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 Smart Total World ETF (Smartshares) holds approximately 99.94% of its portfolio in a single underlying vehicle — the Vanguard Total World Stock ETF — giving investors broad passive exposure to global equities across thousands of companies. The Amova Global Shares Hedged Fund takes an actively managed, stock-selection approach, with its five disclosed top holdings concentrated in large-cap US technology names (Nvidia, Microsoft, Amazon, Broadcom, and Netflix collectively representing around 27% of the portfolio). Notably, Amova's fund is currency-hedged back to NZD, while the Smartshares fund carries unhedged foreign currency exposure; this hedging difference meaningfully affects how each fund responds to NZD/USD movements.
Fee structures diverge significantly: Smartshares discloses an annual fund charge of 0.40%, while Amova discloses 1.20% — a three-fold difference that compounds materially over time. Risk indicators also differ, with Smartshares rated 5 and Amova rated 6 on the standard 1–7 scale. Both funds report identical growth asset allocations of 98.31%. On five-year returns, Smartshares reports 14.21% per annum versus Amova's 2.37%, though past performance is not a reliable indicator of future returns and the hedging strategy, active management decisions, and differing period exposures all contribute to that divergence. Fund sizes are broadly comparable at NZD 264 million and NZD 243 million respectively.
Always verify current fees, returns, and holdings against each fund's product disclosure statement and latest quarterly fund update on FMA Disclose before relying on any of this information.
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 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?
