Fund-vs-fund · International Equities
Kernel S&P Global 100 (NZD Hedged) FundvsSmart Emerging Markets ETF
Kernel S&P Global 100 (NZD Hedged) Fund (fund size NZ$229.9 million, annual fund charge 0.25%) is an international equities managed fund and Smart Emerging Markets ETF (fund size NZ$233.1 million, annual fund charge 0.59%) is an international equities ETF, as shown on Sorted Smart Investor on 22 May 2026; Kernel S&P Global 100 (NZD Hedged) Fund's 1-year return after fees and tax was 21.63% for the year to 31 March 2026, per its quarterly fund update filed on FMA Disclose.
Why these two differ
The most material structural difference between these two funds is their underlying market exposure. The Smart Emerging Markets ETF (Smartshares) holds 99.92% of its portfolio in the Vanguard FTSE Emerging Markets ETF, giving investors indirect access to developing-economy equities across regions such as Asia, Latin America, and Africa. The Kernel S&P Global 100 (NZD Hedged) Fund tracks the S&P Global 100 index, concentrating on the world's largest multinational companies — its top five holdings are Nvidia (12.49%), Apple (10.98%), Microsoft (8.10%), Amazon (6.00%), and Alphabet (4.94%), all US-listed mega-caps. This means the two funds sit in the same broad category but offer meaningfully different regional and company-size exposures.
Currency treatment also differs: Kernel's fund is NZD-hedged, reducing foreign-exchange fluctuation for New Zealand investors, while Smartshares' fund carries unhedged emerging-market currency risk by default.
On fees, Kernel discloses a 0.25% annual fund charge versus Smartshares' 0.59%. Both carry a risk indicator of 5 (out of 7) and hold 98.31% growth assets. Fund sizes are comparable — NZ$233.1 million (Smartshares) and NZ$229.9 million (Kernel). On five-year returns, Smartshares reports 5.81% per annum; Kernel's five-year return figure is not available in our current snapshot, likely because the fund lacks a full five-year history at this stage.
Neither fund is offered as a KiwiSaver scheme account product based on the data provided. Verify all figures against each fund's current PDS and latest Quarterly Fund Update on FMA Disclose before relying on this comparison.
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
- Kernel S&P Global 100 (NZD Hedged) Fund charges 0.34% lower in annual fund charges (0.25% vs 0.59%).
- 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 84 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 15% of cohort
Smartshares
0.59%
Lower half of cohort
5-year return p.a.
Past performance — not a predictor
Kernel
—
—
Smartshares
5.81%
Bottom 24% over 5 years
Fund size
Larger = more stable, lower close-risk
Kernel
NZ$230m
Upper half by size
Smartshares
NZ$233m
Upper half by size
| Metric | Kernel | Smartshares | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.25% | 0.59% | Lower is better |
| Risk indicator (1–7) | 5 | 5 | Higher = more volatility |
| 5-year return p.a. | — | 5.81% | Higher is better (past not future) |
| Fund size | NZ$230m | NZ$233m | 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 | No | Specific exclusions live in each fund's SIPO. |
| Available via | Direct | 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.
What each fund says it does
Kernel
Kernel S&P Global 100 (NZD Hedged) Fund
The Kernel S&P Global 100 (NZD Hedged) Fund invests in globally listed multi-national, blue chip companies and is designed to track the S&P Global 100 ex-Controversial Weapons (custom) (NZD Hedged) Index.Full Kernel Kernel S&P Global 100 (NZD Hedged) Fund profile →
Smartshares
Smart Emerging Markets ETF
The Smart Emerging Markets ETF is designed to track the return (before tax, fees and other expenses) of the FTSE Emerging Markets All Cap China A Inclusion Index. The Index is comprised of large, mid and small cap companies located in emerging markets around the world.Full Smartshares Smart Emerging Markets ETF profile →
Common questions
What's the difference between the Kernel S&P Global 100 (NZD Hedged) Fund and the Smart Emerging Markets ETF?
Which fund has lower fees, Kernel S&P Global 100 (NZD Hedged) Fund or Smart Emerging Markets ETF?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
