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 geographic exposure: the Smart Australian Top 20 ETF concentrates entirely in the twenty largest ASX-listed companies, with the top five holdings dominated by Australian banks and BHP Group accounting for roughly 55% of the portfolio; the Smart S&P/NZX 50 ETF tracks New Zealand's fifty largest listed companies, with its top five — led by Fisher & Paykel Healthcare and Auckland International Airport — reflecting a heavier weighting toward healthcare, infrastructure, and utilities.
Fee structures differ significantly. The S&P/NZX 50 ETF charges 0.20% per annum against the Australian Top 20 ETF's 0.60%, a threefold difference that compounds materially over time. Both funds share an identical risk indicator of 5 (on the standard 1–7 scale), identical growth asset allocations of 98.31%, and similar fund sizes — approximately NZD 209 million and NZD 198 million respectively.
The five-year return figures diverge substantially: the Australian Top 20 ETF returned 10.25% per annum over five years, while the S&P/NZX 50 ETF returned 0.19% over the same period. Past performance does not indicate future returns, and currency movements between the Australian and New Zealand dollar are an additional variable for the Australian fund that the New Zealand-domiciled fund does not face to the same degree. Both funds share a single PDS under the Smartshares Core Series.
Verify all figures against the source 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 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?
