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 geographic exposure: the Russell Investments NZ Shares Fund invests in New Zealand-listed equities, with its top five holdings comprising domestic names such as Fisher & Paykel Healthcare (15.59%), Auckland International Airport (9.17%), and Infratil (8.90%). The Smart Australian Top 20 ETF, by contrast, concentrates entirely in the 20 largest Australian-listed companies, with Commonwealth Bank of Australia (16.77%), BHP Group (14.43%), and three major Australian banks among its top holdings. Despite sharing the same Australasian Equities category label and an identical growth asset allocation of 98.31%, these funds carry meaningfully different country, sector, and currency risk profiles.
Both funds sit at risk indicator 5 on the standard 1–7 scale. The fee difference is modest but present: the Russell fund charges 0.78% per annum versus 0.60% for the Smartshares ETF. The five-year return figures diverge substantially — 10.37% annualised for the Smartshares ETF compared with 0.25% for the Russell fund — though past performance reflects the period measured and does not indicate future returns. Fund size is broadly comparable: NZD 220.4 million (Russell) versus NZD 194.8 million (Smartshares).
Neither fund is listed as a KiwiSaver scheme account option in the data provided here, though both appear on Sorted's Smart Investor tool. Verify all figures, including any updates since the latest Quarterly Fund Update snapshot used here, against each fund's current Product Disclosure Statement and most recent QFU on FMA Disclose before relying on this comparison.
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
- 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?
