Fund-vs-fund · International Equities
Foundation Series Total World Fund vs Smart US Large Growth 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 Total World Fund holds 100% in the Vanguard Total World Stock ETF, giving investors access to thousands of companies across developed and emerging markets globally. The Smart US Large Growth ETF, by contrast, holds 99.96% in the Vanguard Growth ETF, concentrating exposure in large-cap US growth-oriented equities. This distinction in geographic and style breadth is reflected in the risk indicators: the Total World Fund sits at 5 out of 7, while the US Large Growth ETF is rated 6 out of 7, indicating higher expected volatility consistent with its narrower, growth-tilted mandate.
The fee difference is also significant. Foundation Series discloses an annual fund charge of 0.07%, compared with Smartshares' 0.51% — a gap of 0.44 percentage points annually that compounds materially over time. Both funds are similarly sized, at approximately NZD 514 million and NZD 591 million respectively, and both report 98.31% growth assets.
On performance, the Smart US Large Growth ETF discloses a five-year annualised return of 17.88%; the Foundation Series Total World Fund's five-year return figure is not available in this snapshot and cannot be compared directly. Neither fund is structured as a KiwiSaver scheme account based on the data provided.
Always verify fees, returns, and portfolio composition against each fund's current PDS 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
- Foundation Series Total World Fund charges 0.44% lower in annual fund charges (0.07% vs 0.51%).
- 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
Foundation Series
0.07%
Lowest 5% of cohort
Smartshares
0.51%
Lower half of cohort
5-year return p.a.
Past performance — not a predictor
Foundation Series
—
—
Smartshares
13.81%
Top 8% over 5 years
Fund size
Larger = more stable, lower close-risk
Foundation Series
NZ$514m
Largest 15% in cohort
Smartshares
NZ$500m
Largest 16% in cohort
| Metric | Foundation Series | Smartshares | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.07% | 0.51% | Lower is better |
| Risk indicator (1–7) | 5 | 6 | Higher = more volatility |
| 5-year return p.a. | — | 13.81% | Higher is better (past not future) |
| Fund size | NZ$514m | NZ$500m | 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 | 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
Foundation Series
Foundation Series Total World Fund
The fund aims for high long-run returns by investing in an Exchange-Traded Fund ('ETF') that invests in shares of the large, mid-sized and small companies listed on international stock markets.Full Foundation Series Foundation Series Total World Fund profile →
Smartshares
Smart US Large Growth ETF
The Smart US Large Growth ETF is designed to track the return (before tax, fees and other expenses) of the CRSP US Large Cap Growth Index. The Index is comprised of large US growth companies.Full Smartshares Smart US Large Growth 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 Total World Fund and the Smart US Large Growth ETF?
Which fund has lower fees, Foundation Series Total World Fund or Smart US Large Growth ETF?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
