Firetrail Australian Small Companies Fund – Active ETF (FSML) Review & Analysis

MER · #423 of 514AUM · Top 25%1Y Return · #324 of 426

What's new this monthData to 30 September 2026

−1.0% in September (total return), ahead of the median Australian shares ETF at −2.1%.
Investors added a net $20m (3.2% of the fund).
The unit price closed the month at $2.05, 16% below its 12-month high (range $1.95 to $2.43).

About FSML

FSML is an Australian shares ETF from Firetrail, listed on the ASX since November 2024. With $638m under management it is number 23 of 81 Australian shares ETFs by size. The management fee is 0.85% a year, about $85 on every $10,000 invested, dearer than the typical Australian shares ETF at 0.35%.

Over the past year it returned −1.4%, against +1.6% for the median Australian shares ETF.

FSML distributions and dividend dates

FSML pays distributions yearly, usually going ex-distribution in July, with payment about 12 days after the ex-date. (Pattern estimated from recent payments.)

The latest distribution was $0.1162 per unit (5% franked), ex-distribution on 1 July 2026 and paid on 13 July 2026. To receive it you need to own FSML before the ex-date.

Its distribution yield over the past 12 months is about 6.3%, with distributions around 5% franked. Distributions vary and past payments are not a guide to future ones.

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

Compare FSML Check overlap Firetrail website ↗

Compare FSML with

FSMLvsVSO

Vanguard MSCI Australian Small Companies Index ETF

Fee	0.85%	0.30%
1 year	−1.4%	−0.1%
5 yrs p.a.	–	+4.8%
Size	$638m	$1.2bn

Same holdingsNo holdings data

Full comparison →

FSMLvsSMLL

Betashares Australian Small Companies Select ETF

Fee	0.85%	0.39%
1 year	−1.4%	+4.3%
5 yrs p.a.	–	+4.7%
Size	$638m	$369m

Same holdingsNo holdings data

Full comparison →

FSMLvsMVS

VanEck Small Companies Masters ETF

Fee	0.85%	0.49%
1 year	−1.4%	−2.1%
5 yrs p.a.	–	+2.3%
Size	$638m	$186m

Same holdingsNo holdings data

Full comparison →

FSMLvsVLC

Vanguard MSCI Australian Large Companies Index ETF

Fee	0.85%	0.20%
1 year	−1.4%	+7.1%
5 yrs p.a.	–	+7.9%
Size	$638m	$310m

Same holdingsNo holdings data

Full comparison →

FSML price by TradingView

Stock Code	FSML
Fund Manager	Firetrail
Asset Class	Australian shares
AUM	$638m
MER (%)	0.85%
Net flows (Sep)	+$20m
Last Price	$2.05
52-Week Range	$1.95 – $2.43
Bid/Ask Spread	0.52%
Listing Date	18/11/2024
Exchange	ASX
Index	None: actively managed. See the PDS for its benchmark
Issuer website	Firetrail ↗

Performance (% return)

1 month−1.0%

1 year−1.4%

3 years p.a.–

5 years p.a.–

$10,000 invested…

1 year ago$9,864

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.

FSML at a glance: strengths and things to watch

👍 Strengths

Money is flowing in. Investors added a net $20m in September (3% of the fund).

⚠️ Things to watch

Higher fee. At 0.85% a year it costs more than 77% of Australian shares ETFs (median 0.35%), or about $50 a year more on every $10,000.
Wider trading spread. 0.52% between the buy and sell price. Use a limit order.
Short track record. Listed in November 2024, so it hasn't been tested through a full market cycle.
In a downtrend. Its price has been trending down since 16 September (as at 7 November).

Worked out from FSML's fees, size, flows, returns and trend against the 83 Australian shares ETFs in Australia, to 30 September 2026. General information, not a recommendation.

etfadviserTrend check

Downtrend since 16 Sep 2026

FSML is in a downtrend. Here's why that matters.

FSML's price is below its 20-day average and its averages are stacked downward.

Why it matters: Downtrends can run for months, and that is where most big losses happen. For satellite holdings, waiting in cash until the trend turns has often been the better choice.

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

FSML 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

Australia

Themes & Sectors

Active ETFs

Similar ETFs

Code	Name	Same holdings	MER	AUM	1Y	3Y p.a.	5Y p.a.
VSO	Vanguard MSCI Australian Small Companies Index ETF	–	0.30%	$1.2bn	−0.1%	+11.5%	+4.8%
SMLL	Betashares Australian Small Companies Select ETF	–	0.39%	$369m	+4.3%	+13.6%	+4.7%
MVS	VanEck Small Companies Masters ETF	–	0.49%	$186m	−2.1%	+9.8%	+2.3%
WAVE	Longwave Australian Small Companies Fund Active ETF Active	–	0.89%	–	–	–	–
VLC	Vanguard MSCI Australian Large Companies Index ETF	–	0.20%	$310m	+7.1%	+11.7%	+7.9%
ISO	iShares S&P/ASX Small Ordinaries ETF	–	0.55%	$136m	−6.9%	+9.2%	+0.9%

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

FSML vs its closest alternatives

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

VSO Vanguard MSCI Australian Small Companies Index ETF

VSO is cheaper (0.30% vs 0.85%), worth about $35,924 on $100,000 over 20 years.
Over 1 year: FSML −1.4%, VSO −0.1% (VSO ahead by 1.3 percentage points).
Different structure: FSML is actively managed, VSO is a standard fund.

Full FSML vs VSO comparison →

SMLL Betashares Australian Small Companies Select ETF

SMLL is cheaper (0.39% vs 0.85%), worth about $29,802 on $100,000 over 20 years.
Over 1 year: FSML −1.4%, SMLL +4.3% (SMLL ahead by 5.7 percentage points).
Different structure: FSML is actively managed, SMLL is a standard fund.

Full FSML vs SMLL comparison →

MVS VanEck Small Companies Masters ETF

MVS is cheaper (0.49% vs 0.85%), worth about $23,113 on $100,000 over 20 years.
Over 1 year: FSML −1.4%, MVS −2.1% (FSML ahead by 0.8 percentage points).
FSML is about 3 times larger ($638m vs $186m), which usually means tighter trading spreads.
Different structure: FSML is actively managed, MVS is a standard fund.

Full FSML vs MVS comparison →

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

Popular comparisons

VSO vs FSML FSML vs SMLL FSML vs MVS FSML vs VLC

FSML FAQs

What is the fee for FSML?

FSML charges a management fee (MER) of 0.85% a year, according to the TMX Australia monthly funds report as at 30 September 2026.

How big is FSML?

FSML had $638m in funds under management as at 30 September 2026.

How has FSML performed?

FSML returned −1.4% over the year to 30 September 2026 (total return, including distributions). Past performance is not a reliable indicator of future performance.

Who manages FSML?

FSML is managed by Firetrail and has been listed since November 2024.

Disclaimer

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