Fund-vs-fund · Australasian Equities
Fisher Funds Trans Tasman Equity Trust vs Smart Australian Financials ETF
Both are Australasian Equities funds available to NZ retail investors. Numbers below are sourced from the FMA Disclose register via Sorted Smart Investor and reflect the latest published quarterly fund updates.
Why these two differ
The most material structural difference between these two funds is sector concentration. The Smart Australian Financials ETF holds its entire portfolio within Australian financial services companies — Commonwealth Bank of Australia, Westpac, NAB, ANZ, and Macquarie together account for over 81% of the fund — making it a single-sector, single-country vehicle. The Fisher Funds Trans Tasman Equity Trust, by contrast, spreads exposure across multiple sectors and both New Zealand and Australian markets, with top holdings including Fisher & Paykel Healthcare, Infratil, Mainfreight, BHP, and Xero. This difference in diversification is reflected in their risk indicators: the Smartshares fund sits at 6 (higher volatility band) versus Fisher Funds' 5 on the standard seven-point scale.
Both funds share an almost identical growth asset allocation of 98.31% and comparable fund sizes (roughly NZD 65 million each), but their fee structures diverge meaningfully. Smartshares charges 0.54% per annum against Fisher Funds' 1.63% — a gap of 109 basis points. Five-year returns reported in the latest quarterly fund updates also differ substantially: the Smartshares ETF returned 14.26% per annum compared to 0.55% for the Fisher Funds trust, though past performance is not indicative of future returns and the two funds' differing sector exposures mean these figures are not directly comparable on a like-for-like basis.
Neither fund is a KiwiSaver scheme account product. Verify all figures against each fund's current product disclosure statement and latest quarterly fund update on FMA Disclose before relying on this summary.
Comparison generated 2026-07-05 from each fund's FMA Disclose QFU facts as at that date. If the underlying facts change, this narrative is withheld until it is regenerated — the tables on this page always reflect the current data.
What's different at a glance
- Smart Australian Financials ETF charges 1.09% lower in annual fund charges (0.54% vs 1.63%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
Where each fund sits in its cohort
Percentile rank vs all 58 australasian equities funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Fisher Funds
1.63%
Highest 4% of cohort
Smartshares
0.54%
Lower half of cohort
5-year return p.a.
Past performance — not a predictor
Fisher Funds
0.55%
Lower half over 5 years
Smartshares
14.26%
Top 1% over 5 years
Fund size
Larger = more stable, lower close-risk
Fisher Funds
NZ$65m
Lower half by size
Smartshares
NZ$65m
Lower half by size
| Metric | Fisher Funds | Smartshares | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.63% | 0.54% | Lower is better |
| Risk indicator (1–7) | 5 | 6 | Higher = more volatility |
| 5-year return p.a. | 0.55% | 14.26% | Higher is better (past not future) |
| Fund size | NZ$65m | NZ$65m | Larger = more stable, lower close-risk |
| Growth / income split | 98% / 2% | 98% / 2% | More growth = higher long-run return + volatility |
| NZ tax structure | PIE (PIR-capped) | PIE (PIR-capped) | PIE = simpler. FIF = annual return. |
| Currency hedging | — | — | Hedged smooths NZD/foreign FX moves at a small cost. |
| Responsible investment screening | No | No | Specific exclusions live in each fund's SIPO. |
| Available via | Direct | Direct | Platforms accepting retail subscriptions. |
Portfolio overlap
How many top-10 positions both funds hold, and at what weight. Computed from each fund's most recently disclosed top-10 holdings — exact-name matched (Microsoft Corp. = Microsoft Corporation), with a Cash / Cash & Equivalents collapse rule.
What each fund says it does
Fisher Funds
Fisher Funds Trans Tasman Equity Trust
The fund focuses on growth of your investment over the long term by investing in Australasian companiesFull Fisher Funds Fisher Funds Trans Tasman Equity Trust profile →
Smartshares
Smart Australian Financials ETF
The Smart Australian Financials ETF is designed to track the return (before tax, fees and other expenses) of the S&P/ASX 200 Financials Ex-A-REIT Index. The Index is comprised of financial sector companies from the S&P/ASX 200 Index, but excludes Australian real estate investments trusts.Full Smartshares Smart Australian Financials ETF profile →
Documents
Crawled directly from each manager's website. How we record provenance →
Fisher Funds
LiveLast verified 2026-05-08
Smartshares
Common questions
What's the difference between the Fisher Funds Trans Tasman Equity Trust and the Smart Australian Financials ETF?
Which fund has lower fees, Fisher Funds Trans Tasman Equity Trust or Smart Australian Financials ETF?
How do the 5-year returns compare?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
