InvestNow Zero commission 200+ funds FMA-regulated InvestNow — NZ's zero-commission fund supermarket
Updated Reviewed monthly
Every Smartshares ETF + 200 wholesale managed funds at zero commission. No platform fee, no transaction fee, no withdrawal fee. You pay only the underlying fund TER.
In 30 seconds: InvestNow is a New Zealand-based investment platform that gives retail investors zero-commission access to every Smartshares ETF plus over 200 wholesale managed funds from Vanguard, Russell, AMP, Milford and other major NZ fund managers. There is no platform fee, no transaction fee, no entry / exit fee — you pay only the underlying fund TER. Founded 2017. FMA-regulated. Best-suited to buy-and-hold investors who want NZ-PIE-wrapped funds without paying brokerage.
- Commission on Smartshares ETFs: Zero
- Fund supermarket size: 200+ wholesale managed funds
- Major fund managers on platform: Vanguard, Russell, AMP, Devon, Harbour, Milford, Smartshares
- Platform / transaction / withdrawal fees: None
- Minimum investment: NZ$50 per fund (regular plan), NZ$250 lump sum
- NZ tax wrapper: PIE on most funds (max 28% PIR)
- Other products: Term Deposits, KiwiSaver scheme
What is InvestNow?
InvestNow is a New Zealand-based investment platform founded in 2017 that operates as a fund supermarket — a single online account that gives retail investors access to managed funds and ETFs from many third-party fund managers.
The headline feature is zero commission. There is no platform fee, no per-trade fee, no entry / exit / withdrawal fee. You pay only the underlying fund's TER, which is set by the fund manager (Smartshares, Vanguard, Russell, etc.) and already deducted inside the fund's unit price. InvestNow earns its revenue through manager-paid rebates, not end-user fees.
InvestNow is regulated by New Zealand's Financial Markets Authority (FMA). Funds you hold are in custody with regulated independent custodians (not InvestNow's own balance sheet).
What you can buy on InvestNow
Smartshares ETFs
Every Smartshares ETF (~21+ funds) at zero commission. PIE-taxed at max 28% PIR. This is typically the cheapest way to buy and hold Smartshares NZ + global ETFs in NZ.
Wholesale managed funds (200+)
Funds from Vanguard, Russell, AMP, Devon, Harbour, Milford, Mint and others — typically only accessible to retail investors via this kind of supermarket structure.
Term Deposits
Term Deposits from major NZ banks selectable inside the InvestNow account. Useful for portfolio cash sleeve without leaving the platform.
KiwiSaver
InvestNow KiwiSaver scheme with fund-level customisation. For detailed KiwiSaver comparison see fundcompare.co.nz.
InvestNow vs the alternatives
| InvestNow | Sharesies | Kernel direct | |
|---|---|---|---|
| Commission on NZ ETFs | Zero (Smartshares) | 1.9% capped NZ$25 | Zero (Kernel funds only) |
| Markets / scope | Smartshares + 200 managed funds + TDs | NZ + AU + US shares + ETFs | Kernel funds only |
| Minimum | NZ$50 regular / NZ$250 lump | NZ$0 | NZ$100 |
| Fractional | Yes (fund units) | Yes | Yes |
| Best for | Smartshares + managed funds buy-and-hold | Mixed-market small / frequent | Kernel core funds direct |
"Best for" reflects fee structure / scope match, not investment recommendations.
Frequently asked questions
What is InvestNow? ▾
InvestNow is a New Zealand-based investment platform that offers zero-commission access to Smartshares ETFs, a managed-fund supermarket of over 200 wholesale funds (from Vanguard, Russell, AMP, Devon, Harbour, Milford and others), Term Deposits, and a KiwiSaver scheme. Founded 2017. FMA-regulated.
Does InvestNow charge fees? ▾
InvestNow charges no platform fee, no account fee, and no transaction fee on most fund contributions. You pay only the underlying fund TER (set by the fund manager, not InvestNow). Two caveats: (1) InvestNow's own Foundation Series funds apply a 0.50% buy transaction fee + 0.50% sell transaction fee, and (2) some active managed funds have a performance fee component — both are disclosed in each fund's PDS.
Is InvestNow really free to use? ▾
For most third-party funds, yes — InvestNow takes its revenue from rebates negotiated with the underlying fund managers, not from end-user fees. There are no platform, custody or withdrawal fees direct to InvestNow. The exception is InvestNow's own Foundation Series funds, which apply 0.50% buy and 0.50% sell transaction fees.
Can I buy Smartshares ETFs zero-commission on InvestNow? ▾
Yes. InvestNow offers every Smartshares ETF with zero transaction fee. Minimum NZ$50 per fund on a regular investment plan; NZ$250 minimum lump-sum buy. The TER you pay is set by Smartshares (not by InvestNow).
InvestNow vs Sharesies? ▾
InvestNow is cheaper for buy-and-hold investors in Smartshares ETFs or wholesale managed funds — zero commission vs Sharesies' 1.9%. Sharesies has the broader market access (NZ + AU + US shares, fractional, mobile-friendly). For NZX-listed ETF buy-and-hold: InvestNow. For active mixed-market investing: Sharesies.
InvestNow vs Kernel? ▾
Different propositions. InvestNow is a fund supermarket — you choose from 200+ third-party funds. Kernel issues its own funds direct (cheaper headline TER on its core funds, but narrower lineup). Many NZ investors hold both: Kernel direct for low-cost core (NZ20, KGM), InvestNow for managed funds + Smartshares ETFs without commission.
Is InvestNow FMA-regulated? ▾
Yes. InvestNow Limited is regulated by New Zealand's Financial Markets Authority (FMA). Underlying funds are held in custody by independent regulated custodians, not by InvestNow directly.
How does InvestNow make money if it charges no fees? ▾
Through manager rebates — fund managers pay InvestNow a portion of their management fee in exchange for being listed on the platform. This is a standard fund-supermarket model and doesn't change the TER you see (the TER is already net of any rebate).
Does InvestNow offer KiwiSaver? ▾
Yes — InvestNow operates a KiwiSaver scheme that lets you allocate across third-party funds inside the KiwiSaver wrapper. Fees depend on the underlying fund allocation. For detailed KiwiSaver comparison see fundcompare.co.nz.
What funds can I buy on InvestNow? ▾
Over 200 wholesale managed funds spanning equities (NZ, Australia, US, global, emerging), bonds (NZ, global), property, multi-asset, sustainable, and thematic. Plus every Smartshares ETF (NZX-listed). Plus Term Deposits from major NZ banks. Plus the InvestNow KiwiSaver scheme.
