Fund-vs-fund · International Equities
Kernel S&P 500 (NZD Hedged) Fund vs Smart US ESG ETF
Both are International Equities 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.
What's different at a glance
- Kernel S&P 500 (NZD Hedged) Fund charges 0.09% lower in annual fund charges (0.25% vs 0.34%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- Smart US ESG ETF applies responsible-investment / ESG screening. The other fund does not.
Where each fund sits in its cohort
Percentile rank vs all 82 international equities funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Kernel
0.25%
Lowest 16% of cohort
Smartshares
0.34%
Lowest 24% of cohort
5-year return p.a.
Past performance — not a predictor
Kernel
—
—
Smartshares
14.05%
Top 3% over 5 years
Fund size
Larger = more stable, lower close-risk
Kernel
NZ$33m
Lower half by size
Smartshares
NZ$39m
Lower half by size
| Metric | Kernel | Smartshares | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.25% | 0.34% | Lower is better |
| Risk indicator (1–7) | 6 | 5 | Higher = more volatility |
| 5-year return p.a. | — | 14.05% | Higher is better (past not future) |
| Fund size | NZ$33m | NZ$39m | Larger = more stable, lower close-risk |
| Growth / income split | 98% / 2% | 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 | Yes | Specific exclusions live in each fund's SIPO. |
| Available via | Direct | InvestNow · Sharesies · Direct | Platforms accepting retail subscriptions. |
Portfolio overlap
How many top-10 positions both funds hold, and at what weight. Computed from each fund's most recently disclosed top-10 holdings — exact-name matched (Microsoft Corp. = Microsoft Corporation), with a Cash / Cash & Equivalents collapse rule.
0 overlapping top-10 holdings. The two funds disclose disjoint top-10 sets — useful diversification signal if you held both.
What each fund says it does
Kernel
Kernel S&P 500 (NZD Hedged) Fund
The Kernel S&P 500 (NZD Hedged) Fund�s investment objective is to provide a return (before tax, fees and expenses) that closely matches the return on the S&P 500 NZD Hedged IndexFull Kernel Kernel S&P 500 (NZD Hedged) Fund profile →
Smartshares
Smart US ESG ETF
The Smart US ESG ETF is designed to track the return (before tax, fees and other expenses) of the MSCI USA Screened Index. The Index is comprised of US companies screened for exposure to controversial weapons, civilian firearms, tobacco, thermal coal and oil sands. The Index excludes companies that fail to comply with the United Nations Global Compact Principles. For more information, please refer to the Smart Responsible Investment Policy.Full Smartshares Smart US ESG ETF profile →
Common questions
What's the difference between the Kernel S&P 500 (NZD Hedged) Fund and the Smart US ESG ETF?
Both are international equities funds available to NZ retail investors. Kernel S&P 500 (NZD Hedged) Fund charges 0.09% lower in annual fund charges (0.25% vs 0.34%).
Which fund has lower fees, Kernel S&P 500 (NZD Hedged) Fund or Smart US ESG ETF?
Kernel S&P 500 (NZD Hedged) Fund has the lower annual fund charge (0.25% p.a. vs 0.34% p.a.). Source: each fund's most recent Quarterly Fund Update on the FMA Disclose register.
Are both funds PIE-taxed in NZ?
Yes. Both are NZ Portfolio Investment Entities (PIEs). Investor tax on the fund's income is capped at the Prescribed Investor Rate (PIR), maximum 28%.
Does either fund apply responsible-investment screening?
Yes — Smart US ESG ETF applies responsible-investment / ESG screening. Kernel S&P 500 (NZD Hedged) Fund does not. Specific exclusions and engagement policies are documented in each fund's Statement of Investment Policy and Objectives (SIPO).
Where can I read the official documents for these funds?
Both funds publish their Product Disclosure Statement (PDS), Statement of Investment Policy (SIPO) and Quarterly Fund Update (QFU) on the FMA Disclose register at disclose-register.companiesoffice.govt.nz. Always read the current PDS before investing.
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Important: This comparison is general information only — not personalised financial advice.
Past performance is not a reliable indicator of future returns. The right fund for you depends on your personal
circumstances. Read each fund's Product Disclosure Statement and consider speaking to a licensed financial adviser.