ASIA vs ASAO vs EAFZ: Three Top ASX Asian ETFs, One Shared Driver

Written by Christopher Hall, AdvDipFP | Authorised Representative, AFSL 526688 | Updated July 2026

The Betashares Asia Technology Tigers ETF (ASIA), the abrdn Sustainable Asian Opportunities Active ETF (ASAO) and the Ellerston Asia Growth Fund (EAFZ) were the three best-performing ASX-listed ETFs over the quarter to 1 July 2026, returning 45.30%, 31.72% and 29.06% respectively. Each is built to do a different job — ASIA passively tracks an Asia ex-Japan technology index, ASAO is an actively managed ESG-adjusted fund spanning the whole region, and EAFZ is a high-conviction active fund of 20–50 names. Yet all three landed at the top of the board for the same reason: the same semiconductor companies — led by TSMC — sit near the top of every one of them.

What Each ETF Is Built to Do

The three funds are not variations on one theme. Their designs are genuinely different:

• ASIA — index, Asia ex-Japan technology. Tracks the Solactive Asia ex-Japan Technology & Internet Tigers Index: the ~50 largest technology and online-retail companies across China, Taiwan, Korea, India and Singapore. Its purpose is passive, rules-based exposure to regional technology and internet leaders.

• ASAO — active, broad Asia ex-Japan with an ESG overlay. An actively managed fund benchmarked to the MSCI AC Asia ex Japan Index, seeking high capital growth over three-to-five years with ESG considerations applied. It spans the region across sectors — not only technology, but also Asian financials such as HDFC Bank, ICICI and DBS.

• EAFZ — active, high-conviction. A benchmark-independent portfolio of 20–50 high-quality, high-growth large-cap Asian companies, with ESG screens removing controversial weapons, tobacco, nuclear energy, coal, palm oil, gambling and pornography. Being benchmark-independent, it ranges more widely — including Japanese chip-equipment names a strict "Asia ex-Japan" fund would exclude.

Side-by-Side Comparison

	ASIA	ASAO	EAFZ
Provider	Betashares	abrdn	Ellerston
Structure	Index ETF	Active ETF	Active ETF (high-conviction)
Index / benchmark	Solactive Asia ex-Japan Tech & Internet Tigers	MSCI AC Asia ex Japan (benchmark)	Benchmark-independent
What it holds	Asia ex-Japan tech & online retail	Broad Asia ex-Japan, ESG-adjusted	20–50 Asian large caps, ESG-screened
Number of holdings	~50	25 disclosed + index overlay	20–50
Management fee & costs (p.a.)	0.67%	1.18%	0.95%
Fund size	A$1.6B	A$86.1M	A$42.7M
Inception (ASX)	Sep 2018	Oct 2022	Jun 2023
Quarterly total return	+45.30%	+31.72%	+29.06%

Quarterly total returns sourced from Iress, to 1 July 2026. Provider data (index, holdings, fees, fund size) as at 29–30 June 2026. Fees are management fees and costs per annum as published by each provider; ASIA is index-tracking while ASAO and EAFZ are actively managed, which is reflected in their higher fees.

The Shared Driver: Where the Three Funds Overlap

Comparing each fund's top holdings, six companies appear in all three — and the heaviest of them are in the semiconductor supply chain:

Company	In how many	ASIA	ASAO	EAFZ
TSMC	3 of 3	9.24%	17.55%	19.64%
SK Hynix	3 of 3	18.79%	9.43%	8.50%
Samsung Electronics	3 of 3	11.30%	11.66%\*	8.79%
Tencent	3 of 3	6.12%	5.31%	2.48%
Alibaba	3 of 3	5.55%	2.37%	1.54%
Accton Technology	3 of 3	1.28%	1.24%	1.50%
MediaTek	2 of 3	6.59%	2.65%	—
Hon Hai (Foxconn)	2 of 3	3.17%	1.38%	—
Yageo	2 of 3	2.16%	—	2.12%
ASMPT	2 of 3	—	2.04%	1.89%
Naura Technology	2 of 3	—	1.73%	2.16%
DBS Group	2 of 3	—	1.57%	2.69%

\ASAO Samsung Electronics = 8.15% preference shares + 3.51% ordinary. ASAO's single-name weights sit alongside a ~22.25% MSCI AC Asia ex Japan index exposure and cash; weights shown are of the total fund.*

The dense centre is TSMC, SK Hynix and Samsung Electronics — the world's leading foundry and the two Korean memory giants — each held by all three funds. TSMC carries the heaviest combined weight; in ASAO and EAFZ it is the single largest position, and in ASIA it sits behind only the Korean memory names. Alongside the chips, the two Chinese internet megacaps, Tencent and Alibaba, are also held by all three.

A simple way to picture it: three large circles that meet at a single dense centre. The non-overlapping outer parts are completely different — ASIA's edge is China internet breadth (Meituan, NetEase, JD.com, Baidu, Xiaomi, Sea); ASAO's edge is Asian financials (HDFC Bank, ICICI, China Construction Bank, AIA); EAFZ's edge is Japanese chip-equipment and value names (Tokyo Electron, Lasertec, Advantest, PetroChina, HSBC). The centre, where all three meet, is the semiconductor supply chain.

Why Different Funds Produced the Same Result

The funds did not converge because their strategies converged. They converged because the same few holdings did the heavy lifting in each one over this quarter. TSMC, SK Hynix and Samsung together make up roughly 37–39% of each fund despite their very different designs, so a strong run in those names lifts an index tech fund, a broad active fund and a high-conviction fund almost alike.

That is the signal worth noting: when three funds with different mandates, different managers and different country mixes all post leading returns, and their overlap concentrates in one part of the supply chain, the momentum is being driven by that part of the supply chain — here, the Asian semiconductor complex of foundry and memory — rather than by anything specific to a single fund's strategy. The most memory-weighted of the three, ASIA, also delivered the highest return, which hints the memory leg (SK Hynix, Samsung) may have led the foundry leg (TSMC); confirming that finer point would require the individual constituents' quarterly performance, which is not asserted here. A later ASX ETF run captured exactly that constituent-level data and confirmed the memory leg led — see the SEMI vs TECH vs LNAS comparison, where memory names such as Micron and SK Hynix drove the quarter while the mega-cap AI leaders were flat. The weekly ASX ETF rankings and leading themes are tracked on the ASX ETF Momentum Leaders page, the previous fortnight's leaders are compared in the SEMI vs IKO vs ASIA report, and the broader chip thematic on the ASX is covered in the ASX AI infrastructure research. For background on how international ETFs are structured for Australian investors, see the hedged vs unhedged ETF guide.

Access the Research Behind This Report

Finer Market Points tracks momentum across both ASX stocks and ASX-listed ETFs each week. Members receive the underlying educational data early, ahead of the Gary Glover weekly session, through the FMP YouTube Membership.

Remember that past performance is no guarantee of future results, and all trading involves risk.

Frequently Asked Questions

What do ASIA, ASAO and EAFZ have in common?

All three are Asia ex-Japan funds, and despite different designs — one index, two active — they hold the same semiconductor and internet companies near the top of their portfolios. TSMC, SK Hynix, Samsung Electronics, Tencent, Alibaba and Accton Technology are each held by all three; the three chip names carry the heaviest combined weight.

Why did three different ASX ETFs produce similar quarterly returns?

Because the same holdings drove each fund. In the quarter to 1 July 2026 (returns from Iress), semiconductor names led the gains, and TSMC, SK Hynix and Samsung together make up roughly 37–39% of all three funds — so the same run lifted an index fund, a broad active fund and a high-conviction fund alike.

Which of the three is the lowest cost?

As published by each provider, ASIA charges management fees and costs of 0.67% per annum, EAFZ 0.95%, and ASAO 1.18%. ASIA is index-tracking, while ASAO and EAFZ are actively managed, which is reflected in their higher fees. Fees are one factor among several and do not, on their own, indicate suitability.

What is the difference between an index ETF and an active ETF?

ASIA is an index ETF — it mechanically tracks the holdings and weights of its benchmark index. ASAO and EAFZ are active ETFs — a manager selects holdings to try to outperform, ASAO against the MSCI AC Asia ex Japan Index and EAFZ on a benchmark-independent basis. Active funds typically charge higher fees for that management.

Why is TSMC held in all three ETFs?

TSMC (Taiwan Semiconductor Manufacturing Company) is the world's largest contract chip manufacturer and the dominant Asian technology company by index weight, so it qualifies as a core holding for an Asian technology index (ASIA), a broad Asia ex-Japan active fund (ASAO) and a high-conviction Asian fund (EAFZ) simultaneously. That is why it is a top-three position in each.

---

Sources

#	Source	Detail	Accessed
1	Iress	ASX ETF price and quarterly total return data	1 Jul 2026
2	Betashares	ASIA index, holdings, management fee, net assets	29 Jun 2026
3	abrdn	ASAO benchmark, holdings, management fee, fund size	29–30 Jun 2026
4	Ellerston / ASX (EAFZ product page)	EAFZ strategy, holdings, management fee, fund size, ISIN, ASX admission	30 Jun 2026

Educational Disclaimer: This content is for educational purposes only and does not constitute financial advice. Past performance is no guarantee of future results. Consider your financial situation and seek professional advice before making investment decisions.

Finer Market Points Pty Ltd, CAR 1304002, AFSL 526688, ABN 87 645 284 680. This general information is educational only and not financial advice, recommendation, forecast or solicitation. Consider your objectives, financial situation and needs before acting. Seek appropriate professional advice. We accept no liability for any loss or damages arising from use. Authors and presenters may hold positions in discussed companies and investment products.