Fund-vs-fund · Australasian Equities
Russell Investments NZ Shares Fund vs Smart S&P/NZX 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 their management approach and cost. The Russell Investments NZ Shares Fund is actively managed at an annual fund charge of 0.78%, while the Smartshares Smart S&P/NZX 50 ETF passively tracks the S&P/NZX 50 Index at 0.20% — a fee gap of 0.58 percentage points annually. Over time, that difference compounds directly against net returns for investors in either vehicle.
Both funds sit in the Australasian Equities category, carry an identical risk indicator of 5 (on a scale of 1–7), and share virtually the same growth asset allocation of 98.31%. Their top five holdings are strikingly similar — Fisher & Paykel Healthcare, Auckland International Airport, Infratil, Contact Energy, and a2 Milk appear in both — though their relative weightings differ modestly, reflecting the active fund's discretionary tilts versus the ETF's index-constrained construction.
On five-year returns, the Russell fund returned 0.34% per annum against the Smartshares ETF's 0.19% per annum, a difference of 0.15 percentage points in favour of the active fund over that period. Fund sizes are comparable: Russell at approximately NZD 208.6 million and Smartshares at approximately NZD 198.2 million.
Neither fund is structured as a KiwiSaver scheme account. The data snapshot does not disclose tax treatment differences, underlying index methodology, or distribution policies for either fund; investors should examine those details directly.
Always verify all figures against each fund's current product disclosure statement 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
- Smart S&P/NZX 50 ETF charges 0.58% lower in annual fund charges (0.20% vs 0.78%).
- 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
Russell Investments
0.78%
Lower half of cohort
Smartshares
0.20%
Lowest 3% of cohort
5-year return p.a.
Past performance — not a predictor
Russell Investments
0.34%
Bottom 21% over 5 years
Smartshares
0.19%
Bottom 13% over 5 years
Fund size
Larger = more stable, lower close-risk
Russell Investments
NZ$209m
Largest 15% in cohort
Smartshares
NZ$198m
Largest 18% in cohort
| Metric | Russell Investments | Smartshares | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.78% | 0.20% | Lower is better |
| Risk indicator (1–7) | 5 | 5 | Higher = more volatility |
| 5-year return p.a. | 0.34% | 0.19% | Higher is better (past not future) |
| Fund size | NZ$209m | NZ$198m | 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
8
of each fund's top 10
Russell Investments weight in shared
60.4%
of Russell Investments NZ Shares Fund top 10 is shared
Smartshares weight in shared
58.1%
of Smart S&P/NZX 50 ETF top 10 is shared
| Holding | Russell Investments | Smartshares |
|---|---|---|
 Fisher & Paykel Healthcare Ltd NZ | 16.42% | 16.63% |
 Auckland International Airport Ltd NZ | 8.89% | 10.23% |
 Infratil Ltd NZ | 10.28% | 8.82% |
 Contact Energy Ltd NZ | 7.93% | 6.67% |
 Meridian Energy Limited NZ | 4.63% | 5.41% |
 Mainfreight Ltd NZ | 5.18% | 3.61% |
 Ebos Group Ltd NZ | 4.09% | 3.45% |
 Mercury NZ Limited NZ | 2.95% | 3.28% |
"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
Russell Investments
Russell Investments NZ Shares Fund
The underlying investment exposure is typically comprised of a broad range of shares and other equity securities listed on the NZX. This may include derivative instruments which may be used to obtain or reduce exposure to securities and to hedge any Australian dollar exposure. Investment in Australian shares will generally be in those companies which have a listing on the NZX.Full Russell Investments Russell Investments NZ Shares Fund profile →
Smartshares
Smart S&P/NZX 50 ETF
The Smart S&P/NZX 50 ETF is designed to track the return (before tax, fees and other expenses) of the S&P/NZX 50 Gross with Imputation Index. The Index is comprised of 50 of the largest companies listed on the NZX. The weighting of each company in the Index is based on its market capitalisation.Full Smartshares Smart S&P/NZX 50 ETF profile →
Common questions
What's the difference between the Russell Investments NZ Shares Fund and the Smart S&P/NZX 50 ETF?
Which fund has lower fees, Russell Investments NZ Shares Fund or Smart S&P/NZX 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?
