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Longwave Australian Small Companies Fund - Active ETF (ASX: WAVE)

All Weather Active Small Caps

Accessible as an active ETF

OVERVIEW

The Longwave Australian Small Companies Fund – Active ETF (the ‘Fund’) is our diversified, active portfolio of high quality small companies that has been built using our distinctive combination of fundamental and quantitative research methods.

The Fund aims to outperform the S&P/ASX Small Ordinaries Total Return Index over the long term. This Fund is a dual access Fund that can now be accessed as both an unquoted fund or an Active ETF (WAVE).

Please note: the name of the Fund changed from the Longwave Australian Small Companies Fund to the Longwave Australian Small Companies Fund – Active ETF on 14 October 2026 to facilitate quotation of the Fund on the ASX. 

WAVE Flyer
Latest Monthly Report
Product Disclosure Statement (PDS)
Target Market Determination (TMD)
Combined fundamental and systematic processes

Deep company insight from experienced team is paired with proprietary quantitative tools.

Genuine Diversification

Generally 80-140 holdings with ex-100 stock exposure gives investors a differentiated Australian Equities Allocation.

Small-cap specialists

Australian small companies are the team’s sole focus.

WAVE: now available on the ASX.

Longwave Australian Small Companies Fund – Active ETF (ASX: WAVE) is available as an active Exchange Traded Fund (ETF), allowing investors to buy and sell on the Australian Securities Exchange (ASX).

  • Simple: Click to buy on the securities exchange. Easy to switch from unquoted to quoted unit
  • Accessible: No minimum investment amount
  • Liquid: Investors can buy/sell intraday on the ASX
  • Transparent: Live trading price, quarterly full portfolio disclosure
What are Active ETFs?

Active ETFs are actively managed by fund managers with the aim to generate alpha and outperform relevant benchmarks. They were formerly known as Exchange Quoted Managed Funds (EQMFs), Exchange Traded Managed Funds (ETMF), or quoted managed funds.

Active ETFs will aim to beat the benchmark using a number of active investing strategies. They operate in a similar way to traditional managed funds but have the benefit of transparent, live intra-day pricing and market-making capability (which is intended to provide liquidity and facilitate settlement of transactions).

Investors invest in the active ETF by using a stockbroker, financial adviser or share trading platform.

Disclaimer
Investors who apply for units directly with Pinnacle Fund Services Limited (the Responsible Entity) may pay a different price per unit to an investor who purchases those units on the ASX at the same time, and such differences may have a material impact on the performance of that investment.
*The iNAV calculations (the “Data”) are provided by ICE Data Indices, LLC or its third-party suppliers and are updated during the ASX Trading Day. INAV calculations are indicative and for reference purposes only. You acknowledge that the Data is provided for information only and should not be relied upon for any purpose.
Longwave Australian Small Companies Fund – Active ETF (the “Fund”) is not sponsored, endorsed, sold or marketed by ICE Data Indices, LLC, its affiliates (“ICE Data”) or their respective third party suppliers. ICE DATA AND ITS THIRD-PARTY SUPPLIERS MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND HEREBY EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT TO THE iNAV, FUND OR ANY DATA INCLUDED THEREIN. IN NO EVENT SHALL ICE DATA HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, DIRECT, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

Indicative NAV*

per unit as at
November 06, 2026 04:19:59 (pm)

$11.5626

1 second delayed price

NAV History

ASX Announcements

View all ASX announcements
FUND PERFORMANCE TO 30 SEPTEMBER 2026
Latest Monthly Report

1Return net of 0.89% p.a. management fee. The performance of the Fund includes the period prior to quotation on 14 October 2026. 2. S&P/ASX Small Ordinaries Total Return Index. 3. Inception date: 31 Oct, 2019. a Strategy inception date: 1 Feb, 2019. Past performance is not a reliable indicator of future performance, p.a performance is annualised. Investors who apply for units directly with the Responsible Entity may pay a different price per unit to an investor who purchases those units on the ASX at the same time, and such differences may have a material impact on the performance of that investment. The above performance reflects the performance of the Fund where units are purchased and redeemed directly with the Responsible Entity only.

This product is intended for use as a minor or satellite allocation for a consumer who is seeking capital growth and has a very high risk and return profile for that portion of their investment portfolio. It is likely to be consistent with the financial situation and needs of a consumer with a 5 – 7 years investment timeframe and who is unlikely to need to withdraw their money on less than one week’s notice. View the Target Market Determination (TMD).

KEY FEATURES
wdt_ID Fund Characteristics value
1 ASX Ticker WAVE
2 APIR WHT9368AU
3 Objective The Fund aims to outperform the Benchmark over the long term.
4 Benchmark S&P/ASX Small Ordinaries Total Return Index
5 Holdings approx. 80 - 140 securities at any time
6 Portfolio Allocation1 90-100% Australian and New Zealand equities 0-10% Cash
7 Fund Inception Date 31 October 2019
8 Available on the ASX 14 October 2026
9 Management Fee 0.89%2
10 Performance Fee No performance fee
11 Risk / Return Very High
12 Buy / Sell 0.30% / 0.30%
13 Distribution Half-yearly
1The portfolio allocation ranges provided are indicative only. The Fund will be rebalanced within a reasonable period of time should the exposure move outside these ranges. 2The management fee for this Class is variable based on the NAV attributed to the Class. Please refer to the PDS for more information.
Product Disclosure Statement (PDS)
Target Market Determination (TMD)
RATINGS & AWARDS
Zenith Recommended
The Longwave Australian Small Companies Fund – Active ETF has received a ‘Recommended’ rating by Lonsec Research3 and has a ‘Recommended’ Rating from Zenith Investment Partners4. Further information on our Ratings can be found in the Disclaimer and Disclosure section.

Updates & Reports

Latest Report

Historical Reports

August Monthly Report
July Monthly Report
June Monthly Report

Invest Now

INVEST VIA THE ASX

The Fund is available on the ASX under the ticker: WAVE. This means you can buy and sell units in WAVE through your online trading account or via your broker or licensed adviser in the same way that you trade shares in ASX-listed companies. You can view your WAVE investment alongside any other direct shareholding you have.

PLATFORM AVAILABILITY

AMP North

BT Panorama

Centric

CFS Edge

CFS FirstWrap

DASH

HUB24

Insignia Expand

Macquarie Wrap

Mason Stevens (IDPS only)

Netwealth

Powerwrap

Praemium

INVEST ONLINE
INVESTOR FORMS
Application Form
Additional Investment Form
Redemption Form
Frequently Asked Questions
Product Disclosure Statement (PDS)
Target Market Determination

Unit Prices & Distributions

Unit Price History

The increase in the unit price on 3 September 2026 reflects a 9:1 unit consolidation for Class A units in the Longwave Australian Small Companies Fund – Active ETF. This change does not impact the total value of an investor’s holding or their proportional interest in the Fund.

Unit prices are net of fees & do not include distributions. Past performance is not a reliable indicator of future performance.

Distribution History

Daily Material Portfolio Information

EXCEL

Frequently Asked Questions

What is the difference between an on-market and off-market unit?

You are investing in the same fund but you have a choice whether you hold off-market units via the Responsible Entity (RE) or buy the on-market units on the ASX in the same way you buy other publicly listed ETFs and shares.

Investors who apply for units directly with the Responsible Entity may pay a different price per unit to an investor who purchases those units on the ASX at the same time, and such differences may have a material impact on the performance of that investment. The above performance reflects the performance of the Fund where units are purchased and redeemed directly with the Responsible Entity only.

What is an Active ETF?

Active Exchange Traded Funds (ETFs) are investment funds that are quoted on the securities exchange, like regular shares. Unlike passive ETFs, which aim to replicate the performance of an external benchmark, Active ETFs are managed by a portfolio manager making decisions about how to allocate assets within the fund, based on research, forecasts, and expertise. This active management aims to outperform the benchmark or achieve specific investment objectives. Active ETFs offer transparency and liquidity, as they can be bought and sold at market price whenever the exchange is open.

How do I invest or redeem in WAVE?

To invest via the ASX – You can buy and sell units in WAVE via your online share trading platform, your stockbroker or your financial adviser.

To invest via the Responsible Entity (RE) – You can apply online at longwavecapital.com/investonline/. Alternatively, you can download a printer-friendly Application Form from the Fund Documents and Forms section of the relevant Fund page on our website, you will need to print the completed Form and return the original signed Form to the Registry via post:

Longwave Australian Small Companies Fund – Active ETF
ASX: WAVE
C/- Automic Group
GPO Box 5193
Sydney NSW 2001

If you are a wholesale investor as defined in section 761G of the Corporations Act 2001 and wish to invest via the RE in the Longwave Australian Small Companies Fund – Active ETF
(ASX: WAVE), please contact Client Services on 1300 010 311 Monday to Friday between 8.30am and 5.30pm (Sydney time) or via email at service@pinnacleinvestment.com.

Online Applications are available for individuals, partnerships, SMSF’s, superannuation funds, other regulated trusts, and companies. Note, applications for unregulated trusts (such as family and testamentary trusts) CANNOT be completed online.

The avenue by which you invested in the Fund, either via buying units from the RE or via the ASX, does not restrict how you can withdraw your investment.

To withdraw via the ASX – Log into your share trading platform and issue a sell order, just as you would for any listed ETF or share. This is a straight forward process if you have a Holder Identification Number (HIN) associated with your holding. If have a Security holder Reference Number (SRN), ask your stockbroker if they can sell your units on your behalf. If they are unable to do that, you will need to ask your stockbroker or trading platform if they can convert your holding into a HIN after which you will be able to sell your holding via the ASX.

To withdraw via the RE – Complete a redemption request form available at https://longwavecapital.com/investonline/ and submit it to the RE. You will need to provide your SRN or Investor Number on the withdrawal form. If you have a HIN instead, you will need to convert your holding from a HIN to a SRN with the assistance of your stockbroker or online trading platform.

Please note that there are differences when you redeem via the RE or by selling on the securities exchange including the price you may pay. You should read the PDS or speak with your adviser before you decide which avenue you use.

Does WAVE pay distributions? If so, can I reinvest them?

Longwave Australian Small Companies Fund – Active ETF (ASX: WAVE) pays a distribution semi-annually. Distribution payments are not guaranteed as they are subject to the earnings of the Fund. Any distributions paid will be automatically re-invested unless you advise otherwise.
Please read the Distribution Reinvestment Plan – Rules for more information

Disclaimer and Disclosure

This webpage is prepared by Longwave Capital Partners (‘Longwave’) (ABN 17 629 034 902), a Corporate Authorised Representative (No. 1269404) of Pinnacle Investment Management Limited (‘Pinnacle’) (ABN 66 109 659 109, AFSL 322140) as the investment manager of Longwave Australian Small Companies Fund – Active ETF (ARSN 630 979 449) (the ‘Fund’). Pinnacle Fund Services Limited (‘PFSL’) (ABN 29 082 494 362, AFSL 238371) is the product issuer of the Fund. PFSL is not licensed to provide financial product advice. PFSL is a wholly-owned subsidiary of the Pinnacle Investment Management Group Limited (‘Pinnacle’) (ABN 22 100 325 184).The information provided in this website is of a general nature only and has been prepared without taking into account your objectives, financial situation or needs. Before making an investment decision in respect of the Fund, you should consider the current Product Disclosure Statement (‘PDS’) and Target Market Determination (‘TMD’) of the Fund and the Fund’s other periodic and continuous disclosure announcements lodged with the ASX, which are available at www.asx.com.au, and assess whether the Fund is appropriate given your objectives, financial situation or needs. If you require advice that takes into account your personal circumstances, you should consult a licensed or authorised financial adviser. The Product Disclosure Statement (‘PDS’) and Target Market Determination (‘TMD’) of the Fund are available via the links below. Any potential investor should consider the PDS and TMD before deciding whether to acquire, or continue to hold units in, the Fund.

Link to the Product Disclosure Statement: WHT9368AU

Link to the Target Market Determination: WHT9368AU

For historic TMD’s please contact Pinnacle client service Phone 1300 010 311 or Email service@pinnacleinvestment.com

Neither PFSL nor Longwave guarantees repayment of capital or any particular rate of return from the Fund. There can be no assurance that the Fund will achieve its investment objectives. The value of your units at any point in time may be worth less than your original investment even after taking into account the reinvestment of Fund distributions. Returns are not guaranteed, and you may lose some or all of your money. The specific risks associated with investing in the Fund, and the risks associated with the Fund’s investments, are discussed in Section 4 of the Product Disclosure Statement. Neither PFSL nor Longwave gives any representation or warranty as to the currency, reliability, completeness or accuracy of the information contained in this website. All opinions and estimates included in this website constitute judgments of Longwave as at the date of website creation and are subject to change without notice. Past performance is not a reliable indicator of future performance.

3Lonsec Disclaimer:
The rating issued 10/2025 for WHT9368AU is published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445 (Lonsec). Ratings are general advice only, and have been prepared without taking account of your objectives, financial situation or needs. Consider your personal circumstances, read the product disclosure statement and seek independent financial advice before investing. The rating is not a recommendation to purchase, sell or hold any product. Past performance information is not indicative of future performance. Ratings are subject to change without notice and Lonsec assumes no obligation to update. Lonsec uses objective criteria and receives a fee from the Fund Manager. Visit lonsec.com.au for ratings information and to access the full report. © 2022 Lonsec. All rights reserved.

4Zenith Disclaimer:
The Zenith Investment Partners (‘Zenith’) (ABN 27 103 132 672, AFSL 226872) rating (assigned Longwave Australian Small Companies Fund – Active ETF – February 2026) referred to in this piece is limited to “General Advice” (s766B Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual, including target markets of financial products, where applicable, and is subject to change at any time without prior notice. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Past performance is not an indication of future performance. Zenith usually charges the product issuer, fund manager or related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessments and at Fund Research Regulatory Guidelines.

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