Lion Active ETF (ROAR) — Review & Analysis

ROAR is a newly listed active ETF that packages the Frazis-style quantitative growth strategy into an ASX-tradeable format. Launched on 1 June 2026, the fund is managed by the team behind Frazis Capital Partners — best known for the wholesale Frazis Fund, which has developed a reputation for aggressive, momentum-driven trades across US and global growth names. The ETF is issued by K2 Asset Management via Lioncrest Partners at a management fee of ~0.99%, with a target universe of global mid- and large-cap growth stocks (market cap over $1 billion). See the Themes & Growth ETFs guide for how growth-tilted active funds compare, and run ROAR alongside alternatives like FANG or HGGG using the Compare tool.

The Frazis approach is unusual in the Australian active ETF market. Where most global equity funds hold 50-100 names with slow, high-conviction rotation, ROAR uses a quantitative system that rotates aggressively between sectors when momentum shifts. The wholesale fund's recent moves illustrate the style — buying semiconductors before the 2026 rally, then rotating heavily into software names (Snowflake, Rubrik, GitLab, Atlassian, ServiceNow, Figma) in late May 2026 as the sector turned. It's a high-turnover, thematically concentrated approach that has generated strong returns for the wholesale fund but is not for the faint-hearted.

Where ROAR differs from the wholesale Frazis Fund is important to understand: it's a separate strategy with different governance, a different management company, a different team, and a different risk/return target. The wholesale fund has posted 25%+ months in early 2026 but with commensurate drawdown risk. ROAR is a more diversified expression of the same quant approach — broadly applied to a wider universe of mid- and large-cap growth stocks. Early data shows a beta of ~0.59 against broad equities, suggesting a more defensive posture than the flagship strategy.

For investors interested in a momentum-driven quantitative global growth ETF, ROAR is genuinely differentiated on the ASX. Caveats: it's brand new (six weeks old at time of writing), AUM is small at around $17M, and daily volumes are thin — expect wider bid-ask spreads than the mainstream global funds. For pure passive growth exposure, NDQ or FANG remain cheaper and more liquid. But if you specifically want the Frazis quant approach in ETF form, this is now available. Give it 12-24 months to build a proper track record before drawing conclusions.