Fund-vs-fund · International Equities
Elevation Capital 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 their investment approach. The Smart Healthcare Innovation ETF (Smartshares) is a passthrough vehicle holding 99.91% of its assets in a single underlying instrument — the iShares Healthcare Innovation UCITS ETF — effectively concentrating all sector and single-ETF risk into one position. The Elevation Capital Global Shares Fund, by contrast, holds a diversified portfolio of individual equities, with its largest disclosed position (Rakon Ltd) at 8.59% and subsequent holdings spread across technology, consumer, and other global names.
Fee structures differ sharply: Smartshares discloses an annual fund charge of 0.75%, while Elevation Capital's is 1.80% — a 1.05 percentage point gap that compounds materially over time. Despite the higher cost, Elevation Capital's latest QFU reports a five-year return of 3.40% per annum, compared to Smartshares' 0.02% over the same period, though past returns are not a reliable indicator of future performance. Both funds carry a risk indicator of 6 out of 7 on the FMA's standardised scale.
Asset allocation also differs: Smartshares holds 98.31% in growth assets versus Elevation Capital's 78.34%, meaning the latter carries a modestly higher income or defensive component. Fund sizes are comparable — NZD 24.4 million and NZD 23.1 million respectively. Neither fund is a KiwiSaver scheme account product based on the disclosed data.
Always verify all figures against each fund's current Product Disclosure Statement and latest Quarterly Fund Update on FMA Disclose before relying on this summary.
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 Healthcare Innovation ETF charges 1.05% lower in annual fund charges (0.75% vs 1.80%).
- 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
Elevation Capital
1.80%
Highest 6% of cohort
Smartshares
0.75%
Upper half of cohort
5-year return p.a.
Past performance — not a predictor
Elevation Capital
3.40%
Bottom 15% over 5 years
Smartshares
0.19%
Bottom 1% over 5 years
Fund size
Larger = more stable, lower close-risk
Elevation Capital
NZ$23m
Smallest 20% in cohort
Smartshares
NZ$23m
Smallest 19% in cohort
| Metric | Elevation Capital | Smartshares | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.80% | 0.75% | Lower is better |
| Risk indicator (1–7) | 6 | 6 | Higher = more volatility |
| 5-year return p.a. | 3.40% | 0.19% | Higher is better (past not future) |
| Fund size | NZ$23m | NZ$23m | Larger = more stable, lower close-risk |
| Growth / income split | 78% / 22% | 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 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
Elevation Capital
Elevation Capital Global Shares Fund
The Fund mainly invests in the shares of listed companies, although it may invest in unlisted companies up to total limit of 10% of Net Asset Value of the Fund. The companies we invest in may be based and operate anywhere in the world. The principal objective of the Fund is to achieve positive absolute returns after fees and expenses, but before tax over the long term (that is a period of at least five years). The investment objectives and policy for the Fund are broadly drafted so as to provide us with the mandate to seek on behalf of investors long-term incomeFull Elevation Capital Elevation Capital 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 Elevation Capital Global Shares Fund and the Smart Healthcare Innovation ETF?
Which fund has lower fees, Elevation Capital Global Shares Fund or Smart Healthcare Innovation ETF?
How do the 5-year returns compare?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
