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MVW

$36.86-0.11%Australian Index63/100
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VanEck Australian Equal Weight ETF · VanEck

Data as at 29 March 2026

TL;DR

Tracks 80 of Australia's largest companies but gives each one approximately equal weight instead of market-cap weighting. CBA receives the same allocation as a mid-tier company.

MER (Annual Fee)
0.35%
#5 lowest in Australian Index
1Y Return
+4.5%
3Y Return (p.a.)
+7.4%
Dividend Yield
4.48%
Trailing 12 months
AUM
$3,258M
Assets under management
Avg Daily Turnover
$3.3M
Avg shares × unit price
Unit Price
$36.86
As at 29 March 2026
Provider
VanEck
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Strategy

Applies equal weighting to about 80 large ASX-listed companies, rebalancing quarterly. This produces a systematic sell-high/buy-low process: when a company's share price rises and its weight exceeds the target, the fund trims it and redistributes to laggards.

Top Holdings

Key Fact

In a standard ASX 200 index fund, CBA alone represents about 9% of the portfolio. In MVW, it is capped at roughly 1.25%. That redistribution of weight is the defining difference between the two approaches.

Suited for

Investors who want Australian equities with less concentration in the four major banks and BHP. MVW has historically outperformed the ASX 200 over 10+ year periods, though with higher short-term volatility.

Risks

In periods where CBA and BHP lead the market, MVW underperforms a standard ASX 200 fund because it underweights them. The quarterly rebalancing also generates more capital gains distributions than a buy-and-hold index fund.

ETFCheck Score63/100
Fees (40%)48
Fund Size (25%)67
Liquidity (20%)63
Yield (15%)100
How scores are calculated →
Other Australian Index ETFs
VAS
0.07% MER
86
IOZ
0.05% MER
86
A200
0.04% MER
79
STW
0.05% MER
79View all Australian Index ETFs →

Frequently Asked Questions - MVW

How does MVW's equal-weight approach reduce concentration risk compared to standard ASX 200 ETFs?+
While market-cap-weighted ETFs like VAS and IOZ allocate roughly 30% to just four major banks and BHP, MVW assigns each of the approximately 200 ASX stocks an equal weighting of around 0.5%. This dramatically reduces exposure to any single company or sector, meaning a CBA profit downgrade impacts MVW far less than cap-weighted rivals. For Australian investors concerned about the ASX's extreme bank and mining concentration, MVW offers genuine portfolio diversification that standard index funds structurally cannot provide.
Why has MVW underperformed cap-weighted ASX ETFs with only 11.4% one-year returns?+
MVW's 11.4% one-year return trails A200 at 13.8% and IOZ at 13.5% because mega-cap stocks like CBA and BHP drove recent market gains, and equal-weighting inherently reduces exposure to these dominant performers. Equal-weight strategies tend to outperform during broader market rallies where mid-caps participate and underperform when returns concentrate in a few large names. MVW's relative performance is cyclical - historically, equal-weight approaches have delivered stronger long-term risk-adjusted returns when market leadership rotates beyond top-heavy names.
Does MVW's quarterly rebalancing create a built-in contrarian strategy?+
Yes, MVW's quarterly rebalance systematically sells stocks that have risen above equal weight and buys those that have fallen below, creating an automatic buy-low, sell-high discipline. This contrarian mechanism captures mean-reversion tendencies in Australian equities without requiring active management decisions. However, this rebalancing also generates higher portfolio turnover than passive cap-weighted ETFs, which can produce larger taxable capital gains distributions - an important consideration for investors holding MVW outside superannuation or tax-advantaged structures.
Is MVW's 0.35% MER justified given it's nearly nine times more expensive than A200?+
MVW's 0.35% MER reflects the higher operational costs of quarterly rebalancing across 200 equally-weighted positions, compared to A200's passive 0.04% cap-weighted approach. The $310 annual cost difference per $100,000 invested buys genuine structural differentiation - reduced concentration risk, systematic contrarian rebalancing, and greater mid-cap exposure unavailable from standard index ETFs. For SMSF investors seeking to complement an existing cap-weighted core holding like VAS or IOZ, MVW's premium is reasonable as a strategic satellite allocation rather than a sole domestic equity position.