Fund-vs-fund · Australasian Equities
Smart Australian Top 200 ETF vs Smart Australian Mid Cap 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 Smartshares funds is their fee level. The Smart Australian Mid Cap ETF charges an annual fund fee of 0.75%, which is 2.5 times the 0.30% charged by the Smart Australian Top 200 ETF — a gap that compounds meaningfully over time regardless of which market segment performs better.
Both funds sit under the same PDS, share the same manager (Smartshares), carry an identical risk indicator of 5 (on a 1–7 scale), and hold near-identical growth asset allocations of 98.31%. Fund sizes are comparable: $306.2 million (Mid Cap) versus $286.8 million (Top 200).
The funds diverge sharply in market exposure. The Mid Cap ETF targets smaller Australian companies — its top holdings include Pilbara Minerals, Light & Wonder, and Charter Hall, each below 4% weight, reflecting a more fragmented portfolio. The Top 200 ETF concentrates in large-cap names, with Commonwealth Bank at 9.71% and BHP at 8.35%, meaning single-stock and sector concentration is meaningfully higher.
On five-year annualised returns, the Mid Cap ETF returned 10.44% versus 9.93% for the Top 200 ETF — a modest 51 basis point difference over the period captured in each fund's latest Quarterly Fund Update. Past performance is not a reliable indicator of future performance.
Neither fund is structured as a KiwiSaver scheme account product; both are retail managed fund investments.
Verify all figures against each fund's current Product Disclosure Statement and latest Quarterly Fund Update on FMA Disclose before relying on this summary.
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 200 ETF charges 0.45% lower in annual fund charges (0.30% vs 0.75%).
- 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
Smartshares
0.30%
Lowest 16% of cohort
Smartshares
0.75%
Lower half of cohort
5-year return p.a.
Past performance — not a predictor
Smartshares
9.09%
Top 11% over 5 years
Smartshares
8.63%
Top 13% over 5 years
Fund size
Larger = more stable, lower close-risk
Smartshares
NZ$332m
Largest 9% in cohort
Smartshares
NZ$291m
Largest 11% in cohort
| Metric | Smartshares | Smartshares | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.30% | 0.75% | Lower is better |
| Risk indicator (1–7) | 5 | 6 | Higher = more volatility |
| 5-year return p.a. | 9.09% | 8.63% | Higher is better (past not future) |
| Fund size | NZ$332m | NZ$291m | 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
Smartshares
Smart Australian Top 200 ETF
The Smart Australian Top 200 ETF is designed to track the return (before tax, fees and other expenses) of the S&P/ASX 200 Total Return Index. The Index is comprised of 200 of the largest companies listed on the ASX.Full Smartshares Smart Australian Top 200 ETF profile →
Smartshares
Smart Australian Mid Cap ETF
The Smart Australian Mid Cap ETF is designed to track the return (before tax, fees and other expenses) of the S&P/ASX MidCap 50 Index. The Index is comprised of companies listed on the ASX and included in the S&P/ASX 100 Index, but excludes companies included in the S&P/ASX 50 Index.Full Smartshares Smart Australian Mid Cap ETF profile →
Common questions
What's the difference between the Smart Australian Top 200 ETF and the Smart Australian Mid Cap ETF?
Which fund has lower fees, Smart Australian Top 200 ETF or Smart Australian Mid Cap 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?
