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 30 seconds: New Zealand investors can buy 21 NZX-listed exchange-traded funds from 2 issuers (Smartshares and 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 0.25% (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).
- 21 NZX-listed ETFs from 2 issuers (Smartshares, Kernel)
- All PIE-taxed — max 28% PIR, no FIF rules
- Lowest TER: 0.25% (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 NZX-listed ETFs by total expense ratio
Ranked cheapest to most expensive. All values reviewed 2026-05-25.
| 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) →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
- 17
- Lowest TER
- 0.34%
- 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
- 4
- 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 — 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 NZX-listed ETF 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 (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, SPLG)
- • 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 0.80%–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 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.
Smartshares vs Kernel — which is better? ▾
Smartshares (NZX subsidiary) offers the widest lineup — 17 NZX-listed ETFs covering NZ, AU, US, global, bonds, property and themed. Kernel offers a focused range of 4 funds at lower TER (from 0.25% vs Smartshares from 0.34%) 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 NZX-listed ETFs on this page is 0.25%. 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 NZX-listed ETFs 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. 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
- 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.
