Fund-vs-fund · International Equities
Aurellan Global Shares Fund vs Smart Healthcare Innovation 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 how each gains its international equities exposure. The Smart Healthcare Innovation ETF (Smartshares) allocates 99.95% of its portfolio to a single underlying vehicle — the iShares Healthcare Innovation UCITS ETF — making it a feeder-style fund with concentrated sector exposure to healthcare innovation. The Aurellan Global Shares Fund, by contrast, holds individual company positions across a broader global universe, with its five disclosed top holdings including Meta Platforms, Alphabet, Nvidia, and Apple, suggesting diversification across sectors rather than a single theme or wrapper.
This structural difference carries through to risk and cost. Smartshares discloses a risk indicator of 6 (on the standard 1–7 scale), one notch higher than Aurellan's 5, consistent with the healthcare sector's narrower volatility profile relative to a broad global equities blend. On fees, Aurellan charges 1.12% per annum versus Smartshares' 0.75% — a 37 basis point difference that compounds materially over time. Fund sizes are similar: NZD 22.86 million (Smartshares) and NZD 22.24 million (Aurellan). Both report identical growth asset allocations of 98.31%.
On performance, Smartshares discloses a five-year annualised return of 0.19%. Aurellan's five-year return is not available in this snapshot, likely reflecting the fund's shorter operating history; investors should consult the latest Quarterly Fund Update on FMA Disclose directly for current performance data. Neither fund is a KiwiSaver scheme account product based on the data provided.
Always 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 Healthcare Innovation ETF charges 0.37% lower in annual fund charges (0.75% vs 1.12%).
- 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
Aurellan
1.12%
Upper half of cohort
Smartshares
0.75%
Upper half of cohort
5-year return p.a.
Past performance — not a predictor
Aurellan
—
—
Smartshares
0.19%
Bottom 1% over 5 years
Fund size
Larger = more stable, lower close-risk
Aurellan
NZ$22m
Smallest 18% in cohort
Smartshares
NZ$23m
Smallest 19% in cohort
| Metric | Aurellan | Smartshares | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.12% | 0.75% | Lower is better |
| Risk indicator (1–7) | 5 | 6 | Higher = more volatility |
| 5-year return p.a. | — | 0.19% | Higher is better (past not future) |
| Fund size | NZ$22m | NZ$23m | 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 | 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.
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
0.3%
of Smart Healthcare Innovation ETF top 10 is shared
| Holding | Aurellan | Smartshares |
|---|---|---|
| $ Cash at Bank (BNZ) NZ | 3.84% | 0.26% |
"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 Healthcare Innovation ETF
The Smart Healthcare Innovation ETF is designed to track the return (before tax, fees and other expenses) of the STOXX® Global Breakthrough Healthcare Index. The Index is comprised of stocks from developed and emerging market companies from sectors focused on pushing the boundaries in medical treatment technology.Full Smartshares Smart Healthcare Innovation ETF profile →
Common questions
What's the difference between the Aurellan Global Shares Fund and the Smart Healthcare Innovation ETF?
Which fund has lower fees, Aurellan Global Shares Fund or Smart Healthcare Innovation ETF?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
