Hejaz Equities Fund Active ETF (ISLM) Review & Analysis

MER · #514 of 514AUM · #315 of 5081Y Return · Top 50%3Y Return · Top 50%

What's new this monthData to 30 September 2026

+2.6% in September (total return), ahead of the median international shares ETF at +0.0%.
Investors added a net $8.8m (14.3% of the fund).
The unit price closed the month at $1.18, 16% below its 12-month high (range $1.05 to $1.40).

About ISLM

ISLM is an international shares ETF from Hejaz, listed on the ASX since October 2022. With $70m under management it is number 158 of 254 international shares ETFs by size. The management fee is 1.89% a year, about $189 on every $10,000 invested, dearer than the typical international shares ETF at 0.55%.

Over the past year it returned +11.2%, against +10.4% for the median international shares ETF.

ISLM distributions and dividend dates

The latest distribution was $0.0705 per unit (0% franked), ex-distribution on 1 July 2026 and paid on 23 July 2026. To receive it you need to own ISLM before the ex-date.

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

Compare ISLM Check overlap Hejaz website ↗

Compare ISLM with

ISLMvsGGUS

Betashares Geared US Equities Currency Hedged Complex ETF

Fee	1.89%	0.80%
1 year	+11.2%	+28.1%
5 yrs p.a.	–	+13.6%
Size	$70m	$454m

Same holdingsNo holdings data

Full comparison →

ISLMvsGCQF

GCQ Global Equities Complex ETF

Fee	1.89%	1.25%
1 year	+11.2%	−22.9%
5 yrs p.a.	–	–
Size	$70m	$261m

Same holdingsNo holdings data

Full comparison →

ISLMvsSCOR

AB Global Strategic Core Equities Fund - Active ETF

Fee	1.89%	0.70%
1 year	+11.2%	–
5 yrs p.a.	–	–
Size	$70m	$139m

Same holdingsNo holdings data

Full comparison →

ISLMvsHGCQ

GCQ Global Equities Hedged Complex ETF

Fee	1.89%	1.25%
1 year	+11.2%	–
5 yrs p.a.	–	–
Size	$70m	$30m

Same holdingsNo holdings data

Full comparison →

ISLM price by TradingView

Stock Code	ISLM
Fund Manager	Hejaz
Asset Class	International shares
AUM	$70m
MER (%)	1.89%
Net flows (Sep)	+$8.8m
Last Price	$1.18
52-Week Range	$1.05 – $1.40
Bid/Ask Spread	0.78%
Listing Date	17/10/2022
Exchange	ASX
Index	None: actively managed. See the PDS for its benchmark
Issuer website	Hejaz ↗

Performance (% return)

1 month+2.6%

1 year+11.2%

3 years p.a.+14.0%

5 years p.a.–

$10,000 invested…

1 year ago$11,1213 years ago$14,814

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.

ISLM at a glance: strengths and things to watch

👍 Strengths

Money is flowing in. Investors added a net $8.8m in September (13% of the fund).

⚠️ Things to watch

Higher fee. At 1.89% a year it costs more than 100% of international shares ETFs (median 0.55%), or about $134 a year more on every $10,000.
Behind its peers. +14.0% a year over 3 years, against +15.4% for the median international shares ETF.
Wider trading spread. 0.78% between the buy and sell price. Use a limit order.
In a downtrend. Its price has been trending down since 26 October (as at 7 November).

Worked out from ISLM'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

Downtrend since 26 Oct 2026

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

ISLM'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

ISLM 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

Themes & Sectors

Active ETFs

Similar ETFs

Code	Name	Same holdings	MER	AUM	1Y	3Y p.a.	5Y p.a.
GGUS	Betashares Geared US Equities Currency Hedged Complex ETF Geared	–	0.80%	$454m	+28.1%	+37.6%	+13.6%
GCQF	GCQ Global Equities Complex ETF	–	1.25%	$261m	−22.9%	–	–
SCOR	AB Global Strategic Core Equities Fund - Active ETF Active	–	0.70%	$139m	–	–	–
HGCQ	GCQ Global Equities Hedged Complex ETF Currency hedged	–	1.25%	$30m	–	–	–
MORE	AB Emerging Markets Strategic Core Equities Fund - Active ETF Active	–	1.00%	$9.9m	–	–	–
HJHI	Hejaz High Income Active ETF Active	–	1.10%	$9.8m	+5.7%	–	–

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

ISLM vs its closest alternatives

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

GCQF GCQ Global Equities Complex ETF

GCQF is cheaper (1.25% vs 1.89%), worth about $34,975 on $100,000 over 20 years.
Over 1 year: ISLM +11.2%, GCQF −22.9% (ISLM ahead by 34.1 percentage points).
GCQF is about 4 times larger ($261m vs $70m), which usually means tighter trading spreads.
Different structure: ISLM is actively managed, GCQF is a standard fund.

Compare ISLM and GCQF side by side →

SCOR AB Global Strategic Core Equities Fund - Active ETF

SCOR is cheaper (0.70% vs 1.89%), worth about $68,419 on $100,000 over 20 years.

Compare ISLM and SCOR side by side →

HGCQ GCQ Global Equities Hedged Complex ETF

HGCQ is cheaper (1.25% vs 1.89%), worth about $34,975 on $100,000 over 20 years.
ISLM is about 2 times larger ($70m vs $30m), which usually means tighter trading spreads.
Different structure: ISLM is actively managed, HGCQ is currency hedged.

Compare ISLM and HGCQ side by side →

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

ISLM FAQs

What is the fee for ISLM?

ISLM charges a management fee (MER) of 1.89% a year, according to the TMX Australia monthly funds report as at 30 September 2026.

How big is ISLM?

ISLM had $70m in funds under management as at 30 September 2026.

How has ISLM performed?

ISLM returned +11.2% over the year to 30 September 2026 (total return, including distributions). Over three years it returned +14.0% a year. Past performance is not a reliable indicator of future performance.

Who manages ISLM?

ISLM is managed by Hejaz and has been listed since October 2022.

Is ISLM franked?

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

Is ISLM currency hedged?

No, ISLM 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 Hejaz product disclosure statement (PDS) and target market determination (TMD) before investing. Past performance is not a reliable indicator of future performance.