Fund-vs-fund · International Equities
Pie Global Growth Fund 2vsSmart 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.
Where you can buy these
Platform availability confirmed within the last 180 days. This is a statement of availability, not a recommendation — ManagedFundsNZ is not a Financial Advice Provider. Check the current PDS before investing.
Pie Global Growth Fund 2
Smart US Large Growth ETF
What's different at a glance
- Smart US Large Growth ETF charges 0.95% lower in annual fund charges (0.51% vs 1.46%).
- 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 84 international equities funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Pie Funds
1.46%
Highest 10% of cohort
Smartshares
0.51%
Lower half of cohort
5-year return p.a.
Past performance — not a predictor
Pie Funds
7.49%
Lower half over 5 years
Smartshares
13.81%
Top 8% over 5 years
Fund size
Larger = more stable, lower close-risk
Pie Funds
NZ$439m
Largest 17% in cohort
Smartshares
NZ$500m
Largest 16% in cohort
| Metric | Pie Funds | Smartshares | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.46% | 0.51% | Lower is better |
| Risk indicator (1–7) | 5 | 6 | Higher = more volatility |
| 5-year return p.a. | 7.49% | 13.81% | Higher is better (past not future) |
| Fund size | NZ$439m | 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
Pie Funds
Pie Global Growth Fund 2
The Pie Global Growth 2 Fund seeks to provide investors with long-term capital growth by investing in large companies globally, directly and through ETFs.Full Pie Funds Pie Global Growth Fund 2 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 →
Common questions
What's the difference between the Pie Global Growth Fund 2 and the Smart US Large Growth ETF?
Which fund has lower fees, Pie Global Growth Fund 2 or Smart US Large Growth ETF?
How do the 5-year returns compare?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
