Lowest-fee Defensive KiwiSaver scheme funds
50 Defensive KiwiSaver scheme funds in our coverage, with annual fees ranging from 0.20% to 1.12% (median 0.54%).
KiwiSaver scheme funds classified as Defensive (typically <20% growth assets).
General Information Only: This page provides factual data for comparison purposes and does not constitute financial advice. Individual circumstances vary.Read our disclosure
Ranked by annual fee (lowest first)
| # | Fund | Scheme | Annual fee | 1y return | 5y avg | Fund size |
|---|---|---|---|---|---|---|
| 1 | Milford Kiwisaver Cash Fund | Milford | 0.20% | 2.00% | 2.63% | $192M |
| 2 | Cash Fund | ANZ | 0.22% | No 1-year return figure held for this fund. | 2.32% | $1258M |
| 3 | Cash Fund | ANZ | 0.22% | No 1-year return figure held for this fund. | 2.32% | $92M |
| 4 | Defensive Fund | Simplicity | 0.24% | 2.31% | No 5-year average return figure held. Recorded fund start date 28 April 2023 is less than five years before March 2026. | $94M |
| 5 | Cash Fund | MAS | 0.25% | No 1-year return figure held for this fund. | 2.33% | $21M |
| 6 | Cash Fund | Westpac | 0.25% | No 1-year return figure held for this fund. | 2.38% | $710M |
| 7 | Kernel Cash Plus Fund | Kernel | 0.25% | 2.56% | No 5-year average return figure held. Recorded fund start date 7 November 2022 is less than five years before March 2026. | $249M |
| 8 | BNZ Kiwisaver Cash Fund | BNZ | 0.30% | 2.14% | 2.62% | $358M |
| 9 | Kernel Us Bond Fund | Kernel | 0.30% | 0.98% | No 5-year average return figure held. Recorded fund start date 29 July 2024 is less than five years before March 2026. | $31M |
| 10 | Cash Fund | Mercer | 0.32% | No 1-year return figure held for this fund. | 2.16% | $36M |
| 11 | Investnow Macquarie Nz Cash Fund | Fundrock | 0.34% | 1.98% | 2.58% | $9M |
| 12 | New Zealand Fixed Interest Fund | ANZ | 0.34% | No 1-year return figure held for this fund. | 0.15% | $8M |
| 13 | Nz Cash Fund | ASB | 0.35% | No 1-year return figure held for this fund. | 2.18% | $921M |
| 14 | Goalsgetter Amova Nz Cash Fund | Nikko | 0.40% | 2.20% | 2.73% | $4M |
| 15 | Kernel Nz Bond Fund | Kernel | 0.40% | 3.51% | No 5-year average return figure held. Recorded fund start date 29 July 2024 is less than five years before March 2026. | $77M |
| 16 | Investnow Mercer Ethical Leaders Hedged Global Fixed Interest Index Fund | Fundrock | 0.44% | No 1-year return figure held for this fund. | No 5-year average return figure held for this fund. | $1M |
| 17 | Cash Fund | Mercer | 0.46% | 1.87% | 2.05% | $3M |
| 18 | Cash Fund | Fisher | 0.47% | 2.28% | 2.78% | $515M |
| 19 | Investnow Russell Investments Nz Fixed Interest Fund | Fundrock | 0.49% | No 1-year return figure held for this fund. | No 5-year average return figure held for this fund. | $2M |
| 20 | International Fixed Interest Fund | ANZ | 0.49% | No 1-year return figure held for this fund. | -0.87% | $2M |
| 21 | Summer New Zealand Cash | Summer | 0.50% | 2.03% | 2.52% | $4M |
| 22 | Aurora Liquidity Fund | Fundrock | 0.50% | No 1-year return figure held for this fund. | No 5-year average return figure held. Recorded fund start date 13 May 2022 is less than five years before March 2026. | $45M |
| 23 | UK Cash Fund | Smartshares | 0.52% | 3.83% | No 5-year average return figure held for this fund. | $73M |
| 24 | Investnow Hunter Global Fixed Interest Fund | Fundrock | 0.53% | No 1-year return figure held for this fund. | No 5-year average return figure held for this fund. | $6M |
| 25 | Overseas Non-Government Bonds Fund | Smartshares | 0.54% | 1.58% | -0.14% | $19M |
| 26 | Nz Bonds Fund | Smartshares | 0.54% | 3.39% | 1.77% | $38M |
| 27 | Superlife Age Steps - Age 80 | Smartshares | 0.56% | 4.02% | 1.25% | $0M |
| 28 | Quaystreet Income Fund | Smartshares | 0.56% | 2.99% | No 5-year average return figure held for this fund. | $294M |
| 29 | Global Aggregate Bond Fund | Smartshares | 0.59% | 0.96% | -1.46% | $2M |
| 30 | Overseas Bonds Fund | Smartshares | 0.59% | 1.20% | 0.33% | $11M |
| 31 | Investnow Macquarie Nz Fixed Interest Fund | Fundrock | 0.61% | No 1-year return figure held for this fund. | No 5-year average return figure held for this fund. | $1M |
| 32 | Nz Cash Fund | Smartshares | 0.62% | 2.02% | 2.41% | $75M |
| 33 | S&P/Nzx Nz Government Bond Fund | Smartshares | 0.64% | 1.94% | -0.14% | $1M |
| 34 | AMP Cash Fund | AMP | 0.65% | 3.13% | 2.31% | $114M |
| 35 | Investnow Harbour Nz Core Fixed Interest Fund | Fundrock | 0.65% | No 1-year return figure held for this fund. | No 5-year average return figure held for this fund. | $1M |
| 36 | Superlife Income Fund | Smartshares | 0.66% | 1.39% | 0.34% | $274M |
| 37 | New Zealand Fixed Interest Fund | Koura | 0.73% | 2.42% | 0.68% | $63M |
| 38 | New Zealand Cash Fund | Koura | 0.73% | 1.56% | 2.26% | $8M |
| 39 | Summer Global Fixed Interest | Summer | 0.75% | 1.59% | 0.42% | $1M |
| 40 | Summer New Zealand Fixed Interest | Summer | 0.75% | 3.57% | 1.61% | $6M |
| 41 | Enhanced Cash Fund | Booster | 0.75% | 1.98% | 2.09% | $101M |
| 42 | Bcf Kiwisaver Scheme | Arotahi | 0.76% | 3.74% | 2.16% | $18M |
| 43 | Goalsgetter Amova Nz Corporate Bond Fund | Nikko | 0.80% | No 1-year return figure held for this fund. | 1.16% | $1M |
| 44 | Income Fund | Anglican | 0.80% | No 1-year return figure held for this fund. | 1.46% | $8M |
| 45 | AMP Global Fixed Interest Fund | AMP | 0.84% | No 1-year return figure held for this fund. | -0.81% | $2M |
| 46 | Quaystreet Fixed Interest Fund | Smartshares | 0.86% | No 1-year return figure held for this fund. | 1.73% | $2M |
| 47 | AMP Nz Fixed Interest Fund | AMP | 0.86% | No 1-year return figure held for this fund. | -0.90% | $3M |
| 48 | SBS Wealth Income Fund | SBS | 0.87% | No 1-year return figure held for this fund. | -0.04% | $7M |
| 49 | Cashplus Fund | Generate | 0.91% | 2.50% | No 5-year average return figure held. Recorded fund start date 16 May 2022 is less than five years before March 2026. | $132M |
| 50 | Income Strategy | NZ Funds | 1.12% | 1.70% | 1.85% | $157M |
About “—” in return figures: it means no figure is held, not a return of zero. Of the 50 funds listed, 30 have a 1-year return and 37 have a 5-year average return. Figures are drawn from fund disclosures on the FMA Disclose register, chiefly quarterly fund updates. Each fund shows the most recent figure held, with 1-year returns up to June 2026; the latest quarter broadly covered across all funds is March 2026. A fund too new to report a period has no figure for it; other gaps are figures not yet captured from the updates ingested so far.
Sourced from each scheme's most recent FMA-filed Quarterly Fund Update. Annual-fee ranking is mechanical — does not factor in returns, risk, manager skill, or asset-allocation differences. Past performance is not a reliable indicator of future returns.
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Disclaimer: This page provides general information only and does not constitute financial advice under the Financial Markets Conduct Act 2013. FundCompare.co.nz is not a licensed Financial Advice Provider (FAP).
We do not assess suitability, make recommendations, or provide personalised advice. The information shown is sourced from publicly available data and may not reflect current offerings. Past performance is not a reliable indicator of future returns. Investment returns can be negative, and you may receive back less than you invested.
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Compare every fund on the FMA Disclose register. Refreshed quarterly. Independent — FundCompare is not a Financial Advice Provider; general information only.
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