Fund-vs-fund · Australasian Equities
Smart Australian Top 200 ETFvsSmart 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.
How much do these two overlap?
They hold 52 of the same securities. If you held both, roughly 11.6% 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 | Smart Australian | Smart Australian | Min weight |
|---|---|---|---|
| ALS | 0.39% | 3.41% | 0.39% |
| Mineral Resources | 0.35% | 3.04% | 0.35% |
| Orica | 0.35% | 3.02% | 0.35% |
| vicinity | 0.34% | 2.95% | 0.34% |
| CHARTER HALL GROUP | 0.33% | 2.84% | 0.33% |
| Qube Holdings | 0.32% | 2.78% | 0.32% |
| Technology One | 0.30% | 2.64% | 0.30% |
| Sgh Limited Ordinary Fully Paid | 0.30% | 2.60% | 0.30% |
| Ampol | 0.30% | 2.59% | 0.30% |
| JB Hi-Fi | 0.29% | 2.56% | 0.29% |
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 Smartshares funds is market-cap exposure: the Smart Australian Mid Cap ETF targets mid-sized Australian companies, while the Smart Australian Top 200 ETF tracks the broad S&P/ASX 200 index, giving it heavy concentration in large-cap names. The Top 200's five largest disclosed holdings — Commonwealth Bank of Australia (10.37%), BHP Group Ltd (9.45%), Westpac Banking Corp (4.99%), National Australia Bank Ltd (4.70%), and iShares CORE S&P/ASX 200 ETF (4.50%) — reflect this large-cap and financials/resources tilt. The Mid Cap fund's top holdings are more evenly spread, with ALS Ltd (3.41%), Mineral Resources Ltd (3.04%), and Orica Ltd (3.02%) leading, suggesting less single-stock concentration risk.
Fee structure is a significant practical distinction: the Mid Cap ETF charges 0.75% annually versus 0.30% for the Top 200 ETF — a 45-basis-point gap that compounds over time. Both funds hold identical growth asset allocations of 98.31%, but their FMA risk indicators diverge: the Mid Cap ETF sits at 6 (higher risk), the Top 200 at 5 (moderate-to-high risk), consistent with mid-cap equities historically exhibiting greater volatility. Over the five years captured in each fund's latest Quarterly Fund Update, the Top 200 returned 9.09% annually versus 8.63% for the Mid Cap fund. Fund sizes are comparable — NZD $331.6 million and NZD $291.4 million respectively. Both funds share the same PDS.
Verify all figures against each fund's current PDS and latest Quarterly Fund Update on FMA Disclose before relying on this summary.
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 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 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
Smartshares
0.30%
Lowest 17% 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 14% over 5 years
Fund size
Larger = more stable, lower close-risk
Smartshares
NZ$332m
Largest 10% 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. |
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?
