Fund-vs-fund · International Equities
Foundation Series Nasdaq-100 Fund vs Smart Emerging Markets 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 market exposure. The Foundation Series Nasdaq-100 Fund allocates 100% of its portfolio to the Invesco NASDAQ 100 ETF, concentrating entirely in large-cap, technology-heavy US equities. The Smart Emerging Markets ESG ETF, managed by Smartshares, holds 99.95% in the iShares MSCI EM IMI ESG Screened UCITS ETF, targeting developing-market equities filtered through environmental, social, and governance criteria. Despite sharing an identical growth-assets allocation of 98.31%, these funds represent meaningfully different geographic and sector risk profiles.
The risk indicators diverge in a counterintuitive direction: the Nasdaq-100 Fund carries a higher risk indicator of 6 (on a 1–7 scale) compared to the Emerging Markets fund's 5, reflecting the Nasdaq-100's greater return volatility despite emerging markets' reputation for political and currency risk. On fees, the gap is substantial — Foundation Series charges 0.15% annually versus Smartshares' 0.59%, a difference of 0.44 percentage points that compounds materially over time. Fund sizes are comparable at approximately NZD 25.9 million and NZD 26.4 million respectively.
The Nasdaq-100 Fund's five-year return figure is not available in this snapshot; the Smartshares fund reports a five-year return of 6.26% per annum. Readers cannot directly compare historical performance on equal footing from this data alone.
Neither fund is structured as a KiwiSaver scheme account product based on the data provided. Verify all figures against each fund's current Product Disclosure Statement and latest Quarterly Fund Update on FMA Disclose before relying on this comparison.
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
- Foundation Series Nasdaq-100 Fund charges 0.44% lower in annual fund charges (0.15% vs 0.59%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- Smart Emerging Markets ESG ETF applies responsible-investment / ESG screening. The other fund does not.
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
Foundation Series
0.15%
Lowest 9% of cohort
Smartshares
0.59%
Lower half of cohort
5-year return p.a.
Past performance — not a predictor
Foundation Series
—
—
Smartshares
6.26%
Lower half over 5 years
Fund size
Larger = more stable, lower close-risk
Foundation Series
NZ$26m
Smallest 23% in cohort
Smartshares
NZ$26m
Smallest 24% in cohort
| Metric | Foundation Series | Smartshares | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.15% | 0.59% | Lower is better |
| Risk indicator (1–7) | 6 | 5 | Higher = more volatility |
| 5-year return p.a. | — | 6.26% | Higher is better (past not future) |
| Fund size | NZ$26m | NZ$26m | 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 smooths NZD/foreign FX moves at a small cost. |
| Responsible investment screening | No | 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
Foundation Series
Foundation Series Nasdaq-100 Fund
The Fund aims for high long-run returns by investing in an ETF that invests in shares of the largest non-financial companies listed on the Nasdaq stock exchange.Full Foundation Series Foundation Series Nasdaq-100 Fund profile →
Smartshares
Smart Emerging Markets ESG ETF
The Smart Emerging Markets ESG ETF is designed to track the return (before tax, fees and other expenses) of the MSCI EM IMI Screened Index. The Index is comprised of emerging markets 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 Emerging Markets ESG ETF profile →
Documents
Crawled directly from each manager's website. How we record provenance →
Foundation Series
LiveLast verified 2026-05-08
Smartshares
Common questions
What's the difference between the Foundation Series Nasdaq-100 Fund and the Smart Emerging Markets ESG ETF?
Which fund has lower fees, Foundation Series Nasdaq-100 Fund or Smart Emerging Markets ESG ETF?
Are both funds PIE-taxed in NZ?
Does either fund apply responsible-investment screening?
Where can I read the official documents for these funds?
