Fund-vs-fund · Australasian Equities
Harbour NZ Index Shares Fund vs Smart NZ Top 50 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 difference between these two funds is cost. The Harbour NZ Index Shares Fund discloses an annual fund charge of 0.21%, while the Smartshares Smart NZ Top 50 ETF discloses 0.50% — a gap of 29 basis points annually on what are otherwise structurally near-identical portfolios. Both funds sit in the Australasian Equities category, carry a risk indicator of 5 out of 7, and allocate 98.31% to growth assets. Their top-five holdings are effectively the same securities in the same order — A2 Milk, Auckland International Airport, Mainfreight, Meridian Energy, and Fisher & Paykel Healthcare — each weighted within a rounding margin of one another, suggesting both track a similar or identical NZ equity index.
On five-year returns as disclosed in the latest quarterly fund update, Harbour shows 0.81% per annum against Smartshares' 0.53% per annum, though investors should note that return figures are after fees, so the fee differential mechanically contributes to that gap. Fund size is comparable: Harbour at approximately NZD 719.9 million and Smartshares at approximately NZD 627.3 million. Neither fund is a KiwiSaver scheme account product based on the data provided. The Smartshares fund is structured as an exchange-traded fund (ETF), which may affect how units are bought and sold compared to the Harbour unlisted fund structure — a practical consideration for investors assessing access and liquidity.
Always verify current fees, returns, and fund details against each fund's product disclosure statement and latest quarterly fund update on FMA Disclose before relying on any figure here.
Cached comparison generated 2026-05-21 from each fund's latest FMA Disclose QFU. Regenerated when the underlying facts change.
What's different at a glance
- Harbour NZ Index Shares Fund charges 0.29% lower in annual fund charges (0.21% vs 0.50%).
- 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
Harbour
0.21%
Lowest 4% of cohort
Smartshares
0.50%
Lowest 22% of cohort
5-year return p.a.
Past performance — not a predictor
Harbour
0.12%
Bottom 7% over 5 years
Smartshares
0.34%
Bottom 21% over 5 years
Fund size
Larger = more stable, lower close-risk
Harbour
NZ$679m
Largest 4% in cohort
Smartshares
NZ$573m
Largest 6% in cohort
| Metric | Harbour | Smartshares | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.21% | 0.50% | Lower is better |
| Risk indicator (1–7) | 5 | 5 | Higher = more volatility |
| 5-year return p.a. | 0.12% | 0.34% | Higher is better (past not future) |
| Fund size | NZ$679m | NZ$573m | 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.
Matching holdings
9
of each fund's top 10
Harbour weight in shared
45.2%
of Harbour NZ Index Shares Fund top 10 is shared
Smartshares weight in shared
45.3%
of Smart NZ Top 50 ETF top 10 is shared
| Holding | Harbour | Smartshares |
|---|---|---|
 Infratil NZ | 5.51% | 5.52% |
 Meridian Energy NZ | 5.15% | 5.16% |
 Contact Energy NZ | 5.14% | 5.15% |
 EBOS Group NZ | 5.07% | 5.07% |
 Mercury NZ NZ | 4.99% | 5.00% |
 Fisher & Paykel Healthcare NZ | 4.98% | 4.99% |
 Mainfreight NZ | 4.86% | 4.87% |
 Auckland International Airport NZ | 4.83% | 4.84% |
 Chorus NZ | 4.68% | 4.69% |
"Min weight" = the smaller of the two weights — a conservative read of how much exposure you'd have to that position if you held both funds.
What each fund says it does
Harbour
Harbour NZ Index Shares Fund
The Harbour NZ Index Shares Fund is a passive Fund managed against companies in the S&P/ NZX 50 Portfolio Index.Full Harbour Harbour NZ Index Shares Fund profile →
Smartshares
Smart NZ Top 50 ETF
The Smart NZ Top 50 ETF is designed to track the return (before tax, fees and other expenses) of the S&P/NZX 50 Portfolio Index. The Index is comprised of 50 of the largest companies listed on the NZX, with a 5% cap on the weight of each company within the Index.Full Smartshares Smart NZ Top 50 ETF profile →
Documents
Crawled directly from each manager's website. How we record provenance →
Harbour
LiveLast verified 2026-05-08
- Supporting document7507 kB · file fingerprint recorded
- Supporting document2611 kB · file fingerprint recorded
- Supporting document3223 kB · file fingerprint recorded
- Supporting document2469 kB · file fingerprint recorded
- Supporting document8447 kB · file fingerprint recorded
- Supporting document4303 kB · file fingerprint recorded
- + 9 more on the fund page
Smartshares
Common questions
What's the difference between the Harbour NZ Index Shares Fund and the Smart NZ Top 50 ETF?
Which fund has lower fees, Harbour NZ Index Shares Fund or Smart NZ Top 50 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?
