Key highlights

  • TCAP takes long and short positions in selected Australian shares and holds 107 companies, with its top 10 making up 51.79%.
  • Financial Services is 33.54% of the fund, compared with a long-short category average of 23.89%.
  • The management fee is 0.97%, and its annual yield is shown as 2.70%.

Long-short ETFs combine shares the manager likes with short positions in shares it expects to underperform, which changes the way market movements affect the portfolio. The Ten Cap Alpha Plus Complex ETF (ASX:TCAP) applies this approach to Australian shares. It was admitted to the ASX on 24 November 2025, is classified by Morningstar as Equity Australia Long Short and uses the S&P/ASX 200 Accumulation TR AUD index as its benchmark. It is a complex ETF.

This article explains the exposure TCAP provides, based on its ASX fund page, including its sector and geographic mix, its largest holdings, its fee and its distributions. It contains no return data or advice.

What the fund is designed to do

The fund aims to achieve positive returns in excess of its benchmark, before fees and expenses, over the long term by taking both long positions and short positions in selected Australian shares. Short positions are intended to benefit from share price falls, while long positions are intended to benefit from rises.

Morningstar describes long-short Australian equity funds as those that hold sizeable stakes in both long and short positions in Australian-domiciled equities, exchange-traded funds and related derivatives. Market exposure can vary between low and moderately high over the medium term, and funds in the category are more likely than other equity funds to have an absolute target objective rather than a market benchmark objective. TCAP holds 107 companies, and its average daily volume is 1,930 units.

Sector allocation

By Morningstar sector, TCAP’s largest weightings are Financial Services (33.54%), Basic Materials (24.44%), and Consumer Cyclical (10.79%). Relative to its Morningstar category average, the fund holds a higher share in Financial Services (33.54 vs 23.89%). It holds a lower share than the category average in Healthcare (5.43 vs 8.10%), Energy (1.92 vs 4.64%), Consumer Defensive (1.72 vs 5.11%), and Communication Services (1.10 vs 5.88%). The remaining listed sectors are Industrials (8.85%), Real Estate (7.56%), Healthcare (5.43%), Technology (4.18%), Energy (1.92%), Consumer Defensive (1.72%), and Communication Services (1.10%).

The portfolio’s lower exposure to Communication Services, Consumer Defensive and Energy relative to the category sits alongside its higher weight to financials.

Asset mix, company size and geography

Stocks are 99.10% of the fund and cash 0.90%, compared with category averages of 96.27% stocks and 3.34% cash. By company size, 93.60% is in companies above $1 billion, 6.25% in companies between $500 million and $1 billion and 0.14% below $500 million. The category averages are 81.25%, 15.57% and 3.17%, so TCAP is more tilted to large companies than its long-short peers.

Geographically, 94.19% of the fund is in Australia, 4.02% in the United States, 1.07% in the United Kingdom, 0.46% in China and 0.26% in Canada, compared with a category average of 85.79% in Australia.

Top holdings

The ten largest holdings make up 51.79% of the fund, with 48.21% in the other 97. They are BHP Group (ASX:BHP) at 12.46%, Commonwealth Bank of Australia (ASX:CBA) at 9.43%, Macquarie Group (ASX:MQG) at 4.19%, Wesfarmers (ASX:WES) at 4.05%, Westpac Banking Corporation (ASX:WBC) at 4.02%, Goodman Group (ASX:GMG) at 3.98%, National Australia Bank (ASX:NAB) at 3.73%, QBE Insurance Group (ASX:QBE) at 3.39%, Rio Tinto (ASX:RIO) at 3.37% and Aristocrat Leisure (ASX:ALL) at 3.12%.

The page shows the fund’s holdings as net positions, so short positions do not appear in the top ten list.

Distributions

TCAP pays distributions twice a year. The most recent was a final distribution of $0.116 per unit, with an ex-date of 1 July 2026, a record date of 2 July 2026 and a payment date of 15 July 2026. The earlier distribution was $0.143 in January 2026, and the page lists an annual yield of 2.70%.

Fund snapshot and recent filings

On the ASX page, TCAP showed a last price of $9.61 with no change and no trading volume, and a bid-offer range of $9.15 to $9.65. The management fee is 0.97% and the ISIN is AU0000429417. Its head office is at Level 14, 1 Margaret Street, Sydney.

Recent announcements include the MPI quarterly correlation report for September 2026 on 5 October, the units on issue, applications, redemptions and exchange traded derivative notice for September on 2 October, the annual financial report to 30 June 2026 on 29 September, the August units notice on 2 September and the quarterly portfolio holdings to 30 June 2026 on 27 August.

What TCAP’s exposure comes to

TCAP provides active long-short exposure to Australian shares through 107 holdings, with a higher weighting to financials and large companies than its category and a 0.97% management fee.