 session, down 1.98%.

The Ten Cap Alpha Plus Complex ETF (ASX:TCAP) uses both long and short positions in Australian-listed shares and related derivatives. Its aim is to produce returns above its S&P/ASX 200 benchmark over the long term, before fees. The unit price was A$9.38 during the 5 November 2026 session, down 1.98%, while the S&P/ASX 200 gained 1.87%.

Fund detail

Information

Share price (5 Nov 2026 session)

A$9.38, down 1.98%

Management fees and costs

0.97% a year

Annual yield

2.71%

Last distribution

A$0.116 final, ex-date 1 July 2026

Number of holdings

About 107 companies

Benchmark

S&P/ASX 200 Accumulation TR AUD

Admitted to ASX

24 November 2025

What the fund is

TCAP is an exchange-traded fund that holds long and short positions in Australian-listed shares, Exchange-traded funds and related derivatives. Units trade on the ASX, and the unit price reflects both the long and short sides of the portfolio.

The fund's objective is absolute-style: it seeks positive returns above its benchmark, rather than simply following the market. Its market exposure can vary between low and moderately high over the medium term, depending on the manager's view.

How the strategy works

The manager takes long positions in companies expected to rise and short positions in companies expected to fall. Gains on the long side and on the short side both contribute to the fund's return, while losses on either side reduce it.

The portfolio is spread across about 107 companies. Financial services make up about 34%, basic materials about 24% and consumer cyclical about 11%. BHP, Commonwealth Bank, Macquarie Group, Wesfarmers and Westpac are among the largest long positions.

Income and costs

The latest distribution was a final payment of A$0.116, with an ex-date of 1 July 2026 and payment on 15 July 2026. The annual yield is 2.71%. Income from a long-short fund depends on the dividends on its long positions, net of any costs on its short positions.

Management fees and costs are 0.97% a year, which are higher than many index funds. The costs of Short Selling and Derivatives also affect the net return, so investors should look at results after all costs.

What to understand before investing

Short positions carry a risk that is different from holding shares. Losses on a short can grow if a share price rises sharply, and the fund's managers must control that exposure. Borrowing availability and costs can also change over time.

The fund's results depend on the manager's ability to pick both winners and losers. It may underperform a long-only index in rising markets, and it may not protect investors fully in falling markets. Its unit price can fall as well as rise.

Comparing with a long-only fund

Investors comparing TCAP with a long-only Australian share fund may look at the net exposure to the market, the fee, the strategy's objective and how the fund has behaved across different conditions. A long-short fund plays a different role in a portfolio and should be evaluated against that role.

Final Word

TCAP is a long-short equity fund whose returns depend on both its long and short positions. Its higher fee and active exposure distinguish it from a long-only Australian share fund.