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 between these two funds is their underlying investment approach. The Simplicity Unhedged Global Share Fund holds a diversified basket of global equities across multiple markets, with its top five positions — NVIDIA Corp (6.53%), Apple Inc (5.87%), Microsoft Corporation (4.40%), Amazon.com Inc (3.22%), and Alphabet Inc Class A (2.66%) — representing direct or index-linked exposure spread across global developed markets. The Smart US 500 ETF, by contrast, concentrates 99.82% of its portfolio in a single underlying instrument, the Vanguard S&P 500 ETF, making it effectively a wrapper for US large-cap equity exposure only. Investors in the Smart US 500 ETF bear the geographic and single-market concentration that entails.
Both funds sit at risk indicator 5 on the standard 1–7 scale and carry an identical growth asset allocation of 98.31%. Their fee structures diverge meaningfully: Simplicity charges 0.15% per annum versus Smartshares' 0.34%, a difference of 0.19 percentage points annually. On fund size, Simplicity is approximately 2.8 times larger at NZD 2.73 billion compared with NZD 963 million for the Smart US 500 ETF. The Smart US 500 ETF discloses a five-year annualised return of 14.14%; Simplicity's five-year return figure is not available in this snapshot. Neither fund is a KiwiSaver scheme account. Readers should verify all figures against each fund's current Product Disclosure Statement and latest Quarterly Fund Update on FMA Disclose before relying on any data presented here.
Comparison generated 2026-07-05 from each fund's FMA Disclose QFU facts as at that date. If the underlying facts change, this narrative is withheld until it is regenerated — the tables on this page always reflect the current data.
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 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
Simplicity
0.15%
Lowest 9% of cohort
Smartshares
0.34%
Lowest 23% 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 | 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?
