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 portfolio construction. The Smart US ESG ETF (Smartshares) concentrates virtually its entire portfolio — 99.95% — in a single underlying vehicle, the iShares MSCI USA ESG Screened UCITS ETF, making it a single-ETF wrapper with near-total US equity exposure. Summer Global Equities, by contrast, holds a diversified spread of individual equities and ETFs across multiple positions, with no single holding exceeding 6%, and its name signals broader geographic reach beyond the United States.
Both funds sit at risk indicator 5 on the standard 1–7 scale and allocate roughly 98% to growth assets, so risk profile and asset-class positioning are closely aligned. Where they diverge sharply is cost and reported returns. The Smart US ESG ETF charges 0.34% per annum against Summer Global Equities' 1.02% — a difference of 68 basis points annually. Over the five-year period reported in each fund's latest Quarterly Fund Update, the Smart US ESG ETF returned 14.05% per annum compared with 6.87% for Summer Global Equities, though past returns are not a reliable indicator of future performance and the different underlying exposures make direct comparison imperfect. Fund sizes are similar — approximately NZD 38.6 million and NZD 43.3 million respectively. Summer Global Equities is part of a KiwiSaver scheme, meaning it is accessible via your KiwiSaver scheme account; the Smart US ESG ETF is available as a standalone managed fund.
Always verify these details against the source PDS 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 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?
