Fund-vs-fund · International Equities
Aurellan Global Shares Fund vs Smart Europe ESG 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: the Smart Europe ESG ETF (Smartshares) is a single-holding wrapper that invests 99.95% of its assets in the iShares MSCI Europe ESG Screened UCITS ETF, giving investors passive, rules-based exposure to ESG-screened European equities. The Aurellan Global Shares Fund, by contrast, holds individual global equities directly — its disclosed top positions include Meta Platforms, Alphabet, Nvidia, and Apple — suggesting an actively managed, geographically broader mandate. Geographic scope alone is a fundamental distinction: one fund is Europe-only; the other is global.
Both funds sit at risk indicator 5 on the standardised FMA scale and carry near-identical growth asset allocations of 98.31%. Fund sizes are also close — NZD 23.8 million (Smartshares) versus NZD 22.2 million (Aurellan). The annual fund charge differs materially: Smartshares discloses 0.55% versus Aurellan's 1.12%, a difference of 57 basis points that compounds over time. On five-year returns, Smartshares reports 10.92% per annum; Aurellan's five-year return figure is not available in this snapshot, likely reflecting the fund's shorter operating history — investors seeking a like-for-like return comparison cannot make one from current disclosed data.
The ESG label applies only to the Smartshares fund, which inherits the screening methodology of its underlying iShares ETF; Aurellan's QFU does not reference an equivalent ESG screen.
Always verify all figures against each fund's current product disclosure statement and latest quarterly fund update on FMA Disclose before relying on this comparison.
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 ESG ETF charges 0.57% lower in annual fund charges (0.55% vs 1.12%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- Smart Europe ESG ETF applies responsible-investment / ESG screening. The other fund does not.
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
Aurellan
1.12%
Upper half of cohort
Smartshares
0.55%
Lower half of cohort
5-year return p.a.
Past performance — not a predictor
Aurellan
—
—
Smartshares
10.92%
Top 24% over 5 years
Fund size
Larger = more stable, lower close-risk
Aurellan
NZ$22m
Smallest 18% in cohort
Smartshares
NZ$24m
Smallest 21% in cohort
| Metric | Aurellan | Smartshares | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.12% | 0.55% | Lower is better |
| Risk indicator (1–7) | 5 | 5 | Higher = more volatility |
| 5-year return p.a. | — | 10.92% | Higher is better (past not future) |
| Fund size | NZ$22m | NZ$24m | 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 | Unhedged | — | Hedged smooths NZD/foreign FX moves at a small cost. |
| Responsible investment screening | No | Yes | 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.
Matching holdings
1
of each fund's top 10
Aurellan weight in shared
3.8%
of Aurellan Global Shares Fund top 10 is shared
Smartshares weight in shared
0.4%
of Smart Europe ESG ETF top 10 is shared
| Holding | Aurellan | Smartshares |
|---|---|---|
| $ Cash at Bank (BNZ) NZ | 3.84% | 0.40% |
"Min weight" = the smaller of the two weights — a conservative read of how much exposure you'd have to that position if you held both funds.
What each fund says it does
Aurellan
Aurellan Global Shares Fund
The Fund aims to provide exposure to a diversified portfolio of global shares managed using a manager-of-managers approach. The Fund is not hedged back to the New Zealand dollar.Full Aurellan Aurellan Global Shares Fund profile →
Smartshares
Smart Europe ESG ETF
The Smart Europe ESG ETF is designed to track the return (before tax, fees and other expenses) of the MSCI Europe Screened Index. The Index is comprised of European companies screened for exposure to controversial weapons, civilian firearms, tobacco, thermal coal and oil sands. The Index excludes companies that fail to comply with the United Nations Global Compact Principles. For more information, please refer to the Smart Responsible Investment Policy.Full Smartshares Smart Europe ESG ETF profile →
Common questions
What's the difference between the Aurellan Global Shares Fund and the Smart Europe ESG ETF?
Which fund has lower fees, Aurellan Global Shares Fund or Smart Europe ESG ETF?
Are both funds PIE-taxed in NZ?
Does either fund apply responsible-investment screening?
Where can I read the official documents for these funds?
