What is the difference between a Marcus Today SMA vs a Managed Fund?

Marcus Today SMA Traditional Managed Fund
You are the beneficial owner of a direct share portfolio You own units in a pooled fund of investments
You retain your individual status regarding capital gains tax You are exposed to inheriting the capital gains of
other fund members
All franking credits accrue to you personally Franking credits are shared between all unit holders
You can customise and diversify your share portfolio The fund’s manager determines your entire portfolio
You can access online reports with all the information you need on your portfolio 24/7 The fund’s reports are generally issued annually