Fund-vs-fund · NZ Fixed Interest

SBS Wealth New Zealand Bond PortfoliovsSmart NZ Bond ETF

SBS Wealth New Zealand Bond Portfolio (fund size NZ$8.0 million, annual fund charge 0.78%) is a New Zealand fixed interest managed fund and Smart NZ Bond ETF (fund size NZ$58.4 million, annual fund charge 0.54%) is a New Zealand fixed interest ETF, as shown on Sorted Smart Investor on 22 May 2026; SBS Wealth New Zealand Bond Portfolio's 1-year return after fees and tax was 2.73% for the year to 31 March 2026, per its quarterly fund update filed on FMA Disclose.

SBS Wealth

SBS Wealth New Zealand Bond Portfolio

PIE · capped at PIR (max 28%)conservative

Smartshares

Smart NZ Bond ETF

PIE · capped at PIR (max 28%)ETF · NZB

Where you can buy these

Platform availability confirmed within the last 180 days. This is a statement of availability, not a recommendation — ManagedFundsNZ is not a Financial Advice Provider. Check the current PDS before investing.

SBS Wealth New Zealand Bond Portfolio

No platform availability confirmed. Usually means it is bought directly from the manager — check their site.

Smart NZ Bond ETF

Available on InvestNow→

What's different at a glance

Smart NZ Bond ETF charges 0.24% lower in annual fund charges (0.54% vs 0.78%).
Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
Smart NZ Bond ETF is roughly 7.3× 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

SBS Wealth

0.78%

Highest 18% of cohort

Smartshares

0.54%

Lower half of cohort

5-year return p.a.

Past performance — not a predictor

SBS Wealth

1.15%

Upper half over 5 years

Smartshares

1.43%

Upper half over 5 years

Fund size

Larger = more stable, lower close-risk

SBS Wealth

NZ$8m

Smallest 11% in cohort

Smartshares

NZ$58m

Lower half by size

Metric	SBS Wealth	Smartshares	Lower / higher is
Annual fund charge	0.78%	0.54%	Lower is better
Risk indicator (1–7)	3	3	Higher = more volatility
5-year return p.a.	1.15%	1.43%	Higher is better (past not future)
Fund size	NZ$8m	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.

Sources:SBS Wealth on Sorted Smartshares on Sorted

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.

Matching holdings

of each fund's top 10

SBS Wealth weight in shared

4.2%

of SBS Wealth New Zealand Bond Portfolio top 10 is shared

Smartshares weight in shared

6.8%

of Smart NZ Bond ETF top 10 is shared

Holding	SBS Wealth	Smartshares	Min weight
$Cash Deposit (ANZ Bank)NZ	4.17%	6.81%	4.17%

"Min weight" = the smaller of the two weights — a conservative read of how much exposure you'd have to that position if you held both funds.

What each fund says it does

SBS Wealth

SBS Wealth New Zealand Bond Portfolio

The Fund aims to provide investors with a core and lower risk exposure to New Zealand fixed interest debt securities and a gross return above the return of the Benchmark on a rolling three-year basis i.E. Before tax, fees, and other expenses.

Full SBS Wealth SBS Wealth New Zealand Bond Portfolio 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 SBS Wealth New Zealand Bond Portfolio and the Smart NZ Bond ETF?

Both are nz fixed interest funds available to NZ retail investors. Smart NZ Bond ETF charges 0.24% lower in annual fund charges (0.54% vs 0.78%).

Which fund has lower fees, SBS Wealth New Zealand Bond Portfolio or Smart NZ Bond ETF?

Smart NZ Bond ETF has the lower annual fund charge (0.54% p.a. vs 0.78% p.a.). Source: each fund's most recent Quarterly Fund Update on the FMA Disclose register.

How do the 5-year returns compare?

SBS Wealth New Zealand Bond Portfolio's 5-year return p.a. is 1.15% and Smart NZ Bond ETF's is 1.43% (after fees, before tax). Past performance is not a reliable indicator of future returns.

Are both funds PIE-taxed in NZ?

Yes. Both are NZ Portfolio Investment Entities (PIEs). Investor tax on the fund's income is capped at the Prescribed Investor Rate (PIR), maximum 28%.

Where can I read the official documents for these funds?

Both funds publish their Product Disclosure Statement (PDS), Statement of Investment Policy (SIPO) and Quarterly Fund Update (QFU) on the FMA Disclose register at disclose-register.companiesoffice.govt.nz. Always read the current PDS before investing.

Not sure which fund is right for you?

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Important: This comparison is general information only — not personalised financial advice. Past performance is not a reliable indicator of future returns. The right fund for you depends on your personal circumstances. Read each fund's Product Disclosure Statement and consider speaking to a licensed financial adviser.