Fund-vs-fund · International Equities
Amova Global Shares Hedged Fund vs Smart Emerging Markets 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 is investment approach and underlying exposure. The Amova Global Shares Hedged Fund holds a diversified portfolio of individual developed-market equities — its top five positions are Nvidia (8.15%), Microsoft (5.73%), Amazon (5.72%), Broadcom (3.79%), and Netflix (3.63%) — and applies currency hedging back to NZD, as signalled by its name. The Smart Emerging Markets ETF, by contrast, allocates 99.92% of its portfolio to a single underlying vehicle, the Vanguard FTSE Emerging Markets ETF, giving investors exposure to developing economies across Asia, Latin America, and elsewhere, with no stated hedging overlay in this snapshot.
Despite identical growth-asset allocations (both 98.31%), the funds carry different risk indicators: Amova sits at 6 on the 1–7 FMA scale, Smartshares at 5. This divergence likely reflects the higher volatility historically associated with concentrated stock positions and developed-market tech weighting versus the broader but differently volatile emerging-markets index.
On fees, the difference is significant: Amova charges 1.20% per annum against Smartshares' 0.59%. Over the five-year period captured in each fund's latest Quarterly Fund Update, the Smartshares ETF returned 5.81% annualised versus Amova's 2.37%, though past returns do not predict future performance and the periods may not be perfectly aligned. Fund sizes are comparable — Amova at NZD 242.5 million, Smartshares at NZD 233.1 million.
Neither fund is structured as a KiwiSaver scheme account based on the data provided. Verify all figures against each fund's current PDS and latest Quarterly Fund Update on FMA Disclose before relying on this summary.
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 Emerging Markets ETF charges 0.61% lower in annual fund charges (0.59% vs 1.20%).
- 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
Amova
1.20%
Highest 23% of cohort
Smartshares
0.59%
Lower half of cohort
5-year return p.a.
Past performance — not a predictor
Amova
2.37%
Bottom 10% over 5 years
Smartshares
5.81%
Lower half over 5 years
Fund size
Larger = more stable, lower close-risk
Amova
NZ$243m
Largest 25% in cohort
Smartshares
NZ$233m
Upper half by size
| Metric | Amova | Smartshares | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.20% | 0.59% | Lower is better |
| Risk indicator (1–7) | 6 | 5 | Higher = more volatility |
| 5-year return p.a. | 2.37% | 5.81% | Higher is better (past not future) |
| Fund size | NZ$243m | NZ$233m | 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 to NZD | — | 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
Amova
Amova Global Shares Hedged Fund
The fund aims to provide investors with a relatively concentrated actively managed investment portfolio of global equities to achieve long term capital growth. This fund invests in a selection of around 40-50 companies from around the world, covering a diverse range of regions and sectors. Currency exposure created as a consequence of global equity investment hedged to the NZD. This fund has a very high level of volatility.Full Amova Amova Global Shares Hedged Fund profile →
Smartshares
Smart Emerging Markets ETF
The Smart Emerging Markets ETF is designed to track the return (before tax, fees and other expenses) of the FTSE Emerging Markets All Cap China A Inclusion Index. The Index is comprised of large, mid and small cap companies located in emerging markets around the world.Full Smartshares Smart Emerging Markets ETF profile →
Common questions
What's the difference between the Amova Global Shares Hedged Fund and the Smart Emerging Markets ETF?
Which fund has lower fees, Amova Global Shares Hedged Fund or Smart Emerging Markets 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?
