Fund-vs-fund · International Equities
Russell Investments Sustainable Global Shares Fund vs Smart Global ESG 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.
Why these two differ
The most material structural difference between these two funds is how they achieve their international equities exposure. The Russell Investments Sustainable Global Shares Fund holds a diversified basket of individual securities directly — its top five positions include Nvidia (4.71%), Apple (4.35%), Microsoft (3.36%), an S&P 500 futures contract (3.22%), and Amazon (2.27%) — giving investors transparency into constituent-level weights. The Smart Global ESG ETF, managed by Smartshares, takes a fund-of-funds approach: 99.92% of its portfolio is held through a single underlying vehicle, the iShares Core MSCI World ex Australia ESG ETF, with a small NZD cash balance at ANZ Bank (0.53%) and a minor nominee position (0.09%). Investors in the Smartshares fund therefore carry an additional layer of structure and are exposed to the policies and counterparty arrangements of the iShares wrapper.
On fees, Russell Investments discloses a 0.33% annual fund charge against Smartshares' 0.54% — a 21 basis-point difference that compounds meaningfully over time. Both funds sit at risk indicator 5 and carry an identical growth-assets allocation of 98.31%. Fund size is comparable: Russell at NZD 383.4 million, Smartshares at NZD 322.5 million. A five-year return figure is available for the Smart Global ESG ETF (15.37% per annum) but is not disclosed in the Russell fund's latest quarterly fund update snapshot, so like-for-like return comparison is not possible here.
Always verify fees, returns, and holdings 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
- Russell Investments Sustainable Global Shares Fund charges 0.21% lower in annual fund charges (0.33% vs 0.54%).
- 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 81 international equities funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Russell Investments
0.33%
Lowest 21% of cohort
Smartshares
0.54%
Lower half of cohort
5-year return p.a.
Past performance — not a predictor
Russell Investments
—
—
Smartshares
12.12%
Top 17% over 5 years
Fund size
Larger = more stable, lower close-risk
Russell Investments
NZ$364m
Largest 19% in cohort
Smartshares
NZ$314m
Largest 21% in cohort
| Metric | Russell Investments | Smartshares | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.33% | 0.54% | Lower is better |
| Risk indicator (1–7) | 4 | 5 | Higher = more volatility |
| 5-year return p.a. | — | 12.12% | Higher is better (past not future) |
| Fund size | NZ$364m | NZ$314m | 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 | Yes | Yes | 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
1
of each fund's top 10
Russell Investments weight in shared
1.6%
of Russell Investments Sustainable Global Shares Fund top 10 is shared
Smartshares weight in shared
0.6%
of Smart Global ESG ETF top 10 is shared
| Holding | Russell Investments | Smartshares |
|---|---|---|
| $ Cash at Bank (BNZ) NZ | 1.65% | 0.62% |
"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
Russell Investments
Russell Investments Sustainable Global Shares Fund
The Fund invests predominantly in a broad range of international shares listed on stock exchanges in developed and emerging international markets. The Fund targets a lower carbon exposure, and higher Climate Solutions Revenue, compared to the Benchmark. The Fund also employs certain investment exclusions, please refer to the SIPO for further details. Derivatives may be used to obtain or reduce exposure to securities and markets, to implement investment strategies and to manage risk. Foreign currency exposures are unhedged.Full Russell Investments Russell Investments Sustainable Global Shares Fund profile →
Smartshares
Smart Global ESG ETF
The Smart Global ESG ETF is designed to track the return (before tax, fees and other expenses) of the MSCI World Ex Australia Custom ESG Leaders Net Total Return Index. The Index is comprised of global companies screened for exposure to controversial weapons, civilian firearms, tobacco, thermal coal and oil sands. The Index excludes companies that fail to comply with the United Nations Global Compact Principles. For more information, please refer to the Smart Responsible Investment Policy.Full Smartshares Smart Global ESG ETF profile →
Common questions
What's the difference between the Russell Investments Sustainable Global Shares Fund and the Smart Global ESG ETF?
Which fund has lower fees, Russell Investments Sustainable Global Shares Fund or Smart Global ESG ETF?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
