Key Highlights

  • Vanguard MSCI Australian Small Companies Index ETF (ASX:VSO) holds 193 companies, with a fund size of $1.13 billion and a 0.30% management fee.
  • iShares S&P/ASX Small Ordinaries ETF (ASX:ISO) holds 212 companies and tracks the S&P/ASX Small Ordinaries Total Return Index.
  • Spheria Australian Smaller Companies Active ETF (ASX:SPHX) is an active fund that aims to outperform the S&P/ASX Small Ordinaries Accumulation Index.

Three exchange traded funds target smaller Australian companies. Vanguard MSCI Australian Small Companies Index ETF (ASX:VSO) tracks an MSCI small cap index, iShares S&P/ASX Small Ordinaries ETF (ASX:ISO) tracks the S&P/ASX Small Ordinaries Total Return Index, and Spheria Australian Smaller Companies Active ETF (ASX:SPHX) is actively managed against the S&P/ASX Small Ordinaries Accumulation Index. All three are categorised as Equity Australia Mid/Small Blend.

Vanguard MSCI Australian Small Companies Index ETF (ASX:VSO)

The MSCI Australian Shares Small Cap Index targets coverage of around 14% of the free float-adjusted market capitalisation of the Australian share market. The fund is categorised as Equity Australia Mid/Small Blend, a category that invests primarily in small- to mid-sized Australian companies, defined as stocks in the bottom 30% of the market by capitalisation.

The fund holds 193 companies. Its largest positions are BlueScope Steel Limited (2.43%), Orica Limited (1.98%), ALS Limited (1.93%), Ampol Limited (1.92%), Stockland (1.91%), and the top ten holdings together account for 18.88% of the portfolio.

The other largest positions are Ramsay Health Care Limited (1.88%), Sandfire Resources Limited (1.87%), Cochlear Limited (1.67%), Mineral Resources Limited (1.66%), GPT Group (1.60%).

The most recent recorded distribution was a final distribution of $2.196 per unit, with an ex-date of 1 July 2026, a record date of 2 July 2026 and payment on 16 July 2026.

iShares S&P/ASX Small Ordinaries ETF (ASX:ISO)

The fund is categorised as Equity Australia Mid/Small Blend and holds 212 companies, with a turnover ratio of 23.75%. Most of the portfolio is Australian, with small allocations to New Zealand, Canada and the United States.

The fund holds 212 companies. Its largest positions are Vault Minerals Limited (2.08%), Ventia Services Group Limited (1.67%), Megaport Limited (1.63%), Reece Limited (1.43%), Emerald Resources NL (1.36%), and the top ten holdings together account for 14.62% of the portfolio.

The other largest positions are PDI Gold Limited (1.33%), West African Resources Limited (1.33%), Sims Limited (1.28%), NRW Holdings Limited (1.24%), Viva Energy Group Limited (1.22%).

The most recent recorded distribution was a final distribution of $0.170 per unit, with an ex-date of 1 July 2026, a record date of 2 July 2026 and payment on 13 July 2026.

Spheria Australian Smaller Companies Active ETF (ASX:SPHX)

The fund is categorised as Equity Australia Mid/Small Blend, a category that invests primarily in small- to mid-sized Australian companies, defined as stocks in the bottom 30% of the capitalisation of the Australian equities market. Its head office is a Pinnacle Investment Management address in Brisbane.

The most recent recorded distribution was a final distribution of $0.202 per unit, with an ex-date of 1 July 2026, a record date of 2 July 2026 and payment on 13 July 2026.

Fund Details at a Glance

  • VSO: Equity Australia Mid/Small Blend; benchmark MSCI Australia Small Cap GR LCL; admitted 26 May 2011; fund size $1.13 billion; management fee 0.30%
  • ISO: Equity Australia Mid/Small Blend; benchmark S&P/ASX Small Ordinaries TR AUD; admitted 9 December 2010; fund size $125.31 million; management fee 0.55%
  • SPHX: Equity Australia Mid/Small Blend; benchmark S&P/ASX Small Ordinaries Acc; admitted 15 April 2026; fund size $1.75 million

Closing Perspective

VSO and ISO follow indices of smaller Australian companies while SPHX is actively managed against the Small Ordinaries index. Their most recent distributions were $2.196 per unit for VSO (paid 16 July 2026), $0.170 for ISO (paid 13 July 2026) and $0.202 for SPHX (paid 13 July 2026).