Fund-vs-fund · International Equities
Smart US ESG ETF vs Summer Global Equities
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 portfolio construction approach. The Smart US ESG ETF (Smartshares) invests 99.91% of its assets in a single underlying instrument — the iShares MSCI USA ESG Screened UCITS ETF — making it effectively a single-ETF wrapper with concentrated US market exposure. Summer Global Equities, by contrast, holds a diversified mix of individual equities and multiple ETFs across US and international markets, with no single position exceeding 6% of the portfolio, and includes direct stock holdings such as Amazon, Uber, and Mastercard alongside ESG-screened ETF exposures.
Fee structures differ substantially. Smartshares discloses an annual fund charge of 0.34%, while Summer charges 1.02% — a difference of 68 basis points annually that compounds meaningfully over time. Both funds carry a risk indicator of 5 out of 7 and hold near-identical growth asset allocations (98.31% vs 98.37%), and their fund sizes are similar at approximately NZD 43.5 million and NZD 43.3 million respectively.
On five-year returns, the Smartshares fund records 17.72% per annum versus Summer's 6.87%, though return differences reflect both manager decisions and the distinct underlying holdings — particularly the Smartshares fund's concentrated US equity tilt during a period of strong US market performance. Past returns are not a reliable indicator of future performance.
Both funds incorporate ESG considerations, though the screening methodologies differ by underlying instrument and manager approach, and neither fund's QFU elaborates on specific ESG criteria in the data captured here.
Always verify current fees, holdings, and returns against each fund's Product Disclosure Statement and latest Quarterly Fund Update on FMA Disclose before relying on any figures presented 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 US ESG ETF charges 0.68% lower in annual fund charges (0.34% vs 1.02%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- Smart US ESG ETF applies responsible-investment / ESG screening. The other fund does not.
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
Smartshares
0.34%
Lowest 23% of cohort
Summer
1.02%
Upper half of cohort
5-year return p.a.
Past performance — not a predictor
Smartshares
14.05%
Top 3% over 5 years
Summer
6.87%
Lower half over 5 years
Fund size
Larger = more stable, lower close-risk
Smartshares
NZ$39m
Lower half by size
Summer
NZ$43m
Lower half by size
| Metric | Smartshares | Summer | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.34% | 1.02% | Lower is better |
| Risk indicator (1–7) | 5 | 5 | Higher = more volatility |
| 5-year return p.a. | 14.05% | 6.87% | Higher is better (past not future) |
| Fund size | NZ$39m | NZ$43m | 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. |
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 US ESG ETF
The Smart US ESG ETF is designed to track the return (before tax, fees and other expenses) of the MSCI USA Screened Index. The Index is comprised of US 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 US ESG ETF profile →
Summer
Summer Global Equities
The Summer Global Equities fund invests in international shares. We aim to achieve long-term returns (before fees, taxes and other expenses) greater than the MSCI ACWI Net Total Return Index, 50% hedged to the New Zealand dollar.Full Summer Summer Global Equities profile →
Common questions
What's the difference between the Smart US ESG ETF and the Summer Global Equities?
Which fund has lower fees, Smart US ESG ETF or Summer Global Equities?
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?
