Smartshares NZX-Owned All PIE Since 1996 Smartshares — every NZX-listed ETF, compared
Updated Reviewed monthly
New Zealand's largest ETF issuer, owned by the NZX. 17 funds on the NZX covering local, Australian, US, global, dividend, ESG, and property — all PIE-taxed.
In 30 seconds: Smartshares is the NZX's own ETF issuer, founded 1996 — the original NZ ETF brand. It lists about 36 ETFs on the NZX in total (17 indexed on this site) covering NZ equity (FNZ, TNZ, MZY, NZB, NGB, NPF, DIV), Australian (AUS, AUD), US (USF, USG, USS), global (WDV, ESG), regional (EUF, ASF, EMG). Every Smartshares ETF is structured as a Portfolio Investment Entity (PIE), so distributions are taxed at your Prescribed Investor Rate (max 28%) and Foreign Investment Fund (FIF) rules do not apply. Lowest TER in the lineup: 0.34%.
- Issuer: Smartshares Limited (subsidiary of NZX Limited)
- Funds on this page: 17 (~36 total in the live Smartshares lineup)
- Founded: 1996 — NZ's first ETF manager
- Tax wrapper: Every fund is PIE-taxed (max 28% PIR), FIF-exempt
- TER range: 0.34% to ~0.75%
- Where to buy: Sharesies, InvestNow (zero fee), BNZ Direct Broking, Jarden, ASB Securities
What is Smartshares?
Smartshares Limited is the exchange-traded fund (ETF) issuer owned by NZX Limited — the operator of New Zealand's licensed stock exchanges. It launched the country's first ETF in 1996 and remains the largest ETF manager in New Zealand by both fund count and assets under management.
Where most overseas ETFs are issued by global asset managers (Vanguard, BlackRock, State Street), Smartshares creates its own NZ-domiciled ETFs that track local and global indices through fund-of-fund structures. This domicile matters: every Smartshares ETF is structured as a Portfolio Investment Entity (PIE), which means NZ tax residents pay tax at their Prescribed Investor Rate (capped at 28%) instead of marginal rates, and don't trigger Foreign Investment Fund (FIF) compliance.
Smartshares also operates the Smart KiwiSaver scheme and offers Smart Superannuation products. This page focuses on the listed ETF lineup; for KiwiSaver and Super, see the issuer's site directly.
All Smartshares ETFs by total expense ratio
Ranked cheapest first. All values reviewed 2026-05-25. All are PIE-taxed at your PIR.
| Ticker | Fund | TER | Yield |
|---|---|---|---|
| USF | Smartshares US 500 ETF | 0.34% | — |
| FNZ | Smartshares NZ Top 50 ETF | 0.52% | 3.8% |
| DIV | Smartshares NZ Dividend ETF | 0.54% | 5.3% |
| NPF | Smartshares NZ Property ETF | 0.54% | — |
| NZB | Smartshares NZ Bond ETF | 0.54% | — |
| NGB | Smartshares NZ Government Bond ETF | 0.54% | — |
| AUS | Smartshares Australian Top 20 ETF | 0.54% | — |
| AUD | Smartshares Australian Dividend ETF | 0.54% | — |
| WDV | Smartshares Global Dividend ETF | 0.54% | — |
| USG | Smartshares US Growth ETF | 0.55% | — |
| USS | Smartshares US Small Cap ETF | 0.55% | — |
| EUF | Smartshares Europe ETF | 0.55% | — |
| ASF | Smartshares Asia Pacific ETF | 0.55% | — |
| ESG | Smartshares Global Sustainability Leaders ETF | 0.59% | — |
| EMG | Smartshares Emerging Markets ETF | 0.59% | — |
| TNZ | Smartshares NZ Top 10 ETF | 0.60% | — |
| MZY | Smartshares NZ Mid Cap ETF | 0.75% | — |
Smartshares vs Kernel
The two NZ ETF issuers compete on different axes. Smartshares has breadth — sector, regional, and thematic funds Kernel doesn't offer. Kernel is cheaper on the funds it does offer (TER 0.25% vs Smartshares from 0.34%).
| Smartshares | Kernel | |
|---|---|---|
| Founded | 1996 | 2019 |
| Ownership | NZX Limited subsidiary | Independent |
| Funds on the NZX | ~36 (this page covers 17) | 4 listed + direct-issued range |
| Lowest TER | 0.34% | 0.25% |
| Tax wrapper | PIE (max 28% PIR) | PIE (max 28% PIR) |
| Sector / thematic funds | Yes — property, ESG, dividend, regional | No — focused on core indices + multi-asset |
| Direct-from-issuer fees | Via Smart Investor or via NZX broker | Zero ticket fee direct on Kernel |
See all NZ ETFs for the full comparison across both issuers.
Where to buy Smartshares ETFs
Smartshares ETFs trade on the NZX, so any NZX-participant broker can buy them. The three most common retail entry points:
- Sharesies — 1.9% brokerage capped at NZ$25 on orders up to NZ$3K (lower above). NZ$0 minimum. Best for small frequent purchases and fractional shares.
- InvestNow — zero commission on Smartshares ETFs. Min NZ$50 per fund (regular plan) / NZ$250 lump sum. Cheapest option for buy-and-hold investors.
- BNZ Direct Broking, Jarden Direct, ASB Securities — traditional NZ brokers. Fees vary (typically NZ$15–30 per trade). Suited to larger trades or CHESS-style on-register holdings.
See the full NZ investment platforms comparison for fees, FX, and market access across all 11 NZ platforms.
Frequently asked questions
Who owns Smartshares? ▾
Smartshares Limited is a wholly-owned subsidiary of NZX Limited, the operator of New Zealand's licensed stock exchanges. It is the largest and longest-running ETF issuer in New Zealand, with funds dating back to 1996.
How many Smartshares ETFs are there? ▾
Smartshares lists approximately 36 ETFs on the NZX in total. This page indexes 17 of the most-traded funds covering NZ equity, Australian equity, US (S&P 500, growth, small-cap), global (sustainability leaders, dividend, emerging markets), regional (Europe, Asia Pacific), property, and bonds.
Are Smartshares ETFs PIE-taxed? ▾
Yes. Every Smartshares ETF is structured as a Portfolio Investment Entity (PIE), so distributions and capital gains are taxed at your Prescribed Investor Rate (max 28%), and Foreign Investment Fund (FIF) rules do not apply. This is one of the main reasons NZ investors choose Smartshares over direct US ETFs.
What are the cheapest Smartshares ETFs? ▾
The lowest TER in the Smartshares lineup on this page is 0.34% (USF — Smartshares US 500 ETF). Their broad-market NZ and Australian funds sit at about 0.52%–0.54%. Specialised regional and sector funds (Emerging Markets, ESG) are at the top of the fee range around 0.59%.
Where can I buy Smartshares ETFs? ▾
Smartshares ETFs trade on the NZX, so any NZX-participant broker can buy them. The most popular retail platforms are Sharesies (1.9% brokerage, NZ$0 min), InvestNow (zero commission on Smartshares — usually the cheapest), and traditional brokers like BNZ Direct Broking, Jarden Direct, and ASB Securities.
Smartshares vs Kernel — which should I choose? ▾
Both are NZ-PIE issuers. Smartshares has the wider lineup (17+ funds covering sectors, regions, themes Kernel doesn't offer). Kernel is cheaper on the funds it does offer (lowest TER 0.25% vs Smartshares from 0.34%). For cost-conscious core NZ + global exposure, Kernel typically wins. For sector / regional / dividend / property funds, Smartshares wins.
Does Smartshares pay dividends? ▾
Most Smartshares ETFs distribute quarterly or semi-annually. The NZ Dividend ETF (DIV) is the highest-yielding fund in the lineup at approximately 5.3% trailing 12-month yield. Distributions are taxed in-fund at your Prescribed Investor Rate (PIR), so they're reported net of tax — simpler than reclaiming US withholding tax on US ETFs.
What is the largest Smartshares fund by assets? ▾
Smartshares' core market-cap funds — NZ Top 50 (FNZ), NZ Top 10 (TNZ), and US 500 (USF) — are the largest by assets under management. Across the full lineup, Smartshares manages approximately NZ$8 billion+ of investor assets (figure includes Smart KiwiSaver scheme).
