L1 Capital International (Unhedged) Active ETF (L1IF) Review & Analysis

MER · #489 of 514AUM · Top 50%1Y Return · #368 of 426

What's new this monthData to 30 September 2026

−2.9% in September (total return), behind the median international shares ETF at +0.0%.
Investors withdrew a net $0.7m (-0.1% of the fund).
The unit price closed the month at $6.33, 10% below its 12-month high (range $5.76 to $7.02).

About L1IF

L1IF is an international shares ETF from L1 Capital, listed on the ASX since November 2023. With $489m under management it is number 62 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 −5.7%, against +10.4% for the median international shares ETF.

L1IF distributions and dividend dates

The latest distribution was $0.0375 per unit (0% franked), ex-distribution on 1 July 2026 and paid on 17 July 2026. To receive it you need to own L1IF before the ex-date.

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

Compare L1IF Check overlap L1 Capital website ↗

Compare L1IF with

L1IFvsVGS

Vanguard MSCI Index International Shares ETF

Fee	1.20%	0.18%
1 year	−5.7%	+10.1%
5 yrs p.a.	–	+11.8%
Size	$489m	$18.7bn

Same holdingsNo holdings data

Full comparison →

L1IFvsQUAL

VanEck MSCI International Quality ETF

Fee	1.20%	0.40%
1 year	−5.7%	+10.1%
5 yrs p.a.	–	+11.4%
Size	$489m	$9.2bn

Same holdingsNo holdings data

Full comparison →

L1IFvsL1HI

L1 Capital International (Hedged) Active ETF

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

Same holdingsNo holdings data

Full comparison →

L1IFvsVGAD

Vanguard MSCI Index International Shares (Hedged) ETF

Fee	1.20%	0.21%
1 year	−5.7%	+17.1%
5 yrs p.a.	–	+10.8%
Size	$489m	$7.9bn

Same holdingsNo holdings data

Full comparison →

L1IF price by TradingView

Stock Code	L1IF
Fund Manager	L1 Capital
Asset Class	International shares
AUM	$489m
MER (%)	1.20%
Net flows (Sep)	−$0.7m
Last Price	$6.33
52-Week Range	$5.76 – $7.02
Bid/Ask Spread	0.39%
Listing Date	22/11/2023
Exchange	ASX
Index	None: actively managed. See the PDS for its benchmark
Issuer website	L1 Capital ↗

Performance (% return)

1 month−2.9%

1 year−5.7%

3 years p.a.–

5 years p.a.–

$10,000 invested…

1 year ago$9,433

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.

L1IF at a glance: strengths and things to watch

👍 Strengths

In an uptrend. Its price has been trending up since 9 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.
Wider trading spread. 0.39% between the buy and sell price. Use a limit order.
Short track record. Listed in November 2023, so it hasn't been tested through a full market cycle.

Worked out from L1IF'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 9 Oct 2026

L1IF is in an uptrend. Here's why that matters.

L1IF'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 4.4% 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

L1IF 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.
L1HI	L1 Capital International (Hedged) Active ETF Currency hedged	–	1.20%	$37m	−1.1%	–	–
VGS	Vanguard MSCI Index International Shares ETF	–	0.18%	$18.7bn	+10.1%	+17.9%	+11.8%
QUAL	VanEck MSCI International Quality ETF	–	0.40%	$9.2bn	+10.1%	+16.1%	+11.4%
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%
VESG	Vanguard Ethically Conscious International Shares Index ETF	–	0.18%	$1.6bn	+12.4%	+19.5%	+11.7%

Same holdings is the share of L1IF's money in companies the other ETF also holds, weighted by size. No other ETF shares much with L1IF, so these are ETFs in the same category. See every ETF like L1IF →

L1IF vs its closest alternatives

What actually differs between L1IF and the ETFs most like it. Data to 30 Sep 2026.

L1HI L1 Capital International (Hedged) Active ETF

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

Compare L1IF and L1HI side by side →

VGS Vanguard MSCI Index International Shares ETF

VGS is cheaper (0.18% vs 1.20%), worth about $65,329 on $100,000 over 20 years.
Over 1 year: L1IF −5.7%, VGS +10.1% (VGS ahead by 15.7 percentage points).
VGS is much larger ($18.7bn vs $489m), which usually means tighter trading spreads.
Different structure: L1IF is currency hedged, VGS is a standard fund.

Full L1IF vs VGS comparison →

QUAL VanEck MSCI International Quality ETF

QUAL is cheaper (0.40% vs 1.20%), worth about $50,215 on $100,000 over 20 years.
Over 1 year: L1IF −5.7%, QUAL +10.1% (QUAL ahead by 15.7 percentage points).
QUAL is much larger ($9.2bn vs $489m), which usually means tighter trading spreads.
Different structure: L1IF is currency hedged, QUAL is a standard fund.

Full L1IF vs QUAL comparison →

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

Popular comparisons

VGS vs L1IF QUAL vs L1IF

L1IF FAQs

What is the fee for L1IF?

L1IF 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 L1IF?

L1IF had $489m in funds under management as at 30 September 2026.

How has L1IF performed?

L1IF returned −5.7% over the year to 30 September 2026 (total return, including distributions). Past performance is not a reliable indicator of future performance.

Who manages L1IF?

L1IF is managed by L1 Capital and has been listed since November 2023.

Is L1IF franked?

Generally no. L1IF invests outside Australia, so its distributions carry little or no franking credits. Franking comes from Australian companies that have paid tax here.

Is L1IF currency hedged?

Yes. L1IF 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.