Fund-vs-fund · Australasian Equities
Smart S&P/NZX 50 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 geographic exposure. The Smart S&P/NZX 50 ETF tracks New Zealand's 50 largest listed companies, with its five largest holdings — Fisher & Paykel Healthcare, Auckland International Airport, Infratil, Contact Energy, and a2 Milk — all NZX-listed. The Smart Australian Top 20 ETF, by contrast, concentrates in Australia's 20 largest stocks, dominated by the major banks (Commonwealth Bank, Westpac, NAB, ANZ at a combined ~40%) alongside BHP. Both funds sit at a risk indicator of 5 and carry near-identical growth asset allocations of 98.31%, so the differentiation is country and sector composition, not asset-class structure.
Fee and return figures diverge meaningfully in the latest QFU snapshot. The NZX 50 fund charges 0.20% annually versus 0.60% for the Australian Top 20 — a threefold difference. Over the five-year period covered, the Australian Top 20 returned 10.37% per annum against just 0.33% for the NZX 50 fund, though past performance is not a reliable indicator of future returns and the periods captured may differ across QFUs. Both funds are similarly sized: NZD ~206.7 million and ~194.8 million respectively.
Both funds are managed by Smartshares and share a common PDS. Neither is a KiwiSaver scheme; investors cannot direct KiwiSaver scheme account contributions to these funds through a KiwiSaver provider arrangement unless separately offered.
Verify all figures against the source PDS and latest Quarterly Fund Update on FMA Disclose before relying on any of this information.
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 S&P/NZX 50 ETF charges 0.40% lower in annual fund charges (0.20% 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
0.20%
Lowest 3% of cohort
Smartshares
0.60%
Lower half of cohort
5-year return p.a.
Past performance — not a predictor
Smartshares
0.19%
Bottom 13% over 5 years
Smartshares
10.25%
Top 7% over 5 years
Fund size
Larger = more stable, lower close-risk
Smartshares
NZ$198m
Largest 18% in cohort
Smartshares
NZ$209m
Largest 13% in cohort
| Metric | Smartshares | Smartshares | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.20% | 0.60% | Lower is better |
| Risk indicator (1–7) | 5 | 5 | Higher = more volatility |
| 5-year return p.a. | 0.19% | 10.25% | Higher is better (past not future) |
| Fund size | NZ$198m | 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 S&P/NZX 50 ETF
The Smart S&P/NZX 50 ETF is designed to track the return (before tax, fees and other expenses) of the S&P/NZX 50 Gross with Imputation Index. The Index is comprised of 50 of the largest companies listed on the NZX. The weighting of each company in the Index is based on its market capitalisation.Full Smartshares Smart S&P/NZX 50 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 S&P/NZX 50 ETF and the Smart Australian Top 20 ETF?
Which fund has lower fees, Smart S&P/NZX 50 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?
