There are 81 Australian shares ETFs holding $97.6 billion. Nine broad index funds hold 58% of that money, led by VAS, A200 and IOZ, with fees of 0.04% to 0.07%. Of the 51 funds with a five-year record, only 17 beat A200. Dividend and resources funds did best over five years; small-cap, ethical and active funds mostly lagged.
The Australian shares ETF market at a glance
Australian shares ETFs invest in companies listed on the ASX. They make up a quarter of all ETF money in Australia, and they took in $1.6 billion of new money in September. Fees run from 0.03% to 1.48% a year, with a median of 0.35%.
Because the ASX is dominated by banks and miners, every broad fund has a similar shape. BHP, Commonwealth Bank, NAB, Westpac and ANZ make up about a third of each big index fund. That is why the differences between the big funds are small, and why the specialist funds can behave very differently. Our VAS vs A200 vs IOZ comparison covers the top three in depth.
The 20 largest Australian shares ETFs
| ETF | Name | Fee | Size | 1 year | 5 years (a year) |
|---|---|---|---|---|---|
| VAS | Vanguard Australian Shares (ASX 300) | 0.07% | $26.7bn | +2.2% | +6.5% |
| A200 | Betashares Australia 200 | 0.04% | $11.1bn | +2.9% | +6.9% |
| IOZ | iShares Core S&P/ASX 200 | 0.05% | $9.7bn | +2.6% | +6.8% |
| VHY | Vanguard Australian Shares High Yield | 0.25% | $8.2bn | +12.0% | +10.2% |
| DACE | Dimensional Australian Core Equity (active) | 0.28% | $7.2bn | +4.9% | n/a |
| STW | SPDR S&P/ASX 200 | 0.05% | $6.5bn | +2.6% | +6.7% |
| MVW | VanEck Australian Equal Weight | 0.35% | $3.3bn | +0.8% | +6.3% |
| DAVA | Dimensional Australian Value (active) | 0.34% | $1.6bn | +13.6% | n/a |
| AQLT | Betashares Australian Quality | 0.35% | $1.5bn | +5.3% | n/a |
| QOZ | Betashares Australia 200 Fundamental | 0.40% | $1.4bn | +12.7% | +9.5% |
| MQAE | Macquarie Core Australian Equity (active) | 0.03% | $1.3bn | +1.6% | n/a |
| VSO | Vanguard Australian Small Companies | 0.30% | $1.2bn | -0.1% | +4.8% |
| FAIR | Betashares Australian Sustainability Leaders | 0.49% | $1.0bn | -12.5% | +1.2% |
| MVR | VanEck Australian Resources | 0.35% | $836m | +24.9% | +13.7% |
| ILC | iShares S&P/ASX 20 | 0.24% | $793m | +6.2% | +7.9% |
| AASF | Airlie Australian Share Fund (active) | 0.78% | $792m | +1.6% | +5.5% |
| AMVE | AB Managed Volatility Equities (active) | 0.55% | $768m | +1.8% | +3.9% |
| SYI | SPDR MSCI Australia Select High Dividend Yield | 0.20% | $739m | +14.8% | +9.5% |
| SFY | SPDR S&P/ASX 50 | 0.20% | $706m | +4.3% | +7.3% |
| YMAX | Betashares Australian Top 20 Yield Maximiser | 0.76% | $696m | +1.8% | +5.6% |
Fees, size and total returns including distributions to 30 September 2026. Five-year figures are compound annual. Source: TMX Australia monthly funds report.
These 20 funds hold 88% of all money in Australian shares ETFs. The other 61 share the remaining 12%, and 24 of them hold less than $50 million each. For the full list, see our Australian shares ETFs page.
Eight types of Australian shares ETF
We grouped all 81 funds by what they actually do. The differences in fees and results between groups are much bigger than the differences within the broad index group.
| Type | Funds | Assets | Median fee | Median 5 years (a year) | Examples |
|---|---|---|---|---|---|
| Broad market index | 9 | $56.2bn | 0.05% | +7.0% | VAS, A200, IOZ, STW |
| Dividend and income | 14 | $11.8bn | 0.66% | +5.7% | VHY, SYI, IHD, YMAX |
| Active | 15 | $11.9bn | 0.75% | +3.8% | DACE, DAVA, MQAE, AASF |
| Factor and smart beta | 10 | $7.4bn | 0.33% | +6.5% | MVW, AQLT, QOZ |
| Ethical and ESG | 10 | $3.5bn | 0.54% | +5.3% | FAIR, VETH, IESG |
| Small and mid caps | 9 | $3.1bn | 0.50% | +3.6% | VSO, MVE, SMLL |
| Sectors | 7 | $2.5bn | 0.34% | +10.5% | MVR, QRE, MVB |
| Geared and short | 7 | $1.1bn | 0.80% | mixed | GEAR, G200, BBOZ |
ReviewETF grouping of the TMX "Equity - Domestic" category. Median five-year return covers funds with a five-year record only. Data to 30 September 2026. Source: TMX Australia monthly funds report.
Share of Australian shares ETF money by type
Median return a year over five years, by type
Median fee by type of Australian shares ETF
Broad index funds: the cheap, dependable core
The nine broad funds hold the biggest companies on the ASX for 0.03% to 0.24% a year. A200, IOZ and STW track the top 200 companies; VAS tracks the top 300. Over five years they returned 6.5% to 6.9% a year, almost identical. The narrower ILC (top 20) and SFY (top 50) did slightly better at 7.9% and 7.3%, because the biggest companies led. Compare VAS vs A200, IOZ vs STW and ILC vs SFY.
Dividend, factor and sector funds
- Dividend funds were the stand-out of the larger groups. VHY returned 10.2% a year over five years and SYI 9.5%, well ahead of the broad index. Covered-call funds such as YMAX paid high income but returned less overall (5.6% a year). See VHY vs SYI and our income ETFs page.
- Factor funds were mixed. QOZ returned 9.5% a year, while MVW, which holds every company in equal amounts, returned 6.3%. See VAS vs MVW.
- Resources sector funds led: MVR 13.7% a year, QRE 13.0% and OZR 12.9%. Bank funds such as MVB returned 10.5%. Australian tech (ATEC) was the exception, down 1.1% a year. Sector funds concentrate your risk, and the broad funds already hold a large slice of banks and miners.
What $10,000 grew to over five years
Small caps, ethical and active funds
Small companies had a tough five years. VSO returned 4.8% a year and ISO just 0.9%, well behind the big companies. That can reverse, but it shows why many investors keep small caps as a modest extra rather than a core.
Ethical funds also lagged, partly because they exclude or underweight miners and energy companies, which did well. FAIR, the largest, returned 1.2% a year over five years and fell 12.5% last year. Lower-cost IESG returned 5.9% a year. See our ethical ETFs page.
Active funds have grown fast, led by Dimensional's DACE ($7.2 billion) and DAVA, but most are too young for a five-year record. Of the few that have one, AASF returned 5.5% a year, behind the broad index. Compare IOZ vs DACE.
Geared and short funds
Seven funds use borrowing or short selling. GEAR borrows to magnify your exposure to the ASX 200, so gains and losses are both amplified; BBOZ is designed to rise when the market falls and lost 12.4% a year over five years. These are high-risk tools, generally for experienced investors. Read how geared ETFs work first.
Compare Australian shares ETFs side by side →
Common questions
How many Australian shares ETFs are there?
There were 81 Australian shares ETFs on the ASX and TMX at 30 September 2026, holding $97.6 billion in total.
What is the best Australian shares ETF?
There is no single best. VAS is the largest, A200 is the cheapest large fund at 0.04%, and VHY has the best five-year record of the big funds. The right one depends on whether you want broad exposure, income or a tilt.
Do Australian shares ETFs pay franking credits?
Yes. Because they hold Australian companies that pay franked dividends, their distributions usually carry franking credits. The amount varies by fund and from year to year.
Is it worth holding more than one Australian shares ETF?
Two broad funds, such as VAS and A200, overlap by about 94%, so holding both adds little. Some investors pair one broad fund with a small tilt, such as dividends or small caps.
Joshua Stega is a financial adviser with 20 years' experience and the founder of ETF Adviser. He built ReviewETF to make every Australian ETF easy to find and compare.
General information only. It does not take into account your objectives, financial situation or needs. Consider the PDS and TMD before investing. Past performance is not a reliable indicator of future performance. Data as at 30 September 2026.