Fund-vs-fund · NZ Fixed Interest
Fisher Funds New Zealand Fixed Income Trust 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
The most material structural difference between these two funds is cost. Fisher Funds New Zealand Fixed Income Trust charges an annual fund fee of 0.97%, while the Smart NZ Bond ETF charges 0.54% — a gap of 43 basis points that compounds meaningfully over time in a fixed-income context where return margins are narrow. Both funds sit at risk indicator 3 and share an identical 0.07% allocation to growth assets, placing them in the same broad risk profile within the NZ Fixed Interest category.
On five-year returns, the Smart NZ Bond ETF recorded 1.43% per annum against Fisher Funds' 0.68% — a notable divergence, though past performance does not predict future results and the difference in fee drag accounts for a portion of that gap. Fisher Funds is the larger fund by assets under management (NZD 76.97 million versus NZD 58.43 million).
The portfolio construction differs in character. Fisher Funds holds concentrated positions in NZ Government Bonds, with its top three holdings all sovereign debt at weights of 5–7.5% each. The Smart NZ Bond ETF's disclosed top holdings are more spread across issuer types — including NZLGFA, Housing New Zealand, and Westpac New Zealand bonds — alongside a 6.81% cash position at ANZ Bank, suggesting a broader issuer mix, consistent with a passive index-tracking ETF structure versus Fisher Funds' actively managed approach.
Always verify current fees, holdings, and performance against each fund's product disclosure statement and latest quarterly fund update on FMA Disclose before relying on any of the above.
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
- Smart NZ Bond ETF charges 0.43% lower in annual fund charges (0.54% vs 0.97%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
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
Fisher Funds
0.97%
Highest 11% of cohort
Smartshares
0.54%
Lower half of cohort
5-year return p.a.
Past performance — not a predictor
Fisher Funds
0.68%
Bottom 19% over 5 years
Smartshares
1.43%
Upper half over 5 years
Fund size
Larger = more stable, lower close-risk
Fisher Funds
NZ$77m
Lower half by size
Smartshares
NZ$58m
Lower half by size
| Metric | Fisher Funds | Smartshares | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.97% | 0.54% | Lower is better |
| Risk indicator (1–7) | 3 | 3 | Higher = more volatility |
| 5-year return p.a. | 0.68% | 1.43% | Higher is better (past not future) |
| Fund size | NZ$77m | 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
Fisher Funds
Fisher Funds New Zealand Fixed Income Trust
The fund aims to provide stable returns over the long term by investing in New Zealand fixed interest assetsFull Fisher Funds Fisher Funds New Zealand Fixed Income Trust 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 →
Documents
Crawled directly from each manager's website. How we record provenance →
Fisher Funds
LiveLast verified 2026-05-08
Smartshares
Common questions
What's the difference between the Fisher Funds New Zealand Fixed Income Trust and the Smart NZ Bond ETF?
Which fund has lower fees, Fisher Funds New Zealand Fixed Income Trust 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?
