NZ ETFs — Every NZX-Listed Fund Compared
Updated Reviewed quarterly
19 ETFs from 2 issuers — Smartshares and Kernel — with total expense ratios from 0.20%, yields, distributions, and PIE tax status.
In 30 seconds: New Zealand investors can buy 19 NZ-domiciled index funds from 2 issuers — Smartshares NZX-listed ETFs plus Kernel's unlisted PIE funds (bought direct on Kernel). All are NZ-domiciled Portfolio Investment Entities (PIE), so distributions are taxed at your Prescribed Investor Rate (max 28%) and Foreign Investment Fund (FIF) rules do not apply. Total expense ratios start at 0.20% (Kernel) and reach about 0.75% for specialised Smartshares funds. The cheapest core NZ exposure is via NZG/FNZ; the cheapest global is KGM (Kernel) or USF (Smartshares).
- 19 NZ funds from 2 issuers (Smartshares NZX-listed, Kernel unlisted PIEs)
- All PIE-taxed — max 28% PIR, no FIF rules
- Lowest TER: 0.20% (Kernel funds)
- Cheapest core NZ exposure: NZG (Smartshares NZ Top 50) / FNZ (S&P/NZX 50)
- Cheapest global wrappers: KGM (Kernel Global 100), USF (Smartshares S&P 500)
- Where to buy: Sharesies, Hatch, Kernel direct, InvestNow, BNZ Direct Broking
- Updated: 2026-05-25 — full TER + yield table reviewed monthly
Why NZ-listed ETFs matter for tax
Direct US ETFs (SPY, VOO, QQQ etc.) trigger Foreign Investment Fund (FIF) rules once your overseas-share holdings exceed NZ$50,000 cost-basis — you pay tax on a deemed return regardless of actual gains, plus US dividend withholding tax. Every ETF below is NZ-domiciled (PIE-taxed at your Prescribed Investor Rate, max 28%), so FIF doesn't apply.
For globally-diversified exposure without FIF complexity, look at NZX-listed wrappers like USF (S&P 500), ESG (global sustainable), or KGM (global 100). For NZ-only exposure, FNZ (NZ Top 50) or NZ20 (Kernel NZ Top 20) have the lowest TER.
All NZ funds by total expense ratio
Ranked cheapest to most expensive. All values reviewed 2026-05-25.
| Ticker | Fund | Issuer | TER | Yield |
|---|---|---|---|---|
| NGB | Smartshares NZ Government Bond ETF |  Smartshares Smartshares | 0.20% | 3.1% |
| NZ20 | Kernel NZ 20 Fund |  Kernel Kernel | 0.25% | 3.1% |
| KGH | Kernel High Growth Fund | Kernel Kernel | 0.25% | 2.2% |
| KGM | Kernel Global 100 Fund | Kernel Kernel | 0.25% | 1.2% |
| AUS | Smart Australian Top 200 ETF | Smartshares Smartshares | 0.30% | 2.4% |
| USF | Smartshares US 500 ETF | Smartshares Smartshares | 0.34% | 0.7% |
| FNZ | Smartshares NZ Top 50 ETF | Smartshares Smartshares | 0.50% | 3.3% |
| USG | Smartshares US Growth ETF | Smartshares Smartshares | 0.51% | 0.0% |
| USS | Smartshares US Small Cap ETF | Smartshares Smartshares | 0.51% | 0.7% |
| DIV | Smartshares NZ Dividend ETF | Smartshares Smartshares | 0.54% | 5.2% |
| NPF | Smartshares NZ Property ETF | Smartshares Smartshares | 0.54% | 5.7% |
| NZB | Smartshares NZ Bond ETF | Smartshares Smartshares | 0.54% | 2.5% |
| ESG | Smartshares Global Sustainability Leaders ETF | Smartshares Smartshares | 0.54% | 0.0% |
| ASD | Smart Australian Dividend ETF | Smartshares Smartshares | 0.54% | — |
| EUF | Smartshares Europe ETF | Smartshares Smartshares | 0.55% | 2.0% |
| APA | Smart Asia Pacific ETF | Smartshares Smartshares | 0.55% | — |
| EMF | Smart Emerging Markets ETF | Smartshares Smartshares | 0.59% | — |
| TNZ | Smartshares NZ Top 10 ETF | Smartshares Smartshares | 0.60% | 2.0% |
| MZY | Smart Australian Mid Cap ETF | Smartshares Smartshares | 0.75% | 1.6% |
TER = Total Expense Ratio (annual fund fee). Yield = trailing 12-month distribution yield where reported by issuer; "—" indicates yield not currently published for this fund. PIE = NZ Portfolio Investment Entity (taxed at Prescribed Investor Rate, no FIF).
By asset class
NZ Equity
Filter all NZ Equity ETFs →Kernel NZ 20 Fund
Low-cost exposure to the top 20 NZ companies.
Full profile for NZ20 (Kernel NZ 20 Fund) →Smartshares NZ Top 50 ETF
Tracks the 50 largest NZ companies by market cap.
Full profile for FNZ (Smartshares NZ Top 50 ETF) →Smartshares NZ Top 10 ETF
Concentrated exposure to the 10 largest NZ companies.
Full profile for TNZ (Smartshares NZ Top 10 ETF) →Dividend
Filter all Dividend ETFs →Smartshares NZ Dividend ETF
Tracks the top 15 NZ dividend-paying stocks. PIE-taxed.
Full profile for DIV (Smartshares NZ Dividend ETF) →Smart Australian Dividend ETF
High-yielding Australian dividend equities, PIE-taxed.
Full profile for ASD (Smart Australian Dividend ETF) →Property
Filter all Property ETFs →Smartshares NZ Property ETF
NZ-listed property companies (REITs).
Full profile for NPF (Smartshares NZ Property ETF) →Bonds
Filter all Bonds ETFs →Smartshares NZ Government Bond ETF
Pure NZ-government bond exposure.
Full profile for NGB (Smartshares NZ Government Bond ETF) →Smartshares NZ Bond ETF
Investment-grade NZ-government and corporate bonds.
Full profile for NZB (Smartshares NZ Bond ETF) →Australian
Filter all Australian ETFs →Smart Australian Top 200 ETF
Top 200 ASX-listed Australian companies, NZ-PIE wrapper.
Full profile for AUS (Smart Australian Top 200 ETF) →Smart Australian Mid Cap ETF
Mid-cap Australian companies, NZ-PIE wrapper.
Full profile for MZY (Smart Australian Mid Cap ETF) →US Equity
Filter all US Equity ETFs →Smartshares US 500 ETF
NZX-listed S&P 500 wrapper. PIE-taxed alternative to direct US ETFs.
Full profile for USF (Smartshares US 500 ETF) →Smartshares US Growth ETF
US growth-style equity exposure, PIE-taxed.
Full profile for USG (Smartshares US Growth ETF) →Smartshares US Small Cap ETF
US small-cap exposure (Russell 2000 equivalent), PIE-taxed.
Full profile for USS (Smartshares US Small Cap ETF) →Global
Filter all Global ETFs →Kernel Global 100 Fund
Top 100 global multinational companies, NZ-PIE.
Full profile for KGM (Kernel Global 100 Fund) →European
Filter all European ETFs →Smartshares Europe ETF
Developed European-markets equity exposure.
Full profile for EUF (Smartshares Europe ETF) →Asia Pacific
Filter all Asia Pacific ETFs →Smart Asia Pacific ETF
Asia-Pacific (ex-Japan) developed-markets equity.
Full profile for APA (Smart Asia Pacific ETF) →Emerging Markets
Filter all Emerging Markets ETFs →Smart Emerging Markets ETF
Broad emerging-markets equity exposure.
Full profile for EMF (Smart Emerging Markets ETF) →Sustainable / ESG
Filter all Sustainable / ESG ETFs →Smartshares Global Sustainability Leaders ETF
Global developed-markets ESG-screened equities.
Full profile for ESG (Smartshares Global Sustainability Leaders ETF) →Diversified Growth
Filter all Diversified Growth ETFs →Kernel High Growth Fund
Diversified global growth portfolio, NZ-domiciled PIE.
Full profile for KGH (Kernel High Growth Fund) →Smartshares vs Kernel — the two NZ ETF issuers
Every ETF listed on the NZX is issued by one of two managers. Choosing between them is mostly about fees vs breadth: Kernel is cheaper on the funds it offers; Smartshares covers more sectors and themes. Both wrap their funds as NZ Portfolio Investment Entities, so the tax treatment is identical.
Smartshares Smartshares
The NZX's own ETF manager — the original NZ ETF brand, founded 1996. Widest fund lineup on the NZX, including NZ equity, AU equity, US S&P 500, total-world, emerging markets, Asia-Pacific, ESG, bonds, property and themed (clean energy, technology, healthcare).
- Funds on this page
- 16
- Lowest TER
- 0.20%
- Median TER
- 0.54%
- Tax wrapper
- PIE
Best for: investors who want broad sector / thematic / regional choice in one issuer, and for whom the headline TER is not the dominant factor.
Kernel Kernel
The newer challenger (launched 2019) — a focused, low-fee range built around index-tracking core funds and a handful of thematics. No ticket fees when bought direct through Kernel's own platform; also listed on Sharesies, InvestNow and others.
- Funds on this page
- 3
- Lowest TER
- 0.25%
- Median TER
- 0.25%
- Tax wrapper
- PIE
Best for: cost-conscious investors who want the cheapest possible NZ-PIE core exposure (NZ20, S&P 500, Global 100) and don't need niche thematics.
How to choose your first NZ ETF
For most first-time NZ investors, the right starting point is a low-cost, broadly diversified index ETF wrapped as a PIE. That single sentence rules out most decisions for you. The remaining choice is between NZ-only, NZ + global mix, or global only.
- 01
Decide your geographic split
If you want NZ-only exposure, FNZ (Smartshares S&P/NZX 50) or NZG is the default. For global exposure, KGM (Kernel Global 100) or USF (Smartshares S&P 500) are the workhorses. Many NZ investors hold a ~30/70 mix of NZ to global.
- 02
Sort by total expense ratio
Among funds tracking the same index, the cheapest wins over the long term — as an illustrative example, a 0.30% TER difference compounds to thousands of dollars over 20 years on a $50K portfolio. Use the TER table above to compare.
- 03
Confirm the PIE wrapper
Every fund on this page is PIE-taxed, capping your effective tax rate at 28% and removing FIF compliance overhead. See the PIE vs FIF explainer for the full mechanics.
- 04
Pick a platform
For NZ ETFs only, Kernel direct (zero ticket fee on Kernel funds) and InvestNow (zero fee on Smartshares) are the cheapest. For mixed market access, Sharesies covers NZX + ASX + US in one account. Full platform comparison →
- 05
Set your PIR correctly
Tell the platform your Prescribed Investor Rate — the rate your PIE income is taxed at (10.5%, 17.5%, or 28% (source) ; the IRD calculator confirms which). Setting it too high wastes tax; setting it too low triggers a top-up at year-end.
NZ ETFs vs the alternatives
NZ-listed ETFs (this page)
Pros
- • PIE tax (max 28% PIR)
- • No FIF compliance
- • NZD-denominated, no FX needed
- • Trade through any NZX broker
- • Smartshares + Kernel both regulated by FMA
Cons
- • Higher TER than US ETFs on like-for-like indices
- • Smaller fund universe (~35 vs 3,000+ US)
- • Lower trading volume = wider bid-ask spreads
Direct US ETFs (SPY, VOO, etc.)
Pros
- • TER from 0.03% (VOO, SPYM)
- • Huge fund choice (sector, factor, leveraged)
- • Deep liquidity, tight spreads
Cons
- • FIF rules apply once >NZ$50K cost-basis
- • 15% US withholding tax on dividends
- • FX cost on every NZD↔USD round trip
Managed funds / KiwiSaver
Pros
- • No broker account needed
- • Automatic rebalancing
- • KiwiSaver: government + employer contributions
Cons
- • Active funds often charge between 0.80% and 1.50% TER
- • KiwiSaver locked until 65 (with exceptions)
- • Less visibility on underlying holdings
FIF vs PIE — why NZ ETFs are tax-simple
Every NZX-listed ETF on this page is structured as a Portfolio Investment Entity (PIE). That single fact removes the biggest headache NZ investors face when buying direct US ETFs: the Foreign Investment Fund (FIF) regime.
Under FIF, once your overseas-share holdings exceed NZ$50,000 cost-basis, you pay tax each year on a deemed return — usually 5% of opening market value under the Fair Dividend Rate (FDR) method — regardless of actual gain or loss. You also need to file annual FIF returns with the IRD. PIE-wrapped NZ ETFs sit inside the PIE regime, so they're exempt from FIF entirely and capped at your Prescribed Investor Rate (max 28%).
Where can I buy NZX-listed ETFs?
NZX-listed ETFs trade through Sharesies, Hatch (NZ-side), Kernel direct, InvestNow, BNZ Direct Broking, and a growing list of NZ platforms. Compare fees, minimums, and which exchanges each platform supports.
Compare NZ investment platforms →Frequently asked questions
How many ETFs are listed on the NZX? ▾
As of 2026-05-25, there are 19 NZ funds from 2 issuers indexed on this page — NZX-listed Smartshares ETFs plus Kernel's unlisted PIE funds (bought direct on Kernel, not NZX-traded). The full Smartshares lineup is approximately 36 funds; this page covers the most-traded.
Are NZ ETFs PIE-taxed? ▾
Yes. Every NZ-domiciled fund on this page (NZX-listed or unlisted Kernel) is structured as a Portfolio Investment Entity (PIE), so distributions and capital gains are taxed at your Prescribed Investor Rate (max 28%) instead of your marginal income tax rate. NZ-PIE ETFs avoid the Foreign Investment Fund (FIF) rules that apply to direct US ETFs.
Which NZ ETF has the lowest TER? ▾
The lowest TER on this page is 0.20%. Kernel funds tend to have the lowest TER among NZ-listed providers; Smartshares ETFs typically range from 0.34% to 0.75%.
How is a NZ ETF different from a US ETF? ▾
NZ ETFs (NZX-listed, NZ-domiciled) are PIE-taxed at your PIR (max 28%) and are exempt from FIF rules. US ETFs (NYSE/NASDAQ-listed) require FIF tax calculations once your overseas-share holdings exceed NZ$50,000 cost-basis, plus US-source dividend withholding tax. Direct US ETFs offer cheaper TERs and more choice; NZ ETFs offer simpler tax treatment.
How do I buy NZ ETFs? ▾
NZ ETFs trade on the NZX. The most common platforms for retail investors are Sharesies, Hatch (NZ-side), Kernel direct, InvestNow, and BNZ Direct Broking. See the ETFs.co.nz platforms comparison for fees and minimums.
Smartshares vs Kernel — which is better? ▾
Smartshares (NZX subsidiary) offers the widest lineup — 16 NZX-listed ETFs covering NZ, AU, US, global, bonds, property and themed. Kernel offers a focused range of 3 funds at lower TER (from 0.25% vs Smartshares from 0.20%) with no ticket fees if bought direct. For lowest-cost NZ-PIE core exposure, Kernel typically wins. For breadth (specialised sectors, AU/global thematics, bonds), Smartshares wins. Both are PIE-taxed and avoid FIF rules.
What is the cheapest NZ ETF? ▾
As of 2026-05-25 the lowest TER among the NZ funds on this page is 0.20%. Kernel funds (NZ20, Global 100, S&P 500, NZ Commercial Property) sit at the bottom of the fee table; Smartshares' core NZ Top 50 and US 500 funds are in the next bracket.
Can I buy NZ ETFs through Sharesies? ▾
Yes. Sharesies lists every Smartshares ETF and most Kernel funds on its NZ market, with fractional-share investing and a flat 1.9% transaction fee capped at NZ$25 on orders up to NZ$3,000 (lower fees above). Sharesies is the most popular retail entry point for NZ ETF investing.
Do NZ ETFs pay dividends? ▾
Yes. Most NZ index funds distribute quarterly or semi-annually; the dividend yield depends on the underlying index. Income-focused funds like Smartshares DIV (NZ Dividend) and Kernel NZ Commercial Property tend to yield 4.00%–6.00%; broad-market index ETFs typically yield 2.00%–3.00%. Under PIE rules, distributions are taxed at your Prescribed Investor Rate (max 28%), not your marginal rate.
NZ ETFs vs index funds — what is the difference? ▾
NZ ETFs are listed on the NZX and trade like shares — you buy and sell at the live market price during trading hours through any broker. Index funds (e.g. via InvestNow, Kernel direct, or Simplicity) are unlisted; you transact at the end-of-day net asset value directly with the fund manager. For most NZ investors, the practical difference is small: both can be PIE-taxed, both track an index, and fees are now broadly comparable.
What is FIF tax on US ETFs and how do I avoid it? ▾
FIF (Foreign Investment Fund) rules apply when a NZ tax resident owns more than NZ$50,000 (cost-basis) of overseas-share investments outside the NZ-PIE wrapper. You pay tax on a deemed return — usually 5% of opening market value under the Fair Dividend Rate (FDR) method — regardless of actual gain. You can avoid FIF entirely by buying NZX-listed PIE-wrapped ETFs such as USF (S&P 500), KGM (Kernel Global 100), or ESG (sustainable global).
Are NZ ETFs better than US ETFs for KiwiSaver-style long-term investing? ▾
For most NZ investors under the FIF threshold or those who want simple tax treatment, NZ-PIE ETFs are administratively simpler — no FIF calculations, no US withholding tax to claim back, and a hard cap at 28% on tax. US ETFs offer cheaper headline fees and more choice (e.g. SCHD, JEPI, sector ETFs), but the tax overhead can erode that advantage once the portfolio is above NZ$50K.
What is the largest NZ ETF by assets under management? ▾
Smartshares' core funds (NZ Top 50, NZ Top 10, S&P 500, Total World) dominate AUM among NZX-listed ETFs; Kernel's funds are unlisted PIEs. Combined, the Smartshares lineup manages over NZ$8 billion of assets. Kernel's NZ Top 20 and Global 100 are the largest Kernel funds.
NZ ETFs by ticker
- NGB: Smartshares NZ Government Bond ETF (Smartshares). Total expense ratio 0.20%. Dividend yield 3.1%. PIE-taxed.
- NZ20: Kernel NZ 20 Fund (Kernel). Total expense ratio 0.25%. Dividend yield 3.1%. PIE-taxed.
- KGH: Kernel High Growth Fund (Kernel). Total expense ratio 0.25%. Dividend yield 2.2%. PIE-taxed.
- KGM: Kernel Global 100 Fund (Kernel). Total expense ratio 0.25%. Dividend yield 1.2%. PIE-taxed.
- AUS: Smart Australian Top 200 ETF (Smartshares). Total expense ratio 0.30%. Dividend yield 2.4%. PIE-taxed.
- USF: Smartshares US 500 ETF (Smartshares). Total expense ratio 0.34%. Dividend yield 0.7%. PIE-taxed.
- FNZ: Smartshares NZ Top 50 ETF (Smartshares). Total expense ratio 0.50%. Dividend yield 3.3%. PIE-taxed.
- USG: Smartshares US Growth ETF (Smartshares). Total expense ratio 0.51%. Dividend yield 0.0%. PIE-taxed.
- USS: Smartshares US Small Cap ETF (Smartshares). Total expense ratio 0.51%. Dividend yield 0.7%. PIE-taxed.
- DIV: Smartshares NZ Dividend ETF (Smartshares). Total expense ratio 0.54%. Dividend yield 5.2%. PIE-taxed.
- NPF: Smartshares NZ Property ETF (Smartshares). Total expense ratio 0.54%. Dividend yield 5.7%. PIE-taxed.
- NZB: Smartshares NZ Bond ETF (Smartshares). Total expense ratio 0.54%. Dividend yield 2.5%. PIE-taxed.
- ESG: Smartshares Global Sustainability Leaders ETF (Smartshares). Total expense ratio 0.54%. Dividend yield 0.0%. PIE-taxed.
- ASD: Smart Australian Dividend ETF (Smartshares). Total expense ratio 0.54%. PIE-taxed.
- EUF: Smartshares Europe ETF (Smartshares). Total expense ratio 0.55%. Dividend yield 2.0%. PIE-taxed.
- APA: Smart Asia Pacific ETF (Smartshares). Total expense ratio 0.55%. PIE-taxed.
- EMF: Smart Emerging Markets ETF (Smartshares). Total expense ratio 0.59%. PIE-taxed.
- TNZ: Smartshares NZ Top 10 ETF (Smartshares). Total expense ratio 0.60%. Dividend yield 2.0%. PIE-taxed.
- MZY: Smart Australian Mid Cap ETF (Smartshares). Total expense ratio 0.75%. Dividend yield 1.6%. PIE-taxed.
