The first of the stock exchange's new Smartshares funds will list on the NZX on Monday.
The NZX Australian MidCap Index Fund (MOZY) closed its initial public offering on Friday, after raising $33.2 million.
"We're pleased with the response we got to the MOZY IPO [initial public offering] from thebroking community and the general public," said Geoff Brown, NZX markets development manager.
"We believe this is a solid start from which to grow the fund in future."
While the amount raised was shy of the $40 million the fund was seeking, Brown said he expected it to grow.
Commenting on the amount raised, Tim Anderson, general manager of research company FundSource, said: "I'd be reasonably happy with that. They did face certain headwinds in getting this away and possibly they were a little ambitions [aiming for $40 million] given that managed funds are out of favour in the short term."
The exchange is using the Smartshares label for three funds that it runs: TENZ, MIDZ and MOZY. The first two have been trading on the exchange for several years (although the NZX recently bought MIDZ from stockbroker ABN Amro Craigs), but MOZY is new.
Units in the fund are bought and sold on the exchange, in the same way as company shares.
Brown said all the money had now been invested in the underlying securities covered by the MOZY Index and the issue price had been set at $3.6781 a unit.
The exchange is also planning a fund called FONZ, which will track the NZSX-50 Portfolio Index.
