DHHF Review: Is the Betashares All Growth ETF Worth It?
A plain-English review of DHHF, the Betashares Diversified All Growth ETF: its holdings, the 0.19% fee, why it's more tax-efficient than VDHG, and exactly who it suits.
By Timothy Hirou GaschereauPublished 14 min read
Try it yourself
DHHF is the ETF for people who want the whole share market in one line and none of the fuss. Betashares built it as a single-ticket, 100% equities portfolio: buy one unit on the ASX and you own a slice of roughly 8,000 companies across Australia, the US and the rest of the world, rebalanced for you, for a fee of 0.19% a year.
This guide assumes you already know what an ETF is. Here we go deep on what DHHF holds, why its structure is more tax-efficient than VDHG, and whether a no-bonds, 100% equity fund is actually right for you. General information only, not financial advice.
🎯 The essential: DHHF is the Betashares Diversified All Growth ETF (ASX: DHHF): a 100% equities, one-ticker portfolio for 0.19% a year. It is an ETF-of-ETFs holding four funds (A200, VTI, SPDW, SPEM), Australian-domiciled (no W-8BEN, no US estate tax), currency unhedged, and it rebalances itself. Versus VDHG it is cheaper, has no bonds, and is generally more tax-efficient. The catch: with no defensive buffer it will fall 40% to 50% in a bad market. Perfect for long-horizon accumulators who won't panic-sell.
What DHHF actually is
DHHF is the Betashares Diversified All Growth ETF, listed on the ASX and launched in December 2020. It is designed to be a complete equity portfolio in a single trade.
The “all growth” part is the tell. Unlike blended funds that mix shares with bonds, DHHF is 100% equities: no bonds, no cash drag, no defensive sleeve. Just shares, globally diversified, in one wrapper. It is ASX-domiciled (so no W-8BEN form and no US estate tax exposure), it holds other ETFs rather than individual shares, and Betashares rebalances it internally so you never have to. Units trade around $42 as of mid-2026; always check the live price.
How an ETF of ETFs works
Think of DHHF as a wrapper. Inside sit four other ETFs, each covering a slice of the global market. Buy one DHHF unit and you own a proportional piece of all four at once.
| Underlying ETF | Exposure | Approx. weight |
|---|---|---|
| Betashares Australia 200 (A200) | Australian shares | ~37% |
| Vanguard Total Stock Market (VTI) | US shares | ~41% |
| SPDR Portfolio Developed World ex-US (SPDW) | Global developed ex-US | ~16% |
| SPDR Portfolio Emerging Markets (SPEM) | Emerging markets | ~6% |
One ticker, one price, one line in your brokerage account. Betashares handles the rest.
Allocation and the home bias
DHHF puts around 37% in Australian shares, far above Australia's roughly 2% weight in global markets. That is deliberate, not an oversight. A domestic tilt matches more of your portfolio to the Australian dollars you actually spend, pulls in franking credits from Australian dividends, and removes the decision of how much to hold at home.
The fund is currency unhedged, so a rising Aussie dollar trims your international returns and a falling one boosts them. Our guide to hedged vs unhedged ETFs covers why that matters (and why VDHG hedges part of its international sleeve while DHHF does not).
The 0.19% fee, in real dollars
DHHF's management fee is 0.19% per year, deducted from the fund's assets, never billed to you directly.
| Fund | MER | Cost on $10,000 |
|---|---|---|
| DHHF | 0.19% | $19/year |
| VDHG | 0.27% | $27/year |
| DIY (VAS + VGS blended) | ~0.10% to 0.12% | ~$10 to $12/year |
DHHF is cheaper than VDHG. A DIY build is cheaper still, but it trades that saving for complexity and discipline, more on that below.
Why DHHF beats VDHG on tax
This is one of the most important, and most misunderstood, differences between the two funds.
DHHF holds ASX-listed ETFs internally. VDHG holds unlisted wholesale managed funds. When a diversified fund rebalances, it can trigger capital gains events inside the fund, and those gains get distributed to unitholders as taxable income, even if you never sold a unit. VDHG's managed-fund structure has historically done this more than DHHF's ETF-of-ETFs structure, which rebalances by trading ETF units on-market.
In a taxable account, DHHF's structure can save you an estimated 0.1% to 0.3% a year in unexpected capital gains tax versus VDHG, depending on markets and your tax rate. It is not tax-free, it still distributes income, but the structural edge is real, and it matters most for high earners investing outside super.
Distributions, franking and the DRP
DHHF pays quarterly distributions (roughly January, April, July, October) made up of the dividends its underlying funds collect. The Australian slice (A200) pays franked dividends, so franking credits flow through to you as a tax offset. A Distribution Reinvestment Plan (DRP) is available through the fund's registry, automatically buying more units with no brokerage. One reminder: distributions vary each quarter, so do not treat them like a fixed income stream.
Performance, honestly
DHHF only launched in December 2020, so its live track record is short, and we are not going to invent numbers. What is dependable: 100% equities has historically delivered higher long-run returns than blended funds, with bigger swings along the way. In a severe downturn a 100% equity portfolio can fall 40% to 50% from peak to trough. Markets have recovered from every major fall so far, but recovery can take years. The longer your horizon, the more those drops become noise. Past performance guarantees nothing, and with DHHF that cuts both ways.
DHHF vs VDHG
The headline all-in-one rivalry. Both are excellent; the right pick depends on you. (We break this down further in our full VDHG guide.)
| Feature | DHHF | VDHG |
|---|---|---|
| Allocation | 100% equities | ~90% equities, ~10% bonds |
| MER | 0.19% | 0.27% |
| Structure | ETF of ETFs (ASX-listed) | Fund of funds (managed funds) |
| Tax efficiency | Higher | Lower (can trigger CGT distributions) |
| Currency hedging | None | Partial (hedged international sleeve) |
| Volatility | Higher | Slightly lower |
Choose DHHF for a long horizon, 100% equities, lower fee and better tax efficiency in a taxable account. Choose VDHG for a slightly smoother ride and a small bond buffer. Neither is wrong.
DHHF vs building your own (VAS + VGS)
The DIY route means buying the building blocks yourself and managing the split.
| Feature | DHHF | DIY (VAS + VGS) |
|---|---|---|
| Blended MER | 0.19% | ~0.10% to 0.12% |
| Rebalancing | Automatic | Manual |
| Tax events | Fewer | More (each rebalance trade is a CGT event) |
| Emerging markets | Included | Needs a third ETF |
| Complexity | Very low | Moderate |
DIY saves roughly 0.07% to 0.09% a year, about $70 to $90 on $100,000. What it costs you is time, discipline and the risk of behavioural mistakes (over-trading, skipping rebalances, chasing last year's winner). For most beginners, DHHF's simplicity premium is worth it.
Is 100% equities right for you?
This is the question to answer honestly before buying. DHHF suits you if you have a 10+ year horizon, a stable income you won't need to draw on, and the temperament to sit through a 40% to 50% drop without selling. It is probably not right if you are within 5 to 10 years of needing the money, have a low risk tolerance, or want a predictable income stream.
The sleep test: picture your DHHF balance dropping 40% next year, $50,000 becoming $30,000. Can you leave it alone and keep contributing? If the honest answer is no, a 100% equity fund is not your fit, and that is completely fine. VDHG or a lower-risk mix will serve you better.
How to buy DHHF
You buy DHHF exactly like a share, using the ticker DHHF, through any ASX broker (CommSec, SelfWealth, Stake, Pearler and others; Pearler is popular in the FIRE crowd for auto-invest). The minimum is one unit plus brokerage, around $42 as of mid-2026. New to this? See how to buy shares in Australia and how to choose a broker. To reinvest, set up the DRP through the fund's registry.
Common mistakes with DHHF
- Panic-selling in a drawdown. The single biggest destroyer of returns. DHHF will fall hard in a bad market; the investors who win are the ones who hold or keep buying.
- Adding VAS or VGS on top. You already own Australian shares (A200) and global shares (VTI, SPDW) inside DHHF. Bolting on VAS or VGS just tilts your allocation and adds complexity, it does not diversify you further.
- Holding both DHHF and VDHG. They are both all-in-one funds. Owning both just gives you a muddled blend you could have designed on purpose.
- Chasing the distributions. They are not a reliable income cheque. Do not buy DHHF expecting a steady yield.
- Ignoring the tax statement. Distributions are taxable income with franking credits attached. Keep your annual statement and include it at tax time.
❓ Frequently asked questions
Is DHHF good for beginners?
+
Yes, it is one of the best starting points for Australian beginners. One ticker, instant global diversification, automatic rebalancing and a low fee. The one caveat is that 100% equities means real volatility, so understand that before you buy.
Is DHHF better than VDHG?
+
It depends on your goals. DHHF has a lower fee (0.19% vs 0.27%) and a more tax-efficient structure. VDHG adds a small 10% bond allocation that softens volatility. For long-horizon investors in taxable accounts, DHHF has the structural edge. If you want a smoother ride or some bonds baked in, VDHG is a fair pick.
Does DHHF pay dividends?
+
DHHF pays quarterly distributions made up of the dividends its underlying holdings collect. They are not fixed like a term deposit and vary each quarter. The Australian shares slice generates franked dividends, so franking credits flow through to you.
Is DHHF safe?
+
No investment is guaranteed. DHHF is 100% shares, so it will fall significantly in a downturn, historically 40% to 50% peak to trough in a severe one. Global markets have recovered from every major fall so far, but timelines vary. It suits investors with a long horizon who can hold through big drops.
What is the minimum investment in DHHF?
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Roughly the price of one unit plus your broker's fee, around $42 per unit as of mid-2026 (always check the current price). Some brokers like Pearler also offer auto-invest so you can drip-feed regular contributions.
Can I set up a DRP for DHHF?
+
Yes. Betashares offers a Distribution Reinvestment Plan, managed through the fund's registry (MUFG Investor Centre). When active, your quarterly distributions automatically buy more DHHF units with no brokerage.
Is DHHF suitable for a FIRE strategy?
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It is popular in the Australian FIRE community for good reason: 100% equities for maximum long-run growth, a low fee that minimises drag over decades, and a set-and-forget structure. The key question is whether you can hold through major drawdowns without selling. If yes, it is a strong FIRE core.
Keep reading
📚 Recommended reading
The Barefoot Investor
Scott Pape
The Barefoot Investor
Scott Pape
Australia's best-selling money book ever. A simple system for accounts, budgeting, debt and a real emergency fund in one.
Girls That Invest
Simran Kaur
Girls That Invest
Simran Kaur
A no-jargon crash course from the podcaster behind Girls That Invest that makes the sharemarket feel doable, written especially for women starting out. The perfect first step before you buy your first ETF.
The Bogleheads' Guide to Investing
Taylor Larimore, Mel Lindauer & Michael LeBoeuf
The Bogleheads' Guide to Investing
Taylor Larimore, Mel Lindauer & Michael LeBoeuf
The friendly community bible of low-cost, buy-and-hold index investing, written by everyday investors rather than salespeople. The core philosophy is timeless for Aussies, just read the tax-advantaged account bits as super.
Some links above are affiliate links. If you buy through them, Snowball Invest may earn a small commission at no extra cost to you. We only recommend books we'd suggest anyway.
Sources
This article is general information only, not financial or tax advice. ETF fees, holdings, distribution components and tax rules can change, and figures here are indicative as of mid-2026. Check Betashares' current product disclosure statement, the ATO, or a licensed adviser before investing.
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General information only. This article is educational and does not constitute personal financial advice. It does not account for your circumstances. Consider your own situation and seek advice from a licensed adviser before acting. Read our full disclaimer.
Timothy Hirou Gaschereau
Founder of Snowball Invest, not a financial adviser.
I write about what I'm learning myself, because nobody ever taught us how to take control of our own money. It's a skill, not a mystery, and it's never too late to learn it. The best day to start was yesterday, the second best is today.
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