Fund-vs-fund · International FI
Smart Global Bond ETF vs Vision Income Fund
Both are International FI 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 asset composition, which drives almost every other contrast. Smart Global Bond ETF holds publicly traded sovereign and agency bonds — US Treasuries, French OATs, UK Gilts, Italian BTPs, and Freddie Mac mortgage-backed securities — giving investors listed fixed-income exposure with transparent daily pricing. Vision Income Fund's largest positions are private loans secured by rural property and unspecified "other assets," alongside a cash management fund and on-call bank deposits, indicating a private credit and cash-based strategy that carries liquidity and valuation characteristics quite distinct from exchange-traded bonds.
Both sit in the International Fixed Income category and are similarly sized (Smart at NZ$147.2 million, Vision at NZ$149.2 million), but their risk profiles diverge sharply: Smart carries a risk indicator of 3, Vision a 1, consistent with the difference between mark-to-market bond volatility and more stable private loan valuations. Vision's five-year return of 3.17% per annum compares to Smart's 0.23% over the same period, though the fee differential is substantial — Smart charges 0.54% annually versus Vision's 2.51%, a gap of nearly two percentage points that will compound materially over time. Growth asset allocations are minimal for both (Smart 0.13%, Vision 0.07%).
Always verify current fees, returns, and holdings against each fund's product disclosure statement and latest quarterly fund update on FMA Disclose before relying on any figures here.
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
- Smart Global Bond ETF charges 1.97% lower in annual fund charges (0.54% vs 2.51%).
- 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 31 international fi funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Smartshares
0.54%
Lower half of cohort
Vision
2.51%
Highest 2% of cohort
5-year return p.a.
Past performance — not a predictor
Smartshares
0.08%
Bottom 10% over 5 years
Vision
3.17%
Top 3% over 5 years
Fund size
Larger = more stable, lower close-risk
Smartshares
NZ$141m
Upper half by size
Vision
NZ$149m
Upper half by size
| Metric | Smartshares | Vision | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.54% | 2.51% | Lower is better |
| Risk indicator (1–7) | 4 | 1 | Higher = more volatility |
| 5-year return p.a. | 0.08% | 3.17% | Higher is better (past not future) |
| Fund size | NZ$141m | NZ$149m | Larger = more stable, lower close-risk |
| Growth / income split | 0% / 100% | 0% / 100% | 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 | No | No | Specific exclusions live in each fund's SIPO. |
| Available via | InvestNow · Sharesies · Direct | InvestNow · 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
Smartshares
Smart Global Bond ETF
The Smart Global Bond ETF is designed to provide a return (before tax, fees and other expenses) that outperforms the Bloomberg Global Aggregate Total Return Index Hedged NZD by 1% per annum over rolling three-year periods. The investment manager is PIMCO Australia Pty Ltd. The currency exposure is hedged to the New Zealand dollar.Full Smartshares Smart Global Bond ETF profile →
Vision
Vision Income Fund
The Fund is intended to provide members of the Brethren community (Community) with an investment product that suitably satisfies the Community’s ethical requirements, as an alternative to other fixed income investments in the market. The investment Manager will set a rate of return at which distributions to investors will be paid. Where the Fund's net income exceeds that set rate, the excess will be paid to Vision Invest Trust (Residual).Full Vision Vision Income Fund profile →
Common questions
What's the difference between the Smart Global Bond ETF and the Vision Income Fund?
Which fund has lower fees, Smart Global Bond ETF or Vision Income Fund?
How do the 5-year returns compare?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
