L1 Capital International (Hedged) Active ETF (L1HI) Review & Analysis

MER · #488 of 514AUM · #366 of 5081Y Return · #317 of 426

What's new this monthData to 30 September 2026

−5.1% in September (total return), behind the median international shares ETF at +0.0%.
Investors withdrew a net $0.6m (-1.5% of the fund).
The unit price closed the month at $5.55, 9% below its 12-month high (range $5.18 to $6.08).

About L1HI

L1HI is an international shares ETF from L1 Capital, listed on the ASX since July 2024. With $37m under management it is number 183 of 254 international shares ETFs by size. The management fee is 1.20% a year, about $120 on every $10,000 invested, dearer than the typical international shares ETF at 0.55%.

Over the past year it returned −1.1%, against +10.4% for the median international shares ETF.

L1HI distributions and dividend dates

The latest distribution was $0.2075 per unit (0% franked), ex-distribution on 1 July 2026 and paid on 16 July 2026. To receive it you need to own L1HI before the ex-date.

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

Compare L1HI Check overlap L1 Capital website ↗

Compare L1HI with

L1HIvsL1IF

L1 Capital International (Unhedged) Active ETF

Fee	1.20%	1.20%
1 year	−1.1%	−5.7%
5 yrs p.a.	–	–
Size	$37m	$489m

Same holdingsNo holdings data

Full comparison →

L1HIvsVGAD

Vanguard MSCI Index International Shares (Hedged) ETF

Fee	1.20%	0.21%
1 year	−1.1%	+17.1%
5 yrs p.a.	–	+10.8%
Size	$37m	$7.9bn

Same holdingsNo holdings data

Full comparison →

L1HIvsQHAL

VanEck MSCI International Quality (AUD Hedged) ETF

Fee	1.20%	0.43%
1 year	−1.1%	+16.5%
5 yrs p.a.	–	+9.7%
Size	$37m	$2.7bn

Same holdingsNo holdings data

Full comparison →

L1HIvsQHSM

VanEck MSCI International Small Companies Quality (AUD Hedged) ETF

Fee	1.20%	0.62%
1 year	−1.1%	+4.2%
5 yrs p.a.	–	–
Size	$37m	$262m

Same holdingsNo holdings data

Full comparison →

L1HI price by TradingView

Stock Code	L1HI
Fund Manager	L1 Capital
Asset Class	International shares
AUM	$37m
MER (%)	1.20%
Net flows (Sep)	−$0.6m
Last Price	$5.55
52-Week Range	$5.18 – $6.08
Bid/Ask Spread	0.70%
Listing Date	22/07/2024
Exchange	ASX
Index	None: actively managed. See the PDS for its benchmark
Issuer website	L1 Capital ↗

Performance (% return)

1 month−5.1%

1 year−1.1%

3 years p.a.–

5 years p.a.–

$10,000 invested…

1 year ago$9,893

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.

L1HI at a glance: strengths and things to watch

👍 Strengths

In an uptrend. Its price has been trending up since 23 October (as at 7 November).

⚠️ Things to watch

Higher fee. At 1.20% a year it costs more than 91% of international shares ETFs (median 0.55%), or about $65 a year more on every $10,000.
Small fund. With $37m under management, it is more at risk of being closed or merged than larger funds, and trading can be thinner.
Wider trading spread. 0.70% between the buy and sell price. Use a limit order.
Short track record. Listed in July 2024, so it hasn't been tested through a full market cycle.

Worked out from L1HI'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 23 Oct 2026

L1HI is in an uptrend. Here's why that matters.

L1HI'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 5.3% 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

L1HI 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

Currency hedged Active ETFs

Similar ETFs

Code	Name	Same holdings	MER	AUM	1Y	3Y p.a.	5Y p.a.
L1IF	L1 Capital International (Unhedged) Active ETF Currency hedged	–	1.20%	$489m	−5.7%	–	–
VGAD	Vanguard MSCI Index International Shares (Hedged) ETF Currency hedged	–	0.21%	$7.9bn	+17.1%	+19.8%	+10.8%
QHAL	VanEck MSCI International Quality (AUD Hedged) ETF Currency hedged	–	0.43%	$2.7bn	+16.5%	+17.8%	+9.7%
QHSM	VanEck MSCI International Small Companies Quality (AUD Hedged) ETF Currency hedged	–	0.62%	$262m	+4.2%	–	–
HVLU	VanEck MSCI International Value (AUD Hedged) ETF Currency hedged	–	0.43%	$164m	+57.8%	–	–
VGS	Vanguard MSCI Index International Shares ETF	–	0.18%	$18.7bn	+10.1%	+17.9%	+11.8%

Same holdings is the share of L1HI's money in companies the other ETF also holds, weighted by size. No other ETF shares much with L1HI, so these are ETFs in the same category. See every ETF like L1HI →

L1HI vs its closest alternatives

What actually differs between L1HI and the ETFs most like it. Data to 30 Sep 2026.

L1IF L1 Capital International (Unhedged) Active ETF

Both charge the same fee (1.20%).
Over 1 year: L1HI −1.1%, L1IF −5.7% (L1HI ahead by 4.6 percentage points).
L1IF is much larger ($489m vs $37m), which usually means tighter trading spreads.

Compare L1HI and L1IF side by side →

VGAD Vanguard MSCI Index International Shares (Hedged) ETF

VGAD is cheaper (0.21% vs 1.20%), worth about $63,233 on $100,000 over 20 years.
Over 1 year: L1HI −1.1%, VGAD +17.1% (VGAD ahead by 18.1 percentage points).
VGAD is much larger ($7.9bn vs $37m), which usually means tighter trading spreads.

Compare L1HI and VGAD side by side →

QHAL VanEck MSCI International Quality (AUD Hedged) ETF

QHAL is cheaper (0.43% vs 1.20%), worth about $48,200 on $100,000 over 20 years.
Over 1 year: L1HI −1.1%, QHAL +16.5% (QHAL ahead by 17.6 percentage points).
QHAL is much larger ($2.7bn vs $37m), which usually means tighter trading spreads.

Compare L1HI and QHAL side by side →

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

L1HI FAQs

What is the fee for L1HI?

L1HI charges a management fee (MER) of 1.20% a year, according to the TMX Australia monthly funds report as at 30 September 2026.

How big is L1HI?

L1HI had $37m in funds under management as at 30 September 2026.

How has L1HI performed?

L1HI returned −1.1% over the year to 30 September 2026 (total return, including distributions). Past performance is not a reliable indicator of future performance.

Who manages L1HI?

L1HI is managed by L1 Capital and has been listed since July 2024.

Is L1HI franked?

Generally no. L1HI invests outside Australia, so its distributions carry little or no franking credits. Franking comes from Australian companies that have paid tax here.

Is L1HI currency hedged?

Yes. L1HI is currency hedged, so changes in the Australian dollar have little effect on its returns. You get the return of the underlying investments in their local currency, less a small cost of hedging.

Disclaimer

This review is general information only and does not take into account your objectives, financial situation or needs. Consider the L1 Capital product disclosure statement (PDS) and target market determination (TMD) before investing. Past performance is not a reliable indicator of future performance.