Updated Reviewed quarterly
NZ20 vs USF: ETF Comparison
NZ20 · Kernel
TER 0.25% · Yield —
USF · Smartshares
TER 0.34% · Yield 0.7%
Both NZ20 and USF are NZX-listed PIE-wrapped funds. Distributions are taxed in-fund at your Prescribed Investor Rate (max 28%) and Foreign Investment Fund (FIF) rules do not apply to either. The choice is about exposure, fee, and issuer — not tax wrapper.
In 30 seconds: NZ20 (Kernel NZ 20 Fund, Kernel) is an unlisted PIE fund (not exchange-traded) at 0.25% TER. USF (Smartshares US 500 ETF, Smartshares) trades on the NZX at 0.34% TER. Both NZ20 and USF are NZX-listed PIE-wrapped funds. Distributions are taxed in-fund at your Prescribed Investor Rate (max 28%) and Foreign Investment Fund (FIF) rules do not apply to either. The choice is about exposure, fee, and issuer — not tax wrapper.
- NZ20: Kernel NZ 20 Fund — 0.25% TER, PIE (max 28% PIR)
- USF: Smartshares US 500 ETF — 0.34% TER, PIE (max 28% PIR)
- NZ20 yield: not currently published
- USF yield: 0.7% (Semi-annual)
- Cheaper TER: NZ20
Head-to-head comparison
| Feature | NZ20 | USF |
|---|---|---|
| Fund | Kernel NZ 20 Fund | Smartshares US 500 ETF |
| Issuer | Kernel | Smartshares |
| Exchange | Unlisted | NZX |
| Total expense ratio | 0.25% | 0.34% |
| Dividend yield (TTM) | — | 0.7% |
| Distribution frequency | Quarterly | Semi-annual |
| NZ tax wrapper | PIE (max 28% PIR) | PIE (max 28% PIR) |
Where to buy
NZ20 is an unlisted PIE fund (not exchange-traded) — buy via the issuer platform only (unlisted PIE — buy units direct on Kernel). USF trades on the NZX — buy via any NZX broker (Sharesies, InvestNow, Invest Direct, ASB Securities). See all 11 NZ investment platforms compared.
Frequently asked questions
What is the difference between NZ20 and USF?▾
NZ20 (Kernel NZ 20 Fund) charges 0.25% TER vs USF (Smartshares US 500 ETF) at 0.34%. NZ20 is from Kernel; USF is from Smartshares. Both NZ20 and USF are NZX-listed PIE-wrapped funds. Distributions are taxed in-fund at your Prescribed Investor Rate (max 28%) and Foreign Investment Fund (FIF) rules do not apply to either. The choice is about exposure, fee, and issuer — not tax wrapper.
Which has the lower fee, NZ20 or USF?▾
NZ20 is cheaper at 0.25% TER vs USF at 0.34% — a gap of 0.09 percentage points. Over 30 years on a NZ$50,000 portfolio at 7% pre-fee return, that fee gap compounds to roughly NZ9,488 of foregone wealth.
Which yields more, NZ20 or USF?▾
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 NZ20, PIE (max 28% PIR) for USF).
Can NZ residents buy both NZ20 and USF?▾
Yes. NZ20 is available via the issuer platform only (unlisted PIE — buy units direct on Kernel). USF is available via any NZX broker (Sharesies, InvestNow, Invest Direct, ASB Securities).
How does NZ tax differ between NZ20 and USF?▾
NZ20 is PIE (max 28% PIR). USF is PIE (max 28% PIR). Same tax wrapper, no structural tax difference between the two for NZ residents. See /tax/pie-vs-fif/ for the full mechanics.
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