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) holds 99.82% of its portfolio in the Vanguard S&P 500 ETF, giving investors indirect exposure to approximately 500 large-cap US companies through a fund-of-fund structure. The Kernel S&P Global 100 Fund tracks the S&P Global 100 Index directly, holding individual securities across global developed markets; its top five positions — Nvidia (12.46%), Apple (10.95%), Microsoft (8.08%), Amazon (5.98%), and Alphabet Class A (4.92%) — reflect meaningful concentration in a narrower set of the world's largest multinationals, with less exclusive US geographic focus than the Smartshares offering.
Both funds sit at risk indicator 5 and carry identical growth asset allocations of 98.31%. Fee structures diverge: Kernel charges 0.25% per annum versus Smartshares at 0.34%, a difference of nine basis points. On fund size, Smartshares is larger at approximately NZD $962.6 million against Kernel's NZD $778.3 million. A five-year return figure is available for the Smart US 500 ETF at 14.14% per annum; the Kernel S&P Global 100 Fund's five-year return is not disclosed in this snapshot, likely reflecting the fund's shorter operating history — readers should check the latest Quarterly Fund Update on FMA Disclose for current performance data.
Always verify fee, return, and holdings information against each fund's current Product Disclosure Statement and latest Quarterly Fund Update on FMA Disclose before relying on any of this data.
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 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?
