Updated Reviewed quarterly
NGB vs NZB: ETF Comparison
NGB · Smartshares
TER 0.20% · Yield 3.1%
NZB · Smartshares
TER 0.54% · Yield 3.0%
Both NGB and NZB 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: NGB (Smartshares NZ Government Bond ETF, Smartshares) trades on the NZX at 0.20% TER. NZB (Smartshares NZ Bond ETF, Smartshares) trades on the NZX at 0.54% TER. Both NGB and NZB 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.
- NGB: Smartshares NZ Government Bond ETF — 0.20% TER, PIE (max 28% PIR)
- NZB: Smartshares NZ Bond ETF — 0.54% TER, PIE (max 28% PIR)
- NGB yield: 3.1% (Quarterly)
- NZB yield: 3.0% (Quarterly)
- Cheaper TER: NGB
Head-to-head comparison
| Feature | NGB | NZB |
|---|---|---|
| Fund | Smartshares NZ Government Bond ETF | Smartshares NZ Bond ETF |
| Issuer | Smartshares | Smartshares |
| Exchange | NZX | NZX |
| Total expense ratio | 0.20% | 0.54% |
| Dividend yield (TTM) | 3.1% | 3.0% |
| Distribution frequency | Quarterly | Quarterly |
| NZ tax wrapper | PIE (max 28% PIR) | PIE (max 28% PIR) |
Where to buy
NGB trades on the NZX — buy via any NZX broker (Sharesies, InvestNow, Invest Direct, ASB Securities). NZB 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 NGB and NZB?▾
NGB (Smartshares NZ Government Bond ETF) charges 0.20% TER vs NZB (Smartshares NZ Bond ETF) at 0.54%. Both are issued by Smartshares. Both NGB and NZB 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, NGB or NZB?▾
NGB is cheaper at 0.20% TER vs NZB at 0.54% — a gap of 0.34 percentage points. Over 30 years on a NZ$50,000 portfolio at 7% pre-fee return, that fee gap compounds to roughly NZ34,660 of foregone wealth.
Which yields more, NGB or NZB?▾
NGB trailing 12-month yield is 3.1%; NZB is 3.0%. Headline yield is gross; after-tax outcome depends on your tax wrapper (PIE (max 28% PIR) for NGB, PIE (max 28% PIR) for NZB).
Can NZ residents buy both NGB and NZB?▾
Yes. NGB is available via any NZX broker (Sharesies, InvestNow, Invest Direct, ASB Securities). NZB is available via any NZX broker (Sharesies, InvestNow, Invest Direct, ASB Securities).
How does NZ tax differ between NGB and NZB?▾
NGB is PIE (max 28% PIR). NZB 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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