Fund-vs-fund · International Equities
Smart US Mid Cap 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.
What's different at a glance
- Smart US Mid Cap ETF charges 0.51% lower in annual fund charges (0.51% vs 1.02%).
- 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
Summer
1.02%
Upper half of cohort
5-year return p.a.
Past performance — not a predictor
Smartshares
9.03%
Upper half over 5 years
Summer
6.87%
Lower half over 5 years
Fund size
Larger = more stable, lower close-risk
Smartshares
NZ$50m
Lower half by size
Summer
NZ$43m
Lower half by size
| Metric | Smartshares | Summer | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.51% | 1.02% | Lower is better |
| Risk indicator (1–7) | 5 | 5 | Higher = more volatility |
| 5-year return p.a. | 9.03% | 6.87% | Higher is better (past not future) |
| Fund size | NZ$50m | 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 | 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.
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 →
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 Mid Cap ETF and the Summer Global Equities?
Which fund has lower fees, Smart US Mid Cap ETF or Summer Global Equities?
How do the 5-year returns compare?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
