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 between these two funds is investment approach. The Smart Europe ESG ETF (Smartshares) is a single-holding wrapper: 99.91% of its portfolio sits in the iShares MSCI Europe ESG Screened UCITS ETF, giving investors passive, rules-based exposure to European equities filtered through an ESG screen. The Aurellan Global Shares Fund, by contrast, holds individual global equities directly — Meta Platforms, Alphabet, Nvidia, and Apple feature among its disclosed top positions — suggesting an actively managed or at minimum a stock-selection-driven strategy with broader geographic reach than the Europe-only mandate of Fund A.
Fee structures differ meaningfully. Smart Europe ESG ETF discloses an annual fund charge of 0.55%; Aurellan Global Shares Fund discloses 1.12% — roughly double. Both funds carry a risk indicator of 5 and an almost identical growth-asset allocation of 98.31%, and their fund sizes are similarly close (NZD 22.19 million versus NZD 22.24 million respectively).
On performance, Smart Europe ESG ETF reports a five-year return of 12.92% per annum. Aurellan Global Shares Fund has no five-year return disclosed in this snapshot, likely reflecting a shorter track record; investors should check the latest Quarterly Fund Update on FMA Disclose for any available shorter-period returns.
Neither fund is structured as a KiwiSaver scheme account based on the data provided here.
Always verify fee, return, and portfolio data against each fund's current 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 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 82 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 19% in cohort
Smartshares
NZ$24m
Smallest 22% 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 | InvestNow · Sharesies · 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?
