A guide to the 143 ETFs, LICs/LITs and REITS that can help diversify your portfolio

Discover the growing landscape of listed alternative funds in Australia, exploring their role, different types, and associated risks.

Alternatives have long been the domain of high net worth and institutional investors, with everyday investors effectively ‘locked out’ of these assets due to regulatory restrictions, high minimum investment amounts, and long lock-up periods for capital. But that’s been changing in recent years, as the advent of listed alternative products have made access to these products easier than ever.

Alternatives are an incredibly broad class though, often fuzzily defined and at times, complex or opaque. This guide aims to bring clarity to the various types of alternatives, provide insights on how they can be used in portfolio construction, and share a comprehensive list of listed alternatives available on the ASX and CBOE. 

What are alternatives?

Simply put, ‘alternatives’ generally refers to any assets that don’t fall under the three main traditional asset classes – listed equities, fixed income, and cash. Listed alternatives refers to vehicles providing access to these assets, which are traded on a securities exchange. In this case, either the ASX, or the CBOE.

There are two main types of vehicles that offer this access. Listed Invest Companies and Trusts (LICs and LITs), and Exchange Traded Funds (ETFs). The primary difference is that ETFs can create and redeem units at will, usually with the help of a market maker, which helps keep the Net Tangible Assets (NTA) and the unit price very close together. LICs and LITs, however, generally need to engage in a buyback or issue new capital in order to increase or decrease the number shares or units, which is not an automatic process. As such, the share price of LICs and LITs can differ markedly from their NTA.

For less liquid assets such as private equity or debt, an LIC or LIT structure may be preferable. When the underlying assets can be easily traded however, an ETF structure may be more attractive.

The landscape for listed alternatives

The first listed alternatives available in Australia pre-date the ASX itself. Australian Real Estate Investment Trusts (A-REITs) date back to 1971, when General Property Trust – now known as GPT Group – was listed. But with the exception of A-REITs, the sector was little changed for the next 40 years.

But in the early part of last decade, two key factors combined to kick off growth in the space:

  1. The growing popularity of ETFs provided a new vehicle to access alternatives.
  2. Low interest rates in the post-GFC world led to lower rates from traditional assets, creating interest in alternatives.

Across the ASX and the CBOE today, there are 69 ETFs and ETPs offering access to alternatives. Additionally, there are 43 A-REITs, 4 infrastructure funds, and 29 LICs and LITs.

Why consider alternatives?

The key benefit of alternatives is their low correlation to traditional asset classes – even those with similar risk profiles. One of the main goals of portfolio construction is to mix together assets that will perform differently in a wide range of market conditions, which helps to ‘smooth’ returns, ideally without sacrificing the overall performance of the portfolio. In academic terms, this means a higher risk-adjusted return.

Many alternative assets can be directed compared to a traditional asset class. Private equity and listed equities, for example, both offer part ownership of a company. But as private equity is not traded on an open market, prices are not subject to the whim of share traders on any given day.

Some alternatives have no direct comparison among traditional assets though, such as commodities and digital assets. Despite often being highly liquid (unlike private assets), they often have low or even negative correlations to listed equities and fixed income.

Additionally, some alternatives may offer high levels of growth or income. Investors in digital assets such as Bitcoin have seen stunning returns over the last decade, and gold has rallied over 30% in AUD terms this year. Private credit may offer higher yields than publicly traded fixed income, while strategies such as covered call ETFs can provide exposure to share, but use derivatives to sacrifice some growth for higher income.

Fundamentally, the attraction of alternatives is that they are different to traditional asset classes. And adding differentiated assets to your portfolio makes it more diversified.

The risks in alternatives

As with all things investing, there are downsides. Given the breadth of alternatives, it’s impossible to list every idiosyncratic risk, but these are some common risks not generally seen with traditional asset classes:

  1. Illiquidity risk. Sometimes the underlying assets cannot be easily bought and sold, even if the listed product itself can be. If the fund or company needs to sell an asset to raise cash, it may not be able to do so quickly, or may have to accept a discount to the carrying value. This is generally more relevant to LICs and LITs rather than ETFs.
  2. Repricing risk. Similar to illiquidity risk, this arises due to the lack of public market trading. If a public market doesn’t exist for an asset, it must be valued, usually by a professional valuer. This is often a somewhat subjective process, and may not align with what a buyer is willing to pay.
  3. Derivatives risk. Some funds employ the use of derivatives such as options, futures, and total return swaps. While these instruments are often used to manage risk, the potential for loss can sometimes exceed the value of the investment.
  4. Short selling risk. Many hedge funds engage in short selling – borrowing a share and selling it, with the intention to buy it back and return it later, hopefully after the share price has dropped. Short selling can produce theoretically infinite losses. In practice, the fund would receive a margin call after the losses become significant, but these can be destructive to returns.

In addition to the risks that are specific to alternatives, the risks seen in traditional assets often apply too.

Types of listed alternatives available in Australia

A spreadsheet containing the full list of funds mentioned below is available for download at the bottom of this article. 

Commodities

Commodities ETFs

Scroll across to see full table.

Code

Exchange

Type

Issuer

Fund Name

MER
(% pa)

FUM
($m)

Spread

5 Year
 Return
(p.a.)

3 Year
 Return
(p.a.)

1 Year
Return

BCOM

ASX

ETF

Global X

Global X Bloomberg Commodity Complex ETF

0.60

37

0.32%

n/a

n/a

-5.7%

GLDN

ASX

ETF

iShares

iShares Physical Gold ETF

0.18

173

0.10%

n/a

n/a

n/a

GXLD

ASX

ETF

Global X

Global X Gold Bullion ETF

0.15

10

0.20%

n/a

n/a

n/a

ETPMPM

ASX

ETP

Global X

Global X Physical Precious Metals Basket

0.44

54

0.26%

6.0%

7.8%

17.9%

ETPMPT

ASX

ETP

Global X

Global X Physical Platinum

0.49

18

0.32%

0.5%

2.3%

1.4%

ETPMAG

ASX

ETP

Global X

Global X Physical Silver

0.49

348

0.12%

11.5%

14.6%

27.5%

ETPMPD

ASX

ETP

Global X

Global X Physical Palladium

0.49

9

0.52%

-10.6%

-18.0%

-26.4%

GOLD

ASX

ETP

Global X

Global X Physical Gold

0.40

3,373

0.05%

11.2%

16.4%

32.1%

NUGG

ASX

ETF

VanEck

VanEck Gold Bullion ETF

0.25

71

0.14%

n/a

n/a

31.7%

OOO

ASX

ETF

Betashares

Betashares Crude Oil Index ETF-Currency Hedged (Synthetic)

1.29

114

0.24%

-8.7%

7.4%

-15.6%

PMGOLD

ASX

ETP

The Perth Mint

Perth Mint Gold

0.15

976

0.09%

11.5%

16.7%

32.2%

QAU

ASX

ETF

Betashares

Betashares Gold Bullion ETF (Currency Hedged)

0.59

710

0.10%

9.5%

12.6%

38.9%

Source: ASX. As at 30 September 2024. Past performance is not an indicator of future performance. 

Real assets

Another straightforward class of alternatives, these funds provide exposure to three sub-classes:

  1. Real estate. From houses to office buildings, warehouses, and shopping centres, real estate is one of biggest and most diverse areas within alternatives.
  2. Infrastructure. This includes assets such as toll roads, power generation and distribution, and communications networks. The essential nature and wide use of these assets offers a unique return profile.
  3. Natural resources. Rather than investing in commodities themselves, this involves investing in mining and energy companies. This is often undertaken by specialist managers with extensive experience in resources production.

Real Assets ETFs

Scroll across to see full table.

Code

Exchange

Type

Issuer

Fund Name

MER
(% pa)

FUM
($m)

Spread

5 Year
Return
(p.a.)

3 Year
Return
(p.a.)

1 Year
Return

GLIN

ASX

ETF

iShares

iShares Core FTSE Global Infrastructure (AUD Hedged) ETF

0.15

746

0.12%

n/a

n/a

24.9%

IFRA

ASX

ETF

VanEck

VanEck FTSE Global Infrastructure (Hedged) ETF

0.20

1,107

0.10%

3.6%

5.2%

25.0%

MICH

ASX

ETF

Magellan

Magellan Infrastructure Fund (Currency Hedged) (Managed Fund)

1.06

645

0.35%

2.2%

4.5%

21.6%

PAVE

ASX

ETF

Global X

Global X US Infrastructure Development ETF

0.47

6

0.36%

n/a

n/a

n/a

VBLD

ASX

ETF

Vanguard

Vanguard Global Infrastructure Index ETF

0.47

388

0.11%

4.8%

6.9%

19.1%

MVA

ASX

ETF

VanEck

VanEck Australian Property ETF

0.35

658

0.10%

4.0%

5.1%

33.2%

RINC

ASX

ETF

Franklin Templeton /
Betashares

Betashares Martin Currie Real Income Fund (Managed Fund)

0.85

56

0.36%

2.3%

3.4%

18.5%

SLF

ASX

ETF

StateStreet

SPDR S&P/ASX 200 Listed Property Fund

0.16

565

0.14%

6.8%

9.0%

45.7%

VAP

ASX

ETF

Vanguard

Vanguard Australian Property Securities Index ETF

0.23

3,295

0.05%

7.0%

8.5%

44.4%

DJRE

ASX

ETF

StateStreet

SPDR Dow Jones Global Real Estate ESG Fund

0.20

444

0.11%

0.9%

1.5%

17.3%

GLPR

ASX

ETF

iShares

iShares Core FTSE Global Property Ex Australia (AUD Hedged) ETF

0.15

252

0.15%

n/a

n/a

25.7%

HJZP

ASX

ETF

Hejaz / EQT

Hejaz Property Fund (Managed Fund)

1.50

14

1.15%

n/a

n/a

18.5%

RCAP

ASX

ETF

Resolution / Pinnacle

Resolution Capital Global Property Securities Fund (Managed Fund)

0.80

1,696

0.46%

n/a

n/a

26.9%

REIT

ASX

ETF

VanEck

VanEck FTSE International Property (Hedged) ETF

0.20

416

0.16%

-0.1%

-1.3%

25.7%

MCSI

CBOE

ETF

Magellan

Mgln Core Infra Fund

0.50

434

0.65%

n/a

13.3%

21.9%

GIFL

CBOE

ETF

Lazard

Lazard Global Listed Infrastructure Active ETF

0.98

1,928

0.35%

n/a

n/a

n/a

Source: ASX, CBOE. As at 30 September 2024. Past performance is not an indicator of future performance. 

Real Assets LICs and LITs

Scroll across to see full table.

Code

Exchange

Type

Company/Trust Name

Market Cap
($m)

MER
(% p.a.)

Performance
Fee?

Premium/
Discount 
(post-tax)

5 Year 
Return
(p.a.)

3 Year 
Return
(p.a.)

1 Year
Return

D2O

ASX

LIC

Duxton Water Limited

222

0.85

-9.6%

-0.5%

LRT

ASX

LIT

Lowell Resources Fund

43

2.16

Y

-12.7%

29.4%

3.6%

5.4%

LSX

ASX

LIC

Lion Selection Group Limited

72

1.50

Y

-27.6%

27.2%

11.5%

7.8%

TGF

ASX

LIC

Tribeca Global Natural Resources Limited

134

1.50

Y

-18.8%

0.0%

-5.3%

-4.5%

FPP

ASX

LIT

Fat Prophets Global Property Fund

17

1.03

Y

-22.2%

18.4%

0.3%

0.3%

ALI

ASX

LIC

Argo Global Listed Infrastructure Limited

418

1.20

N

-5.6%

20.0%

5.8%

5.4%

Source: ASX, Morningstar, Cremorne Capital, Duxton Water. As at 30 September 2024. Past performance is not an indicator of future performance. 

A-REITs

Code Exchange Type Company/Trust Name Market Cap
($m)
Historical
distribution
yield
5 Year
Return (p.a.)
3 Year
Return (p.a.)
1 Year
Return
ABG ASX Stapled Abacus Group $1,103.67 6.9% n/a n/a n/a
AOF ASX Stapled Australian Unity Office Fund

$199.73

5.8% -7.4% -8.5% 6.6%
APW ASX Units Aims Property Securities Fund $75.68 0.0% 3.3% 10.1% 35.8%
APZ ASX Stapled Aspen Group $460.49 3.7% 19.2% 19.2% 41.7%
ARF ASX Stapled Arena REIT $1,647.04 4.2% 12.8% 3.9% 29.3%
BWF ASX Units Blackwall Limited

$68.8

12.2%

-5.1%

-4.0% -10.7%
BWP ASX Units BWP Trust $2,675.67 4.9% 3.6% 2.7% 17.7%
CDP ASX Units Carindale Property Trust $370.83 5.9% -1.8% 8.3% 21.3%
CHC ASX Stapled Charter Hall Group $7,553.77 2.8% 10.7% 1.8% 76.1%
CIP ASX Stapled Centuria Industrial REIT $2,031.78 5.0% 5.4% 0.0% 11.6%
CLW ASX Stapled Charter Hall Long Wale REIT $2,876.77 6.4% -0.5% -0.3% 32.9%
COF ASX Stapled Centuria Office REIT $758.62 9.1% -8.3% -12.7% 21.9%
CMW ASX Stapled Cromwell Property Group $1,178.49 6.7% -11.9% -10.5% 30.3%
DXC ASX Stapled Dexus Convenience Retail REIT $418.78 6.9% 5.3% 2.8% 39.8%
CQR ASX Units Charter Hall Retail REIT $2,098.24 6.8% 3.2% 3.3% 23.3%
DXS ASX Stapled Dexus $8,152.78 6.3% -3.2% -5.3% 11.2%
ECF ASX Units Elanor Commercial Property Fund $197.85 13.2% n/a -8.1% -6.2%
CQE ASX Units Charter Hall Social Infrastructure REIT $1,064.66 5.5% 1.3% -2.1% 19.7%
GDF ASX Units Garda Property Group $254.88 5.4% 0.9% -2.2% 10.9%
GDI ASX Stapled GDI Property Group $365.46 7.4% -8.6% -9.5% 37.7%
GMG ASX Stapled Goodman Group $70,709.95 0.8% 23.0% 21.1% 73.7%
GOZ ASX Stapled Growthpoint Properties Australia $2,013.45 7.2% -3.2% -7.3% 31.1%
GPT ASX Stapled GPT Group $9,539.58 4.9% 1.1% 5.0% 34.8%
HDN ASX Stapled Homeco Daily Needs REIT $2,591.19 6.7% n/a -1.2% 15.2%
HPI ASX Stapled Hotel Property Investments $729.32 5.1% 9.2% 8.7% 44.1%
HMC ASX Stapled HMC Capital Limited $3,098.92 1.5% 27.5% 5.1% 76.8%
HCW ASX Stapled Healthco Healthcare and Wellness REIT $653.57 7.0% n/a -13.9% -14.1%
DXI ASX Stapled Dexus Industria REIT. $920.08 5.7% 6.7% 0.1% 19.9%
INA ASX Stapled Ingenia Communities Group $2,050.14 2.2% 7.3% -6.2% 22.3%
MGR ASX Stapled Mirvac Group $8,483.60 4.9% -2.8% -6.0% 6.5%
NSR ASX Stapled National Storage REIT $3,523.01 4.3% 12.2% 7.9% 22.5%
REP ASX Stapled Ram Essential Services Property Fund $358.71 7.7% n/a -4.1% 14.0%
RFF ASX Stapled Rural Funds Group $772.06 5.9% 8.8% -4.3% 18.9%
RGN ASX Stapled Region Group $2,662.84 6.0% 2.8% 0.3% 20.5%
SCG ASX Stapled Scentre Group $18,986.38 4.6% 3.7% 13.2% 56.2%
SGP ASX Stapled Stockland $12,508.78 4.7% 9.3% 12.2% 41.2%
TGP ASX Stapled 360 Capital Group $142.62 5.5% -2.5% 5.4% 24.1%
TOT ASX Stapled 360 Capital REIT $91.21 10.4% -9.2% -11.0% -14.3%
VCX ASX Stapled Vicinity Centres $10,060.53 5.3% 2.3% 16.3% 37.7%
WPR ASX Stapled Waypoint REIT $1,773.71 6.2% 5.0% 5.3% 25.3%
WOT ASX Units Wotso Property $111.90 7.2% -8.5% -17.3% -38.5%
URF ASX Units US Masters Residential Property Fund $247.00 0.0% -10.7% 2.3% 22.7%
URW ASX Units Unibail-Rodamco-Westfield $723.08 2.3% -7.4% 7.4% 80.0%

Source: ASX. As at 30 September 2024. Past performance is not an indicator of future performance. 

Hedge funds

This is another broad class of products with a diverse range of products within. While these products often hold traditional assets – or derivatives that relate to them – it’s their investment strategies that make them alternatives.

  1. Long/short, market neutral, and absolute return. These are closely related strategies that usually invest in listed equities or debt. However, they also engage in short selling to reduce market risks or increase profits.
  2. Geared. Geared funds usually hold equities or fixed income, but also borrow additional funds to increase market exposure. Some have moderate gearing levels, aiming to improve long term wealth generation, while others can be highly levered products aimed at short-term traders.
  3. Short. These products aim to produce returns that negatively correlate with a given asset class or market. They offer investors a way to reduce risks if they own those assets already, and they allow traders to ‘bet against’ a group of assets. These often use derivatives such as futures to achieve this exposure.

Hedge Fund LICs/LITs

Scroll across to see full table.

Code Exchange Type Company/Trust Name Market Cap ($m) MER (% p.a.) Performance Fee? Premium/Discount (post-tax) 5 Year Return (p.a.) 3 Year Return (p.a.) 1 Year Return
AIQ ASX LIT Alternative Investment Trust 44 0.75 -7.4% 26.2% 36% 10.5%
LSF ASX LIC L1 Long Short Fund Limited 1948 1.4 No 2% 19.2% 10.4% 17.8%
PGF ASX LIC PM Capital Global Opportunities Fund Limited 1091 1 Yes 19.4% 25.2% 24.5% 29.2%
PMC ASX LIC Platinum Capital Limited

422

1.1 Yes -4.8% 4.9% 6.8% 18%
PAI ASX LIC Platinum Asia Investments Limited 383 1.1 Yes -5.5% 9.6% 4.4% 33.5%
RF1 ASX LIC Regal Funds Management Limited 647. 1.5 No 0 18.9% 0.6% 30.6%
VG1 ASX LIC VGI Partners Global Investments Limited 565 1.5 Yes -6.8% 3.4% 6.3% 39.8%
RG8 ASX LIC Regal Asian Investments Limited 350 1.5 Yes -14.4% n/a 9% 22.7%


Hedge Fund ETFs

Scroll across to see full table.

Code

Exchange

Type

Issuer

Fund Name

MER
(% pa)

FUM
($m)

Spread

5 Year
Return
(p.a.)

3 Year
Return
(p.a.)

1 Year
Return

AUST

ASX

ETF

Betashares

Betashares Managed Risk Australian Share Fund (Managed Fund)

0.49

32

0.17%

5.5%

6.1%

18.4%

AYLD

ASX

ETF

Global X

Global X S&P/ASX 200 Covered Call ETF

0.60

48

0.36%

n/a

n/a

16.1%

BBOZ

ASX

ETF

Betashares

Betashares Australian Strong Bear (Hedge Fund)

1.38

358

0.06%

-23.2%

-16.1%

-29.8%

BEAR

ASX

ETF

Betashares

Betashares Australian Equities Bear (Hedge Fund)

1.48

41

0.15%

-8.3%

-5.4%

-12.4%

G200

ASX

ETF

Betashares

Betashares Wealthbuilder Aus200 Geared Complex ETF

0.35

7.1

0.19%

n/a

n/a

n/a

GMVW

ASX

ETF

VanEck

VanEck Geared Aust. Equal Weight Fund (Hedge Fund)

0.35

12

0.18%

n/a

n/a

n/a

GEAR

ASX

ETF

Betashares

Betashares Geared Australian Equity Fund (Hedge Fund)

0.80

433

0.07%

13.8%

16.7%

44.9%

MFOA

ASX

Active ETF

Milford/EQT

Milford Australian Absolute Growth Fund (Hedge Fund)

1.05

27

0.27%

n/a

n/a

8.3%

YMAX

ASX

ETF

Betashares

Betashares Australia Top20 Equity Yield Maximiser Fund (Managed Fund)

0.76

526

0.19%

8.8%

11.1%

18.1%

WRLD

ASX

ETF

Betashares

Betashares Managed Risk Global Share Fund (Managed Fund)

0.54

50

0.26%

9.1%

8.2%

20.8%

BBUS

ASX

ETF

Betashares

Betashares US Equities Strong Bear Currency Hedged (Hedge Fund)

1.38

152

0.23%

-32.7%

-20.5%

-46.6%

FATP

ASX

Active ETF

Fat Prophets/EQT

Fat Prophets Global High Conviction Hedge Fund

1.77

3.2

0.74%

n/a

n/a

14.5%

GGUS

ASX

ETF

Betashares

Betashares Geared US Equity Fund Currency Hedged (Hedge Fund)

0.80

246

0.07%

20.6%

9.5%

72.8%

GHHF

ASX

ETF

Betashares

Betashares Wealthbuilder All Gr Geared Complex ETF

0.35

13

0.17%

n/a

n/a

n/a

L1HI

ASX

Active ETF

L1 Capital/EQT

L1 Capital International (Hedged) Active ETF

1.20

1.6

0.75%

n/a

n/a

n/a

L1IF

ASX

Active ETF

L1 Capital/EQT

L1 Capital International Fund (Managed Fund)

1.20

280

0.57%

n/a

n/a

n/a

LNAS

ASX

ETF

Global X

Global X Ultra Long Nasdaq 100 Complex ETF

1.00

74

0.15%

n/a

3.8%

68.0%

MKAX

ASX

Active ETF

Montaka/Perpetual

Montaka Global Extension Fund (Quoted Managed Hedge Fund)

1.25

68

0.57%

n/a

4.4%

43.9%

PAXX

ASX

Active ETF

Platinum

Platinum Asia Fund (Quoted Managed Hedge Fund)

1.10

82

0.58%

7.9%

2.5%

17.8%

PGTX

ASX

Active ETF

Platinum

Platinum Global Transition Fund (Quoted Managed Hedge Fund)

1.00

12

0.95%

n/a

n/a

-1.8%

PIXX

ASX

Active ETF

Platinum

Platinum International Fund (Quoted Managed Hedge Fund)

1.10

259

0.34%

6.5%

5.2%

8.1%

QMAX

ASX

ETF

Betashares

Betashares NASDAQ 100 Yield Maximiser Fund (Managed Fund)

0.68

19

0.18%

n/a

n/a

19.7%

QYLD

ASX

ETF

Global X

Global X Nasdaq 100 Covered Call ETF

0.60

7.7

0.67%

n/a

n/a

11.7%

SNAS

ASX

ETF

Global X

Global X Ultra Short Nasdaq 100 Complex ETF

1.00

60

0.37%

n/a

-30.1%

-50.0%

UMAX

ASX

ETF

Betashares

Betashares S&P 500 Yield Maximiser Fund (Managed Fund)

0.79

212

0.15%

9.3%

9.8%

17.0%

UYLD

ASX

ETF

Global X

Global X S&P 500 Covered Call ETF

0.60

4.7

0.40%

n/a

n/a

7.6%

GGAB

ASX

ETF

Betashares

Betashares Geared Long Australian Government Bond Fund (Hedge Fund)

0.99

4.0

0.35%

n/a

n/a

n/a

BBAB

ASX

ETF

Betashares

Betashares Geared Short Australian Government Bond Fund (Hedge Fund)

0.99

0.5

0.39%

n/a

n/a

n/a

BBFD

ASX

ETF

Betashares

Betashares Geared Short U.S. Treasury Bond Fund - Currency Hedged (Hedge Fund)

0.99

1.0

0.38%

n/a

n/a

n/a

GGFD

ASX

ETF

Betashares

Betashares Geared Long U.S. Treasury Bond Fund - Currency Hedged (Hedge Fund)

0.99

2.2

0.32%

n/a

n/a

n/a

XCO2

ASX

ETF

VanEck

VanEck Global Carbon Credits ETF (Synthetic)

0.45

3.4

0.88%

n/a

n/a

-13.3%

Source: ASX. As at 30 September 2024. Past performance is not an indicator of future performance. 

Private equity

Traditional private equity funds are usually divided into venture capital, growth equity, and leveraged buyouts. Within Australian listed alternatives however, it’s more diverse and mixed.

Among LICs and LITs, there are several private equity funds that have simply been packaged up into a listed structure. There are also several LICs that invest in a mix of private and listed equities – usually a mix of small cap growth, and direct investments in small unlisted growth companies. And finally, diversified trusts that hold a mix of funds and direct investments.

For those that prefer the ETF structure, the lone private equity ETF, issued by VanEck, is heavily weighted towards the world’s largest private equity managers such as Blackstone, KKR, Apollo Global Management, and Partners Group.

Private Equity ETFs

Scroll across to see full table.

Code

Exchange

Type

Issuer

Fund Name

MER
(% pa)

FUM
($m)

Spread

5 Year
Return
(p.a.)

3 Year
Return
(p.a.)

1 Year
Return

GPEQ

ASX

ETF

VanEck

VanEck Global Listed Private Equity ETF

0.65

38

0.25%

n/a

n/a

31.9%

Source: ASX. As at 30 September 2024. Past performance is not an indicator of future performance. 

Private Equity LICS/LITS

Scroll across to see full table.

Code

Exchange

Type

Company/Trust Name

Market Cap
($m)

MER
(% p.a.)

Performance
Fee?

Premium/Discount
 (post-tax)

5 Year
Return
(p.a.)

3 Year
Return
(p.a.)

1 Year
Return

BTI

ASX

LIC

Bailador Technology Investments Limited

187

1.75

Y

-22.1%

11.6%

0.2%

8.3%

CD1

ASX

LIT

Cordish Dixon Private Equity Fund I

23

0.33

N

-31.5%

29.4%

3.6%

5.4%

CD2

ASX

LIC

Cordish Dixon Private Equity Fund II

48

0.33

N

-31.1%

27.2%

11.5%

7.8%

CD3

ASX

LIC

Cordish Dixon Private Equity Fund III

92

0.33

N

-26.0%

0.0%

-5.3%

-4.5%

PE1

ASX

LIT

Pengana Private Equity Trust

340

1.25

Y

-18.1%

18.4%

0.3%

0.3%

TEK

ASX

LIC

Thorney Technologies Ltd

53

0.75

Y

-51.8%

-13.2%

-32.3%

-18.1%

TVL

ASX

LIC

Touch Ventures Limited

48

N

-42.4%

n/a

-48.0%

-8.1%

Source: ASX, Morningstar. As at 30 September 2024. Past performance is not an indicator of future performance. 

For the purposes of the list above, LICs that invest in both public and private equity have been included if:

  1. At least 30% of the portfolio is held in private equity, and
  2. The company intends to make further investments in unlisted equities in future.

Private Credit

Private credit similarly has just one ETF, again issued by VanEck. Technically, this ETF doesn’t invest directly in private credit (which would be impractical in an ETF structure), but instead in companies that hold private credit in their portfolio.

Among LITs, the choice is greater. Of the half a dozen private credit LITs on the ASX, all but one were listed between 2017 and 2019 as yields on listed fixed income fell close to zero. These trusts tend to offer higher yields than traditional credit and bonds, with each one generally having a specialised niche they operate in, such as secured property lending, corporate loans, and residential mortgage-backed securities.

Private Credit ETFs

Scroll across to see full table.

Code

Exchange

Type

Issuer

Fund Name

MER
(% pa)

FUM
($m)

Spread

5 Year Return
(p.a.)

3 Year Return
(p.a.)

1 Year
Return

LEND

ASX

ETF

VanEck

VanEck Global Listed Private Credit (AUD Hedged) ETF

0.65

65

0.16%

n/a

n/a

n/a

Source: ASX. As at 30 September 2024. Past performance is not an indicator of future performance. 

Private Credit LICS/LITs

Scroll across to see full table.

Code

Exchange

Type

Company/Trust Name

Market Cap
($m)

MER
(% p.a.)

Performance
Fee?

Premium/Discount 
(post-tax)

5 Year 
Return
(p.a.)

3 Year 
Return
(p.a.)

1 Year
Return

GCI

ASX

LIC

Gryphon Capital Income Trust

688

0.96

No

2.0%

6.1%

8.1%

11.6%

MOT

ASX

LIT

MCP Income Opportunities Trust

720

1.03

Yes

1.3%

9.4%

10.6%

13.4%

MXT

ASX

LIC

MCP Master Income Trust

2187

0.86

No

3.0%

6.4%

7.8%

10.9%

KKC

ASX

LIC

KKR Credit Income Fund

742

1.21

Yes

-7.1%

n/a

8.3%

23.0%

PCX

ASX

LIT

Pengana Global Private Credit Trust

170

1.20

No

1.5%

n/a

n/a

n/a

QRI

ASX

LIC

Qualitas Real Estate Income Fund

725

1.54

No

1.5%

7.6%

7.2%

10.1%

TCF

ASX

LIC

360 Capital Enhanced Income Fund

24

0.85

No

-1.5%

5.7%

7.9%

22.9%

Source: ASX, Morningstar, 360 Capital. As at 30 September 2024. Past performance is not an indicator of future performance. 

Digital assets

‘Digital assets’ is simply another name for cryptocurrencies. There are just five ETFs and no LICs or LITs that provide exposure to cryptocurrencies specifically. Four of these ETFs aims to track the price of Bitcoin, with the remaining one tracking the price of Ethereum.

While there are other ETFs that invest in listed companies in this sector, these don’t technically fall under alternative assets. 

Digital Assets ETFs

Scroll across to see full table.

Code

Exchange

Type

Issuer

Fund Name

MER
(% pa)

FUM
($m)

Spread

5 Year 
Return
(p.a.)

3 Year
Return
(p.a.)

1 Year
Return

BTXX

ASX

ETF

Digital X / K2

DigitalX Bitcoin ETF

0.49

1.9

0.18%

n/a

n/a

n/a

VBTC

ASX

ETF

VanEck

VanEck Bitcoin ETF

0.49

47

0.23%

n/a

n/a

n/a

EBTC

CBOE

ETF

Global X

Global X 21Shares Bitcoin ETF

0.59

110

0.24%

n/a

n/a

119.9%

EETH

CBOE

ETF

Global X

Global X 21Shares Ethereum ETF

0.59

20

0.48%

n/a

n/a

45.7%

IBTC

CBOE

ETF

Monochrome

Monochrome Bitcoin ETF

0.50

13

0.24%

n/a

n/a

n/a

IETH CBOE ETF Monochrome Monochrome Ethereum ETF 0.50 0.9
n/a n/a n/a











Source: ASX, CBOE. As at 30 September 2024. Past performance is not an indicator of future performance. 

Diversified funds

While not a specific strategy itself, the final entry on our list includes LICs and LITs that invest in a range of alternatives – including any of the categories discussed above.

Diversified Alternatives LICs

Scroll across to see full table.

Code

Exchange

Type

Company/Trust Name

Market Cap 
($m)

MER 
(% p.a.)

Performance
Fee?

Premium/Discount
(post-tax)

5 Year
Return
(p.a.)

3 Year
 Return 
(p.a.)

1 Year
Return

FGX

ASX

LIC

Future Generation Investment Fund Limited

518

1.00

N

-7.9%

9.6%

3.0%

19.3%

FGG

ASX

LIC

Future Generation Global Investment Company Limited

541

1.00

N

-8.1%

6.5%

2.6%

23.1%

WMA

ASX

LIC

WAM Alternative Assets Limited

210

1.20

Yes

-11.0%

n/a

7.7%

6.4%

Source: ASX, Morningstar. As at 30 September 2024. Past performance is not an indicator of future performance. 

The value of listed alternatives

As alternative investments become more accessible, they open the door to new possibilities for everyday investors looking to diversify and strengthen their portfolios. By gaining a deeper understanding of the various options available, you can make informed choices that not only enhance your portfolio’s resilience but also potentially improve long-term returns.

Whether you're seeking growth, income, or simply a way to balance out traditional assets, listed alternatives provide a range of tools to tailor your investment approach. With the right mix of assets, you're better equipped to navigate changing market conditions and stay on course towards your financial goals.


1 contributor mentioned

Patrick Poke
Founder & Director
PLP

Patrick is the founder and director of PLP Finance Media, a content production and strategy consulting agency specialising in investment content and communications. Patrick was a Market Analyst, Editor, Senior Editor, and Managing Editor at...

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