Updated Reviewed quarterly
FNZ vs MZY: ETF Comparison
FNZ · Smartshares
TER 0.50% · Yield 3.2%
MZY · Smartshares
TER 0.75% · Yield 1.6%
Both FNZ and MZY 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: FNZ (Smartshares NZ Top 50 ETF, Smartshares) trades on the NZX at 0.50% TER. MZY (Smart Australian Mid Cap ETF, Smartshares) trades on the NZX at 0.75% TER. Both FNZ and MZY 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.
- FNZ: Smartshares NZ Top 50 ETF — 0.50% TER, PIE (max 28% PIR)
- MZY: Smart Australian Mid Cap ETF — 0.75% TER, PIE (max 28% PIR)
- FNZ yield: 3.2% (Semi-annual)
- MZY yield: 1.6% (Semi-annual)
- Cheaper TER: FNZ
Head-to-head comparison
| Feature | FNZ | MZY |
|---|---|---|
| Fund | Smartshares NZ Top 50 ETF | Smart Australian Mid Cap ETF |
| Issuer | Smartshares | Smartshares |
| Exchange | NZX | NZX |
| Total expense ratio | 0.50% | 0.75% |
| Dividend yield (TTM) | 3.2% | 1.6% |
| Distribution frequency | Semi-annual | Semi-annual |
| NZ tax wrapper | PIE (max 28% PIR) | PIE (max 28% PIR) |
Where to buy
FNZ trades on the NZX — buy via any NZX broker (Sharesies, InvestNow, Invest Direct, ASB Securities). MZY 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 FNZ and MZY?▾
FNZ (Smartshares NZ Top 50 ETF) charges 0.50% TER vs MZY (Smart Australian Mid Cap ETF) at 0.75%. Both are issued by Smartshares. Both FNZ and MZY 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, FNZ or MZY?▾
FNZ is cheaper at 0.50% TER vs MZY at 0.75% — a gap of 0.25 percentage points. Over 30 years on a NZ$50,000 portfolio at 7% pre-fee return, that fee gap compounds to roughly NZ25,794 of foregone wealth.
Which yields more, FNZ or MZY?▾
FNZ trailing 12-month yield is 3.2%; MZY is 1.6%. Headline yield is gross; after-tax outcome depends on your tax wrapper (PIE (max 28% PIR) for FNZ, PIE (max 28% PIR) for MZY).
Can NZ residents buy both FNZ and MZY?▾
Yes. FNZ is available via any NZX broker (Sharesies, InvestNow, Invest Direct, ASB Securities). MZY is available via any NZX broker (Sharesies, InvestNow, Invest Direct, ASB Securities).
How does NZ tax differ between FNZ and MZY?▾
FNZ is PIE (max 28% PIR). MZY 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.
Explore with AI
Ask an AI assistant about this page
Open a fresh session with your prompt pre-filled and this page's link attached — the assistant reads the page and answers with it as a source.
Prefer Google?Add etfs.co.nz as a preferred source →
