Fund-vs-fund · Other
Kernel Global Infrastructure (NZD Hedged) Fund vs Smart Bitcoin ETF
Both are Other funds available to NZ retail investors. Numbers below are sourced from the FMA Disclose register via Sorted Smart Investor and reflect the latest published quarterly fund updates.
Why these two differ
The most material structural difference here is data availability: the Kernel Global Infrastructure (NZD Hedged) Fund's latest Quarterly Fund Update is absent from this snapshot, meaning no fee, risk indicator, fund size, asset allocation, five-year return, or holdings data can be reported for Fund A. All figures below therefore relate exclusively to the Smart Bitcoin ETF.
The Smart Bitcoin ETF, managed by Smartshares, carries a risk indicator of 7 — the highest point on the FMA's 1–7 scale — reflecting the extreme volatility associated with its near-total exposure to Bitcoin. Its portfolio is effectively a single-position structure: iShares Bitcoin Trust ETF accounts for 99.99% of holdings, with residual NZD cash at ANZ Bank (1.11%) and USD cash at BNP Paribas (0.06%) rounding out the allocation. Growth assets constitute 98.31% of the fund. The annual fund charge is disclosed at 0.55%, and the fund size stands at approximately NZD 35.8 million. No five-year return is available, likely reflecting the fund's limited operating history.
Kernel's infrastructure fund, by contrast, targets a categorically different underlying asset class — global listed infrastructure with NZD hedging — but without a current QFU in this snapshot, no meaningful quantitative comparison across fees, risk, size, or returns is possible. Investors evaluating concentration risk, currency exposure, or fee differences between these two funds should treat this summary as incomplete on Fund A's side.
Always verify all figures against each fund's current Product Disclosure Statement and latest Quarterly Fund Update on FMA Disclose before relying on any of this information.
Comparison generated 2026-07-05 from each fund's FMA Disclose QFU facts as at that date. If the underlying facts change, this narrative is withheld until it is regenerated — the tables on this page always reflect the current data.
What's different at a glance
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
Where each fund sits in its cohort
Percentile rank vs all 8 other funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Kernel
—
—
Smartshares
0.55%
Lowest 19% of cohort
5-year return p.a.
Past performance — not a predictor
Kernel
—
—
Smartshares
—
—
Fund size
Larger = more stable, lower close-risk
Kernel
—
—
Smartshares
NZ$36m
Smallest 19% in cohort
| Metric | Kernel | Smartshares | Lower / higher is |
|---|---|---|---|
| Annual fund charge | — | 0.55% | Lower is better |
| Risk indicator (1–7) | — | 7 | Higher = more volatility |
| 5-year return p.a. | — | — | Higher is better (past not future) |
| Fund size | — | NZ$36m | Larger = more stable, lower close-risk |
| Growth / income split | — | 98% / 2% | More growth = higher long-run return + volatility |
| NZ tax structure | PIE (PIR-capped) | PIE (PIR-capped) | PIE = simpler. FIF = annual return. |
| Currency hedging | Hedged to NZD | — | Hedged smooths NZD/foreign FX moves at a small cost. |
| Responsible investment screening | No | No | Specific exclusions live in each fund's SIPO. |
| Available via | Direct | Direct | Platforms accepting retail subscriptions. |
What each fund says it does
Kernel
Kernel Global Infrastructure (NZD Hedged) Fund
Strategy summary not yet ingested.
Full Kernel Kernel Global Infrastructure (NZD Hedged) Fund profile →Smartshares
Smart Bitcoin ETF
The Smart Bitcoin ETF invests in the iShares Bitcoin Trust ETF and seeks to reflect generally the performance of the price of bitcoin.Full Smartshares Smart Bitcoin ETF profile →
Common questions
What's the difference between the Kernel Global Infrastructure (NZD Hedged) Fund and the Smart Bitcoin ETF?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
