Updated Reviewed quarterly
FNZ vs TNZ: ETF Comparison
FNZ · Smartshares
TER 0.50% · Yield 3.2%
TNZ · Smartshares
TER 0.60% · Yield 1.9%
Both FNZ and TNZ 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. TNZ (Smartshares NZ Top 10 ETF, Smartshares) trades on the NZX at 0.60% TER. Both FNZ and TNZ 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)
- TNZ: Smartshares NZ Top 10 ETF — 0.60% TER, PIE (max 28% PIR)
- FNZ yield: 3.2% (Semi-annual)
- TNZ yield: 1.9% (Semi-annual)
- Cheaper TER: FNZ
Head-to-head comparison
| Feature | FNZ | TNZ |
|---|---|---|
| Fund | Smartshares NZ Top 50 ETF | Smartshares NZ Top 10 ETF |
| Issuer | Smartshares | Smartshares |
| Exchange | NZX | NZX |
| Total expense ratio | 0.50% | 0.60% |
| Dividend yield (TTM) | 3.2% | 1.9% |
| 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). TNZ 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 TNZ?▾
FNZ (Smartshares NZ Top 50 ETF) charges 0.50% TER vs TNZ (Smartshares NZ Top 10 ETF) at 0.60%. Both are issued by Smartshares. Both FNZ and TNZ 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 TNZ?▾
FNZ is cheaper at 0.50% TER vs TNZ at 0.60% — a gap of 0.10 percentage points. Over 30 years on a NZ$50,000 portfolio at 7% pre-fee return, that fee gap compounds to roughly NZ10,528 of foregone wealth.
Which yields more, FNZ or TNZ?▾
FNZ trailing 12-month yield is 3.2%; TNZ is 1.9%. Headline yield is gross; after-tax outcome depends on your tax wrapper (PIE (max 28% PIR) for FNZ, PIE (max 28% PIR) for TNZ).
Can NZ residents buy both FNZ and TNZ?▾
Yes. FNZ is available via any NZX broker (Sharesies, InvestNow, Invest Direct, ASB Securities). TNZ is available via any NZX broker (Sharesies, InvestNow, Invest Direct, ASB Securities).
How does NZ tax differ between FNZ and TNZ?▾
FNZ is PIE (max 28% PIR). TNZ 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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