NZ ETFs — Every NZX-Listed Fund Compared
Updated Reviewed quarterly
21 ETFs from 2 issuers — Smartshares and Kernel — with total expense ratios from 0.25%, yields, distributions, and PIE tax status.
In summary: New Zealand investors have access to 21 NZX-listed ETFs from 2 issuers (Smartshares and Kernel) covering NZ equity, global equity, US-market wrappers, bonds, property, and dividend strategies. All NZ-domiciled ETFs are Portfolio Investment Entities (PIE), taxed at the investor's Prescribed Investor Rate (max 28%) and exempt from Foreign Investment Fund (FIF) rules. Total expense ratios range from 0.25% (Kernel funds) to about 0.75% (specialised Smartshares funds). Live data is reviewed monthly; last update 2026-05-02.
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 NZX-listed ETFs by total expense ratio
Ranked cheapest to most expensive. All values reviewed 2026-05-02.
| Ticker | Fund | Issuer | TER | Yield |
|---|---|---|---|---|
| KGH | Kernel High Growth Fund |  Kernel Kernel | 0.25% | 2.1% |
| KSC | Kernel S&P/NZX 20 Fund | Kernel Kernel | 0.25% | — |
| KGM | Kernel S&P Global 100 Fund | Kernel Kernel | 0.25% | — |
| NZ20 | Kernel NZ 20 Fund | Kernel Kernel | 0.29% | 3.2% |
| USF | Smartshares US 500 ETF |  Smartshares Smartshares | 0.34% | — |
| FNZ | Smartshares NZ Top 50 ETF | Smartshares Smartshares | 0.52% | 3.8% |
| DIV | Smartshares NZ Dividend ETF | Smartshares Smartshares | 0.54% | 5.3% |
| NPF | Smartshares NZ Property ETF | Smartshares Smartshares | 0.54% | — |
| NZB | Smartshares NZ Bond ETF | Smartshares Smartshares | 0.54% | — |
| NGB | Smartshares NZ Government Bond ETF | Smartshares Smartshares | 0.54% | — |
| AUS | Smartshares Australian Top 20 ETF | Smartshares Smartshares | 0.54% | — |
| AUD | Smartshares Australian Dividend ETF | Smartshares Smartshares | 0.54% | — |
| WDV | Smartshares Global Dividend ETF | Smartshares Smartshares | 0.54% | — |
| USG | Smartshares US Growth ETF | Smartshares Smartshares | 0.55% | — |
| USS | Smartshares US Small Cap ETF | Smartshares Smartshares | 0.55% | — |
| EUF | Smartshares Europe ETF | Smartshares Smartshares | 0.55% | — |
| ASF | Smartshares Asia Pacific ETF | Smartshares Smartshares | 0.55% | — |
| ESG | Smartshares Global Sustainability Leaders ETF | Smartshares Smartshares | 0.59% | — |
| EMG | Smartshares Emerging Markets ETF | Smartshares Smartshares | 0.59% | — |
| TNZ | Smartshares NZ Top 10 ETF | Smartshares Smartshares | 0.60% | — |
| MZY | Smartshares NZ Mid Cap ETF | Smartshares Smartshares | 0.75% | — |
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 S&P/NZX 20 Fund
Cheapest NZX-Top-20 tracker on the market.
Full profile for KSC (Kernel S&P/NZX 20 Fund) →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) →Smartshares NZ Mid Cap ETF
Mid-cap NZ companies outside the NZX Top 10.
Full profile for MZY (Smartshares NZ Mid Cap 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) →Smartshares Australian Dividend ETF
High-yielding Australian dividend equities, PIE-taxed.
Full profile for AUD (Smartshares Australian Dividend ETF) →Smartshares Global Dividend ETF
Global high-dividend developed-markets equities.
Full profile for WDV (Smartshares Global 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 Bond ETF
Investment-grade NZ-government and corporate bonds.
Full profile for NZB (Smartshares NZ Bond ETF) →Smartshares NZ Government Bond ETF
Pure NZ-government bond exposure.
Full profile for NGB (Smartshares NZ Government Bond ETF) →Australian
Filter all Australian ETFs →Smartshares Australian Top 20 ETF
Top 20 ASX-listed Australian companies, NZ-PIE wrapper.
Full profile for AUS (Smartshares Australian Top 20 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 S&P Global 100 Fund
Top 100 global multinational companies, NZ-PIE.
Full profile for KGM (Kernel S&P 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 →Smartshares Asia Pacific ETF
Asia-Pacific (ex-Japan) developed-markets equity.
Full profile for ASF (Smartshares Asia Pacific ETF) →Emerging Markets
Filter all Emerging Markets ETFs →Smartshares Emerging Markets ETF
Broad emerging-markets equity exposure.
Full profile for EMG (Smartshares 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) →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 2026-05-02, there are 21 NZX-listed ETFs from 2 issuers indexed on this page (Smartshares, Kernel). The full Smartshares lineup is approximately 36 funds; this page covers the most-traded.
Are NZ ETFs PIE-taxed? ▾
Yes. Every NZ-domiciled (NZX-listed) ETF on this page 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 0.25%. 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.
NZ ETFs by ticker
- KGH: Kernel High Growth Fund (Kernel). Total expense ratio 0.25%. Dividend yield 2.1%. PIE-taxed.
- KSC: Kernel S&P/NZX 20 Fund (Kernel). Total expense ratio 0.25%. PIE-taxed.
- KGM: Kernel S&P Global 100 Fund (Kernel). Total expense ratio 0.25%. PIE-taxed.
- NZ20: Kernel NZ 20 Fund (Kernel). Total expense ratio 0.29%. Dividend yield 3.2%. PIE-taxed.
- USF: Smartshares US 500 ETF (Smartshares). Total expense ratio 0.34%. PIE-taxed.
- FNZ: Smartshares NZ Top 50 ETF (Smartshares). Total expense ratio 0.52%. Dividend yield 3.8%. PIE-taxed.
- DIV: Smartshares NZ Dividend ETF (Smartshares). Total expense ratio 0.54%. Dividend yield 5.3%. PIE-taxed.
- NPF: Smartshares NZ Property ETF (Smartshares). Total expense ratio 0.54%. PIE-taxed.
- NZB: Smartshares NZ Bond ETF (Smartshares). Total expense ratio 0.54%. PIE-taxed.
- NGB: Smartshares NZ Government Bond ETF (Smartshares). Total expense ratio 0.54%. PIE-taxed.
- AUS: Smartshares Australian Top 20 ETF (Smartshares). Total expense ratio 0.54%. PIE-taxed.
- AUD: Smartshares Australian Dividend ETF (Smartshares). Total expense ratio 0.54%. PIE-taxed.
- WDV: Smartshares Global Dividend ETF (Smartshares). Total expense ratio 0.54%. PIE-taxed.
- USG: Smartshares US Growth ETF (Smartshares). Total expense ratio 0.55%. PIE-taxed.
- USS: Smartshares US Small Cap ETF (Smartshares). Total expense ratio 0.55%. PIE-taxed.
- EUF: Smartshares Europe ETF (Smartshares). Total expense ratio 0.55%. PIE-taxed.
- ASF: Smartshares Asia Pacific ETF (Smartshares). Total expense ratio 0.55%. PIE-taxed.
- ESG: Smartshares Global Sustainability Leaders ETF (Smartshares). Total expense ratio 0.59%. PIE-taxed.
- EMG: Smartshares Emerging Markets ETF (Smartshares). Total expense ratio 0.59%. PIE-taxed.
- TNZ: Smartshares NZ Top 10 ETF (Smartshares). Total expense ratio 0.60%. PIE-taxed.
- MZY: Smartshares NZ Mid Cap ETF (Smartshares). Total expense ratio 0.75%. PIE-taxed.