🔬 Methodology

How ReviewETF works: data and methods

Where every number on ReviewETF comes from, how often it's updated and how we calculate it. If something looks wrong, tell us and we'll check it.

Where the data comes from

  • Fund data: the TMX Australia Exchange monthly funds report, which covers every ETF and active ETF quoted on the ASX and TMX Australia: management fees, fund size, flows, trading, spreads and total returns. The current figures are to 30 September 2026.
  • New listings: funds that list after the latest TMX report show the fee from the issuer and, where available, their size from the ASX monthly investment products report, until the next TMX report includes them.
  • Holdings, sectors and countries: the portfolio files ETF issuers publish on their websites, currently for 326 ETFs. Each ETF page shows the date of its holdings.
  • Distributions and franking: each fund's distributions over the past 12 months, as published by issuers.
  • Benchmark comparisons: fund and index returns from issuers' websites and fact sheets. For some funds we use InvestSMART, which publishes Morningstar data, and only where it matches the issuer's figures for the same index and date.
  • Prices and charts: TradingView.
  • Rules and rates: tax, super and Centrelink figures come from the ATO, Services Australia and the super funds themselves, and each article names its sources.

How often it's updated

Fund data is refreshed once a month, after TMX Australia publishes its funds report, usually two to six weeks after month end. Holdings are refreshed regularly. Articles carry the date they were written and, where they quote fees or rules, the date those figures applied. Between updates, a fund's fee, size or holdings may have changed: always check the issuer's website and product disclosure statement (PDS) before investing.

Returns and fees

  • Returns are total returns, including distributions, after the fund's fees and before your tax and brokerage. 3 and 5-year returns are shown in total and as a yearly (annualised) figure.
  • Fees are the management fee (MER) reported to TMX Australia. Some funds also charge performance fees or have other costs that appear in the PDS.
  • Categories (Australian shares, global shares, bonds and so on) and themes are assigned by ReviewETF from each fund's name, index and holdings.

Overlap, similarity and concentration

  • Overlap between two ETFs adds up the smaller of the two weights for every company both hold. 0% means nothing in common, and 100% means identical portfolios.
  • Same holdings (similarity) is the share of one fund's holdings, by weight, that the other fund also owns, using the full published holdings.
  • The Portfolio X-ray looks through each ETF to the companies it holds, weighted by how much you hold of each ETF. Concentration shows the share in your top 1, 5, 10 and 20 companies, and the "effective number of companies" (one divided by the sum of the squared weights).
  • Some issuers publish only their top holdings. Where that applies, the page says so and the figures cover only what's published.

ETF vs benchmark

The gap is the fund's return after fees minus the return of the benchmark it reports against, over 1, 3 and 5 years. An index fund is marked "Tracking well" when it trails its index by no more than its fee plus 0.15% a year. Funds whose benchmark dates or figures can't be matched reliably are left out rather than estimated. Geared and complex funds are excluded from the best and worst lists.

Calculators and projections

  • Franking credits are worked out as the cash distribution × the franked share × 30/70, assuming a 30% company tax rate.
  • The goals and retirement calculators assume long-run returns of 8% a year for shares, 4.25% for bonds and 3.8% for cash, less each portfolio's fees, and 2.5% inflation when showing today's dollars. These are assumptions for illustration, not forecasts. Real returns vary a lot from year to year.
  • Fee calculators compound the difference in fees over the period you choose, assuming the same return before fees.

Awards and "best ETF" guides

Monthly awards go to funds with at least $50 million under management: the best 1 and 5-year returns and lowest fee in each asset class, plus the biggest inflows and fastest-growing funds. "Best ETF" guides group funds that track the same or similar indexes and show their fees, size, returns and tracking. They highlight facts, not personal recommendations: the right fund depends on your circumstances.

Independence

ReviewETF does not accept payment from ETF issuers to list, rank or review their funds, and every fund is shown using the same data and rules. ReviewETF is part of ETF Adviser, which offers a paid research service, and you will see links to its free trial. Joshua Stega, ETF Adviser and its clients may hold some of the ETFs mentioned on this site.

Errors and corrections

We work hard to get the data right, but it is compiled from several sources and mistakes happen. If you spot something that looks wrong, email hello@reviewetf.com.au with the page and what you think is incorrect. We fix confirmed errors promptly. See our disclaimer for more.

Last updated 11 November 2026.