Fund-vs-fund · Other
Resolution Capital Global Listed Infrastructure PIE 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: the Smart Bitcoin ETF (Smartshares) holds 99.91% of its portfolio in a single asset — the iShares Bitcoin Trust ETF — making it a near-pure proxy for bitcoin price movements. The Resolution Capital Global Listed Infrastructure PIE Fund, by contrast, spreads 98.31% growth assets across a diversified portfolio of listed infrastructure companies, with its five largest holdings — H2O America (9.67%), SSE plc (8.13%), Entergy Corp (7.18%), Kinder Morgan (6.80%), and Spire Inc (5.48%) — representing distinct regulated utility and energy businesses across multiple geographies.
This concentration difference is reflected in the risk indicators: the Smart Bitcoin ETF sits at the maximum score of 7, while the Resolution Capital fund registers a 6. Both funds disclose identical growth asset allocations of 98.31%, but the nature of those growth assets differs fundamentally — cryptocurrency exposure versus listed infrastructure equities.
On fees, the Smart Bitcoin ETF charges 0.55% annually compared to 1.05% for the Resolution Capital fund, a 50-basis-point difference. Fund size is comparable: NZD 39.1 million versus NZD 31.2 million respectively. Neither fund discloses a five-year return figure in this snapshot, so historical performance comparison is not possible here. Neither fund is a KiwiSaver scheme account.
Always verify current fees, returns, and portfolio composition against each fund's 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 0.50% lower in annual fund charges (0.55% vs 1.05%).
- 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
Resolution Capital
1.05%
Lower half of cohort
Smartshares
0.55%
Lowest 19% of cohort
5-year return p.a.
Past performance — not a predictor
Resolution Capital
—
—
Smartshares
—
—
Fund size
Larger = more stable, lower close-risk
Resolution Capital
NZ$31m
Smallest 6% in cohort
Smartshares
NZ$36m
Smallest 19% in cohort
| Metric | Resolution Capital | Smartshares | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.05% | 0.55% | Lower is better |
| Risk indicator (1–7) | 6 | 7 | Higher = more volatility |
| 5-year return p.a. | — | — | Higher is better (past not future) |
| Fund size | NZ$31m | 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 | InvestNow · Direct | InvestNow · Sharesies · 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
1
of each fund's top 10
Resolution Capital weight in shared
4.8%
of Resolution Capital Global Listed Infrastructure PIE Fund top 10 is shared
Smartshares weight in shared
1.1%
of Smart Bitcoin ETF top 10 is shared
| Holding | Resolution Capital | Smartshares |
|---|---|---|
| $ Cash at Bank (BNZ) NZ | 4.77% | 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
Resolution Capital
Resolution Capital Global Listed Infrastructure PIE Fund
The Fund primarily invests in global listed infrastructure securities that the Investment Manager considers provide long term sustainable cashflows backed by physical assets or concessions which provide essential services. This may include water and electricity utilities, renewables, airports, toll roads, ports, railroads and telecommunications infrastructure.Full Resolution Capital Resolution Capital Global Listed Infrastructure PIE 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 →
Common questions
What's the difference between the Resolution Capital Global Listed Infrastructure PIE Fund and the Smart Bitcoin ETF?
Which fund has lower fees, Resolution Capital Global Listed Infrastructure PIE Fund or Smart Bitcoin ETF?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
