Advisers charge towards ETFs amid SMSF portfolio reshuffle

Yasmine Raso

Senior Journalist, Financial Newswire

18 March 2026

Financial advisers are at the centre of a massive shift in self-managed superannuation fund (SMSF) portfolio allocations towards exchange traded funds (ETFs) given the investment vehicle’s diversification benefits across asset classes and geographical regions, according to the latest data from wholesale trading platform, AUSIEX.

While self-directed SMSF investors on the platform only held ETFs in 9.3 per cent of their portfolios as of December 2025, that number surged to 44 per cent for advised SMSF investors. This comes at the same time as the number of new SMSF investors using the AUSIEX platform grew by 20 per cent over the year, with advised SMSF users outpacing self-directed accounts.

The data from AUSIEX on the top shareholdings across both types of SMSF accounts suggests advised SMSFs are moving to shore up their portfolio protections against market headwinds via ETFs, while self-directed SMSFs seem to be following “individual trends such as the surging gold price”.

Advised SMSFs’ top 20 shareholdings featured eight ETFs, including Vanguard MSCI Index International Shares ETF (VGS), Vanguard Australian Shares Index ETF (VAS), VanEck MSCI International Quality ETF (QUAL), iShares S&P 500 AUD ETF (IVV), iShares Global 100 AUD ETF (IOO), Vanguard MSCI Index International Shares (Hedged) ETF (VGAD), Vanguard Australian Shares High Yield ETF (VHY) and VanEck Australian Equal Weight ETF (MVW).

The results also highlight a tilt towards global equities for advised SMSFs, accounting for 23.9 per cent of their total holdings compared to 6.4 per cent for their unadvised counterparts.

“The role of advisers in actively managing portfolios for risk and return is apparent in the trading patterns on our platform. They are taking advantage of the wide range of listed securities now available to construct whole portfolios – not just buying ordinary shares for clients,” Christopher Hill, National Manager, Strategic Relationships at AUSIEX, said.

“Advisers have a strong appreciation of the fact that Australia accounts for around only 2% of global sharemarkets and are expanding clients’ portfolios offshore at a rapid clip – whether that be through pooled listed vehicles or, increasingly, direct global equities.

“Five of the top 20 holdings of advised SMSFs at 13 February 2026 were international equity ETFs, which shows the real extent to which Australians can use the local sharemarket to build core positions in global shares. It’s noteworthy that those funds aren’t just plain vanilla passive vehicles but include strategies which enable advisers to optimise portfolio performance – from currency hedging to ‘quality’ investing.”

Advised SMSFs were also at the core of a fixed income surge particularly among AUSIEX clients, with the net value of Australian dollar fixed income ETFs growing by 46.6 per cent year-on-year and advised SMSFs accounting for 96 per cent of that.

Hill noted that investors trickling out of bank hybrids prior to their APRA-mandated closure have found an alternative in subordinated debt ETFs, as advised SMSF holdings grew 74.6 per cent and domestic corporate bond ETFs also grew by 23.5 per cent.

“Advised SMSFs are becoming significant participants in fixed income markets. Their allocation decisions are actively reshaping flows and cementing ETFs as a core fixed income building block in portfolios,” he said.

The top 20 advised SMSF holdings included:

1. Commonwealth Bank (CBA)
2. BHP Group (BHP)
3. National Australia Bank (NAB)
4. Westpac Banking Corporation (WBC)
5. Wesfarmers (WES)
6. ANZ Group Holdings (ANZ)
7. Macquarie Group (MQG)
8. Vanguard MSCI Index International Shares ETF (VGS)
9. Vanguard Australian Shares Index ETF (VAS)
10. CSL (CSL)
11. Telstra Group (TLS)
12. VanEck MSCI International Quality ETF (QUAL)
13. Woodside Energy Group (WDS)
14. iShares S&P 500 AUD ETF (IVV)
15. iShares Global 100 AUD ETF (IOO)
16. Rio Tinto (RIO)
17. Vanguard MSCI Index International Shares (Hedged) ETF (VGAD)
18. Vanguard Australian Shares High Yield ETF (VHY)
19. VanEck Australian Equal Weight ETF (MVW)
20. Woolworths Group (WOW)

The top 20 self-directed SMSF holdings included:

1. Westpac Banking Corporation (WBC)
2. Commonwealth Bank (CBA)
3. National Australia Bank (NAB)
4. BHP Group (BHP)
5. ANZ Group Holdings (ANZ)
6. Wesfarmers (WES)
7. Macquarie Group (MQG)
8. Woodside Energy Group (WDS)
9. Telstra Group (TLS)
10. Rio Tinto (RIO)
11. CSL (CSL)
12. Fortescue (FMG)
13. Woolworths Group (WOW)
14. Vanguard Australian Shares Index ETF (VAS)
15. Coles Group (COL)
16. Washington H. Soul Pattinson and Co (SOL)
17. Northern Star Resources (NST)
18. Australian Foundation Investment Company (AFI)
19. Santos (STO)
20. Vanguard Australian Shares High Yield ETF (VHY)