Fund-vs-fund · International Equities
Smart US Mid Cap ETF vs Smart US Large Value 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.
Why these two differ
The most material structural difference between these two funds is their underlying market exposure: the Smart US Large Value ETF channels approximately 99.75% of its portfolio into the Vanguard Value ETF, targeting large-cap US companies screened for value characteristics, while the Smart US Mid Cap ETF allocates roughly 99.8% to the Vanguard Mid-Cap ETF, tracking mid-sized US companies across style. This distinction in market-cap segment and style tilts the risk and return profile of each fund differently, even though both sit at a risk indicator of 5 on the standard 1–7 scale.
Both funds are managed by Smartshares, share identical annual fund charges of 0.51%, hold growth assets at 98.31%, and carry a small NZD cash position at ANZ Bank (0.37% each). They fall under the same Product Disclosure Statement and are categorised as International Equities. Fund size is comparable — NZD 55.0 million for the Large Value ETF versus NZD 49.8 million for the Mid Cap ETF.
The five-year return figures diverge notably: the Large Value ETF returns 13.03% per annum versus 9.03% for the Mid Cap ETF over the same period. Past performance figures are drawn from the latest Quarterly Fund Updates and do not indicate future returns. Neither fund is a KiwiSaver scheme account.
Readers should verify all figures, including fees, holdings weights, and return data, 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
- 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 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
0.51%
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
13.03%
Top 13% over 5 years
Fund size
Larger = more stable, lower close-risk
Smartshares
NZ$50m
Lower half by size
Smartshares
NZ$55m
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 | 5 | Higher = more volatility |
| 5-year return p.a. | 9.03% | 13.03% | Higher is better (past not future) |
| Fund size | NZ$50m | NZ$55m | 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
0.4%
of Smart US Mid Cap ETF top 10 is shared
Smartshares weight in shared
0.4%
of Smart US Large Value ETF top 10 is shared
| Holding | Smartshares | Smartshares |
|---|---|---|
| $ NZD Cash Account (ANZ Bank) NZ | 0.37% | 0.37% |
"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 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 Large Value ETF
The Smart US Large Value ETF is designed to track the return (before tax, fees and other expenses) of the CRSP US Large Cap Value Index. The Index is comprised of large US value companies.Full Smartshares Smart US Large Value ETF profile →
Common questions
What's the difference between the Smart US Mid Cap ETF and the Smart US Large Value ETF?
Which fund has lower fees, Smart US Mid Cap ETF or Smart US Large Value 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?
