General information only. Not financial advice. Always read the relevant PDS and consider speaking with a licensed financial adviser before making investment decisions.
A quick bit of context before we get into the numbers. I held both VAS and A200 for three years thinking I was invested across two different funds. I wasn't. This article breaks down what each ETF actually contains and why the overlap matters more than most people realise.
What is VAS?
VAS is the Vanguard Australian Shares Index ETF. It tracks the S&P/ASX 300, which covers the 300 largest companies listed on the ASX. The annual management fee is 0.07%, which works out to $7 per year on a $10,000 investment. VAS has been running since 2009 and is one of the most widely held ETFs in Australia.
What is A200?
A200 is the Betashares Australia 200 ETF. It tracks the 200 largest Australian companies using the Solactive Australia 200 Index. The annual management fee is 0.04%, which works out to $4 per year on a $10,000 investment.
How much do they overlap?
VAS holds 300 companies and A200 holds 200. The top holdings in both funds are dominated by the same companies. Commonwealth Bank, BHP, Westpac, NAB, ANZ and Wesfarmers appear near the top of both.
ETFLens works out overlap by comparing the top holdings of each fund by weight. VAS and A200 come back at 100% — meaning every company in A200's top holdings also appears near the top of VAS at a very similar weighting. The extra 100 companies VAS holds beyond A200 make up less than 5% of the total fund weight, so in practice both funds are tracking the same market. If you hold both right now, you are paying two sets of fees for what is effectively the same portfolio. You can check the exact holdings side by side on the ETFLens compare page.
The fee difference
On a $10,000 investment, here is what each fund costs per year:
That is a $3 annual difference on $10,000. Over longer timeframes the gap compounds. The ETFLens fee calculator lets you put in your own investment amount and see the exact dollar difference over 10, 20 and 30 years.
Investors who hold both funds, or who are considering making changes to their portfolio, may want to factor in capital gains tax before making any decisions. A registered tax agent can help assess the tax implications of your specific situation.
See the full side by side breakdown — holdings, sector exposure, fee difference in real dollars.
Check VAS vs A200 on ETFLens →General information only. Not financial advice. Past performance is not indicative of future performance. Holdings data verified quarterly. Always read the relevant PDS and consider seeking advice from a licensed financial adviser before making investment decisions.