Updated Reviewed quarterly
KGM vs VXUS: ETF Comparison
KGM · Kernel
TER 0.25% · Yield —
VXUS · Vanguard
TER 0.05% · Yield —
KGM is a NZX-listed PIE fund (capped at 28% PIR, FIF-exempt). VXUS is US-listed and triggers FIF tax once your overseas-share holdings exceed NZ$50,000 cost-basis, plus 15% US withholding tax on dividends. The trade-off is headline TER (VXUS often cheaper) vs NZ tax simplicity (KGM cleaner).
In 30 seconds: KGM (Kernel Global 100 Fund, Kernel) is an unlisted PIE fund (not exchange-traded) at 0.25% TER. VXUS (Vanguard Total International Stock ETF, Vanguard) trades on the NASDAQ at 0.05% TER. KGM is a NZX-listed PIE fund (capped at 28% PIR, FIF-exempt). VXUS is US-listed and triggers FIF tax once your overseas-share holdings exceed NZ$50,000 cost-basis, plus 15% US withholding tax on dividends. The trade-off is headline TER (VXUS often cheaper) vs NZ tax simplicity (KGM cleaner).
- KGM: Kernel Global 100 Fund — 0.25% TER, PIE (max 28% PIR)
- VXUS: Vanguard Total International Stock ETF — 0.05% TER, FIF above NZ$50K
- KGM yield: not currently published
- VXUS yield: not currently published
- Cheaper TER: VXUS
Head-to-head comparison
| Feature | KGM | VXUS |
|---|---|---|
| Fund | Kernel Global 100 Fund | Vanguard Total International Stock ETF |
| Issuer | Kernel | Vanguard |
| Exchange | Unlisted | NASDAQ |
| Total expense ratio | 0.25% | 0.05% |
| Dividend yield (TTM) | — | — |
| Distribution frequency | Quarterly | Quarterly |
| NZ tax wrapper | PIE (max 28% PIR) | FIF above NZ$50K |
Where to buy
KGM is an unlisted PIE fund (not exchange-traded) — buy via the issuer platform only (unlisted PIE — buy units direct on Kernel). VXUS trades on the NASDAQ — buy via Hatch, Stake, Sharesies, Tiger and Interactive Brokers. See all 11 NZ investment platforms compared.
Frequently asked questions
What is the difference between KGM and VXUS?▾
KGM (Kernel Global 100 Fund) charges 0.25% TER vs VXUS (Vanguard Total International Stock ETF) at 0.05%. KGM is from Kernel; VXUS is from Vanguard. KGM is a NZX-listed PIE fund (capped at 28% PIR, FIF-exempt). VXUS is US-listed and triggers FIF tax once your overseas-share holdings exceed NZ$50,000 cost-basis, plus 15% US withholding tax on dividends. The trade-off is headline TER (VXUS often cheaper) vs NZ tax simplicity (KGM cleaner).
Which has the lower fee, KGM or VXUS?▾
VXUS is cheaper at 0.05% TER vs KGM at 0.25% — a gap of 0.20 percentage points.
Which yields more, KGM or VXUS?▾
Yield data for at least one fund is not currently published — check the issuer fact sheet for the latest trailing 12-month yield. Headline yield is gross; after-tax outcome depends on your tax wrapper (PIE (max 28% PIR) for KGM, FIF above NZ$50K for VXUS).
Can NZ residents buy both KGM and VXUS?▾
Yes. KGM is available via the issuer platform only (unlisted PIE — buy units direct on Kernel). VXUS is available via Hatch, Stake, Sharesies, Tiger and Interactive Brokers.
How does NZ tax differ between KGM and VXUS?▾
KGM is PIE (max 28% PIR). VXUS is FIF above NZ$50K. The PIE-wrapped fund is simpler — no FIF return, no US withholding, capped at 28% PIR. See /tax/pie-vs-fif/ for the full mechanics.
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