Fund-vs-fund · International Equities
Amova Global Shares Fund vs Smart Europe 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 Europe ETF (Smartshares) is a fund-of-funds, placing 99.92% of its portfolio into a single underlying vehicle — the Vanguard FTSE Europe ETF — giving investors broad, passive exposure to European equities. The Amova Global Shares Fund holds individual company securities directly, with its top five positions (Nvidia, Microsoft, Amazon, Broadcom, and Netflix) together comprising over 25% of the portfolio, all of which are US-listed technology and technology-adjacent stocks. These are fundamentally different geographic and concentration profiles despite both sitting in the International Equities category.
Fee structures diverge significantly. Amova charges 1.20% per annum; Smartshares charges 0.55% — a difference of 65 basis points annually, which compounds materially over time. Both funds carry a risk indicator of 5 and share an identical growth assets allocation of 98.31%.
On five-year returns, the Smart Europe ETF recorded 10.78% per annum versus 6.69% for the Amova Global Shares Fund in the same period, though past performance does not indicate future returns, and the periods and market conditions underlying each figure should be examined carefully before drawing conclusions. Fund sizes are comparable — approximately NZD 162 million and NZD 152 million respectively.
Neither fund is structured as a KiwiSaver scheme account. Both funds sit at similar sizes, and no data is missing from either snapshot in this comparison.
Verify all figures against the source PDS 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 Europe ETF charges 0.65% lower in annual fund charges (0.55% 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
0.55%
Lower half of cohort
5-year return p.a.
Past performance — not a predictor
Amova
6.69%
Lower half over 5 years
Smartshares
10.78%
Upper half over 5 years
Fund size
Larger = more stable, lower close-risk
Amova
NZ$162m
Upper half by size
Smartshares
NZ$152m
Upper half by size
| Metric | Amova | Smartshares | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.20% | 0.55% | Lower is better |
| Risk indicator (1–7) | 5 | 5 | Higher = more volatility |
| 5-year return p.a. | 6.69% | 10.78% | Higher is better (past not future) |
| Fund size | NZ$162m | NZ$152m | 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
Amova
Amova Global Shares 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. This fund has a high level of volatility.Full Amova Amova Global Shares Fund profile →
Smartshares
Smart Europe ETF
The Smart Europe ETF is designed to track the return (before tax, fees and other expenses) of the FTSE Developed Europe All Cap Index. The Index is comprised of large, mid and small cap companies located in European countries.Full Smartshares Smart Europe ETF profile →
Common questions
What's the difference between the Amova Global Shares Fund and the Smart Europe ETF?
Which fund has lower fees, Amova Global Shares Fund or Smart Europe 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?
