Fund-vs-fund · International Equities
Aurellan Hedged Global Shares Fund vs Smart Emerging Markets 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 their investment approach and currency treatment. The Smart Emerging Markets ESG ETF (Smartshares) gains virtually all of its exposure — 99.95% — through a single underlying vehicle, the iShares MSCI EM IMI ESG Screened UCITS ETF, providing passive, index-linked access to emerging-market equities with an ESG screen applied. The Aurellan Hedged Global Shares Fund, by contrast, holds individual global company stocks directly (including Meta Platforms, Alphabet, Nvidia, and Apple) and, as its name signals, applies currency hedging back to the New Zealand dollar — a structural feature absent from the Smartshares fund, which carries unhedged currency exposure.
Both funds sit in the International Equities category, share an identical risk indicator of 5 out of 7, and carry almost identical growth asset allocations of 98.31%. Fund sizes are comparable: approximately NZD 26.4 million (Smartshares) versus NZD 27.3 million (Aurellan). The annual fund charge differs meaningfully: Smartshares discloses 0.59% versus Aurellan's 1.12%. On five-year returns, Smartshares reports 6.26% per annum; Aurellan's five-year return figure is not available in the current snapshot, likely reflecting the fund's shorter operating history. Geographic exposure also diverges fundamentally — Smartshares targets developing economies, while Aurellan focuses on developed-market large-caps.
Verify all figures against each fund's current product disclosure statement 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 Emerging Markets ESG ETF charges 0.53% lower in annual fund charges (0.59% vs 1.12%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- Smart Emerging Markets 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
0.59%
Lower half of cohort
5-year return p.a.
Past performance — not a predictor
Aurellan
—
—
Smartshares
6.26%
Lower half over 5 years
Fund size
Larger = more stable, lower close-risk
Aurellan
NZ$27m
Lower half by size
Smartshares
NZ$26m
Smallest 24% in cohort
| Metric | Aurellan | Smartshares | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.12% | 0.59% | Lower is better |
| Risk indicator (1–7) | 5 | 5 | Higher = more volatility |
| 5-year return p.a. | — | 6.26% | Higher is better (past not future) |
| Fund size | NZ$27m | NZ$26m | 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 | 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 Hedged Global Shares Fund top 10 is shared
Smartshares weight in shared
2.3%
of Smart Emerging Markets ESG ETF top 10 is shared
| Holding | Aurellan | Smartshares |
|---|---|---|
| $ Cash at Bank (BNZ) NZ | 3.84% | 2.26% |
"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 Hedged 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 mitigates currency risk by hedging most major foreign currency exposures to New Zealand dollars.Full Aurellan Aurellan Hedged Global Shares Fund profile →
Smartshares
Smart Emerging Markets ESG ETF
The Smart Emerging Markets ESG ETF is designed to track the return (before tax, fees and other expenses) of the MSCI EM IMI Screened Index. The Index is comprised of emerging markets 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 Emerging Markets ESG ETF profile →
Common questions
What's the difference between the Aurellan Hedged Global Shares Fund and the Smart Emerging Markets ESG ETF?
Which fund has lower fees, Aurellan Hedged Global Shares Fund or Smart Emerging Markets 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?
