Overview
The Firetrail Alpha Plus Fund – Complex ETF (“Fund”) is a 150/50 long/short strategy of our most compelling equity ideas. The strategy is built on fundamental, deep dive research guided by the philosophy that ‘every company has a price’.
The Fund aims to outperform the S&P/ASX 200 Accumulation Index over the medium to long term after fees.
The Fund is also available as a Complex ETF – accessible for investment on the ASX under the ticker FIRE.
Flexible
Long/Short strategies provide greater flexibility to generate alpha and manage risk through active positioning on both sides of the market.
Aligned
A unique fund structure that enhances alignment and sharpens the focus of the investment team.
A Proven Approach
A deeply experienced and highly credentialed team with a strong track record in long/short investing.
Portfolio managers
Patrick is the Managing Director at Firetrail as well as a Portfolio Manager for the Firetrail Australian High Conviction Fund, Firetrail Australian Small Companies Fund, Firetrail Absolute Return Fund, Firetrail Alpha Plus Fund – Complex ETF, and Firetrail S3 Global Opportunities Fund. Patrick has over 39 years’ experience investing in equity markets. Prior to joining Firetrail, Patrick spent 28 years at Macquarie Group as an Executive Director and Head of Listed Equities. Patrick holds a Bachelor of Business from the University of Technology Sydney.
John is Risk Portfolio Manager at Firetrail Investments. John’s primary responsibilities include investment risk management, portfolio analytics and systems. John has over 18 years’ quantitative investment experience. Prior to joining Firetrail, he spent 10 years at hedge fund Triple3 Partners as Portfolio Manager and Quantitative Analyst. John holds a Bachelor of Science, Mathematics and Statistics (Honours, University Medal) from the University of Sydney. He has completed all three levels of the CFA program.
Key Features
| ASX Ticker | FIRE |
| APIR | WHT1841AU |
| Benchmark | S&P/ASX 200 Accumulation Index |
| Portfolio allocation |
Typical net market exposure: 80-100%
Typical gross market exposure: 150 – 200% |
| Suitable investor profile | This product is intended for use as a minor or satellite allocation for a consumer who is seeking capital growth and has a very high risk and return profile for that portion of their investment portfolio. It is likely to be consistent with the financial situation and needs of a consumer with a 5 year investment timeframe and who is unlikely to need to withdraw their money on less than one week’s notice. |
| Suggested investment timeframe | 5 years or more |
| Risk | Very high |
| Short selling | Permitted |
| Borrowings | The Fund will borrow stock to enable short positions as part of the investment strategy. The Fund will not borrow cash. |
| Inception Date (Fund) | 21 February 2025 |
| Complex ETF Available From | 4 March 2026 |
| Distribution | Semi-annually, subject to the Fund having sufficient distributable income as at 30 June and 31 December. |
| Registry | Automic Group |
| Market Making Agent | Citigroup |
| iNAV Provider | ICE Data Indices |
Ratings
Further information on our Ratings can be found in the Disclaimer & Disclosure section.
Performance
Performance (After Fees)
1 Firetrail Alpha Plus Fund – Complex ETF.
2 Benchmark is the S&P/ASX 200 Accumulation Index.
3 Inception date is 21 February 2025.
Net Fund returns are calculated based on exit price with distributions reinvested, after ongoing fees and expenses but excluding taxation. Past performance is not a reliable indicator of future performance. The performance of the Fund includes the period prior to quotation on 4 March 2026.
Investors who apply for units directly with the Responsible Entity may pay a different price per unit to an investor who purchases those units on the ASX at the same time, and such differences may have a material impact on the performance of that investment. The above performance reflects the performance of the Fund where units are purchased and redeemed directly with the Responsible Entity only.
Unit Price History
Please note that distributions are paid by the Fund on a half yearly basis. As a result, unit prices may see a sudden drop on 1 January and 1 July each year due to the payment of these distributions. This is a normal part of the distribution process and does not represent a loss in value.
Unit prices are net of fees & do not include distributions. Calculation of unit prices is based on the net asset value plus/minus transaction costs divided by the total number of units on issue. Past performance is not a reliable indicator of future performance. This material has been provided for general information purposes and must not be construed as investment advice.
Distribution History
Reports
Invest now
Invest via the ASX
The Fund is available on the ASX under the ticker: FIRE. This means you can buy and sell units in FIRE through your online trading account or via your broker or licensed adviser in the same way that you trade shares in ASX-listed companies. You can view your FIRE investment alongside any other direct shareholding you have.
Platform Availability List
BT Panorama
Netwealth
Investor forms
FIRE: now available on the ASX.
Firetrail Alpha Plus Fund – Complex ETF (ASX: FIRE) is available as a Complex ETF, allowing investors to buy and sell on the Australian Securities Exchange (ASX).
- Simple: Click to buy on the securities exchange. Easy to switch from unquoted to quoted unit
- Accessible: No minimum investment amount
- Liquid: Investors can buy/sell intraday on the ASX
- Transparent: Live trading price, quarterly full portfolio disclosure
Disclaimer
Investors who apply for units directly with Pinnacle Fund Services Limited (the Responsible Entity) may pay a different price per unit to an investor who purchases those units on the ASX at the same time, and such differences may have a material impact on the performance of that investment.
*The iNAV calculations (the “Data”) are provided by ICE Data Indices, LLC or its third-party suppliers and are updated during the ASX Trading Day. INAV calculations are indicative and for reference purposes only. You acknowledge that the Data is provided for information only and should not be relied upon for any purpose.
Firetrail Alpha Plus Fund – Complex ETF (the “Fund”) is not sponsored, endorsed, sold or marketed by ICE Data Indices, LLC, its affiliates (“ICE Data”) or their respective third party suppliers. ICE DATA AND ITS THIRD-PARTY SUPPLIERS MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND HEREBY EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT TO THE iNAV, FUND OR ANY DATA INCLUDED THEREIN. IN NO EVENT SHALL ICE DATA HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, DIRECT, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.
Investors who apply for units directly with Pinnacle Fund Services Limited (the Responsible Entity) may pay a different price per unit to an investor who purchases those units on the ASX at the same time, and such differences may have a material impact on the performance of that investment.
*The iNAV calculations (the “Data”) are provided by ICE Data Indices, LLC or its third-party suppliers and are updated during the ASX Trading Day. INAV calculations are indicative and for reference purposes only. You acknowledge that the Data is provided for information only and should not be relied upon for any purpose.
Firetrail Alpha Plus Fund – Complex ETF (the “Fund”) is not sponsored, endorsed, sold or marketed by ICE Data Indices, LLC, its affiliates (“ICE Data”) or their respective third party suppliers. ICE DATA AND ITS THIRD-PARTY SUPPLIERS MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND HEREBY EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT TO THE iNAV, FUND OR ANY DATA INCLUDED THEREIN. IN NO EVENT SHALL ICE DATA HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, DIRECT, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.
Indicative NAV*
1 second delayed price
NAV History
Frequently Asked Questions
What is the difference between an on-market and off-market unit?
You are investing in the same fund but you have a choice whether you hold off-market units via the Responsible Entity (RE) or buy the on-market units on the ASX in the same way you buy other publicly listed ETFs and shares.
Investors who apply for units directly with the Responsible Entity may pay a different price per unit to an investor who purchases those units on the ASX at the same time, and such differences may have a material impact on the performance of that investment. The above performance reflects the performance of the Fund where units are purchased and redeemed directly with the Responsible Entity only.
What is a Complex ETF?
ETFs and Structured Products may have more “complex” investment strategies relative to traditional index-tracking or active products. Examples of investment strategies that may be considered complex is when the product;
- uses debt or leverage to make a financial investment
- uses short selling
- uses derivatives to a material extent
- is classified as a hedge fund
To alert investors that the ETF or Structured Product uses one of the above mentioned investment strategies there is a requirement for the manager to use “Complex” in the name of the product.
How do I invest or redeem in FIRE?
To invest via the ASX – You can buy and sell units in FIRE via your online share trading platform, your stockbroker or your financial adviser.
To invest via the Responsible Entity (RE) – You can apply online at firetrail/invest. Alternatively, you can download a printer-friendly Application Form from the Fund Documents and Forms section of the relevant Fund page on our website, you will need to print the completed Form and return the original signed Form to the Registry via post:
Firetrail Alpha Plus Fund – Complex ETF
C/- Automic Group
GPO Box 5193
Sydney NSW 2001
If you are a wholesale investor as defined in section 761G of the Corporations Act 2001 and wish to invest via the RE in the Firetrail Alpha Plus Fund – Complex ETF , please contact Client Services on 1300 010 311 Monday to Friday between 8.30am and 5.30pm (Sydney time) or via email at service@pinnacleinvestment.com.
Online Applications are available for individuals, partnerships, SMSF’s, superannuation funds, other regulated trusts, and companies. Note, applications for unregulated trusts (such as family and testamentary trusts) CANNOT be completed online.
The avenue by which you invested in the Fund, either via buying units from the RE or via the ASX, does not restrict how you can withdraw your investment.
To withdraw via the ASX – Log into your share trading platform and issue a sell order, just as you would for any listed ETF or share. This is a straight forward process if you have a Holder Identification Number (HIN) associated with your holding. If have a Security holder Reference Number (SRN), ask your stockbroker if they can sell your units on your behalf. If they are unable to do that, you will need to ask your stockbroker or trading platform if they can convert your holding into a HIN after which you will be able to sell your holding via the ASX.
To withdraw via the RE – Complete a redemption request form available at https://firetrail.com/invest/ and submit it to the RE. You will need to provide your SRN or Investor Number on the withdrawal form. If you have a HIN instead, you will need to convert your holding from a HIN to a SRN with the assistance of your stockbroker or online trading platform.
Please note that there are differences when you redeem via the RE or by selling on the securities exchange including the price you may pay. You should read the PDS or speak with your adviser before you decide which avenue you use.
Does FIRE pay distributions? If so, can I reinvest them?
Firetrail Alpha Plus Fund – Complex ETF pays a distribution semi-annually. Distribution payments are not guaranteed as they are subject to the earnings of the Fund. Any distributions paid will be automatically re-invested unless you advise otherwise.
1
The Responsible Entity has the discretion to accept lower initial investments. Does not apply to IDPS investments.
Disclaimer & Disclosure
This webpage is prepared by Firetrail Investments Pty Limited (‘Firetrail’) (ABN 98 622 377 913, AFSL 5168 21) as the investment manager of the Firetrail Alpha Plus Fund – Complex ETF (ARSN 687 651 001) (the ‘Fund’). Pinnacle Fund Services Limited (‘PFSL’) (ABN 29 082 494 362, AFSL 238371) is the product issuer of the Fund and is a wholly owned subsidiary of Pinnacle Investment Management Group Limited (‘Pinnacle’) (ABN 22 100 325 184). PFSL is not licensed to provide financial product advice.
The information contained in this webpage is general information only and does not take into account your objectives, financial situation or needs. Before making a decision to acquire, or continue to hold units in, the Fund, you should consider the Product Disclosure Statement (PDS) and Target Market Determination (TMD). For historic TMDs, please contact Pinnacle Client Services via phone 1300 010 311 or email service@pinnacleinvestment.com. Any persons relying on this information should obtain professional advice before doing so and consider the appropriateness of the information having regard to your specific circumstances.
Past performance is not a reliable indicator of future performance and the repayment of capital is not guaranteed. The specific risks associated with investing in the Fund, and the risks associated with the Fund’s investments, are discussed in Section 6 of the PDS. Any opinions and forecasts reflect the judgment and assumptions of Firetrail and its representatives based on information available as at the date of publication and may later change without notice.
The Zenith Investment Partners (ABN 27 103 132 672, AFS Licence 226872) (“Zenith”) rating (Firetrail Alpha Plus Fund – Complex ETF assigned July 2025) referred to in this piece is limited to “General Advice” (s766B Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual, including target markets of financial products, where applicable, and is subject to change at any time without prior notice. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Past performance is not an indication of future performance. Zenith usually charges the product issuer, fund manager or related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessments and at Fund Research Regulatory Guidelines.