Do you mean something like this (for a=1/2
)?
ComplexPlot[Sqrt[(1 - (1/2)^2/z) (1 - 1/z)], {z, -(1/4) - (3 I)/4,
5/4 + (3 I)/4}]
ComplexPlot3D[Sqrt[(1 - (1/2)^2/z) (1 - 1/z)], {z, -(1/4) - (3 I)/4,
5/4 + (3 I)/4}, PlotRange -> {0, 10}]
Branch cuts are depicted by black line and circle.
Manipulate[
ComplexPlot[
Sqrt[(1 - a^2/z) (1 - 1/z)], {z, -(1/4) - (3 I)/4, 5/4 + (3 I)/4},
Epilog -> {Line[{{a^2, 0}, {1, 0}}],
Circle[{a^2/(1 + a^2), 0}, a^2/(1 + a^2)], Point[{0, 0}]}], {a, 0, 2}]
Update:
Branch cuts are definition dependent.
Your function can be factored to:
$$\sqrt{\left(1-\frac{1}{z}\right) \left(1-\frac{a^2}{z}\right)}=\sqrt{\frac{(z-1) \left(z-a^2\right)}{z^2}}$$
Sqrt[(1 - a^2/z) (1 - 1/z)] == Sqrt[((-1 + z) (-a^2 + z))/z^2] // FullSimplify
True
If you now separate the square root into two separate roots like the following you get a different branch cut (voila!, without the circular branch cut):
$$\sqrt{\frac{z-1}{z}} \sqrt{\frac{z-a^2}{z}}$$
a = 1/2;
ComplexPlot[
Sqrt[(-1 + z)/z] Sqrt[(-a^2 + z)/z], {z, -(1/4) - (3 I)/4,
5/4 + (3 I)/4}]
Clear[a]