Fund-vs-fund · Australasian Equities
Smart Australian Top 200 ETF 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 Smartshares funds is concentration: the Smart Australian Top 20 ETF tracks only the largest 20 Australian companies, while the Smart Australian Top 200 ETF spreads exposure across up to 200. This distinction is visible in the holdings data — Commonwealth Bank of Australia weighs 17.05% in the Top 20 versus 10.37% in the Top 200, and BHP Group Ltd sits at 15.55% against 9.45%. The Top 20's five largest positions collectively exceed 55% of the fund, creating meaningfully higher single-stock and sector concentration, particularly toward Australian financials and materials.
Both funds carry an identical risk indicator of 5 on the standard 1–7 scale and share identical growth asset allocations of 98.31%. Both are managed by Smartshares and share the same Product Disclosure Statement. Annual fund charges diverge: the Top 200 charges 0.30% per annum versus 0.60% for the Top 20 — a twofold difference that compounds over time. The Top 200 is also the larger fund at approximately NZD 331.6 million, compared with roughly NZD 208.9 million for the Top 20.
On five-year annualised returns, the Top 20 recorded 10.25% against 9.09% for the Top 200, though past performance does not indicate future performance and the periods compared may not align perfectly. Neither fund is a KiwiSaver scheme fund based on the data provided.
Verify all figures against each fund's current Product Disclosure Statement and latest Quarterly Fund Update 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 200 ETF charges 0.30% lower in annual fund charges (0.30% vs 0.60%).
- 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
0.60%
Lower half of cohort
5-year return p.a.
Past performance — not a predictor
Smartshares
9.09%
Top 11% over 5 years
Smartshares
10.25%
Top 7% over 5 years
Fund size
Larger = more stable, lower close-risk
Smartshares
NZ$332m
Largest 9% in cohort
Smartshares
NZ$209m
Largest 13% in cohort
| Metric | Smartshares | Smartshares | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.30% | 0.60% | Lower is better |
| Risk indicator (1–7) | 5 | 5 | Higher = more volatility |
| 5-year return p.a. | 9.09% | 10.25% | Higher is better (past not future) |
| Fund size | NZ$332m | 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.
Matching holdings
9
of each fund's top 10
Smartshares weight in shared
44.2%
of Smart Australian Top 200 ETF top 10 is shared
Smartshares weight in shared
72.7%
of Smart Australian Top 20 ETF top 10 is shared
| Holding | Smartshares | Smartshares |
|---|---|---|
 Commonwealth Bank of Australia AU | 10.37% | 17.05% |
 BHP Group Ltd AU | 9.45% | 15.55% |
 Westpac Banking Corp AU | 4.99% | 8.20% |
 National Australia Bank Ltd AU | 4.70% | 7.72% |
 ANZ Group Holdings Ltd AU | 4.00% | 6.59% |
| WE Wesfarmers Ltd AU | 3.06% | 5.03% |
 Macquarie Group Ltd AU | 2.64% | 4.35% |
 CSL Ltd AU | 2.52% | 4.15% |
| WE Woodside Energy Group Ltd AU | 2.46% | 4.05% |
"Min weight" = the smaller of the two weights — a conservative read of how much exposure you'd have to that position if you held both funds.
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 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 Smart Australian Top 200 ETF and the Smart Australian Top 20 ETF?
Which fund has lower fees, Smart Australian Top 200 ETF 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?
