Fund-vs-fund · International FI
BetaShares Australian Investment Grade Corporate Bond Fund (NZD Hedged) vs Smart Global Aggregate Bond ETF
Both are International FI 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 underlying exposure. The Smartshares Smart Global Aggregate Bond ETF invests 99.45% of its portfolio in a single instrument — the iShares Core Global Aggregate Bond UCITS ETF (NZD Hedged) — giving investors broad, diversified exposure to global investment-grade bonds across governments, agencies, and corporates worldwide. The BetaShares Australian Investment Grade Corporate Bond Fund (NZD Hedged) concentrates specifically on Australian-issued investment-grade corporate debt, with its top five holdings being individual corporate bonds (each weighted between 2.29% and 2.82%), reflecting a more concentrated, credit-focused mandate within a single national market.
This difference in scope is reflected in their FMA risk indicators: Smartshares carries a risk indicator of 3, while BetaShares sits at 4, suggesting higher expected volatility or return variability in the Australian corporate bond fund, despite both funds reporting identical growth asset allocations of 0.07%. On fees, Smartshares charges 0.30% per annum versus BetaShares at 0.34% — a modest but measurable gap. Fund size also differs: Smartshares is larger at approximately NZD 36.1 million against BetaShares at approximately NZD 28.1 million.
On performance, Smartshares reports a five-year annualised return of 1.29%; BetaShares' five-year return figure is not available in the current snapshot, likely reflecting a shorter fund history, so a like-for-like performance comparison cannot be made at this time.
Verify all figures against each fund's current PDS and latest Quarterly Fund Update on FMA Disclose before relying on 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
- Annual fund charges are within 0.05% of each other (0.34% vs 0.30%).
- 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 31 international fi funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
BetaShares
0.34%
Lowest 24% of cohort
Smartshares
0.30%
Lowest 13% of cohort
5-year return p.a.
Past performance — not a predictor
BetaShares
—
—
Smartshares
1.29%
Top 23% over 5 years
Fund size
Larger = more stable, lower close-risk
BetaShares
NZ$28m
Smallest 21% in cohort
Smartshares
NZ$36m
Smallest 24% in cohort
| Metric | BetaShares | Smartshares | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.34% | 0.30% | Lower is better |
| Risk indicator (1–7) | 4 | 3 | Higher = more volatility |
| 5-year return p.a. | — | 1.29% | Higher is better (past not future) |
| Fund size | NZ$28m | NZ$36m | Larger = more stable, lower close-risk |
| Growth / income split | 0% / 100% | 0% / 100% | 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 | 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
BetaShares
BetaShares Australian Investment Grade Corporate Bond Fund (NZD Hedged)
The Fund aims to provide an investment return that aims to track the performance of the Solactive Australian Investment Grade Corporate Bond Select TR NZD Hedged Index, before taking into account fees and expenses.Full BetaShares BetaShares Australian Investment Grade Corporate Bond Fund (NZD Hedged) profile →
Smartshares
Smart Global Aggregate Bond ETF
The Smart Global Aggregate Bond ETF is designed to track the return (before tax, fees and other expenses) of the Bloomberg Global Aggregate Total Return Index Hedged NZD. The Index is comprised of global investment grade bonds. The currency exposure is hedged to the New Zealand dollar.Full Smartshares Smart Global Aggregate Bond ETF profile →
Common questions
What's the difference between the BetaShares Australian Investment Grade Corporate Bond Fund (NZD Hedged) and the Smart Global Aggregate Bond ETF?
Which fund has lower fees, BetaShares Australian Investment Grade Corporate Bond Fund (NZD Hedged) or Smart Global Aggregate Bond ETF?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
