Fund-vs-fund · NZ Fixed Interest
ANZ Investments OneAnswer New Zealand Fixed Interest Fund vs Smart NZ Bond ETF
Both are NZ Fixed Interest funds available to NZ retail investors. Numbers below are sourced from the FMA Disclose register via Sorted Smart Investor and reflect the latest published quarterly fund updates.
Why these two differ
Both funds sit in the NZ Fixed Interest category and share an identical risk indicator of 3 and an identical growth-assets allocation of 0.07%, so the most material structural difference lies in portfolio construction and the resulting return profile. The ANZ Investments OneAnswer New Zealand Fixed Interest Fund concentrates its top holdings almost entirely in long-dated NZ Government bonds, with maturities ranging from 2032 to 2036 and individual weights running as high as 5.93%. The Smart NZ Bond ETF, managed by Smartshares, spreads exposure more broadly across NZ Local Government Funding Agency bonds, bank bonds, and a Housing New Zealand bond, with the largest single position being a 6.81% cash holding at ANZ Bank rather than a sovereign bond. This diversification across issuer types is the sharpest structural contrast between the two funds.
On fees, the ANZ fund charges 0.46% per annum against the Smart NZ Bond ETF's 0.54%, an eight-basis-point difference. Fund size differs substantially: the ANZ fund holds approximately NZD 11.1 million in assets versus roughly NZD 58.4 million for the Smartshares fund. The five-year return figures in the latest quarterly fund updates show 0.63% per annum for the ANZ fund and 1.43% per annum for the Smart NZ Bond ETF, though past returns are not indicative of future performance. Neither fund is a KiwiSaver scheme fund based on the data provided here.
Verify all figures against each fund's current PDS and latest quarterly fund update on FMA Disclose before relying on this comparison.
Comparison generated 2026-07-05 from each fund's FMA Disclose QFU facts as at that date. If the underlying facts change, this narrative is withheld until it is regenerated — the tables on this page always reflect the current data.
What's different at a glance
- ANZ Investments OneAnswer New Zealand Fixed Interest Fund charges 0.08% lower in annual fund charges (0.46% vs 0.54%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- Smart NZ Bond ETF is roughly 5.3× the size of the other fund.
Where each fund sits in its cohort
Percentile rank vs all 14 nz fixed interest funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
ANZ Investments
0.46%
Lowest 18% of cohort
Smartshares
0.54%
Lower half of cohort
5-year return p.a.
Past performance — not a predictor
ANZ Investments
0.63%
Bottom 12% over 5 years
Smartshares
1.43%
Upper half over 5 years
Fund size
Larger = more stable, lower close-risk
ANZ Investments
NZ$11m
Smallest 18% in cohort
Smartshares
NZ$58m
Lower half by size
| Metric | ANZ Investments | Smartshares | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.46% | 0.54% | Lower is better |
| Risk indicator (1–7) | 3 | 3 | Higher = more volatility |
| 5-year return p.a. | 0.63% | 1.43% | Higher is better (past not future) |
| Fund size | NZ$11m | NZ$58m | Larger = more stable, lower close-risk |
| Growth / income split | 0% / 100% | 0% / 100% | More growth = higher long-run return + volatility |
| NZ tax structure | PIE (PIR-capped) | PIE (PIR-capped) | PIE = simpler. FIF = annual return. |
| Currency hedging | — | — | Hedged smooths NZD/foreign FX moves at a small cost. |
| Responsible investment screening | No | No | Specific exclusions live in each fund's SIPO. |
| Available via | Direct | Direct | Platforms accepting retail subscriptions. |
Portfolio overlap
How many top-10 positions both funds hold, and at what weight. Computed from each fund's most recently disclosed top-10 holdings — exact-name matched (Microsoft Corp. = Microsoft Corporation), with a Cash / Cash & Equivalents collapse rule.
What each fund says it does
ANZ Investments
ANZ Investments OneAnswer New Zealand Fixed Interest Fund
The New Zealand Fixed Interest Fund invests mainly in New Zealand fixed interest assets. Investments may include fixed interest assets in New Zealand dollars, or issued by New Zealand located or incorporated entities and hedged back to New Zealand dollars, and cash and cash equivalents.The New Zealand Fixed Interest Fund aims to achieve a return (after the fund charge and before tax) that over the long-term is broadly in line with the relevant market index.Full ANZ Investments ANZ Investments OneAnswer New Zealand Fixed Interest Fund profile →
Smartshares
Smart NZ Bond ETF
The Smart NZ Bond ETF is designed to provide a return (before tax, fees and other expenses) that outperforms the S&P/NZX A-Grade Corporate Bond Total Return Index over rolling three-year periods.Full Smartshares Smart NZ Bond ETF profile →
Common questions
What's the difference between the ANZ Investments OneAnswer New Zealand Fixed Interest Fund and the Smart NZ Bond ETF?
Which fund has lower fees, ANZ Investments OneAnswer New Zealand Fixed Interest Fund or Smart NZ Bond ETF?
How do the 5-year returns compare?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
