Smart US Mid Cap ETF
Managed by Smartshares Smart US Mid Cap ETF is a international equities ETF operated by Smartshares; PIE-structured; FMA risk indicator 5/7. Headline terms: annual fund charge 0.51% · minimum investment NZ$500. Compared with 80 other same-category funds on this site, the 0.51% annual fund charge sits below the same-category median of 0.61%.
PIE tax treatment — capped at your PIR (max 28%)
This fund is a Portfolio Investment Entity (PIE) under Subpart HM of the Income Tax Act 2007. Income is taxed at your Prescribed Investor Rate (10.5% / 17.5% / 28%), not your marginal income-tax rate. The fund manager calculates and pays the tax on your behalf — when your PIR is correct, you usually don't need to declare PIE income in your annual tax return. See our PIR guide and PIE tax basics for the full picture, or use the PIR calculator to confirm your rate.
Annual fund charge
0.51%
vs peer avg 0.91%
Risk indicator
5/7
1 = lower risk · 7 = higher risk
5-year return p.a.
9.03%
peer avg 4.91%
Fund size
NZ$49.8m
98% growth · 2% income
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.
Benchmark track record
Compare International Equities consistency →How Smart US Mid Cap ETF performed against its own market-index benchmark each year, after fees and tax — from the FMA fund-update dataset. Historical track record, not current-year performance; past performance is not a guide to the future.
Beat its benchmark in 0 of 6 years
annual returns to 30/06/2022Since inception: 7.66% p.a. after fees & tax vs benchmark 9.51%.
How Smart US Mid Cap ETF differs
Factual contrasts drawn from the PDS, SIPO and latest portfolio holdings — no opinion.
- Investment style
- Index-tracking posture.
- Top 3 holdings
- Vanguard Mid-Cap ETF (99.8%) · NZD Cash Account (ANZ Bank) (0.4%)
Key facts
Fund start date
29 July 2015
Min. investment
NZ$500
Tax structure
PIE
Capped at your PIR (max 28%)
Reading between the lines
Plain-English summary of the scheme's disclosed conflicts and performance-fee mechanics, drawn from the OMI and PDS. Factual restatement — no opinion.
- Smartshares acknowledges it may invest in its own funds rather than third-party products, creating a potential conflict of interest in favour of its own managed funds.
- Smartshares discloses that where it invests in its own Smart Wholesale Scheme funds, it does not charge an additional management fee for that underlying exposure.
- Smartshares receives administration services from NZX Limited, its parent company, under a formal Administration Services Agreement, making NZX a related-party service provider to the fund.
- Smartshares notes that third-party underlying fund managers it appoints may also prefer their own funds; these arrangements are reviewed at least annually and approved on arm's-length terms.
Generated 2026-05-28 from Smart Exchange Traded Funds OMI (dated 2026-04-19). The verbatim disclosures appear in full below — this summary is a navigation aid, not a substitute.
Scheme disclosures
From the Other Material Information (OMI) document. Scheme-level — applies to every fund in this scheme.
Trustee / Supervisor
Public Trust
Conflicts disclosed
2
In OMI
Conflicts of interest disclosed in OMI
- Smart may invest in other funds managed by it, rather than in financial products issued by third parties, potentially influencing investment decisions in favour of its own funds; this is managed via the Investment Oversight Committee and by not charging a fee for management services in relation to the Smart Wholesale Scheme where applicable.
- An underlying third party fund manager may invest in other funds that it manages, potentially preferring its own managed funds over those operated by independent third parties; Smart assesses these arrangements at least annually and reviews fund investments monthly, with appointments approved on arm's length terms under Smart's Related Party Transactions Policy.
How this fund compares to peers
Mechanical comparison vs the 81 other international equities funds in our cohort. Source: FMA Disclose register via Sorted Smart Investor. Past performance is not a reliable indicator of future returns.
Annual fund charge
0.51%
Category median: 0.61%
Cheaper than 62% of peers
5y return p.a. (after fees)
+9.03%
Category median: +8.31%
Above peer median (57th percentile)
Fund size
NZ$49.8m
Category median: NZ$95.7m
36th percentile by AUM
Illustrative 5y fee impact on a sample balance of $10,000
$252
Compounded charge over 5 years (excl. returns)
$49 less than peer median
Read the full fee-vs-peers breakdown →
Mechanical scores only — no opinion or recommendation. Different funds suit different investor goals. ManagedFundsNZ is not a Financial Advice Provider. Read the current PDS and consider speaking to a licensed financial adviser.
Top 2 holdings
As at the latest published quarterly fund update (via Sorted Smart Investor).
| Holding | % of fund |
|---|---|
| VM Vanguard Mid-Cap ETF | 99.80% |
| $ NZD Cash Account (ANZ Bank) | 0.37% |
Documents
Every dated PDS, quarterly fund update and full-portfolio holdings file. Linked from the FMA Disclose register via Sorted Smart Investor.
- SMART US MID CAP ETF (FND1109) Full portfolio holdings 31 March 2026.xlsx Download the full portfolio holdings. XLSX, 0.33 KB
- PDS Core Series 23 Sep Final.pdf How this investment works, including about the provider, risks, costs and potential returns PDF, 947.54 KB
- smart exchange traded funds fund update smart us mid cap etf.pdf The quarterly update published by the provider PDF, 171.91 KB
- Product Disclosure Statement Smartshares Exchange Traded Funds Resettlement Offer.pdf Additional product disclosure statement from the provider PDF, 499.14 KB
- Smartshares Exchange Traded Funds New Core Series ET Fs Product Disclosure Statement.pdf Additional product disclosure statement from the provider PDF, 445.42 KB
- Product Disclosure Statement Smart Exchange Traded Funds Australasia Series 22 September 2025.pdf Additional product disclosure statement from the provider PDF, 1.14 MB
- Smart Responsible Investment Policy 6 May 2026.pdf Smart Responsible Investment Policy PDF, 1.41 MB
- Product Disclosure Statement Smart Exchange Traded Funds Global Series 12 May 2026.pdf Additional product disclosure statement from the provider PDF, 2.32 MB
- Other Material Information Smart Exchange Traded Funds 12 May 2026.pdf Smart Exchange Traded Funds - Other Material Information PDF, 690.38 KB
- SIPO Smart Exchange Traded Funds 12 May 2026.pdf Statement of investment policy and objectives PDF, 1.54 MB
About this category
Funds investing in shares listed outside Australasia. Includes broad global trackers, regional funds, ESG-focused strategies, and theme funds covering automation, healthcare, water and other sectors.
About Smartshares
NZ’s largest ETF issuer, owned by NZX. Tickers trade on NZX Main Board.
Parent: NZX Limited
See all funds from Smartshares →Common questions
Questions people ask about Smart US Mid Cap ETF
Drawn from Google's "People also ask" panel and answered with reference to the fund's filed PDS, Fund Update and FMA Disclose data. Not personal financial advice — for guidance specific to your situation, consult an authorised financial adviser.
Are mid-cap ETFs a good investment?
Mid-cap equities are a distinct asset class positioned between small-cap and large-cap stocks, with different risk and return characteristics. The Smart US Mid Cap ETF carries a risk indicator of 5/7 on the FMA standardised scale and has delivered 11.73% p.a. after fees over the past five years; suitability depends on your personal investment timeframe, objectives, and risk tolerance. For detailed fund information, see the latest Product Disclosure Statement on the FMA Disclose register.
Is Smart US 500 ETF a pie fund?
The Smart US Mid Cap ETF (not US 500) is structured as a PIE (Portfolio Investment Entity), which means your tax is capped at your prescribed investor rate (maximum 28%). You can confirm the tax structure of any Smartshares fund on the latest Product Disclosure Statement via the FMA Disclose register or Smartshares' website.
What is the fee for the Smart US 500 ETF?
The Smart US Mid Cap ETF has an annual fund charge of 0.51% p.a., which is below the peer-cohort average of 0.95% p.a. for funds in this category. For fees on other Smartshares funds, check the latest Product Disclosure Statement on the FMA Disclose register or visit smartshares.co.nz.
Head-to-head
Compare Smart US Mid Cap ETF with…
Side-by-side numbers — fees, returns, risk, fund size, asset mix.
Peer funds
Other International Equities funds
Same manager
Other funds by Smartshares
- Smart US 500 ETFInternational Equities
- Smart NZ Top 50 ETFAustralasian Equities
- Smart US Large Growth ETFInternational Equities
FMA risk band
Same risk band (5/7)
See every NZ retail managed fund with the same standardised FMA risk indicator. Useful for peer-checking volatility-comparable funds outside this category.
View risk band 5 funds →AI & integrations
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Frequently asked questions
Mechanical Q&A grounded in the fund's PDS, SIPO, and latest QFU on the FMA Disclose register. Verify against the source before relying on any of this.
Who manages the Smart US Mid Cap ETF?
Smart US Mid Cap ETF is managed by Smartshares (parent: NZX Limited). NZ’s largest ETF issuer, owned by NZX. Tickers trade on NZX Main Board.
What asset class is the Smart US Mid Cap ETF?
It is a international equities exchange-traded fund (ETF). Funds investing in shares listed outside Australasia. Includes broad global trackers, regional funds, ESG-focused strategies, and theme funds covering automation, healthcare, water and other sectors.
What are the fees for the Smart US Mid Cap ETF?
The annual fund charge for the Smart US Mid Cap ETF is 0.51% p.a., as reported in the latest Quarterly Fund Update sourced from the FMA Disclose register. Always check the current PDS for any additional fees.
What is the risk indicator for the Smart US Mid Cap ETF?
The risk indicator is 5/7 on the standardised FMA-mandated scale, where 1 is lower risk and 7 is higher risk. The risk indicator is calculated from the fund's price volatility over the past five years and is published in every Quarterly Fund Update.
Is the Smart US Mid Cap ETF a PIE fund?
Yes. The Smart US Mid Cap ETF is structured as a New Zealand Portfolio Investment Entity (PIE). Investor tax on the fund's income is capped at the investor's Prescribed Investor Rate (PIR), which has a maximum of 28%. Most NZ-resident retail investors with a taxable income at or below NZ$48,000 qualify for a lower PIR.
How big is the Smart US Mid Cap ETF?
Fund size (assets under management) is NZ$50 million as at the latest Quarterly Fund Update. Asset mix is approximately 98% growth assets and 2% income assets.
What does the Smart US Mid Cap ETF invest in?
The latest published top holdings are: Vanguard Mid-Cap ETF (99.80%), NZD Cash Account (ANZ Bank) (0.37%). Holdings are disclosed in each Quarterly Fund Update; the full portfolio holdings file is also available via the FMA Disclose register.
How can I invest in the Smart US Mid Cap ETF?
The Smart US Mid Cap ETF is available via Smartshares directly. Always read the current Product Disclosure Statement before investing.
Are mid-cap ETFs a good investment?
Mid-cap equities are a distinct asset class positioned between small-cap and large-cap stocks, with different risk and return characteristics. The Smart US Mid Cap ETF carries a risk indicator of 5/7 on the FMA standardised scale and has delivered 11.73% p.a. after fees over the past five years; suitability depends on your personal investment timeframe, objectives, and risk tolerance. For detailed fund information, see the latest Product Disclosure Statement on the FMA Disclose register.
Is Smart US 500 ETF a pie fund?
The Smart US Mid Cap ETF (not US 500) is structured as a PIE (Portfolio Investment Entity), which means your tax is capped at your prescribed investor rate (maximum 28%). You can confirm the tax structure of any Smartshares fund on the latest Product Disclosure Statement via the FMA Disclose register or Smartshares' website.
What is the fee for the Smart US 500 ETF?
The Smart US Mid Cap ETF has an annual fund charge of 0.51% p.a., which is below the peer-cohort average of 0.95% p.a. for funds in this category. For fees on other Smartshares funds, check the latest Product Disclosure Statement on the FMA Disclose register or visit smartshares.co.nz.