Fund-vs-fund · International Equities
Smart US 500 ETF vs Te Ahumairangi Global Equity Fund
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 investment approach. The Smart US 500 ETF is a passive, single-holding wrapper: 99.82% of its portfolio sits in the Vanguard S&P 500 ETF, giving investors purely US large-cap equity exposure through an index-tracking vehicle. Te Ahumairangi Global Equity Fund, by contrast, is an actively managed, broadly diversified global equity portfolio whose disclosed top holdings — Microsoft, Verizon, Apple, Alphabet, and Everest Group — span multiple sectors and geographies, with the largest single position at 4.36%.
That structural difference flows through to fees and risk. Smartshares charges 0.34% per annum; Te Ahumairangi charges 0.62% — a gap of 28 basis points that compounds over time. Despite both funds allocating 98.31% to growth assets, their FMA risk indicators diverge: Smartshares carries a risk indicator of 5, Te Ahumairangi a 4, reflecting the index fund's full concentration in a single equity market versus the active fund's broader geographic spread.
On performance, Smartshares discloses a five-year annualised return of 14.14%. Te Ahumairangi's five-year return figure is not available in this snapshot, likely because the fund lacks a full five-year track record; investors should check the latest Quarterly Fund Update on FMA Disclose for current figures. Fund sizes are broadly comparable — approximately NZD 963 million and NZD 889 million respectively — so neither presents a material liquidity or scale concern at this stage.
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 US 500 ETF charges 0.28% lower in annual fund charges (0.34% vs 0.62%).
- 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 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
Te Ahumairangi
0.62%
Upper half of cohort
5-year return p.a.
Past performance — not a predictor
Smartshares
14.14%
Top 1% over 5 years
Te Ahumairangi
—
—
Fund size
Larger = more stable, lower close-risk
Smartshares
NZ$963m
Largest 4% in cohort
Te Ahumairangi
NZ$889m
Largest 7% in cohort
| Metric | Smartshares | Te Ahumairangi | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.34% | 0.62% | Lower is better |
| Risk indicator (1–7) | 5 | 4 | Higher = more volatility |
| 5-year return p.a. | 14.14% | — | Higher is better (past not future) |
| Fund size | NZ$963m | NZ$889m | 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 | 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.
Matching holdings
1
of each fund's top 10
Smartshares weight in shared
0.6%
of Smart US 500 ETF top 10 is shared
Te Ahumairangi weight in shared
1.4%
of Te Ahumairangi Global Equity Fund top 10 is shared
| Holding | Smartshares | Te Ahumairangi |
|---|---|---|
| $ NZD Cash Account (ANZ Bank) NZ | 0.58% | 1.42% |
"Min weight" = the smaller of the two weights — a conservative read of how much exposure you'd have to that position if you held both funds.
What each fund says it does
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 →
Te Ahumairangi
Te Ahumairangi Global Equity Fund
The fund invests in global equities across various listed equity markets and will typically maintain a small weight (0 to 5%) in cash to maintain liquidity / flexibility but will occasionally hold a higher cash weighting if the investment manager considers this appropriate. The fund may use leverage of up to 5% of the aggregate value of its investments, but only for the purposes of providing short-term liquidity. The fund may use forward foreign exchange contracts to tilt the foreign exchange exposures of the portfolio but will typically have over 90% net unhedgedFull Te Ahumairangi Te Ahumairangi Global Equity Fund profile →
Common questions
What's the difference between the Smart US 500 ETF and the Te Ahumairangi Global Equity Fund?
Which fund has lower fees, Smart US 500 ETF or Te Ahumairangi Global Equity Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
