Smartshares KiwiSaver Scheme Review
Independent analysis of Smartshares Limited's KiwiSaver scheme based on FMA data, performance metrics, and fee structures. Last updated: May 2026.
Quick Summary
✅ Key Highlights
- • Established provider: $4.8B in total assets
- • Good choice: 65 fund options available
- • Highest 5-yr return: US Large Growth Fund (17.61% over 5 years)
- • Simple low-cost ETFs and KiwiSaver options
- • Accessible online platform
📊 At a Glance
- • Average fees: 0.71% per year
- • 5-year returns: 6.16%
- • Fund options: 65 funds
- • Total members: 193k+
- • Assets under management: $4.8B
Smartshares provides simple, low-cost KiwiSaver and ETF investment options for everyday Kiwis.
Performance Analysis
All Smartshares KiwiSaver Scheme Funds
| Fund Name | Type | 5-Year Return | Fees | Risk | Members |
|---|---|---|---|---|---|
| US Large Growth Fund | Aggressive | 17.61% | 0.67% | 6/7 | 3,829 |
| US 500 Fund | Aggressive | 16.09% | 0.54% | 5/7 | 3,273 |
| US Large Value Fund | Aggressive | 15.20% | 0.57% | 5/7 | 806 |
| Overseas Shares Fund | Aggressive | 13.95% | 0.58% | 5/7 | 1,850 |
| QuayStreet International Equity Fund | Aggressive | 13.91% | 1.27% | 5/7 | 649 |
| Total World Fund | Aggressive | 13.32% | 0.58% | 5/7 | 1,368 |
| Australian Financials Fund | Aggressive | 13.16% | 0.59% | 6/7 | 974 |
| Asia Pacific Fund | Aggressive | 12.80% | 0.59% | 4/7 | 1,209 |
| Australian Resources Fund | Aggressive | 12.08% | 0.59% | 6/7 | 1,422 |
| Europe Fund | Aggressive | 11.34% | 0.59% | 5/7 | 1,046 |
| Overseas Shares (Currency Hedged) Fund | Aggressive | 10.71% | 0.58% | 5/7 | 1,631 |
| US Mid Cap Fund | Aggressive | 10.50% | 0.57% | 5/7 | 580 |
| US Small Cap Fund | Aggressive | 10.14% | 0.57% | 6/7 | 628 |
| QuayStreet Australian Equity Fund | Growth | 9.89% | 1.37% | 5/7 | 148 |
| Australian Top 20 Fund | Aggressive | 9.68% | 0.59% | 5/7 | 625 |
| QuayStreet Growth Fund | Growth | 9.53% | 1.37% | 4/7 | 3,160 |
| Total World (NZD Hedged) Fund | Aggressive | 9.40% | 0.58% | 5/7 | 355 |
| Australian Dividend Fund | Aggressive | 9.11% | 0.59% | 5/7 | 259 |
| S&P/ASX 200 Fund | Aggressive | 8.77% | 0.69% | 5/7 | 415 |
| Australian Mid Cap Fund | Aggressive | 8.59% | 0.59% | 6/7 | 1,365 |
| Australian Shares Fund | Aggressive | 7.95% | 0.59% | 5/7 | 1,603 |
| SuperLife Age Steps - Age 20 | Aggressive | 7.89% | 0.63% | 5/7 | 294 |
| QuayStreet Socially Responsible Investment Fund | Balanced | 7.76% | 1.12% | 4/7 | 345 |
| QuayStreet Balanced Fund | Balanced | 7.71% | 1.12% | 4/7 | 1,476 |
| QuayStreet Altum Fund | Balanced | 7.12% | 1.37% | 4/7 | 192 |
| Emerging Markets Fund | Aggressive | 7.10% | 0.73% | 5/7 | 2,583 |
| Growth Fund | Growth | 6.74% | 0.61% | 4/7 | 1,870 |
| SuperLife Age Steps - Age 30 | Growth | 6.67% | 0.62% | 4/7 | 237 |
| SuperLife High Growth Fund | Aggressive | 6.67% | 0.73% | 5/7 | 20,649 |
| SuperLife Age Steps - Age 40 | Growth | 6.67% | 0.62% | 4/7 | 311 |
| SuperLife Growth Fund | Growth | 5.50% | 0.71% | 4/7 | 1,745 |
| Balanced Fund | Growth | 5.20% | 0.60% | 4/7 | 1,465 |
| Ethica Fund | Balanced | 5.16% | 0.70% | 4/7 | 1,476 |
| SuperLife Age Steps - Age 50 | Growth | 5.12% | 0.71% | 4/7 | 293 |
| SuperLife Age Steps - Age 60 | Balanced | 4.98% | 0.60% | 4/7 | 307 |
| SuperLife Balanced Fund | Balanced | 4.28% | 0.70% | 4/7 | 1,405 |
| Castle Point 5 Oceans Fund | Aggressive | 4.25% | 1.26% | 3/7 | 67 |
| SuperLife Age Steps - Age 70 | Balanced | 3.59% | 0.58% | 4/7 | 73 |
| QuayStreet Conservative Fund | Conservative | 3.53% | 0.86% | 3/7 | 362 |
| Australian Property Fund | Aggressive | 3.36% | 0.59% | 6/7 | 462 |
| NZ Dividend Fund | Aggressive | 3.20% | 0.59% | 5/7 | 356 |
| Conservative Fund | Conservative | 3.06% | 0.57% | 3/7 | 745 |
| SuperLife Conservative Fund | Conservative | 2.54% | 0.67% | 4/7 | 739 |
| NZ Cash Fund | Defensive | 2.41% | 0.62% | 2/7 | 3,169 |
| QuayStreet New Zealand Equity Fund | Aggressive | 2.21% | 1.37% | 4/7 | 522 |
| NZ Bonds Fund | Defensive | 1.77% | 0.54% | 3/7 | 2,221 |
| QuayStreet Fixed Interest Fund | Defensive | 1.73% | 0.86% | 3/7 | 82 |
| SuperLife Age Steps - Age 80 | Defensive | 1.25% | 0.56% | 3/7 | 9 |
| NZ Top 10 Fund | Aggressive | 0.91% | 0.59% | 5/7 | 340 |
| NZ Mid Cap Fund | Aggressive | 0.76% | 0.59% | 5/7 | 709 |
| Global Property Fund | Aggressive | 0.66% | 0.58% | 6/7 | 1,548 |
| SuperLife Income Fund | Defensive | 0.34% | 0.66% | 3/7 | 15,784 |
| Overseas Bonds Fund | Defensive | 0.33% | 0.59% | 3/7 | 1,181 |
| NZ Shares Fund | Aggressive | 0.16% | 0.59% | 5/7 | 1,709 |
| NZ Top 50 Fund | Aggressive | 0.14% | 0.59% | 5/7 | 1,751 |
| Overseas Non-Government Bonds Fund | Defensive | -0.14% | 0.54% | 4/7 | 1,490 |
| S&P/NZX NZ Government Bond Fund | Defensive | -0.14% | 0.64% | 3/7 | 120 |
| S&P/NZX 50 Fund | Aggressive | -0.22% | 0.69% | 5/7 | 469 |
| Global Aggregate Bond Fund | Defensive | -1.46% | 0.59% | 3/7 | 104 |
| NZ Property Fund | Aggressive | -2.82% | 0.59% | 5/7 | 910 |
| UK Cash Fund | Defensive | N/A | 0.52% | 4/7 | 3,076 |
| SuperLife Default Fund | Balanced | N/A | 0.20% | 4/7 | 56,453 |
| QuayStreet Income Fund | Defensive | N/A | 0.56% | 3/7 | 15,684 |
| QuayStreet High Growth Fund | Growth | N/A | 0.63% | 5/7 | 20,760 |
| QuayStreet International Equity (NZD Hedged) Fund | Aggressive | N/A | 1.27% | 5/7 | 24 |
Considerations for Smartshares
What the data shows
- •Average fees at or above the market average
- •A choice between multiple fund types
- •One of the larger providers by fund count
Points some investors compare
- •Fees at lower-fee providers (for example Simplicity, Kernel)
- •Historical returns at other providers (for example Milford, Fisher Funds)
- •Ethical and responsible-investment options
- •Fund risk levels for a planned first-home withdrawal
A licensed financial adviser can help with a personal assessment.
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Disclaimer: This analysis is based on publicly available data from the FMA and provider disclosures as of October 2025. Past performance does not guarantee future results. This is not financial advice. Please consult a licensed financial adviser before making investment decisions.
Data sources: FMA KiwiSaver Quarterly Reports, Smartshares Limited Product Disclosure Statements, provider websites.
