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 risk profile. The Smart Bitcoin ETF (Smartshares) holds 99.99% of its portfolio in the iShares Bitcoin Trust ETF, giving investors near-pure exposure to a single volatile cryptocurrency asset. This concentration drives its risk indicator of 7 — the highest point on the FMA's seven-point scale. The Mercer Global Listed Infrastructure Fund, by contrast, spreads its 98.31% growth-asset allocation across a diversified portfolio of listed infrastructure companies — utilities, pipelines, and energy networks — with its largest single holding, Nextera Energy Inc, at 5.21%. Mercer's fund carries a risk indicator of 5, reflecting the comparatively lower volatility of regulated infrastructure equities. Notably, both funds report identical growth-asset weightings of 98.31%, despite fundamentally different asset types sitting within that figure.
On fees, the Smart Bitcoin ETF charges 0.55% per annum versus Mercer's 1.34%, a difference of 79 basis points. Fund size also differs: Mercer's fund stands at approximately NZD 83.75 million against Smartshares' NZD 35.82 million. Mercer discloses a five-year annualised return of 8.36%; the Smart Bitcoin ETF's five-year return figure is not available in this snapshot, likely because the fund lacks a sufficiently long track record. Neither fund is a KiwiSaver scheme account offering based on the data provided.
Verify all figures against each fund's current PDS and latest Quarterly Fund Update on FMA Disclose before relying on any of this information.
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 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?
