Fund-vs-fund · International Equities
Amova Global Shares Hedged Fund vs Smart Total World 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 between these two funds is their investment approach: the Smartshares Smart Total World ETF holds a single underlying asset — the Vanguard Total World Stock ETF at 99.92% of the portfolio — making it a passive, single-wrapper fund tracking broad global equity markets. The Amova Global Shares Hedged Fund, by contrast, holds a diversified portfolio of directly selected equities, with its five largest disclosed positions — Nvidia (8.15%), Microsoft (5.73%), Amazon (5.72%), Broadcom (3.79%), and Netflix (3.63%) — suggesting an actively managed or concentrated thematic tilt toward large-cap technology.
Currency treatment also differs materially: Amova's fund is hedged back to NZD, as its name signals, while the Smartshares fund makes no equivalent hedging disclosure in this snapshot, meaning currency movements may affect returns differently across the two.
The fee gap is significant. Smartshares charges 0.40% per annum; Amova charges 1.20% — three times higher. Over the disclosed five-year period, Smartshares returned 11.48% annually against Amova's 2.37%, though past performance does not predict future returns and the hedging difference may partly explain the divergence during currency-volatile periods. Both funds sit at 98.31% growth assets. Risk indicators differ: Smartshares is rated 4 of 7; Amova is rated 6 of 7. Fund sizes are comparable — NZ$275M versus NZ$243M respectively. Neither fund is identified here as a KiwiSaver scheme account product.
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 Total World ETF charges 0.80% lower in annual fund charges (0.40% 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
0.40%
Lower half of cohort
5-year return p.a.
Past performance — not a predictor
Amova
2.37%
Bottom 10% over 5 years
Smartshares
11.48%
Top 20% over 5 years
Fund size
Larger = more stable, lower close-risk
Amova
NZ$243m
Largest 25% in cohort
Smartshares
NZ$275m
Largest 24% in cohort
| Metric | Amova | Smartshares | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.20% | 0.40% | Lower is better |
| Risk indicator (1–7) | 6 | 4 | Higher = more volatility |
| 5-year return p.a. | 2.37% | 11.48% | Higher is better (past not future) |
| Fund size | NZ$243m | NZ$275m | 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 Total World ETF
The Smart Total World ETF is designed to track the return (before tax, fees and other expenses) of the FTSE Global All Cap Index. The Index is comprised of large, mid and small cap companies located around the world.Full Smartshares Smart Total World ETF profile →
Common questions
What's the difference between the Amova Global Shares Hedged Fund and the Smart Total World ETF?
Which fund has lower fees, Amova Global Shares Hedged Fund or Smart Total World 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?
