Fund-vs-fund · International Equities
Smart US Mid Cap ETFvsSmart US Small Cap 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 US | Smart US | Min weight |
|---|---|---|---|
| NZD Cash Account (ANZ Bank) | 0.37% | 0.35% | 0.35% |
| Net Current Assets | 0.01% | 0.03% | 0.01% |
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.
Why these two differ
The most material structural difference between these two Smartshares funds is their risk profile: the Smart US Mid Cap ETF carries a risk indicator of 5, while the Smart US Small Cap ETF sits at 6 on the standard 1–7 scale. This reflects the historically higher volatility of small-cap equities relative to mid-cap equities, a distinction that is meaningful despite both funds otherwise sharing near-identical architecture.
Both funds are managed by Smartshares, fall under the International Equities category, charge an identical annual fund fee of 0.51%, and allocate 98.31% of assets to growth assets. Each fund is a near-pure pass-through vehicle: the Mid Cap ETF holds approximately 99.8% in the Vanguard Mid-Cap ETF, while the Small Cap ETF holds approximately 99.8% in the Vanguard Small-Cap ETF, with the remainder in an ANZ Bank NZD cash account in each case. Both share the same PDS document, reflecting their common Core Series structure.
Where the funds diverge in observable outcomes: the Mid Cap ETF reports a five-year return of 9.03% per annum, compared to 7.59% for the Small Cap ETF over the same period. Fund size is also slightly different — NZD $49.8 million versus NZD $44.0 million respectively — though neither would be considered large by institutional standards. Neither fund is a KiwiSaver scheme account product based on the data provided.
Always verify these figures against each fund's current PDS and latest Quarterly Fund Update on FMA Disclose before relying on them for any investment decision.
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
- Annual fund charges are within 0.05% of each other (0.51% vs 0.51%).
- 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 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
0.51%
Lower half of cohort
Smartshares
0.51%
Lower half of cohort
5-year return p.a.
Past performance — not a predictor
Smartshares
9.03%
Upper half over 5 years
Smartshares
7.59%
Lower half over 5 years
Fund size
Larger = more stable, lower close-risk
Smartshares
NZ$50m
Lower half by size
Smartshares
NZ$44m
Lower half by size
| Metric | Smartshares | Smartshares | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.51% | 0.51% | Lower is better |
| Risk indicator (1–7) | 5 | 6 | Higher = more volatility |
| 5-year return p.a. | 9.03% | 7.59% | Higher is better (past not future) |
| Fund size | NZ$50m | NZ$44m | 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. |
What each fund says it does
Smartshares
Smart US Mid Cap ETF
The Smart US Mid Cap ETF is designed to track the return (before tax, fees and other expenses) of the CRSP US Mid Cap Index. The Index is comprised of midsize US companies.Full Smartshares Smart US Mid Cap ETF profile →
Smartshares
Smart US Small Cap ETF
The Smart US Small Cap ETF is designed to track the return (before tax, fees and other expenses) of the CRSP US Small Cap Index. The Index is comprised of small US companies.Full Smartshares Smart US Small Cap ETF profile →
Common questions
What's the difference between the Smart US Mid Cap ETF and the Smart US Small Cap ETF?
Which fund has lower fees, Smart US Mid Cap ETF or Smart US Small Cap ETF?
How do the 5-year returns compare?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
