Key highlights

  • FIRE invests in Australian equities in both long and short positions, with a net market exposure typically between 80% and 100%.
  • Its stock allocation is 135.56% against a cash allocation of negative 35.83%, and its top 10 holdings account for 40.59% of the fund.
  • The management fee is 0.90%, and the ETF was admitted to the ASX on 4 March 2026.

Long-short funds take positions in shares they expect to appreciate, and also sell shares short that they expect to decline, which gives them exposure profiles that differ from conventional equity funds. The Firetrail Alpha Plus Fund Complex ETF (ASX:FIRE) is an Australian example, admitted to the ASX on 4 March 2026 and classified by Morningstar as Equity Australia Long Short, with the S&P/ASX 200 TR AUD index as its benchmark.

This article explains the exposure FIRE provides, using its ASX fund page, with a focus on how long and short positions show up in its asset allocation and sector weights, its largest holdings, its fee and its distribution. It does not include return data or advice.

What the fund is designed to do

The fund primarily invests in Australian equities in both long and short positions. The proceeds from the short positions are reinvested in long positions to ensure the fund retains equity market exposure. The fund is fully equitised but can be up to 150% long and up to 50% short, resulting in a net market exposure typically between 80% and 100%.

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. Some of these funds alter their long and short exposures depending on their macro outlook or bottom-up research, and they are more likely than other equity funds to have an absolute target objective rather than a market benchmark. The fund’s beta is 1.23, its standard deviation is 14.31 and it holds 119 companies.

Sector allocation

By Morningstar sector, FIRE’s largest weightings are Basic Materials (29.34%), Financial Services (14.22%), and Technology (10.31%). Relative to its Morningstar category average, the fund holds a higher share in Basic Materials (29.34 vs 23.82%), Technology (10.31 vs 5.11%), Industrials (10.09 vs 7.30%), and Energy (9.79 vs 4.64%). It holds a lower share than the category average in Financial Services (14.22 vs 23.89%), Real Estate (4.19 vs 6.37%), and Consumer Defensive (2.48 vs 5.11%). The remaining listed sectors are Industrials (10.09%), Energy (9.79%), Healthcare (9.20%), Consumer Cyclical (8.94%), Real Estate (4.19%), Consumer Defensive (2.48%), and Utilities (1.18%).

The portfolio’s higher exposure to Basic Materials, Technology and Energy, and lower exposure to Financial Services, distinguishes it from the average long-short Australian equity fund.

Asset mix, company size and geography

The asset allocation reflects the fund’s long-short structure. Stocks represent 135.56% of the fund, cash is negative 35.83%, and other assets are 0.28%. The category average is 96.27% stocks, 3.34% cash, 0.16% bonds and 0.32% other, so FIRE’s gross exposure is larger than that of its typical peer.

By company size, 69.92% of the fund is in companies above $1 billion, 23.87% in companies between $500 million and $1 billion and 6.21% in companies below $500 million, a greater share in mid and small companies than the category averages of 81.25%, 15.57% and 3.17%. Geographically, Australia accounts for 81.34%, the United States for 9.65%, Switzerland for 3.63%, China for 2.40%, Canada for 1.42%, the United Kingdom for 0.83% and New Zealand for 0.75%.

Top holdings

The ten largest holdings make up 40.59% of the fund, with 59.41% spread across other holdings. They are BHP Group (ASX:BHP) at 8.92%, Santos (ASX:STO) at 4.12%, Commonwealth Bank of Australia (ASX:CBA) at 4.05%, Newmont CDIs at 3.86%, ResMed CDIs at 3.69%, Megaport (ASX:MP1) at 3.39%, Minerals 260 (ASX:MI6) at 3.31%, QBE Insurance Group (ASX:QBE) at 3.23%, Glencore at 2.99% and GemLife Communities Group (ASX:GLF) at 2.98%.

The list combines large resources and energy companies with technology, healthcare and property names, and includes several ASX-listed foreign companies through CHESS Depository Interests.

Distributions

FIRE’s most recent distribution was a final distribution of $0.368 per unit, with an ex-date of 1 July 2026, a record date of 2 July 2026 and a payment date of 13 July 2026.

Fund snapshot and recent filings

On the ASX page, FIRE showed a last price of $11.26, up $0.06 or 0.53%, a bid-offer range of $11.18 to $11.31, a day range of $11.25 to $11.30 and a trading volume of 8,170 units against an average of 7,414. The management fee is 0.90% and the ISIN is AU60WHT18412. Its head office is at Level 19, 307 Queen Street, Brisbane.

Recent announcements include the September 2026 Investment Update on 13 October, the Derivatives Disclosure and the Units on Issue and Movements report for September 2026 on 7 October, the Annual Report on 22 September and the August 2026 Investment Update on 10 September 2026.

What FIRE’s structure means for exposure

FIRE provides active exposure to Australian shares with long positions of up to 150% and short positions of up to 50%, which shows in a stock allocation of 135.56% and negative cash of 35.83%. It carries a 0.90% management fee.