Fund-vs-fund · Australasian Equities
Smart NZ Dividend ETFvsSmart NZ Top 10 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 4 of the same securities. If you held both, roughly 23.3% 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 NZ | Smart NZ | Min weight |
|---|---|---|---|
| Contact Energy | 10.71% | 10.01% | 10.01% |
| Meridian Energy | 10.59% | 8.13% | 8.13% |
| Spark New Zealand | 9.70% | 4.45% | 4.45% |
| Net Current Assets | 0.69% | 0.66% | 0.66% |
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 ETFs is their index construction methodology, which drives meaningfully different concentration profiles and return outcomes. The Smart NZ Dividend ETF tracks a dividend-screened index, resulting in its top five holdings — Chorus, Contact Energy, Meridian Energy, Mercury NZ, and Spark New Zealand — each carrying roughly 9–11% weights, producing an evenly distributed, utilities-and-telecoms-heavy portfolio. The Smart NZ Top 10 ETF tracks the ten largest NZX-listed companies by market capitalisation, leaving Fisher & Paykel Healthcare alone at nearly 25% of the fund, with Auckland International Airport and Infratil adding further concentration at the top.
Both funds sit at risk indicator 5 on the standard seven-point scale and allocate 98.31% to growth assets, so their risk classifications are identical despite the different sector tilts. Fees differ modestly: the Dividend ETF charges 0.54% annually versus 0.60% for the Top 10 ETF. Fund sizes are comparable at approximately $97.3 million and $103.3 million respectively. The five-year return divergence is substantial — 3.14% per annum for the Dividend ETF against 0.29% for the Top 10 ETF — though past performance does not indicate future performance, and the gap likely reflects the differing weights in healthcare versus infrastructure and utilities over that specific period. Both funds share the same PDS document on FMA Disclose.
Always verify all figures against the source PDS and each fund's 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 NZ Dividend ETF charges 0.06% lower in annual fund charges (0.54% 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 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
0.54%
Lower half of cohort
Smartshares
0.60%
Lower half of cohort
5-year return p.a.
Past performance — not a predictor
Smartshares
3.14%
Upper half over 5 years
Smartshares
0.29%
Bottom 16% over 5 years
Fund size
Larger = more stable, lower close-risk
Smartshares
NZ$97m
Upper half by size
Smartshares
NZ$103m
Upper half by size
| Metric | Smartshares | Smartshares | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.54% | 0.60% | Lower is better |
| Risk indicator (1–7) | 5 | 5 | Higher = more volatility |
| 5-year return p.a. | 3.14% | 0.29% | Higher is better (past not future) |
| Fund size | NZ$97m | NZ$103m | 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 NZ Dividend ETF
The Smart NZ Dividend ETF is designed to track the return (before tax, fees and other expenses) of the S&P/NZX 50 High Dividend Index. The Index is comprised of 25 high yielding companies listed on the NZX and included in the S&P/NZX 50 Index.Full Smartshares Smart NZ Dividend ETF profile →
Smartshares
Smart NZ Top 10 ETF
The Smart NZ Top 10 ETF is designed to track the return (before tax, fees and other expenses) of the S&P/NZX 10 Index. The Index is comprised of ten of the largest companies listed on the NZX.Full Smartshares Smart NZ Top 10 ETF profile →
Common questions
What's the difference between the Smart NZ Dividend ETF and the Smart NZ Top 10 ETF?
Which fund has lower fees, Smart NZ Dividend ETF or Smart NZ Top 10 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?
