Fund-vs-fund · International FI
NZ Funds Global Bonds 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.
What's different at a glance
- Smart Global Aggregate Bond ETF charges 1.14% lower in annual fund charges (0.30% vs 1.44%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- NZ Funds Global Bonds is roughly 3.8× the size of the other fund.
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
NZ Funds
1.44%
Highest 8% of cohort
Smartshares
0.30%
Lowest 13% of cohort
5-year return p.a.
Past performance — not a predictor
NZ Funds
0.17%
Bottom 17% over 5 years
Smartshares
1.29%
Top 23% over 5 years
Fund size
Larger = more stable, lower close-risk
NZ Funds
NZ$137m
Lower half by size
Smartshares
NZ$36m
Smallest 24% in cohort
| Metric | NZ Funds | Smartshares | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.44% | 0.30% | Lower is better |
| Risk indicator (1–7) | 4 | 3 | Higher = more volatility |
| 5-year return p.a. | 0.17% | 1.29% | Higher is better (past not future) |
| Fund size | NZ$137m | 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 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
2
of each fund's top 10
NZ Funds weight in shared
7.0%
of NZ Funds Global Bonds top 10 is shared
Smartshares weight in shared
0.1%
of Smart Global Aggregate Bond ETF top 10 is shared
| Holding | NZ Funds | Smartshares |
|---|---|---|
 Westpac Cash NZ | 3.60% | 0.03% |
| CH Citibank Hong Kong Cash US | 3.42% | 0.03% |
"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
NZ Funds
NZ Funds Global Bonds
The objective of the Global Bonds fund is to generate gains by investing in income assets and other authorised assets with active management. The fund is anticipated to mainly own and trade international bonds over the minimum suggested timeframe.Full NZ Funds NZ Funds Global Bonds 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 NZ Funds Global Bonds and the Smart Global Aggregate Bond ETF?
Which fund has lower fees, NZ Funds Global Bonds or Smart Global Aggregate Bond 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?
