EuropeanNZX-listed · PIE-taxed
SmartsharesEUFSmartshares Europe ETF
Developed European-markets equity exposure. Issued by Smartshares, listed on the NZX, total expense ratio 0.55%, PIE-taxed (max 28%, no FIF).
Last reviewed 2026-07-05sourcesfind similar ETFs →
About this fund
What does EUF actually hold?
Developed European-markets equity exposure. As a european ETF, it gives a single-trade route into that asset class for NZ investors who'd rather not pick individual securities.
Smartshares is the ETF arm of NZX. It runs the largest NZX-listed ETF range, all PIE-taxed, all denominated in NZD. Most are passive trackers of established indices (S&P/NZX, S&P/ASX, MSCI). For a holdings-level breakdown, see the official Smartshares fact sheet[1].
Next typical distribution: December.EUF typically pays in Jun · Dec. Most recent verified distribution: NZ$0.0236 per unit, ex-date 2026-05-28. Issuer sets the exact date — verify on the distribution calendar before relying on a payment date.
Platform availability
Where to buy EUF from New Zealand
Based on each platform's advertised market coverage and fee schedule. Verify with the platform before transacting — instrument coverage can change.
| Platform | Per-trade fee | FX | Min | Notes |
|---|---|---|---|---|
 SharesiesSharesies | 1.9% per trade | 0.5% | NZ$0 | Beginners, fractional shares, mixing NZ + US ETFs |
 Interactive BrokersInteractive Brokers | From US$0.35 / trade (Tiered) or US$1 flat (Fixed) | ~0.002% (US$2 min) | US$0 | Larger portfolios, frequent traders, multi-market investors |
 Tiger BrokersTiger Brokers | US$2 flat per US trade (to 200 shares) | 0.50% | NZ$0 | NZ investors who want NZ + US + Asian markets in one account |
 InvestNowInvestNow | NZ$0 platform fee on most funds | N/A (NZD-denominated funds) | NZ$50 (regular) / NZ$250 (lump) | NZ$0 brokerage on Smartshares funds. |
 Invest DirectInvest Direct | From NZ$29.90 per trade | Undisclosed margin on conversion | NZ$0 | Larger NZX and ASX trades, and sponsored NZ holdings in your own name |
 ASB SecuritiesASB Securities | NZ$30 per NZX trade | Bank rates (~1%) | NZ$0 (ASB customer) | Existing ASB customers wanting one login for banking + brokerage |
 Smart (direct)Smart (direct) | NZ$30 one-off set-up | N/A (NZD, NZ-domiciled) | NZ$500 per ETF (NZ$50/mo regular plan) | Regular contributors who want Smart ETFs at no brokerage and do not need to trade intraday |
Showing 7 platforms that list this ETF. Full platform comparison: all 11 NZ brokers → · Full coverage matrix: availability matrix →
NZ tax treatment
How is EUF taxed for NZ investors?
EUF is a NZ Portfolio Investment Entity. Tax is calculated by Smartshares at your Prescribed Investor Rate (capped). FIF rules do not apply — irrespective of holding size.
The Prescribed Investor Rate is capped at 28%(source). That is the structural advantage of NZ PIE wrappers over direct foreign-listed ETFs once your overseas-share cost basis crosses NZ$50,000(source).
💰 What the PIE cap is worth to you
At the capped PIR of 28%(source), an investor on the39%(source) top marginal rate keeps about NZ$110 more per NZ$1,000 of taxable distributions than the same income taxed at their marginal rate — about NZ$50 more for an investor on the33%(source) rate. Illustrative: assumes the full distribution is taxable and your PIR sits at the cap. A lower PIR widens the gap.
Read more on PIE funds → · PIE vs FIF comparison →
🧮 Model your own after-tax outcome
Mechanical NZ-tax calculator comparing PIE @ PIR vs FIF @ FDR vs FIF @ CV on your principal, assumed return, time horizon, PIR, and marginal rate. → Open the after-tax calculator
General information only — not personalised tax advice. Confirm your treatment with a registered NZ tax adviser before transacting.
Add up to 4 more tickers to compare TER · yield · distribution · NZ tax structure.
Similar ETFs
ETFs with similar focus to EUF
Same asset class, issuer cousins, and exchange peers — ranked by closest match. Click any row to compare side-by-side in the multi-compare tool.
| Ticker | Name | TER | Yield | Distribution | NZ tax | Compare |
|---|---|---|---|---|---|---|
| DIV | NZ Dividend (DIV) Smartshares · NZX | 0.54% | 5.2% | Semi-annual | PIE | EUF vs DIV |
| FNZ | NZ Top 50 (FNZ) Smartshares · NZX | 0.50% | 3.2% | Semi-annual | PIE | EUF vs FNZ |
| TNZ | NZ Top 10 (TNZ) Smartshares · NZX | 0.60% | 1.9% | Semi-annual | PIE | EUF vs TNZ |
| MZY | AU Mid Cap (MZY) Smartshares · NZX | 0.75% | 1.6% | Semi-annual | PIE | EUF vs MZY |
| NPF | NZ Property (NPF) Smartshares · NZX | 0.54% | 5.9% | Semi-annual | PIE | EUF vs NPF |
Distribution history
Recent distributions — EUF
| Ex-date | Pay date | Per unit (NZD) |
|---|---|---|
| 2026-05-28 | 2026-06-19 | NZ$0.0236 |
| 2025-11-27 | 2025-12-19 | NZ$0.0228 |
| 2025-05-29 | 2025-06-19 | NZ$0.0202 |
| 2024-11-28 | 2024-12-20 | NZ$0.0229 |
| 2024-05-30 | 2024-06-20 | NZ$0.0194 |
| 2023-11-29 | 2023-12-20 | NZ$0.0210 |
EUF also makes taxable bonus issues for excess imputation credits alongside cash distributions.
Source: Smartshares distribution records, verified 2026-07-05. Amounts are cash distributions per unit before tax (PIE tax applies at your PIR) — verify against the issuer source before relying on a payment. EUF typically distributes jun · dec; next typical month: December.
See /calendar/distributions/ for the rolling 12-month forward calendar across all covered ETFs.
Sources
- [1]Smartshares Europe ETF fact sheet — Smartshares (2026)
- [2]Portfolio investment entity (PIE) — overview — Inland Revenue (NZ) (2026)
Where to buy EUF from New Zealand
The platforms below all support EUF. Each link opens the platform's site directly — we don't take any payment for placement or for clicks.
InvestNow
Sharesies
Interactive BrokersFees + platform details verified against each provider's published rate card. Always check the current schedule before transacting.Full platform comparison →
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Sources for this EUF data
The figures on this page come from the documents below. We do not pull live prices; the data is reviewed against issuer fact sheets and exchange listings (last reviewed 2026-07-05). Which figures have been checked against the issuer by machine, rather than by eye, is stated below — an unchecked figure is labelled as such rather than left ambiguous.
- ✓Total expense ratioChecked against the issuer's FMA-mandated quarterly Fund Update on 2026-09-05.
- ✓Distribution yieldChecked against the NZX instrument page's published gross dividend yield on 2026-09-05.Measured as NZX gross dividend yield (includes imputation credits).
Issuer product page
smartinvest.co.nz/funds-and-performance/etfs/international-shares/smart-europe-etf
NZX listing page
nzx.com/instruments/EUF
Fact sheet (PDF)
doc.smartinvest.co.nz/fund-updates/etf/international-shares/2026/Q1/smart-exchange-traded-funds-fund-update-smart-europe-etf.pdf
Product Disclosure Statement
doc.smartinvest.co.nz/product-disclosure/etf/product-disclosure-statement-global-series-smart-exchange-traded-funds.pdf
External links open in a new tab. We do not earn commission on issuer product pages. See our methodology + disclosure.
Compare
EUF against the alternatives
1 side-by-side comparison covering fee, yield and NZ tax wrapper. Characteristics, not recommendations.
| Comparison | The other fund | Its TER |
|---|---|---|
| EUF vs EMF | Emerging Markets (EMF) | 0.59% |
FAQ
Common questions about EUF
What is EUF?⌄
EUF is the NZX ticker for the Smartshares Europe ETF, issued by Smartshares. Developed European-markets equity exposure. Total expense ratio is 0.55% per year.
Is EUF PIE-taxed?⌄
Yes. EUF is a NZ Portfolio Investment Entity (PIE) fund, so it is taxed at your Prescribed Investor Rate (capped at 28%). FIF rules do not apply, and tax is calculated and paid by the fund — you don't need to file foreign-investment income.
What does EUF cost to hold?⌄
EUF charges a total expense ratio of 0.55% per year, deducted automatically from the fund's net asset value. On every NZ$10,000 invested that's about NZ$55 per year. Platform fees on top depend on where you buy it.
Where can I buy EUF from New Zealand?⌄
EUF is listed on the NZX, so any NZ broker that supports NZX trading can offer it — including Sharesies, Interactive Brokers, Tiger Brokers, InvestNow, Invest Direct, ASB Securities and Smart (direct). Compare fees and minimums before picking one.
