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PFAE.TO - PICTON Long Short Equity (130/30) Alternative Fund ETF

PFAE is a Canadian 130% long / 30% short equity ETF: about 100% net market exposure with extra long positions partly funded by a short book, in one listed fund from Picton Mahoney.

Alpha Efficiency:A+Alpha Efficiency grades how much return this ETF generates above the risk-free rate, independent of the equity market. SPY sets the B baseline. A higher grade means more return per unit of non-equity risk. PFAE targets a 130% long / 30% short Canadian equity book with roughly full-market net exposure. The capital line scores that sleeve versus a CAD-hedged S&P 500 proxy (XSP.TO) under the site framework.

PFAE price history

Range
+31.26%
Total return (1Y)
PFAE.TO

Total return (Yahoo adjusted close—dividends and splits per Yahoo), normalized to $10,000 at first available trade date. Educational only.

Strategy

The fund runs an active extension on Canadian stocks: more long notional than a broad market core, with shorts to help fund it, while keeping net exposure close to a full equity allocation. Current limits, concentration, and fees are in the ETF Facts and prospectus on the issuer site.

Shorting adds borrow cost, dividend effects, and squeeze risk when the market moves together. There is a management fee plus a performance fee above a hurdle. The chart on this page uses XSP.TO (CAD-hedged S&P 500) only as a beta benchmark, not as a match for Canadian stock selection.

Manager and Issuer Pedigree

Picton (PICTON Investments, formerly Picton Mahoney) is one of Canada’s larger independent alternatives managers. Issuer figures put group assets near $14B CAD firmwide, enough infrastructure for long/short, multi-strategy, and market-neutral books while still boutique versus global banks.

Fortified® and Authentic Hedge® are Picton’s risk-budgeted alts franchises; the ETF series puts those processes on TSX tickers with daily liquidity, alongside the firm’s older alternative mutual-fund channels.

Outperformance

Outperforms when TSX dispersion rewards stock picking: longs and shorts diverge on earnings quality and balance-sheet strength while net exposure stays near full equity.

Underperforms when macro shocks line up Canadian betas and shorts get expensive or crowded, or when short squeezes lift heavily shorted names. Favorable tape is orderly credit, workable borrow, and leadership spreads between sectors, not a single-theme melt-up.

Similar ETFs

TickerNameScoreMERAUM
PFAEPICTON Long Short Equity (130/30) Alternative Fund ETFA+0.95% + perf fee~$36M CAD
ATSXAccelerate Canadian Long Short Equity FundA+0.00% + perf fee~$42M CAD

Official ETF page

Read the official ETF page for current NAV, holdings, and documents: Picton Mahoney (PFAE).

Beta and MER may not be accurate.
Educational content only; not investment advice. Past performance does not guarantee future results.