Fund-vs-fund · International Equities
Simplicity Unhedged Global Share 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 is how each fund achieves its international equities exposure. The Simplicity Unhedged Global Share Fund holds individual global equities directly, with its top five positions — NVIDIA (6.53%), Apple (5.87%), Microsoft (4.40%), Amazon (3.22%), and Alphabet A (2.66%) — reflecting a broad global index covering markets beyond the United States. The Smart US 500 ETF, by contrast, is a fund-of-funds structure: 99.93% of assets sit in a single underlying vehicle, the Vanguard S&P 500 ETF, concentrating exposure entirely within large-cap US equities.
On cost, Simplicity charges an annual fund charge of 0.15%, compared with Smartshares' 0.34% — a meaningful difference for long-term compounding, though the geographic scope of each fund is not equivalent. Both carry a risk indicator of 5 on the standard 1–7 scale and hold nearly identical growth asset allocations of 98.31%. Fund sizes differ: Simplicity stands at approximately NZD 2.73 billion versus Smartshares at approximately NZD 1.02 billion.
Smartshares discloses a five-year annualised return of 17.84%; Simplicity's five-year return figure is not available in this snapshot and should be sourced directly from Simplicity's latest Quarterly Fund Update on FMA Disclose. The Simplicity fund is unhedged, as its name signals; Smartshares' currency hedging position is not stated in the data provided here.
Always verify fees, returns, and fund details 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
- Simplicity Unhedged Global Share Fund charges 0.19% lower in annual fund charges (0.15% vs 0.34%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- Simplicity Unhedged Global Share Fund is roughly 2.8× the size of the other fund.
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
Simplicity
0.15%
Lowest 9% of cohort
Smartshares
0.34%
Lowest 24% of cohort
5-year return p.a.
Past performance — not a predictor
Simplicity
—
—
Smartshares
14.14%
Top 1% over 5 years
Fund size
Larger = more stable, lower close-risk
Simplicity
NZ$2.73b
Largest 1% in cohort
Smartshares
NZ$963m
Largest 4% in cohort
| Metric | Simplicity | Smartshares | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.15% | 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$2.73b | 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 | No | No | Specific exclusions live in each fund's SIPO. |
| Available via | 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
Simplicity
Simplicity Unhedged Global Share Fund
The Unhedged Global Share Fund invests in listed global shares and tracks the Bloomberg Developed Markets ex NZ ESG Screened Index. It is intended to be part of a diversified investment portfolio.Full Simplicity Simplicity Unhedged Global Share 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 Simplicity Unhedged Global Share Fund and the Smart US 500 ETF?
Which fund has lower fees, Simplicity Unhedged Global Share Fund or Smart US 500 ETF?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
