Fund-vs-fund · Australasian Equities
Harbour NZ Index Shares FundvsSmart 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.
How much do these two overlap?
They hold 44 of the same securities. If you held both, roughly 94.9% of your money would be in the same companies — so the diversification you get from holding the pair is smaller than holding two funds suggests.
| Shared holding | Harbour NZ | Smart NZ | Min weight |
|---|---|---|---|
| Infratil | 5.51% | 5.52% | 5.51% |
| a2 Milk | 5.19% | 5.20% | 5.19% |
| Meridian Energy | 5.15% | 5.16% | 5.15% |
| Contact Energy | 5.14% | 5.15% | 5.14% |
| Ebos | 5.07% | 5.07% | 5.07% |
| Mercury NZ | 4.99% | 5.00% | 4.99% |
| Fisher & Paykel Healthcare | 4.98% | 4.99% | 4.98% |
| Mainfreight | 4.86% | 4.87% | 4.86% |
| Auckland International Airport | 4.83% | 4.84% | 4.83% |
| Chorus | 4.68% | 4.69% | 4.68% |
Min weight is the smaller of the two weightings — if you hold both funds, that is the floor of your exposure to that position. Direct holdings only: anything either fund holds through an underlying fund or ETF is not counted, so the real overlap can only be higher. From each fund's FMA Disclose full portfolio filing.
Where you can buy these
Platform availability confirmed within the last 180 days. This is a statement of availability, not a recommendation — ManagedFundsNZ is not a Financial Advice Provider. Check the current PDS before investing.
Harbour NZ Index Shares Fund
Smart NZ Top 50 ETF
No platform availability confirmed. Usually means it is bought directly from the manager — check their site.
Why these two differ
The most material structural difference between these two funds is cost: the Harbour NZ Index Shares Fund charges an annual fund charge of 0.21%, compared with 0.50% for the Smartshares Smart NZ Top 50 ETF — a gap of 29 basis points that compounds over time on otherwise very similar portfolios. Both sit in the Australasian Equities category, carry a risk indicator of 5 out of 7, and allocate 98.31% to growth assets, making fee structure a primary point of differentiation for investors weighing them against each other.
The five-year return figures diverge noticeably despite the structural similarities: Smartshares discloses 0.34% per annum over five years versus Harbour's 0.12% — though both figures are low in absolute terms and readers should confirm the precise calculation basis and periods in each fund's latest Quarterly Fund Update, as return methodology and end dates can affect comparability. Fund size is comparable, with Harbour at approximately NZD 679.5 million and Smartshares at approximately NZD 572.8 million.
Holdings are nearly identical in composition and weighting — Infratil, a2 Milk, Meridian Energy, Contact Energy, and EBOS Group occupy the top five positions in both funds at virtually the same percentage weights, consistent with both tracking the NZX-listed equity market. The Harbour fund is not structured as an exchange-traded fund, while the Smartshares vehicle is listed and traded on-exchange, which may affect accessibility and transaction costs depending on how an investor accesses it.
Always verify all figures against the source PDS and latest Quarterly Fund Update on FMA Disclose before relying on any of this information.
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
- 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 57 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 22% 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. |
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
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?
