Fund-vs-fund · Australasian Equities
Milford Trans-Tasman Equity 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 structural difference between these two funds is investment approach: the Milford Trans-Tasman Equity Fund is an actively managed portfolio selecting stocks across both New Zealand and Australian markets, while the Smart NZ Top 50 ETF is a passive index-tracking fund replicating the NZX's top 50 listed securities. This distinction flows directly into cost — Milford charges an annual fund charge of 1.05% against Smartshares' 0.50%, a 55-basis-point gap that compounds materially over time.
Despite sharing identical growth asset allocations of 98.31%, the funds carry different risk indicators: Milford sits at 4 (medium) and the Smart NZ Top 50 ETF at 5 (medium to high). The higher risk rating for the passive fund likely reflects its pure concentration in NZ-listed equities, whereas Milford's active mandate spans both sides of the Tasman, providing some geographic diversification. This is evident in the top holdings — Milford's five largest positions include Australian names BHP Group and Commonwealth Bank of Australia, while Smartshares' top five are entirely NZ-domiciled companies.
On five-year returns to the latest QFU snapshot, Milford returned 2.93% per annum against Smartshares' 0.34%, though past performance does not indicate future returns and the periods and calculation methodologies should be confirmed directly. Milford's fund is also larger at approximately NZ$848 million versus NZ$573 million for Smartshares. Neither fund is a KiwiSaver scheme account product in this data snapshot.
Verify all figures against each fund's current PDS and latest Quarterly Fund Update on FMA Disclose before relying on this comparison.
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 NZ Top 50 ETF charges 0.55% lower in annual fund charges (0.50% vs 1.05%).
- 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
Milford
1.05%
Upper half of cohort
Smartshares
0.50%
Lowest 22% of cohort
5-year return p.a.
Past performance — not a predictor
Milford
2.93%
Upper half over 5 years
Smartshares
0.34%
Bottom 21% over 5 years
Fund size
Larger = more stable, lower close-risk
Milford
NZ$848m
Largest 3% in cohort
Smartshares
NZ$573m
Largest 6% in cohort
| Metric | Milford | Smartshares | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.05% | 0.50% | Lower is better |
| Risk indicator (1–7) | 4 | 5 | Higher = more volatility |
| 5-year return p.a. | 2.93% | 0.34% | Higher is better (past not future) |
| Fund size | NZ$848m | 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
6
of each fund's top 10
Milford weight in shared
25.0%
of Milford Trans-Tasman Equity Fund top 10 is shared
Smartshares weight in shared
30.9%
of Smart NZ Top 50 ETF top 10 is shared
| Holding | Milford | Smartshares |
|---|---|---|
 Fisher & Paykel Healthcare Corporation Ltd NZ | 7.66% | 4.99% |
 Infratil Ltd NZ | 4.99% | 5.52% |
 Auckland International Airport Ltd NZ | 3.74% | 4.84% |
 The a2 Milk Company Ltd NZ | 3.68% | 5.20% |
 Contact Energy Ltd NZ | 2.94% | 5.15% |
 Meridian Energy Ltd NZ | 1.99% | 5.16% |
"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
Milford
Milford Trans-Tasman Equity Fund
The Fund’s objective is to provide capital growth after the base fund fee but before tax and before the performance fee, by out-performing a mix of two relevant share market indices over the minimum recommended investment timeframe of eight years. It primarily invests in Australasian equities with the ability to invest in international equities opportunistically.Full Milford Milford Trans-Tasman Equity 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 →
Common questions
What's the difference between the Milford Trans-Tasman Equity Fund and the Smart NZ Top 50 ETF?
Which fund has lower fees, Milford Trans-Tasman Equity 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?
