Smartshares Smartshares fees 2026
Updated Reviewed monthly
Full total expense ratio (TER) range across 17 NZX-listed Smartshares funds — from 0.34% to 0.75%. Plus how to buy with zero brokerage commission.
In 30 seconds: Smartshares ETF fees range from 0.34% (USF — US 500) to about 0.75% (specialised funds), with a median TER of 0.54% across the 17 NZX-listed funds. Smartshares does not charge a separate platform fee — you pay only the fund TER plus whatever your broker charges. The cheapest way to buy Smartshares ETFs is via InvestNow (zero commission) or Smart Investor (issuer's own platform). All distributions are PIE-taxed in-fund at max 28% PIR.
- Lowest TER: 0.34% (USF — Smartshares US 500)
- Median TER: 0.54%
- Highest TER: 0.75% (specialised funds)
- Zero-commission brokers: InvestNow (NZ$50 min/fund regular), Smart Investor
- Tax: All distributions PIE-taxed in-fund (max 28% PIR)
- No entry / exit fees on any Smartshares ETF
Full TER schedule
Ranked cheapest first. TER is the all-in annual fund expense (management + custody + operations), already deducted inside the fund.
| Ticker | Fund | TER | Annual cost on NZ$10K |
|---|---|---|---|
| USF | Smartshares US 500 ETF | 0.34% | NZ$34 |
| FNZ | Smartshares NZ Top 50 ETF | 0.52% | NZ$52 |
| DIV | Smartshares NZ Dividend ETF | 0.54% | NZ$54 |
| NPF | Smartshares NZ Property ETF | 0.54% | NZ$54 |
| NZB | Smartshares NZ Bond ETF | 0.54% | NZ$54 |
| NGB | Smartshares NZ Government Bond ETF | 0.54% | NZ$54 |
| AUS | Smartshares Australian Top 20 ETF | 0.54% | NZ$54 |
| AUD | Smartshares Australian Dividend ETF | 0.54% | NZ$54 |
| WDV | Smartshares Global Dividend ETF | 0.54% | NZ$54 |
| USG | Smartshares US Growth ETF | 0.55% | NZ$55 |
| USS | Smartshares US Small Cap ETF | 0.55% | NZ$55 |
| EUF | Smartshares Europe ETF | 0.55% | NZ$55 |
| ASF | Smartshares Asia Pacific ETF | 0.55% | NZ$55 |
| ESG | Smartshares Global Sustainability Leaders ETF | 0.59% | NZ$59 |
| EMG | Smartshares Emerging Markets ETF | 0.59% | NZ$59 |
| TNZ | Smartshares NZ Top 10 ETF | 0.60% | NZ$60 |
| MZY | Smartshares NZ Mid Cap ETF | 0.75% | NZ$75 |
"Annual cost on NZ$10K" is illustrative — the actual dollar fee scales with your account balance.
How to buy Smartshares without paying brokerage
Smartshares does not charge a platform fee. The TER is your only fund-level cost. What you pay on top depends on where you buy:
InvestNow
Zero commission on every Smartshares ETF.
Min NZ$50/fund (regular plan), NZ$250 lump sum. Best for buy-and-hold investors.
Smart Investor
Smartshares' own direct-issuer platform.
Brokerage on direct purchases varies; check current schedule with the issuer.
Sharesies
1.9% brokerage capped at NZ$25 on orders ≤ NZ$3K.
NZ$0 min, fractional shares. Best for small frequent investing.
Traditional NZ brokers (BNZ Direct Broking, Jarden Direct, ASB Securities) charge per-trade brokerage (typically NZ$15–30/trade) but offer CHESS-style on-register custody. See all 11 NZ platforms compared.
Frequently asked questions
What are the Smartshares ETF fees? ▾
Smartshares ETF fees range from 0.34% (USF) to about 0.75% (specialised sector / regional funds), with a median of 0.54%. These are total expense ratios — the all-in annual cost of holding the fund, including management, custodial, and operating expenses.
Does Smartshares charge a platform fee? ▾
Smartshares is an issuer, not a platform — there is no separate platform fee. You pay (a) the TER of each fund you hold, and (b) whatever your broker / platform charges to buy and sell units (e.g. Sharesies brokerage, InvestNow zero commission).
How can I buy Smartshares ETFs with zero commission? ▾
InvestNow charges zero commission on Smartshares ETFs (minimum NZ$50/fund regular plan, NZ$250 lump sum). Smart Investor (Smartshares' own platform) is another option for direct purchase. Sharesies charges its standard 1.9% brokerage capped at NZ$25 on orders up to NZ$3K.
Are Smartshares fees competitive with Kernel? ▾
Smartshares' lowest TER is 0.34% (USF — Smartshares US 500). Kernel's core funds (NZ20, KGM, KSC, KGH) all sit at 0.25%. On like-for-like exposure, Kernel is typically cheaper. Smartshares' competitive edge is breadth — funds Kernel doesn't offer (NZ property NPF, dividend DIV, regional ETFs).
How is the Smartshares TER taxed? ▾
The TER is deducted inside the fund (it's already reflected in the unit price and your distributions). Because every Smartshares fund is a PIE, distributions are taxed in-fund at your Prescribed Investor Rate (max 28%) — you don't pay tax on them again at marginal rates.
Are there entry / exit fees on Smartshares? ▾
No. Smartshares does not charge entry or exit fees on its NZX-listed ETFs. You only pay the TER each year and brokerage from your platform on buy / sell transactions.
