Fund-vs-fund · International FI
Coolabah Short Term Income PIE Fund vs Smart Global Bond ETF
Both are International FI 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 risk profile. The Smart Global Bond ETF carries a risk indicator of 4 (out of 7), while the Coolabah Short Term Income PIE Fund sits at a risk indicator of 2, reflecting meaningfully different interest rate sensitivity and return volatility expectations despite both sitting in the International Fixed Income category. This divergence flows directly from duration: the Smartshares fund holds long-dated sovereign and agency bonds — including a Freddie Mac 2054 mortgage-backed security and a French government bond due 2030 — whereas the Coolabah fund concentrates in short-term instruments such as residential mortgage-backed securities, medium-term notes, and a PIE cash allocation, consistent with its "Short Term Income" mandate.
On fees, Coolabah charges 0.67% per annum versus Smartshares at 0.54%, a 13-basis-point difference. Fund size is comparable — approximately NZD 141 million and NZD 139 million respectively. Both funds report identical growth asset allocations of 0.07%.
The five-year return comparison is one-sided: the Smart Global Bond ETF discloses a five-year return of 0.08% per annum; Coolabah's five-year return figure is not available in this snapshot, likely reflecting the fund's shorter operating history. Neither fund is a KiwiSaver scheme account product based on the data provided.
Always verify fees, returns, risk indicators, and portfolio composition against each fund's current Product Disclosure Statement and latest Quarterly Fund Update on FMA Disclose before relying on any figures here.
Comparison generated 2026-07-05 from each fund's FMA Disclose QFU facts as at that date. If the underlying facts change, this narrative is withheld until it is regenerated — the tables on this page always reflect the current data.
What's different at a glance
- Smart Global Bond ETF charges 0.13% lower in annual fund charges (0.54% vs 0.67%).
- 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 31 international fi funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Coolabah
0.67%
Lower half of cohort
Smartshares
0.54%
Lower half of cohort
5-year return p.a.
Past performance — not a predictor
Coolabah
—
—
Smartshares
0.08%
Bottom 10% over 5 years
Fund size
Larger = more stable, lower close-risk
Coolabah
NZ$139m
Lower half by size
Smartshares
NZ$141m
Upper half by size
| Metric | Coolabah | Smartshares | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.67% | 0.54% | Lower is better |
| Risk indicator (1–7) | 2 | 4 | Higher = more volatility |
| 5-year return p.a. | — | 0.08% | Higher is better (past not future) |
| Fund size | NZ$139m | NZ$141m | Larger = more stable, lower close-risk |
| Growth / income split | 0% / 100% | 0% / 100% | More growth = higher long-run return + volatility |
| NZ tax structure | PIE (PIR-capped) | PIE (PIR-capped) | PIE = simpler. FIF = annual return. |
| Currency hedging | — | — | Hedged smooths NZD/foreign FX moves at a small cost. |
| Responsible investment screening | No | No | 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
Coolabah
Coolabah Short Term Income PIE Fund
The fund provides exposure to an actively managed, diversified portfolio that aims to take advantage of investment opportunities within the Australian and global cash and fixed-income markets. The fund currently invests in an underlying fund managed by Coolabah Capital Investments (Retail) Pty Limited (Investment Manager) and targets a position of being fully hedged back to New Zealand dollars.Full Coolabah Coolabah Short Term Income PIE Fund profile →
Smartshares
Smart Global Bond ETF
The Smart Global Bond ETF is designed to provide a return (before tax, fees and other expenses) that outperforms the Bloomberg Global Aggregate Total Return Index Hedged NZD by 1% per annum over rolling three-year periods. The investment manager is PIMCO Australia Pty Ltd. The currency exposure is hedged to the New Zealand dollar.Full Smartshares Smart Global Bond ETF profile →
Common questions
What's the difference between the Coolabah Short Term Income PIE Fund and the Smart Global Bond ETF?
Which fund has lower fees, Coolabah Short Term Income PIE Fund or Smart Global Bond ETF?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
