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 segment exposure. The Smart US Large Value ETF holds approximately 99.9% of its portfolio in the Vanguard Value ETF, concentrating investors in US large-cap companies selected on value characteristics. The Smart US Mid Cap ETF holds approximately 99.92% in the Vanguard Mid-Cap ETF, targeting a different slice of the US equity market — mid-sized companies, regardless of value or growth style. These distinct underlying benchmarks drive meaningfully different return profiles despite the funds sharing the same manager, fee structure, risk indicator, and asset allocation framework.
On five-year returns, the Large Value ETF recorded 15.89% per annum against 11.73% for the Mid Cap ETF over the same period; however, past performance is not indicative of future returns, and the difference reflects the relative performance of large-cap value versus mid-cap equities across that specific window. Both funds carry a risk indicator of 5 out of 7, both sit at 98.31% growth assets, and both charge an annual fund charge of 0.51%. Fund sizes are close — NZD 54.3 million versus NZD 51.8 million respectively. Both funds share the same PDS document, confirming they sit within the same Smartshares Core Series offer. Neither fund is a KiwiSaver scheme account product based on the disclosed data.
Readers should verify all figures against the source PDS and latest Quarterly Fund Update on FMA Disclose before relying on any of this information.
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
- 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?
