NZ Share Indicies

Which fund is best to use for the NZ market? Advice appreciated.
Smartshares use S&P/NZX 50 Portfolio Index – management fee is 0.5%
Simplicity use S&P/NZX 50 Index – management fee is 0.1%
S&P/NZX 50 Portfolio Index
The index comprises the same constituents as the S&P/NZX 50 Index, but with a 5% cap on the float-adjusted market capitalization.
S&P/NZX 50 Index
The index is designed to measure the performance of the 50 largest, eligible stocks listed on the Main Board (NZSX) of the NZX by float-adjusted market capitalization.

There are a number of Smartshares NZ Equity ETFs tracking different benchmarks: FNZ (S&P/NZX 50 Portfolio Index), MDZ (S&P/NZX Mid Cap Index), DIV (S&P/NZX High Dividend Index), TNZ (S&P/NZX Top 10) and NPF (S&P/NZX Real Estate Select Index).

The Portfolio Index and Mid Cap Index have both outperformed the NZX 50 Gross over the last 3 to 5 years with lower volatility. Which one is best depends on your objectives.

Note Simplicity also charges a $30 p.a. admin fee.

Simplicity with a charge of 0.1 % is pretty attractive, hopefully this will put pressure on smartshares to reduce their fees.

To be fair, Simplicity only offers one equity fund whereas Smartshares has around 27 funds to choose from. Also with Simplicity's $30 p.a. admin fee, for a $10K investment there's not much in it on fees.