Apostle Dundas Global Equity Fund - Class D Active ETF (ADEF) Review & Analysis

MER · #434 of 514AUM · #444 of 5081Y Return · #293 of 4263Y Return · #171 of 3005Y Return · #120 of 225

What's new this monthData to 30 September 2026

−0.7% in September (total return), behind the median international shares ETF at +0.0%.
Investors withdrew a net $1.0m (-10.9% of the fund).
The unit price closed the month at $6.14, 5% below its 12-month high (range $5.44 to $6.49).

About ADEF

ADEF is an international shares ETF from Apostle, listed on the ASX since February 2021. With $8.4m under management it is number 228 of 254 international shares ETFs by size. The management fee is 0.90% a year, about $90 on every $10,000 invested, dearer than the typical international shares ETF at 0.55%.

Over five years it has returned +5.3% a year including distributions, against +8.8% for the median international shares ETF.

ADEF distributions and dividend dates

The latest distribution was $0.0161 per unit (0% franked), ex-distribution on 29 June 2026 and paid on 17 July 2026. To receive it you need to own ADEF before the ex-date.

From ASX announcements, updated nightly. See every ETF in the dividend calendar.

Compare ADEF Check overlap Apostle website ↗

Compare ADEF with

ADEFvsDFGH

Dimensional Global Core Equity Trust (AUD Hedged Class) – Active ETF

Fee	0.90%	0.36%
1 year	−0.4%	+18.2%
5 yrs p.a.	+5.3%	–
Size	$8.4m	$4.2bn

Same holdingsNo holdings data

Full comparison →

ADEFvsB1SM

Bell Global Emerging Companies Fund (Class A) Active ETF

Fee	0.90%	1.34%
1 year	−0.4%	–
5 yrs p.a.	+5.3%	–
Size	$8.4m	$133m

Same holdingsNo holdings data

Full comparison →

ADEFvsDAOR

Aoris Int Fund (Class D) (Hedged) Active ETF

Fee	0.90%	1.15%
1 year	−0.4%	+1.2%
5 yrs p.a.	+5.3%	–
Size	$8.4m	$130m

Same holdingsNo holdings data

Full comparison →

ADEFvsBAOR

Aoris Int Fund (Class B) (Unhedged) Active ETF

Fee	0.90%	1.10%
1 year	−0.4%	−6.6%
5 yrs p.a.	+5.3%	–
Size	$8.4m	$122m

Same holdingsNo holdings data

Full comparison →

ADEF price by TradingView

Stock Code	ADEF
Fund Manager	Apostle
Asset Class	International shares
AUM	$8.4m
MER (%)	0.90%
Net flows (Sep)	−$1.0m
Last Price	$6.14
52-Week Range	$5.44 – $6.49
Bid/Ask Spread	0.31%
Listing Date	24/02/2021
Exchange	ASX
Index	None: actively managed. See the PDS for its benchmark
Issuer website	Apostle ↗

Performance (% return)

1 month−0.7%

1 year−0.4%

3 years p.a.+9.6%

5 years p.a.+5.3%

$10,000 invested…

1 year ago$9,9613 years ago$13,1755 years ago$12,972

Value at 30 September 2026 with distributions reinvested, before tax and brokerage.

Total returns including distributions, to 30 September 2026. 1M, 1Y, 3Y and 5Y bars are cumulative.

ADEF at a glance: strengths and things to watch

👍 Strengths

In an uptrend. Its price has been trending up since 8 October (as at 7 November).

⚠️ Things to watch

Higher fee. At 0.90% a year it costs more than 80% of international shares ETFs (median 0.55%), or about $35 a year more on every $10,000.
Small fund. With $8.4m under management, it is more at risk of being closed or merged than larger funds, and trading can be thinner.
Behind its peers. +5.3% a year over 5 years, against +8.8% for the median international shares ETF.

Worked out from ADEF's fees, size, flows, returns and trend against the 257 international shares ETFs in Australia, to 30 September 2026. General information, not a recommendation.

etfadviserTrend check

Uptrend since 8 Oct 2026

ADEF is in an uptrend. Here's why that matters.

ADEF's price is above its 20-day average and its 10, 20, 50 and 200-day averages are stacked upward. The trend is on investors' side. Its price is 2.8% below its 12-month high.

Why it matters: Uptrends are when satellite ETFs tend to do their best work. The key is knowing when the trend breaks, so gains aren't handed back.

At ETF Adviser the core of a portfolio stays invested through every stage, and satellite ETFs are only bought in an uptrend. Members get a weekly update on which ETFs are breaking out of a base and which trends have broken.

Get the weekly trend updates: try it free for 30 days How base and trend works →See every ETF's stage →Visit etfadviser.com.au →

UptrendBaseDowntrend

ADEF weekly price, past 12 months, shaded by trend stage. Stage as at 7 November 2026, updated weekly. A technical label, not a recommendation.

Investment Focus

Exposure Regions

Global

Themes & Sectors

Active ETFs

Similar ETFs

Code	Name	Same holdings	MER	AUM	1Y	3Y p.a.	5Y p.a.
DFGH	Dimensional Global Core Equity Trust (AUD Hedged Class) – Active ETF Currency hedged	–	0.36%	$4.2bn	+18.2%	–	–
B1SM	Bell Global Emerging Companies Fund (Class A) Active ETF Active	–	1.34%	$133m	–	–	–
DAOR	Aoris Int Fund (Class D) (Hedged) Active ETF Currency hedged	–	1.15%	$130m	+1.2%	+11.7%	–
BAOR	Aoris Int Fund (Class B) (Unhedged) Active ETF Currency hedged	–	1.10%	$122m	−6.6%	+10.0%	–
VGS	Vanguard MSCI Index International Shares ETF	–	0.18%	$18.7bn	+10.1%	+17.9%	+11.8%
IVV	iShares S&P 500 ETF	–	0.04%	$14.9bn	+10.1%	+19.2%	+13.4%

Same holdings is the share of ADEF's money in companies the other ETF also holds, weighted by size. No other ETF shares much with ADEF, so these are ETFs in the same category. See every ETF like ADEF →

ADEF vs its closest alternatives

What actually differs between ADEF and the ETFs most like it. Data to 30 Sep 2026.

DFGH Dimensional Global Core Equity Trust (AUD Hedged Class) – Active ETF

DFGH is cheaper (0.36% vs 0.90%), worth about $34,926 on $100,000 over 20 years.
Over 1 year: ADEF −0.4%, DFGH +18.2% (DFGH ahead by 18.6 percentage points).
DFGH is much larger ($4.2bn vs $8.4m), which usually means tighter trading spreads.
Different structure: ADEF is actively managed, DFGH is currency hedged.

Compare ADEF and DFGH side by side →

B1SM Bell Global Emerging Companies Fund (Class A) Active ETF

ADEF is cheaper (0.90% vs 1.34%), worth about $26,065 on $100,000 over 20 years.
B1SM is much larger ($133m vs $8.4m), which usually means tighter trading spreads.

Compare ADEF and B1SM side by side →

DAOR Aoris Int Fund (Class D) (Hedged) Active ETF

ADEF is cheaper (0.90% vs 1.15%), worth about $15,062 on $100,000 over 20 years.
Over 3 years, a year: ADEF +9.6%, DAOR +11.7% (DAOR ahead by 2.0 percentage points).
DAOR is much larger ($130m vs $8.4m), which usually means tighter trading spreads.
Different structure: ADEF is actively managed, DAOR is currency hedged.

Compare ADEF and DAOR side by side →

General information only. Past performance is not a reliable indicator of future performance.

ADEF FAQs

What is the fee for ADEF?

ADEF charges a management fee (MER) of 0.90% a year, according to the TMX Australia monthly funds report as at 30 September 2026.

How big is ADEF?

ADEF had $8.4m in funds under management as at 30 September 2026.

How has ADEF performed?

ADEF returned −0.4% over the year to 30 September 2026 (total return, including distributions). Over three years it returned +9.6% a year. Past performance is not a reliable indicator of future performance.

Who manages ADEF?

ADEF is managed by Apostle and has been listed since February 2021.

Is ADEF franked?

Generally no. ADEF invests outside Australia, so its distributions carry little or no franking credits. Franking comes from Australian companies that have paid tax here.

Is ADEF currency hedged?

No, ADEF is unhedged. Its returns move with the Australian dollar: a falling dollar adds to returns and a rising dollar reduces them.

Disclaimer

This review is general information only and does not take into account your objectives, financial situation or needs. Consider the Apostle product disclosure statement (PDS) and target market determination (TMD) before investing. Past performance is not a reliable indicator of future performance.