Key Highlights

  • ALFA uses a systematic long-short strategy across ASX-listed companies, with Short Selling used to seek returns when share prices are expected to fall.
  • The fund holds about 70 companies in its long portfolio, with Woolworths, BHP and Telstra among the largest positions.
  • Management fees are 0.39% a year, with a final distribution of A$0.200 and an annual Yield of 0.89%.
  • The fund traded at A$22.59 in the 5 November 2026 session, up 1.39%.

The VanEck Australian Long Short Complex ETF (ASX:ALFA) offers a different structure from a standard Australian share fund. It takes long positions in companies its screens rate highly and uses short selling to seek returns when share prices are expected to fall. The fund traded at A$22.59 during the 5 November 2026 session, up 1.39%, while the S&P/ASX 200 gained 1.87%.

Fund detail

Information

Share price (5 Nov 2026 session)

A$22.59, up 1.39%

Fund size

A$35.77 million

Management fees and costs

0.39% a year

Annual yield

0.89%

Last distribution

A$0.200 final, ex-date 1 July 2026

Number of holdings

About 70 companies

Benchmark

S&P/ASX 200 TR AUD

Admitted to ASX

23 January 2025

What the fund is

ALFA is an exchange-traded fund listed on the ASX that runs a systematic long-short strategy over ASX-listed companies. Units trade during market hours, and the unit price reflects both the long portfolio and the short positions held by the fund.

The strategy is different from a long-only share fund. Long positions benefit when shares rise, while short positions benefit when they fall. Because both sides can contribute to returns, the fund's result is not simply a reflection of the market's direction.

How the strategy works

ALFA scores ASX-listed companies on quantitative screens and builds long positions in the companies that score most highly. Short selling is used to seek returns when prices are expected to fall, and the proceeds from short sales are reinvested in the long portfolio.

The portfolio has a long-only sector profile of roughly 27% basic materials, 22% financial services and 18% industrials. Woolworths, BHP, Telstra, Fortescue and Transurban are among the largest long positions, each around 5% of the fund.

Income and costs

The most recent distribution was a final payment of A$0.200, with an ex-date of 1 July 2026 and payment on 27 July 2026. The annual yield is 0.89%. Because the strategy relies on Capital movements rather than Dividend income, the yield is modest compared with long-only income funds.

Management fees and costs are 0.39% a year. Fees and the costs of short selling and Rebalancing reduce the net return to unitholders, and should be weighed against the strategy's expected results.

Comparing with a standard index fund

A useful comparison for ALFA is with a long-only Australian share index fund. The difference in strategy means the two can behave very differently over the same period, so investors should look at the role each product plays in a portfolio rather than comparing returns alone.

Because ALFA also reports its distributions, investors may want to track how much of its return comes from income and how much from capital movement across different market conditions.

What to understand before investing

Short selling involves risks that do not apply to a long-only fund. Losses on a short position can in principle be unlimited if the share price rises sharply, so the fund's managers must manage these exposures carefully. Results can also be affected by changes in borrowing availability and costs.

Quantitative strategies depend on their screens, which can perform differently over time. The fund may underperform a long-only index in rising markets, and its results may differ significantly from the market in both directions. Investors should consider how the fund fits within their wider portfolio.

Final Word

ALFA is a long-short strategy with a quantitative selection process. It is structurally different from long-only index funds, its yield is modest, and its results depend on both its long and short positions.