Fund-vs-fund · Australasian Equities
Simplicity NZ Share FundvsSmart NZ Top 50 ETF
Simplicity NZ Share Fund (fund size NZ$1.42 billion, annual fund charge 0.10%) is an Australasian equities managed fund and Smart NZ Top 50 ETF (fund size NZ$572.8 million, annual fund charge 0.50%) is an Australasian equities ETF, as shown on Sorted Smart Investor on 22 May 2026; Simplicity NZ Share Fund's 1-year return after fees and tax was 4.32% for the year to 31 March 2026, per its quarterly fund update filed on FMA Disclose.
How much do these two overlap?
They hold 25 of the same securities. If you held both, roughly 68.6% 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 | Simplicity NZ | Smart NZ | Min weight |
|---|---|---|---|
| Infratil | 9.84% | 5.52% | 5.52% |
| a2 Milk | 7.26% | 5.20% | 5.20% |
| Meridian Energy | 6.33% | 5.16% | 5.16% |
| Contact Energy | 7.41% | 5.15% | 5.15% |
| Fisher & Paykel Healthcare | 17.92% | 4.99% | 4.99% |
| Auckland International Airport | 10.55% | 4.84% | 4.84% |
| Mainfreight | 4.34% | 4.87% | 4.34% |
| Mercury NZ | 3.79% | 5.00% | 3.79% |
| Chorus | 3.59% | 4.69% | 3.59% |
| Spark New Zealand | 3.45% | 4.51% | 3.45% |
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.
Why these two differ
The most material structural difference between these two funds is concentration versus breadth. The Simplicity NZ Share Fund holds Fisher & Paykel Healthcare at 17.92% of the portfolio, with its top five positions together accounting for roughly 53% of the fund — a heavily concentrated exposure to a small number of NZ large-caps. The Smart NZ Top 50 ETF, by contrast, tracks a broader index of 50 companies, with its largest disclosed holding (Infratil Ltd) at just 5.52% and the top five clustered tightly between 5.07% and 5.52%, indicating a materially more even distribution across the NZ equity market.
On fees, the difference is significant: Simplicity discloses an annual fund charge of 0.10%, while Smartshares discloses 0.50% — five times higher on a percentage basis. Both funds carry a risk indicator of 5 and an identical growth asset allocation of 98.31%.
The five-year return figures diverge considerably in the data snapshot: Smartshares records 0.34% annualised versus Simplicity's 0.02%, though readers should treat these figures with caution and verify the applicable calculation period, as small differences in window or methodology can materially affect annualised numbers at these low absolute levels. Fund size also differs — Simplicity at approximately NZD 1.42 billion against Smartshares at approximately NZD 573 million.
Both funds sit outside KiwiSaver, operating as standalone managed funds rather than KiwiSaver scheme accounts.
Always verify all figures against each fund's current Product Disclosure Statement and latest Quarterly Fund Update on FMA Disclose before relying on 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
- Simplicity NZ Share Fund charges 0.40% lower in annual fund charges (0.10% vs 0.50%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- Simplicity NZ Share Fund is roughly 2.5× the size of the other fund.
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
Simplicity
0.10%
Lowest 1% of cohort
Smartshares
0.50%
Lowest 22% of cohort
5-year return p.a.
Past performance — not a predictor
Simplicity
0.02%
Bottom 4% over 5 years
Smartshares
0.34%
Bottom 22% over 5 years
Fund size
Larger = more stable, lower close-risk
Simplicity
NZ$1.42b
Largest 1% in cohort
Smartshares
NZ$573m
Largest 6% in cohort
| Metric | Simplicity | Smartshares | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.10% | 0.50% | Lower is better |
| Risk indicator (1–7) | 5 | 5 | Higher = more volatility |
| 5-year return p.a. | 0.02% | 0.34% | Higher is better (past not future) |
| Fund size | NZ$1.42b | 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
Simplicity
Simplicity NZ Share Fund
The NZ Share Fund invests in securities listed on the New Zealand stock exchange (NZX), designed to be the New Zealand share component of a diversified investment portfolio.Full Simplicity Simplicity NZ Share 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 Simplicity NZ Share Fund and the Smart NZ Top 50 ETF?
Which fund has lower fees, Simplicity NZ Share 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?
