Fund-vs-fund · Other
Mercer Global Listed Infrastructure Fund vs Smart Bitcoin ETF
Both are Other 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 exposure and resulting risk profile. The Smart Bitcoin ETF (managed by Smartshares) holds 99.91% of its portfolio in the iShares Bitcoin Trust ETF, giving investors near-pure exposure to a single, highly volatile digital asset. The Mercer Global Listed Infrastructure Fund (managed by Mercer) spreads its growth-asset exposure across a diversified basket of listed infrastructure companies — utilities, pipelines, and energy networks — with its five largest positions each ranging between 4.46% and 5.21% of the portfolio.
This concentration difference is reflected in their FMA risk indicators: the Smart Bitcoin ETF carries a risk indicator of 7 (the highest possible), while the Mercer fund sits at 5 (moderate). Both funds disclose growth assets at 98.31%, so that headline figure masks very different volatility profiles beneath.
On fees, the Mercer fund charges 1.34% per annum versus 0.55% for the Smart Bitcoin ETF. On track record, the Mercer fund discloses a five-year annual return of 8.36%; the Smart Bitcoin ETF's five-year return figure is not available in this snapshot, likely reflecting the fund's shorter operating history. Fund size also differs: Mercer at approximately NZD 83.75 million versus Smartshares at approximately NZD 39.14 million. Neither fund is a KiwiSaver scheme account product based on the data provided.
Always verify all figures against each fund's current 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 Bitcoin ETF charges 0.79% lower in annual fund charges (0.55% vs 1.34%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- Mercer Global Listed Infrastructure Fund is roughly 2.3× the size of the other fund.
Where each fund sits in its cohort
Percentile rank vs all 8 other funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Mercer
1.34%
Upper half of cohort
Smartshares
0.55%
Lowest 19% of cohort
5-year return p.a.
Past performance — not a predictor
Mercer
8.36%
Top 25% over 5 years
Smartshares
—
—
Fund size
Larger = more stable, lower close-risk
Mercer
NZ$84m
Lower half by size
Smartshares
NZ$36m
Smallest 19% in cohort
| Metric | Mercer | Smartshares | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.34% | 0.55% | Lower is better |
| Risk indicator (1–7) | 5 | 7 | Higher = more volatility |
| 5-year return p.a. | 8.36% | — | Higher is better (past not future) |
| Fund size | NZ$84m | NZ$36m | 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
Mercer
Mercer Global Listed Infrastructure Fund
The fund invests in infrastructure securities in both developed and emerging markets across a range of sectors. This provides access to a range of infrastructure sectors across geographic regions, with active portfolio management that seeks to target excess returns and predictable, stable cash flows. Environmental, Social and Governance characteristics are integrated into the investment process. The fund aims to provide total returns (income and capital growth) after costs and before tax, above the FTSE Developed Core Infrastructure 50/50 Index (100% hedged to theFull Mercer Mercer Global Listed Infrastructure Fund profile →
Smartshares
Smart Bitcoin ETF
The Smart Bitcoin ETF invests in the iShares Bitcoin Trust ETF and seeks to reflect generally the performance of the price of bitcoin.Full Smartshares Smart Bitcoin ETF profile →
Documents
Crawled directly from each manager's website. How we record provenance →
Smartshares
Common questions
What's the difference between the Mercer Global Listed Infrastructure Fund and the Smart Bitcoin ETF?
Which fund has lower fees, Mercer Global Listed Infrastructure Fund or Smart Bitcoin ETF?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
