Fund-vs-fund · International Equities
Smart US Small 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.
Why these two differ
The most material structural difference between these two funds is portfolio construction. The Smart US Small Cap ETF holds 99.93% of its assets in a single underlying vehicle — the Vanguard Small-Cap ETF — making it a near-pure pass-through to US small-capitalisation equities. Summer Global Equities, by contrast, spreads exposure across a broader mix of individual stocks and ESG-screened ETFs spanning both US and international markets, with no single holding exceeding 6% of the portfolio. This distinction shapes both the geographic focus (US small-caps only versus diversified global equities) and the values-alignment approach (Summer explicitly uses ESG-labelled vehicles among its top positions).
Fee and risk profiles diverge notably. Smartshares charges 0.51% annually versus Summer's 1.02% — a doubling of the annual fund charge. Despite the higher fee, Summer carries a lower risk indicator (5 versus 6 on a 7-point scale), reflecting the smoothing effect of broader diversification. Over the five-year period disclosed in each fund's latest QFU, the Smart US Small Cap ETF returned 10.35% per annum against Summer's 6.87%, though past returns do not predict future performance and the differing risk indicators complicate direct comparison.
Fund sizes are broadly similar — NZ$41.7 million and NZ$43.3 million respectively. Both funds allocate approximately 98% to growth assets. Summer's PDS is associated with a KiwiSaver scheme account; investors should confirm which structure applies to their circumstances.
Always verify these figures against the source PDS and latest Quarterly Fund Update on FMA Disclose before relying on this summary.
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
- Smart US Small 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 82 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
7.59%
Lower half over 5 years
Summer
6.87%
Lower half over 5 years
Fund size
Larger = more stable, lower close-risk
Smartshares
NZ$44m
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) | 6 | 5 | Higher = more volatility |
| 5-year return p.a. | 7.59% | 6.87% | Higher is better (past not future) |
| Fund size | NZ$44m | 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 | InvestNow · Sharesies · 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 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 →
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 Small Cap ETF and the Summer Global Equities?
Which fund has lower fees, Smart US Small 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?
