Fund-vs-fund · International Equities
Schroder Sustainable Global Core PIE Fund vs Smart US 500 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 their investment approach. The Smart US 500 ETF (Smartshares) is a single-security wrapper: 99.93% of its portfolio sits in the Vanguard S&P 500 ETF, giving investors concentrated, unhedged exposure to roughly 500 large-cap US companies. The Schroder Sustainable Global Core PIE Fund (Schroders) holds a diversified basket of individual global equities selected through a sustainability-oriented framework, with its five largest disclosed positions — NVIDIA (5.40%), Apple (4.72%), Microsoft (3.29%), Amazon (2.54%), and Alphabet Class A (2.13%) — spread across a broader universe than US large-caps alone.
Both funds sit at risk indicator 5 and carry an identical growth-asset allocation of 98.31%. Fund sizes are comparable: the Smartshares fund stands at NZD 1.015 billion versus NZD 946 million for the Schroder fund. On cost, the Smartshares fund charges 0.34% annually against 0.39% for the Schroder fund — a 5-basis-point difference that compounds over time. The Smartshares fund reports a five-year return of 17.84% per annum; the Schroder fund's five-year return figure is not available in this snapshot, likely reflecting insufficient track record at this point in time.
Neither fund is a KiwiSaver scheme account based on the data provided, though both are accessible through FMA Disclose. Investors should verify all figures — including 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
- Annual fund charges are within 0.05% of each other (0.39% vs 0.34%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- Schroder Sustainable Global Core PIE Fund applies responsible-investment / ESG screening. The other fund does not.
Where each fund sits in its cohort
Percentile rank vs all 82 international equities funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Schroders
0.39%
Lower half of cohort
Smartshares
0.34%
Lowest 24% of cohort
5-year return p.a.
Past performance — not a predictor
Schroders
—
—
Smartshares
14.14%
Top 1% over 5 years
Fund size
Larger = more stable, lower close-risk
Schroders
NZ$946m
Largest 5% in cohort
Smartshares
NZ$963m
Largest 4% in cohort
| Metric | Schroders | Smartshares | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.39% | 0.34% | Lower is better |
| Risk indicator (1–7) | 5 | 5 | Higher = more volatility |
| 5-year return p.a. | — | 14.14% | Higher is better (past not future) |
| Fund size | NZ$946m | NZ$963m | 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 | Unhedged | — | Hedged smooths NZD/foreign FX moves at a small cost. |
| Responsible investment screening | Yes | 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.
What each fund says it does
Schroders
Schroder Sustainable Global Core PIE Fund
The fund aims to provide exposure to global listed equities and is an actively managed strategy designed to target outperformance relative to the benchmark index with limited risk relative to the index. This strategy provides the benefits of index-based investing from a risk and cost perspective with the advantage of relative performance upside potential.Full Schroders Schroder Sustainable Global Core PIE Fund profile →
Smartshares
Smart US 500 ETF
The Smart US 500 ETF is designed to track the return (before tax, fees and other expenses) of the S&P 500 Index. The Index is comprised of 500 of the largest listed companies in the United States.Full Smartshares Smart US 500 ETF profile →
Common questions
What's the difference between the Schroder Sustainable Global Core PIE Fund and the Smart US 500 ETF?
Which fund has lower fees, Schroder Sustainable Global Core PIE Fund or Smart US 500 ETF?
Are both funds PIE-taxed in NZ?
Does either fund apply responsible-investment screening?
Where can I read the official documents for these funds?
