Fund-vs-fund · International Equities
Smart Europe ESG ETFvsSmart Healthcare Innovation 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.
How much do these two overlap?
They hold 2 of the same securities. If you held both, roughly 0.4% of your money would be in the same companies — so the diversification you get from holding the pair is smaller than holding two funds suggests.
| Shared holding | Smart Europe | Smart Healthcare | Min weight |
|---|---|---|---|
| NZD Cash Account (ANZ Bank) | 0.40% | 0.26% | 0.26% |
| USD Cash Account (BNP Paribas) | 0.10% | 0.10% | 0.10% |
Min weight is the smaller of the two weightings — if you hold both funds, that is the floor of your exposure to that position. Direct holdings only: anything either fund holds through an underlying fund or ETF is not counted, so the real overlap can only be higher. From each fund's FMA Disclose full portfolio filing.
Where you can buy these
Platform availability confirmed within the last 180 days. This is a statement of availability, not a recommendation — ManagedFundsNZ is not a Financial Advice Provider. Check the current PDS before investing.
Smart Europe ESG ETF
Smart Healthcare Innovation ETF
No platform availability confirmed. Usually means it is bought directly from the manager — check their site.
Why these two differ
The most material structural difference between these two Smartshares funds is their underlying market exposure, which directly explains the stark divergence in five-year returns. The Smart Europe ESG ETF channels 99.95% of its portfolio into the iShares MSCI Europe ESG Screened UCITS ETF, giving investors broad, ESG-filtered exposure to European equities across multiple sectors. The Smart Healthcare Innovation ETF places the same 99.95% weight into the iShares Healthcare Innovation UCITS ETF, concentrating entirely within a single global sector theme. That thematic concentration carries a measurable cost in both risk and recent performance: the Healthcare Innovation ETF carries a risk indicator of 6 against the Europe ESG ETF's 5, and its five-year return of 0.19% per annum contrasts sharply with the Europe ESG ETF's 10.92% over the same period — though past returns are not a reliable guide to future performance.
Fees also differ: the Europe ESG ETF charges 0.55% annually versus 0.75% for the Healthcare Innovation ETF. Both funds sit in the International Equities category, share the same manager (Smartshares), hold nearly identical growth asset allocations (98.31%), and are similarly sized — approximately NZD 23.8 million and NZD 22.9 million respectively. Both reference the same PDS dated September 2023. Neither fund is a KiwiSaver scheme account product based on the data provided.
Verify all figures against each fund's current Product Disclosure Statement and latest Quarterly Fund Update on FMA Disclose before relying on any of this information.
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
- Smart Europe ESG ETF charges 0.20% lower in annual fund charges (0.55% vs 0.75%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- Smart Europe ESG ETF applies responsible-investment / ESG screening. The other fund does not.
Where each fund sits in its cohort
Percentile rank vs all 84 international equities funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Smartshares
0.55%
Lower half of cohort
Smartshares
0.75%
Upper half of cohort
5-year return p.a.
Past performance — not a predictor
Smartshares
10.92%
Top 24% over 5 years
Smartshares
0.19%
Bottom 1% over 5 years
Fund size
Larger = more stable, lower close-risk
Smartshares
NZ$24m
Smallest 21% in cohort
Smartshares
NZ$23m
Smallest 18% in cohort
| Metric | Smartshares | Smartshares | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.55% | 0.75% | Lower is better |
| Risk indicator (1–7) | 5 | 6 | Higher = more volatility |
| 5-year return p.a. | 10.92% | 0.19% | Higher is better (past not future) |
| Fund size | NZ$24m | NZ$23m | 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 | No | Specific exclusions live in each fund's SIPO. |
| Available via | Direct | Direct | Platforms accepting retail subscriptions. |
What each fund says it does
Smartshares
Smart Europe ESG ETF
The Smart Europe ESG ETF is designed to track the return (before tax, fees and other expenses) of the MSCI Europe Screened Index. The Index is comprised of European 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 Europe ESG ETF profile →
Smartshares
Smart Healthcare Innovation ETF
The Smart Healthcare Innovation ETF is designed to track the return (before tax, fees and other expenses) of the STOXX® Global Breakthrough Healthcare Index. The Index is comprised of stocks from developed and emerging market companies from sectors focused on pushing the boundaries in medical treatment technology.Full Smartshares Smart Healthcare Innovation ETF profile →
Common questions
What's the difference between the Smart Europe ESG ETF and the Smart Healthcare Innovation ETF?
Which fund has lower fees, Smart Europe ESG ETF or Smart Healthcare Innovation ETF?
How do the 5-year returns compare?
Are both funds PIE-taxed in NZ?
Does either fund apply responsible-investment screening?
Where can I read the official documents for these funds?
