NZ Equity NZX-listed · PIE-taxed
Smartshares TNZ Smartshares NZ Top 10 ETF
Concentrated exposure to the 10 largest NZ companies. Issued by Smartshares, listed on the NZX, total expense ratio 0.60%, PIE-taxed (max 28%, no FIF).
Last reviewed 2026-05-02 sources find similar ETFs →
About this fund
What does TNZ actually hold?
Concentrated exposure to the 10 largest NZ companies. As a nz equity 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].
How to buy
Where can I buy TNZ from New Zealand?
Smartshares (direct) Direct purchase from issuer.
InvestNow Free trades; min $250 per fund.
Sharesies Subscription pricing; fractional shares.
Hatch Mainly for US ETFs; NZX support varies.
See the full platform comparison for fees, minimums, and supported markets across all 11 NZ-accessible brokers.
NZ tax
How is TNZ taxed for NZ investors?
TNZ is a PIE fund. That means tax is calculated by Smartshares at your Prescribed Investor Rate (PIR), capped at 28% — even if you'd otherwise pay 33% or 39% on other income.
No FIF rules apply, regardless of how much you hold. That's the structural advantage of NZX-listed PIE ETFs over direct US-listed ETFs like SPY or VOO once your foreign-investment portfolio crosses NZ$50,000[2].
Sources
- [1]Smartshares NZ Top 10 ETF fact sheet — Smartshares (2026)
- [2]Portfolio investment entity (PIE) — overview — Inland Revenue (NZ) (2026)
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FAQ
Common questions about TNZ
What is TNZ? ⌄
TNZ is the NZX ticker for the Smartshares NZ Top 10 ETF, issued by Smartshares. Concentrated exposure to the 10 largest NZ companies. Total expense ratio is 0.60% per year.
Is TNZ PIE-taxed? ⌄
Yes. TNZ 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 TNZ cost to hold? ⌄
TNZ charges a total expense ratio of 0.60% per year, deducted automatically from the fund's net asset value. On every NZ$10,000 invested that's about NZ$60 per year. Platform fees on top depend on where you buy it.
Where can I buy TNZ from New Zealand? ⌄
TNZ is listed on the NZX, so any NZ broker that supports NZX trading can offer it — including Smartshares (direct), InvestNow, Sharesies and Hatch. Compare fees and minimums before picking one.