ETF → NZ PIE mapping · NZ PIE feeder fund
QQQM → NZ PIE
Foundation Series Nasdaq-100 Fund is a NZ PIE fund whose disclosed holdings are units of the Invesco NASDAQ 100 ETF (US-listed ticker QQQM), per Fund's disclosed holdings via Sorted Smart Investor (as at 2026-05-22).
Invesco NASDAQ 100 ETF is a US-listed ETF issued by Invesco, tracking the Nasdaq-100 Index. Invesco — QQQM product page
How the NZ PIE relates to QQQM
This is a feeder relationship: the NZ fund's own disclosed holdings are units of QQQM itself, so before fees and tax its returns follow the ETF. It is still a separate NZ-domiciled fund — it has its own annual fund charge, its own PDS on the FMA Disclose register, and PIE tax treatment (not the ETF's).
Foundation Series
Foundation Series Nasdaq-100 Fund
Disclosed QQQM holding weight: 100.00%
Relationship evidence: Fund's disclosed holdings via Sorted Smart Investor (as at 2026-05-22)
Index the NZ fund benchmarks, per the PDS: Nasdaq-100 Notional Net Return Index NZD (per PDS).
Fees, side by side
The ETF figure is the issuer's published expense ratio; the NZ figure is each fund's total annual fund charge from its Sorted Smart Investor record (a mirror of FMA Disclose data). The two come from different disclosure regimes — the fund's PDS sets out exactly what its annual fund charge includes.
| Product | Fee | Source |
|---|---|---|
| Invesco NASDAQ 100 ETF (QQQM) US-listed ETF · Invesco | Not verified against the issuer's own page — no figure published here. See the issuer's QQQM page for the current expense ratio. | As at 5 July 2026 · Invesco — QQQM product page |
| Foundation Series Nasdaq-100 Fund NZ PIE fund · Foundation Series | 0.15% annual fund charge | As at 22 May 2026 · Sorted Smart Investor fund record |
The Foundation Series Core Equity funds charge a 0.50% transaction fee on buys and 0.50% on sells, on top of the annual fund charge. As at 5 July 2026 · InvestNow — Foundation Series fee table
Fees change — the issuer's page and the fund's PDS are authoritative. Buying an overseas-listed ETF directly also involves brokerage and currency-exchange costs that depend on the platform used — see the platform fee comparisons.
Tax: holding QQQM directly vs via the NZ PIE
Via the NZ PIE fund
A Portfolio Investment Entity (PIE) pays tax on your behalf at your Prescribed Investor Rate (PIR), capped at 28%. For investors on the 30%, 33% or 39% marginal income tax rate, the PIR cap lowers tax drag versus holding the same exposure directly. The fund handles any FIF calculations on its overseas holdings inside the PIE — you do not file FIF income yourself for this holding.
Holding QQQM directly
A NZ tax resident whose attributing overseas investments cost more than the NZ$50,000 FIF de-minimis threshold in total falls under the Foreign Investment Fund (FIF) rules. Under the default FDR (fair dividend rate) method, FIF taxable income is deemed to be 5% of the FIF portfolio's opening market value each year regardless of actual performance, taxed at your marginal income tax rate (up to 39%).
Individuals and eligible family trusts may use the CV (comparative value) method instead of FDR where it produces a lower figure. Which structure results in less tax depends on your PIR, marginal rate, portfolio size and returns — this page describes the mechanics only and is not tax advice. See Inland Revenue or a tax professional for personalised guidance.
Questions about QQQM and the NZ PIE
Is there a PIE fund version of QQQM in New Zealand?
Yes — Foundation Series Nasdaq-100 Fund is a NZ Portfolio Investment Entity (PIE) fund whose disclosed holdings are units of Invesco NASDAQ 100 ETF (QQQM), per Fund's disclosed holdings via Sorted Smart Investor (as at 2026-05-22).
What is the fee difference between QQQM and the NZ PIE fund?
This site has not verified QQQM's expense ratio against the issuer's own page, so no figure is published here — the issuer's QQQM page is the authoritative source. Foundation Series Nasdaq-100 Fund reports a total annual fund charge of 0.15% (as at 22 May 2026, per its Sorted Smart Investor record). The two figures come from different disclosure regimes — the fund's PDS sets out exactly what its annual fund charge includes. The Foundation Series Core Equity funds charge a 0.50% transaction fee on buys and 0.50% on sells, on top of the annual fund charge.
Is the NZ PIE fund the same thing as QQQM?
No — it is a separate NZ-domiciled fund that holds units of QQQM. Returns before fees and tax closely follow the ETF, but the NZ fund has its own annual fund charge, its own PDS, and PIE tax treatment instead of the ETF's.
How is tax different holding QQQM directly versus via the NZ PIE fund?
Via the NZ PIE, the fund pays tax on your behalf at your Prescribed Investor Rate (PIR), capped at 28%. Holding QQQM directly, a NZ tax resident whose attributing overseas investments cost more than NZ$50,000 in total falls under the Foreign Investment Fund (FIF) rules — under the default FDR method, taxable income is deemed to be 5% of the opening market value each year, taxed at your marginal rate (up to 39%). Source: Inland Revenue's FIF and PIE guidance.
Other ETF → NZ PIE mappings
ManagedFundsNZ is not affiliated with Invesco or any fund manager on this page and accepts no paid placement. This is general information, not financial or tax advice — read the relevant PDS and consider personalised advice from a licensed financial adviser before investing.