Updated Reviewed quarterly
NPF vs SRET: ETF Comparison
NPF · Smartshares
TER 0.54% · Yield 5.9%
SRET · Global X
TER 0.58% · Yield 8.8%
NPF is a NZX-listed PIE fund (capped at 28% PIR, FIF-exempt). SRET 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 (SRET often cheaper) vs NZ tax simplicity (NPF cleaner).
In 30 seconds: NPF (Smartshares NZ Property ETF, Smartshares) trades on the NZX at 0.54% TER. SRET (Global X SuperDividend REIT ETF, Global X) trades on the NASDAQ at 0.58% TER. NPF is a NZX-listed PIE fund (capped at 28% PIR, FIF-exempt). SRET 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 (SRET often cheaper) vs NZ tax simplicity (NPF cleaner).
- NPF: Smartshares NZ Property ETF — 0.54% TER, PIE (max 28% PIR)
- SRET: Global X SuperDividend REIT ETF — 0.58% TER, FIF above NZ$50K
- NPF yield: 5.9% (Semi-annual)
- SRET yield: 8.8% (Monthly)
- Cheaper TER: NPF
Head-to-head comparison
| Feature | NPF | SRET |
|---|---|---|
| Fund | Smartshares NZ Property ETF | Global X SuperDividend REIT ETF |
| Issuer | Smartshares | Global X |
| Exchange | NZX | NASDAQ |
| Total expense ratio | 0.54% | 0.58% |
| Dividend yield (TTM) | 5.9% | 8.8% |
| Distribution frequency | Semi-annual | Monthly |
| NZ tax wrapper | PIE (max 28% PIR) | FIF above NZ$50K |
Where to buy
NPF trades on the NZX — buy via any NZX broker (Sharesies, InvestNow, Invest Direct, ASB Securities). SRET trades on the NASDAQ — buy via Hatch, Stake, Sharesies, Tiger and Interactive Brokers. See all 11 NZ investment platforms compared.
Frequently asked questions
What is the difference between NPF and SRET?▾
NPF (Smartshares NZ Property ETF) charges 0.54% TER vs SRET (Global X SuperDividend REIT ETF) at 0.58%. NPF is from Smartshares; SRET is from Global X. NPF is a NZX-listed PIE fund (capped at 28% PIR, FIF-exempt). SRET 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 (SRET often cheaper) vs NZ tax simplicity (NPF cleaner).
Which has the lower fee, NPF or SRET?▾
NPF is cheaper at 0.54% TER vs SRET at 0.58% — a gap of 0.04 percentage points. Over 30 years on a NZ$50,000 portfolio at 7% pre-fee return, that fee gap compounds to roughly NZ4,245 of foregone wealth.
Which yields more, NPF or SRET?▾
NPF trailing 12-month yield is 5.9%; SRET is 8.8%. Headline yield is gross; after-tax outcome depends on your tax wrapper (PIE (max 28% PIR) for NPF, FIF above NZ$50K for SRET).
Can NZ residents buy both NPF and SRET?▾
Yes. NPF is available via any NZX broker (Sharesies, InvestNow, Invest Direct, ASB Securities). SRET is available via Hatch, Stake, Sharesies, Tiger and Interactive Brokers.
How does NZ tax differ between NPF and SRET?▾
NPF is PIE (max 28% PIR). SRET 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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