Ethical Diversified High Growth ETF (DZZF) — Review & Analysis

DZZF is BetaShares' ethical all-in-one ETF with a 90% growth / 10% income allocation. AUM is $107.50 million as at May 2026 with a 0.39% p.a. management fee — meaningfully above non-ethical alternatives. The portfolio is built from BetaShares' underlying ethical sector ETFs (FAIR for Australian shares, ETHI for international developed shares) plus ethical bond exposure. Compare DZZF across the all-in-one cohort on our all ETFs directory.

DZZF closely mirrors VDHG's 90/10 growth/income split — the central distinction is the ethical screen. DZZF's underlying components apply negative screens against companies involved in fossil fuels, weapons, tobacco, gambling and other ESG exclusions. That makes DZZF's portfolio meaningfully different from VDHG and VDAL: no BHP, no Rio Tinto, no Woodside, no major energy companies. The international developed sleeve is also filtered, reducing exposure to oil majors, defence and other excluded sectors.

The 0.39% fee is 12bp above VDHG and VDAL (both 0.27%) and 20bp above DHHF (0.19%) — that's the explicit cost of the ethical screen. Performance differs from non-ethical alternatives because the excluded sectors (energy, materials in particular) have meaningful market-cycle effects. When resources lead the ASX, DZZF underperforms VDHG; when growth and tech sectors lead, the relative performance reverses.

DZZF pays distributions reflecting the income from underlying components and is partially hedged on its international bond sleeve. The closest peer in the ethical diversified space is DBBF (BetaShares' balanced version at 50/50). Our every theme ETF on the ASX guide covers ethical and ESG-screened options across categories.