Updated Reviewed quarterly
EMF vs EUF: ETF Comparison
EMF · Smartshares
TER 0.59% · Yield 1.6%
EUF · Smartshares
TER 0.55% · Yield 2.0%
Both EMF and EUF are NZX-listed PIE-wrapped funds. Distributions are taxed in-fund at your Prescribed Investor Rate (max 28%) and Foreign Investment Fund (FIF) rules do not apply to either. The choice is about exposure, fee, and issuer — not tax wrapper.
In 30 seconds: EMF (Smart Emerging Markets ETF, Smartshares) trades on the NZX at 0.59% TER. EUF (Smartshares Europe ETF, Smartshares) trades on the NZX at 0.55% TER. Both EMF and EUF are NZX-listed PIE-wrapped funds. Distributions are taxed in-fund at your Prescribed Investor Rate (max 28%) and Foreign Investment Fund (FIF) rules do not apply to either. The choice is about exposure, fee, and issuer — not tax wrapper.
- EMF: Smart Emerging Markets ETF — 0.59% TER, PIE (max 28% PIR)
- EUF: Smartshares Europe ETF — 0.55% TER, PIE (max 28% PIR)
- EMF yield: 1.6% (Semi-annual)
- EUF yield: 2.0% (Semi-annual)
- Cheaper TER: EUF
Head-to-head comparison
| Feature | EMF | EUF |
|---|---|---|
| Fund | Smart Emerging Markets ETF | Smartshares Europe ETF |
| Issuer | Smartshares | Smartshares |
| Exchange | NZX | NZX |
| Total expense ratio | 0.59% | 0.55% |
| Dividend yield (TTM) | 1.6% | 2.0% |
| Distribution frequency | Semi-annual | Semi-annual |
| NZ tax wrapper | PIE (max 28% PIR) | PIE (max 28% PIR) |
Where to buy
EMF trades on the NZX — buy via any NZX broker (Sharesies, InvestNow, Invest Direct, ASB Securities). EUF trades on the NZX — buy via any NZX broker (Sharesies, InvestNow, Invest Direct, ASB Securities). See all 11 NZ investment platforms compared.
Frequently asked questions
What is the difference between EMF and EUF?▾
EMF (Smart Emerging Markets ETF) charges 0.59% TER vs EUF (Smartshares Europe ETF) at 0.55%. Both are issued by Smartshares. Both EMF and EUF are NZX-listed PIE-wrapped funds. Distributions are taxed in-fund at your Prescribed Investor Rate (max 28%) and Foreign Investment Fund (FIF) rules do not apply to either. The choice is about exposure, fee, and issuer — not tax wrapper.
Which has the lower fee, EMF or EUF?▾
EUF is cheaper at 0.55% TER vs EMF at 0.59% — a gap of 0.04 percentage points.
Which yields more, EMF or EUF?▾
EMF trailing 12-month yield is 1.6%; EUF is 2.0%. Headline yield is gross; after-tax outcome depends on your tax wrapper (PIE (max 28% PIR) for EMF, PIE (max 28% PIR) for EUF).
Can NZ residents buy both EMF and EUF?▾
Yes. EMF is available via any NZX broker (Sharesies, InvestNow, Invest Direct, ASB Securities). EUF is available via any NZX broker (Sharesies, InvestNow, Invest Direct, ASB Securities).
How does NZ tax differ between EMF and EUF?▾
EMF is PIE (max 28% PIR). EUF is PIE (max 28% PIR). Same tax wrapper, no structural tax difference between the two for NZ residents. See /tax/pie-vs-fif/ for the full mechanics.
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