Sharesight advise that foreign ETFs do not qualify under FIF.. is this correct?

https://www.sharesight.com/blog/how-...term=Read%20on

"..What is a foreign investment fund (FIF)?As stated by the New Zealand Inland Revenue Department (IRD), a foreign investment fund (FIF) is an offshore investment held by a New Zealand-resident taxpayer who holds:

  • less than 10% of the shares in a foreign company
  • less than 10% of the units in a foreign unit trust
  • between 10% and 40% of the shares in a foreign company which is not a CFC
  • an interest in a life insurance policy where a FIF is the insurer and the policy is not offered or entered into in New Zealand
  • an interest in a foreign superannuation scheme

It does not include interest earned from term deposits, bonds, debentures or money lent. Additionally:

  • ETFs do not qualify, only companies that maintains a franking account
  • LICs do qualify, as they are considered as stocks.."