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 their investment approach and the concentration risk it creates. The Smart US Small Cap ETF (Smartshares) holds approximately 99.8% of its assets in a single security — the Vanguard Small-Cap ETF — giving investors essentially a single-ETF wrapper targeting US small-cap equities. Summer Global Equities, by contrast, holds a diversified spread of individually disclosed positions across US and international stocks, with its largest holding (Vanguard ESG US Stock ETF) representing just under 6% of the fund. This also reflects a deliberate ESG screening approach embedded in Summer's portfolio construction, which is absent from the Smartshares fund.
The fee difference is substantial: Smartshares charges 0.51% annually versus Summer's 1.02% — exactly double. Over a five-year horizon, Smartshares returned 7.59% per annum against Summer's 6.87%, though past returns are not indicative of future performance and the two funds target different market segments. Both funds carry similar growth asset allocations (98.31% and 98.37% respectively) and are comparable in fund size, sitting just above NZD 43–44 million. The risk indicators diverge by one notch: Smartshares rates at 6 (higher expected volatility, consistent with small-cap exposure) versus Summer's 5. Both funds are available as KiwiSaver scheme account options within their respective schemes.
Always verify current fees, returns, and portfolio details against each fund's 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
- 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 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
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 | 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?
