Fund-vs-fund · Australasian Equities
Smart Australian Mid Cap 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 their market-cap exposure and the concentration risk that flows from it. The Smart Australian Top 20 ETF targets Australia's largest-cap stocks, with its five disclosed top holdings — Commonwealth Bank of Australia (17.05%), BHP Group Ltd (15.55%), Westpac Banking Corp (8.20%), National Australia Bank Ltd (7.72%), and ANZ Group Holdings Ltd (6.59%) — accounting for over 55% of the portfolio and reflecting heavy weighting toward financials and resources. The Smart Australian Mid Cap ETF, by contrast, spreads exposure across smaller companies, with its five largest holdings each below 3.5% and no single sector dominating at that same scale.
This structural difference in concentration also maps onto the funds' risk indicators: the Top 20 ETF carries a risk indicator of 5, while the Mid Cap ETF sits at 6, suggesting the mid-cap portfolio has exhibited greater return volatility historically. Both funds hold an identical growth asset allocation of 98.31%.
On fees, the Top 20 ETF charges 0.60% annually versus 0.75% for the Mid Cap ETF. The Top 20 ETF also reports a higher five-year return of 10.25% compared to 8.63%, though past returns are not a reliable indicator of future performance. Fund size differs — $291.4 million (Mid Cap) versus $208.9 million (Top 20) — though both are established pools. 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 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 20 ETF charges 0.15% lower in annual fund charges (0.60% 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
0.75%
Lower half of cohort
Smartshares
0.60%
Lower half of cohort
5-year return p.a.
Past performance — not a predictor
Smartshares
8.63%
Top 13% over 5 years
Smartshares
10.25%
Top 7% over 5 years
Fund size
Larger = more stable, lower close-risk
Smartshares
NZ$291m
Largest 11% in cohort
Smartshares
NZ$209m
Largest 13% in cohort
| Metric | Smartshares | Smartshares | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.75% | 0.60% | Lower is better |
| Risk indicator (1–7) | 6 | 5 | Higher = more volatility |
| 5-year return p.a. | 8.63% | 10.25% | Higher is better (past not future) |
| Fund size | NZ$291m | 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.
What each fund says it does
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 →
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 Mid Cap ETF and the Smart Australian Top 20 ETF?
Which fund has lower fees, Smart Australian Mid Cap 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?
