Fund-vs-fund · Other
NZ Funds Global Infrastructure 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 asset exposure and the risk profile that follows from it. The Smart Bitcoin ETF (Smartshares) holds 99.99% of its portfolio in the iShares Bitcoin Trust ETF, giving investors near-total concentration in a single cryptocurrency-linked instrument. This is reflected in its risk indicator of 7 — the highest possible on the FMA's standardised scale. NZ Funds Global Infrastructure, by contrast, spreads 78.48% across growth assets with the remainder in income-oriented positions, holds diversified infrastructure-related equities such as Vestas Wind Systems and Equinix, and uses OTC derivatives (Goldman Sachs, 7.06%). Its risk indicator is 5, indicating meaningfully lower expected volatility.
The fee gap is also significant: the Smart Bitcoin ETF charges 0.55% per annum, while NZ Funds Global Infrastructure charges 2.53% — a difference of 198 basis points that compounds materially over time. Neither fund discloses a five-year return figure in the current snapshot, so long-term performance cannot be compared here. Fund size differs modestly: NZ Funds Global Infrastructure is larger at approximately NZD 59.6 million versus NZD 35.8 million for the Smart Bitcoin ETF.
Both funds sit in the FMA "Other" category and neither is a KiwiSaver scheme account. Investors evaluating concentration risk, fee drag, and volatility tolerance will find these funds sit at opposite ends of those spectrums despite sharing a category label.
Always verify current details against each fund's 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 Bitcoin ETF charges 1.98% lower in annual fund charges (0.55% vs 2.53%).
- 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 8 other funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
NZ Funds
2.53%
Highest 6% of cohort
Smartshares
0.55%
Lowest 19% of cohort
5-year return p.a.
Past performance — not a predictor
NZ Funds
—
—
Smartshares
—
—
Fund size
Larger = more stable, lower close-risk
NZ Funds
NZ$60m
Lower half by size
Smartshares
NZ$36m
Smallest 19% in cohort
| Metric | NZ Funds | Smartshares | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 2.53% | 0.55% | Lower is better |
| Risk indicator (1–7) | 5 | 7 | Higher = more volatility |
| 5-year return p.a. | — | — | Higher is better (past not future) |
| Fund size | NZ$60m | NZ$36m | Larger = more stable, lower close-risk |
| Growth / income split | 78% / 22% | 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.
Matching holdings
3
of each fund's top 10
NZ Funds weight in shared
14.4%
of NZ Funds Global Infrastructure top 10 is shared
Smartshares weight in shared
3.3%
of Smart Bitcoin ETF top 10 is shared
| Holding | NZ Funds | Smartshares |
|---|---|---|
| CN Citibank New Zealand Cash NZ | 9.02% | 1.11% |
 Westpac Cash NZ | 2.97% | 1.11% |
| CH Citibank Hong Kong Cash US | 2.40% | 1.11% |
"Min weight" = the smaller of the two weights — a conservative read of how much exposure you'd have to that position if you held both funds.
What each fund says it does
NZ Funds
NZ Funds Global Infrastructure
The objective of the Global Infrastructure fund is to mitigate the impact of inflation on your investment over the medium and/or long term with active management. The fund is anticipated to mainly own and trade international infrastructure company shares. The fund may also hold other actively managed authorised asset classes.Full NZ Funds NZ Funds Global Infrastructure 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 →
Common questions
What's the difference between the NZ Funds Global Infrastructure and the Smart Bitcoin ETF?
Which fund has lower fees, NZ Funds Global Infrastructure or Smart Bitcoin ETF?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
