Fund-vs-fund · International Equities
Kernel S&P Global 100 Fund vs Smart US 500 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.
Why these two differ
The most material structural difference between these two funds is their index exposure. The Smart US 500 ETF (Smartshares) is a single-holding wrapper, with 99.93% of assets held in the Vanguard S&P 500 ETF — giving investors concentrated exposure to approximately 500 large-cap US companies. The Kernel S&P Global 100 Fund tracks the S&P Global 100 Index, holding roughly 100 of the world's largest multinationals across multiple developed markets, with its top five positions — Nvidia (12.46%), Apple (10.95%), Microsoft (8.08%), Amazon (5.98%), and Alphabet Class A (4.92%) — reflecting meaningful single-stock concentration in a narrower global basket. Both are classified as International Equities with a risk indicator of 5 and an identical growth asset allocation of 98.31%.
On fees, Kernel charges 0.25% annually versus Smartshares' 0.34%, a nine-basis-point difference. Fund size differs: the Smart US 500 ETF stands at approximately NZD 1.015 billion; the Kernel fund at approximately NZD 778 million. The Smart US 500 ETF reports a five-year annualised return of 17.84%; Kernel's five-year return figure is not available in this snapshot, so direct long-run performance comparison cannot be made. Neither fund is a KiwiSaver scheme account based on the data provided.
Always verify fees, returns, and holdings against each fund's current Product Disclosure Statement and latest Quarterly Fund Update on FMA Disclose before relying on any of this information.
Cached comparison generated 2026-05-21 from each fund's latest FMA Disclose QFU. Regenerated when the underlying facts change.
What's different at a glance
- Kernel S&P Global 100 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%.
Where each fund sits in its cohort
Percentile rank vs all 81 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
0.34%
Lowest 23% of cohort
5-year return p.a.
Past performance — not a predictor
Kernel
—
—
Smartshares
14.14%
Top 1% over 5 years
Fund size
Larger = more stable, lower close-risk
Kernel
NZ$778m
Largest 8% in cohort
Smartshares
NZ$963m
Largest 4% in cohort
| Metric | Kernel | Smartshares | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.25% | 0.34% | Lower is better |
| Risk indicator (1–7) | 5 | 5 | Higher = more volatility |
| 5-year return p.a. | — | 14.14% | Higher is better (past not future) |
| Fund size | NZ$778m | NZ$963m | 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 | Unhedged | — | 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 Fund
The Kernel S&P Global 100 Fund invests in globally listed multi-national, blue chip companies and is designed to track the S&P Global 100 ex Controversial Weapons Index (NZD)Full Kernel Kernel S&P Global 100 Fund profile →
Smartshares
Smart US 500 ETF
The Smart US 500 ETF is designed to track the return (before tax, fees and other expenses) of the S&P 500 Index. The Index is comprised of 500 of the largest listed companies in the United States.Full Smartshares Smart US 500 ETF profile →
Common questions
What's the difference between the Kernel S&P Global 100 Fund and the Smart US 500 ETF?
Which fund has lower fees, Kernel S&P Global 100 Fund or Smart US 500 ETF?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
