Fund-vs-fund · Australasian Equities
Russell Investments NZ Shares Fund vs Smart Australian Top 20 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 geographic exposure within the same Australasian Equities category. The Russell Investments NZ Shares Fund holds exclusively New Zealand-listed companies, with its top five positions concentrated in domestic names such as Fisher & Paykel Healthcare (16.42%), Infratil (10.28%), and Auckland International Airport (8.89%). The Smart Australian Top 20 ETF, by contrast, tracks the twenty largest ASX-listed companies, with its top holdings dominated by Australian banks and resources: Commonwealth Bank of Australia (17.05%), BHP Group (15.55%), and three additional major Australian banks accounting for a further combined weighting above 22%. An investor's currency exposure, sector mix, and concentration risk therefore differ substantially despite both funds sharing an identical risk indicator of 5 and an almost identical growth assets allocation of 98.31%.
On fees, Smartshares charges 0.60% per annum versus Russell Investments' 0.78%, an 18 basis point difference. Both funds report near-identical fund sizes of approximately NZD 208.6 million and NZD 208.9 million respectively. The five-year return figures diverge sharply: the Smart Australian Top 20 ETF records 10.25% per annum against Russell Investments NZ Shares Fund's 0.34% per annum, though past performance reflects different underlying markets and periods and does not indicate future returns.
Neither fund is listed as a KiwiSaver scheme account offering in the data provided here. Readers should verify all figures, including any updates since these quarterly fund updates were filed, against the source PDS and latest QFU 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 Australian Top 20 ETF charges 0.18% lower in annual fund charges (0.60% 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
0.60%
Lower half of cohort
5-year return p.a.
Past performance — not a predictor
Russell Investments
0.34%
Bottom 21% over 5 years
Smartshares
10.25%
Top 7% over 5 years
Fund size
Larger = more stable, lower close-risk
Russell Investments
NZ$209m
Largest 15% in cohort
Smartshares
NZ$209m
Largest 13% in cohort
| Metric | Russell Investments | Smartshares | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.78% | 0.60% | Lower is better |
| Risk indicator (1–7) | 5 | 5 | Higher = more volatility |
| 5-year return p.a. | 0.34% | 10.25% | Higher is better (past not future) |
| Fund size | NZ$209m | NZ$209m | 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
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 Australian Top 20 ETF
The Smart Australian Top 20 ETF is designed to track the return (before tax, fees and other expenses) of the S&P/ASX 20 Index. The Index is comprised of 20 of the largest companies listed on the ASX.Full Smartshares Smart Australian Top 20 ETF profile →
Common questions
What's the difference between the Russell Investments NZ Shares Fund and the Smart Australian Top 20 ETF?
Which fund has lower fees, Russell Investments NZ Shares Fund or Smart Australian Top 20 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?
