Fund-vs-fund · International Equities
BetaShares Global Sustainability Leaders Fund (NZD Hedged) vs Smart US ESG ETF
Both are International Equities funds available to NZ retail investors. Numbers below are sourced from the FMA Disclose register via Sorted Smart Investor and reflect the latest published quarterly fund updates.
Why these two differ
The most material structural difference between these two funds is their underlying investment approach and currency treatment. The Smart US ESG ETF (Smartshares) gains its international equities exposure almost entirely through a single iShares UCITS ETF wrapper — 99.91% of the portfolio — meaning investors hold one intermediary vehicle rather than direct equity positions, and the fund carries unhedged USD currency risk. The BetaShares Global Sustainability Leaders Fund is NZD hedged, directly holding a diversified basket of individual global equities, with the five largest positions (Broadcom, NVIDIA, Apple, Mastercard, and Home Depot) together representing roughly 24% of the fund; currency movements between the NZD and foreign currencies are largely neutralised by the hedge.
On fees, the Smart US ESG ETF charges 0.34% annually versus 0.79% for the BetaShares fund — a 45-basis-point difference that compounds meaningfully over time. Both funds share an identical risk indicator of 5 and an identical growth assets allocation of 98.31%. Fund sizes are closely matched at NZD 43.5 million and NZD 42.3 million respectively. The Smart US ESG ETF reports a five-year annualised return of 17.72%; the BetaShares fund's five-year return figure is not available in the current snapshot, so a direct long-run performance comparison cannot be made from this data alone.
Both funds carry ESG screens, though the specific methodologies differ and investors should review each fund's Statement of Investment Policy and Objectives for detail.
Always verify current fees, returns, and holdings against each fund's Product Disclosure Statement and latest Quarterly Fund Update on FMA Disclose before relying on any of this information.
Cached comparison generated 2026-05-21 from each fund's latest FMA Disclose QFU. Regenerated when the underlying facts change.
What's different at a glance
- Smart US ESG ETF charges 0.45% lower in annual fund charges (0.34% vs 0.79%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
Where each fund sits in its cohort
Percentile rank vs all 81 international equities funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
BetaShares
0.79%
Upper half of cohort
Smartshares
0.34%
Lowest 23% of cohort
5-year return p.a.
Past performance — not a predictor
BetaShares
—
—
Smartshares
14.05%
Top 3% over 5 years
Fund size
Larger = more stable, lower close-risk
BetaShares
NZ$42m
Lower half by size
Smartshares
NZ$39m
Lower half by size
| Metric | BetaShares | Smartshares | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.79% | 0.34% | Lower is better |
| Risk indicator (1–7) | 5 | 5 | Higher = more volatility |
| 5-year return p.a. | — | 14.05% | Higher is better (past not future) |
| Fund size | NZ$42m | NZ$39m | Larger = more stable, lower close-risk |
| Growth / income split | 98% / 2% | 98% / 2% | More growth = higher long-run return + volatility |
| NZ tax structure | PIE (PIR-capped) | PIE (PIR-capped) | PIE = simpler. FIF = annual return. |
| Currency hedging | Hedged to NZD | — | Hedged smooths NZD/foreign FX moves at a small cost. |
| Responsible investment screening | Yes | Yes | Specific exclusions live in each fund's SIPO. |
| Available via | Direct | Direct | Platforms accepting retail subscriptions. |
Portfolio overlap
How many top-10 positions both funds hold, and at what weight. Computed from each fund's most recently disclosed top-10 holdings — exact-name matched (Microsoft Corp. = Microsoft Corporation), with a Cash / Cash & Equivalents collapse rule.
What each fund says it does
BetaShares
BetaShares Global Sustainability Leaders Fund (NZD Hedged)
The fund aims to provide an investment return that tracks the performance of the Nasdaq Future Global Sustainability Leaders Currency Hedged NZD Index, before taking into account fees and expenses.Full BetaShares BetaShares Global Sustainability Leaders Fund (NZD Hedged) profile →
Smartshares
Smart US ESG ETF
The Smart US ESG ETF is designed to track the return (before tax, fees and other expenses) of the MSCI USA Screened Index. The Index is comprised of US companies screened for exposure to controversial weapons, civilian firearms, tobacco, thermal coal and oil sands. The Index excludes companies that fail to comply with the United Nations Global Compact Principles. For more information, please refer to the Smart Responsible Investment Policy.Full Smartshares Smart US ESG ETF profile →
Common questions
What's the difference between the BetaShares Global Sustainability Leaders Fund (NZD Hedged) and the Smart US ESG ETF?
Which fund has lower fees, BetaShares Global Sustainability Leaders Fund (NZD Hedged) or Smart US ESG ETF?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
