VAS and A200 both track large-cap Australian shares and overlap by approximately 94%, but differ on breadth and fee. VAS follows a broader index of approximately 316 holdings at approximately 0.07% p.a.; A200 tracks the 200 largest companies at approximately 0.04% p.a. The practical performance difference tends to be small.
VAS and A200 are the two most widely held low-cost Australian equity ETFs. VAS tracks the S&P/ASX 300 Index (approximately 316 companies, 0.07% MER); A200 tracks the Solactive Australia 200 Index (201 companies, 0.04% MER). Holdings overlap between the two is approximately 94%.
See live data, overlap percentage and fee comparison in our VAS vs A200 comparison tool.
Key findings
- VAS charges 0.07% p.a. and tracks the S&P/ASX 300; A200 charges 0.04% p.a. and tracks the S&P/ASX 200.
- VAS holds approximately 316 companies and A200 holds approximately 201 companies; the difference is exposure to smaller ASX companies.
- The estimated overlap between VAS and A200 is approximately 94% based on top holdings, sourced from each issuer's published disclosure documents, reviewed quarterly.
VAS and A200 are two of the most widely held ETFs on the ASX. Both provide exposure to Australia's largest listed companies through a single trade at a low annual fee. This article compares them across index tracked, holdings overlap, management fee, fund size and distributions.
At a glance
| VAS | A200 | |
|---|---|---|
| Full name | Vanguard Australian Shares Index ETF | Betashares Australia 200 ETF |
| Index tracked | S&P/ASX 300 | Solactive Australia 200 |
| Holdings | ~300 | ~200 |
| MER | 0.07% p.a. | 0.04% p.a. |
| Fund size (Q2 2026) | $24.3B | $9.5B |
| Distributions | Quarterly | Quarterly |
| Listed on ASX | 2009 | 2018 |
The index
VAS tracks the S&P/ASX 300 Index, covering the 300 largest companies listed on the ASX by market capitalisation. A200 tracks the Solactive Australia 200 Index, covering the 200 largest. Both funds use market-capitalisation weighting, meaning larger companies take up a greater proportion of the fund than smaller ones.
The extra 100 companies VAS holds beyond A200 are smaller by market capitalisation and make up less than 5% of VAS by weight. As a result, the top holdings of both funds are nearly identical.
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ETFLens calculates approximately 94% holdings overlap between VAS and A200 based on top holdings data. Both funds are dominated by the same companies: Commonwealth Bank, BHP, CSL, NAB, Westpac, ANZ and Macquarie Group. Financials and Materials make up the largest sector weightings in both funds.
An investor holding both VAS and A200 pays two separate management fees for what is, in practical terms, nearly identical Australian market exposure. The full holdings overlap is available on the ETFLens compare page.
Management fee
VAS charges a management expense ratio of 0.07% per year. A200 charges 0.04% per year. The fee difference is 0.03%.
In dollar terms:
- On a $10,000 holding: $7 per year (VAS) vs $4 per year (A200), a difference of $3
- On a $100,000 holding: $70 vs $40, a difference of $30 per year
- On a $500,000 holding: $350 vs $200, a difference of $150 per year
Over time the fee difference compounds. The higher the balance and the longer the time horizon, the larger the cumulative dollar gap between the two fees. At an assumed 8% annual growth rate on a $100,000 starting balance with no additional contributions, the cumulative fee difference over 30 years is approximately $3,800. This is an illustrative estimate only. Actual outcomes will differ based on market returns, contribution amounts and timing. The ETFLens Fee Erosion Visualiser can be used to model different scenarios.
Fund size and liquidity
VAS is the largest ETF on the ASX by funds under management, holding approximately $24.3 billion as of Q2 2026. A200 held approximately $9.5 billion over the same period. Both funds have active secondary markets with tight bid-ask spreads.
VAS trades the higher monthly volume of the two. Both are considered liquid by Australian market standards and can generally be bought or sold without significant market impact for most transaction sizes. Current spreads should be checked with a broker before transacting.
Distributions
Both VAS and A200 distribute quarterly. Distributions consist of dividends from the underlying holdings plus any associated franking credits. Because both funds hold nearly identical underlying companies, gross distribution yields are broadly similar. The exact amount and timing of distributions vary each period and are not guaranteed. Past distributions are not a reliable indicator of future distributions. Check the current fund manager product disclosure statement for the most recent distribution history.
Capital gains tax consideration for existing holders
Investors already holding one of these funds who are considering switching to the other may wish to note the capital gains tax implications of selling. On a holding with significant embedded capital gains, the CGT cost of a switch may outweigh years of fee savings from moving to the lower-cost fund. For a deeper look at each fund individually, see the VAS ETF review and the A200 ETF review.
See the full side-by-side breakdown: holdings overlap, sector exposure and fee difference in dollars.
Compare VAS vs A200 on ETFLens →General information only. Not financial advice. This article does not consider your personal financial situation, objectives or needs. Past performance is not a reliable indicator of future returns. MER and fund size data sourced from each issuer's published disclosure documents, reviewed quarterly. Always check the current PDS for the most recent fee and holdings information before investing. ETFLens does not hold an Australian Financial Services Licence. Always read the relevant PDS and consider seeking advice from a licensed financial adviser (AFS licence holder) before making any investment decisions.