Updated Reviewed quarterly
EMF vs SCHE: ETF Comparison
EMF · Smartshares
TER 0.59% · Yield 1.6%
SCHE · Schwab
TER 0.06% · Yield —
EMF is a NZX-listed PIE fund (capped at 28% PIR, FIF-exempt). SCHE is US-listed and triggers FIF tax once your overseas-share holdings exceed NZ$50,000 cost-basis, plus 15% US withholding tax on dividends. The trade-off is headline TER (SCHE often cheaper) vs NZ tax simplicity (EMF cleaner).
In 30 seconds: EMF (Smart Emerging Markets ETF, Smartshares) trades on the NZX at 0.59% TER. SCHE (Schwab Emerging Markets Equity ETF, Schwab) trades on the NYSE Arca at 0.06% TER. EMF is a NZX-listed PIE fund (capped at 28% PIR, FIF-exempt). SCHE is US-listed and triggers FIF tax once your overseas-share holdings exceed NZ$50,000 cost-basis, plus 15% US withholding tax on dividends. The trade-off is headline TER (SCHE often cheaper) vs NZ tax simplicity (EMF cleaner).
- EMF: Smart Emerging Markets ETF — 0.59% TER, PIE (max 28% PIR)
- SCHE: Schwab Emerging Markets Equity ETF — 0.06% TER, FIF above NZ$50K
- EMF yield: 1.6% (Semi-annual)
- SCHE yield: not currently published
- Cheaper TER: SCHE
Head-to-head comparison
| Feature | EMF | SCHE |
|---|---|---|
| Fund | Smart Emerging Markets ETF | Schwab Emerging Markets Equity ETF |
| Issuer | Smartshares | Schwab |
| Exchange | NZX | NYSE Arca |
| Total expense ratio | 0.59% | 0.06% |
| Dividend yield (TTM) | 1.6% | — |
| Distribution frequency | Semi-annual | Quarterly |
| NZ tax wrapper | PIE (max 28% PIR) | FIF above NZ$50K |
Where to buy
EMF trades on the NZX — buy via any NZX broker (Sharesies, InvestNow, Invest Direct, ASB Securities). SCHE trades on the NYSE Arca — buy via Hatch, Stake, Sharesies, Tiger and Interactive Brokers. See all 11 NZ investment platforms compared.
Frequently asked questions
What is the difference between EMF and SCHE?▾
EMF (Smart Emerging Markets ETF) charges 0.59% TER vs SCHE (Schwab Emerging Markets Equity ETF) at 0.06%. EMF is from Smartshares; SCHE is from Schwab. EMF is a NZX-listed PIE fund (capped at 28% PIR, FIF-exempt). SCHE is US-listed and triggers FIF tax once your overseas-share holdings exceed NZ$50,000 cost-basis, plus 15% US withholding tax on dividends. The trade-off is headline TER (SCHE often cheaper) vs NZ tax simplicity (EMF cleaner).
Which has the lower fee, EMF or SCHE?▾
SCHE is cheaper at 0.06% TER vs EMF at 0.59% — a gap of 0.53 percentage points.
Which yields more, EMF or SCHE?▾
Yield data for at least one fund is not currently published — check the issuer fact sheet for the latest trailing 12-month yield. Headline yield is gross; after-tax outcome depends on your tax wrapper (PIE (max 28% PIR) for EMF, FIF above NZ$50K for SCHE).
Can NZ residents buy both EMF and SCHE?▾
Yes. EMF is available via any NZX broker (Sharesies, InvestNow, Invest Direct, ASB Securities). SCHE is available via Hatch, Stake, Sharesies, Tiger and Interactive Brokers.
How does NZ tax differ between EMF and SCHE?▾
EMF is PIE (max 28% PIR). SCHE is FIF above NZ$50K. The PIE-wrapped fund is simpler — no FIF return, no US withholding, capped at 28% PIR. See /tax/pie-vs-fif/ for the full mechanics.
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