NZ Equity NZX-listed · PIE-taxed
Kernel KSC Kernel S&P/NZX 20 Fund
Cheapest NZX-Top-20 tracker on the market. Issued by Kernel, listed on the NZX, total expense ratio 0.25%, PIE-taxed (max 28%, no FIF).
Last reviewed 2026-05-02 sources find similar ETFs →
About this fund
What does KSC actually hold?
Cheapest NZX-Top-20 tracker on the market. As a nz equity ETF, it gives a single-trade route into that asset class for NZ investors who'd rather not pick individual securities.
Kernel is a NZ-based fund manager focused on low-cost passive strategies. Funds are PIE-taxed and NZD-denominated. Many are dual-listed: available NZX-traded as well as direct via the Kernel platform. For a holdings-level breakdown, see the official Kernel fact sheet[1].
How to buy
Where can I buy KSC from New Zealand?
Kernel (direct) No platform fee. Min $1.
InvestNow Free trades; min $250 per fund.
Sharesies Subscription pricing; fractional shares.
See the full platform comparison for fees, minimums, and supported markets across all 11 NZ-accessible brokers.
NZ tax
How is KSC taxed for NZ investors?
KSC is a PIE fund. That means tax is calculated by Kernel at your Prescribed Investor Rate (PIR), capped at 28% — even if you'd otherwise pay 33% or 39% on other income.
No FIF rules apply, regardless of how much you hold. That's the structural advantage of NZX-listed PIE ETFs over direct US-listed ETFs like SPY or VOO once your foreign-investment portfolio crosses NZ$50,000[2].
Sources
- [1]Kernel S&P/NZX 20 Fund fact sheet — Kernel (2026)
- [2]Portfolio investment entity (PIE) — overview — Inland Revenue (NZ) (2026)
Related ETFs
NZ20 — Kernel NZ 20 Fund
Kernel · 0.29% TER · 3.2% yield
KGH — Kernel High Growth Fund
Kernel · 0.25% TER · 2.1% yield
KGM — Kernel S&P Global 100 Fund
Kernel · 0.25% TER
FNZ — Smartshares NZ Top 50 ETF
Smartshares · 0.52% TER · 3.8% yield
TNZ — Smartshares NZ Top 10 ETF
Smartshares · 0.60% TER
MZY — Smartshares NZ Mid Cap ETF
Smartshares · 0.75% TER
FAQ
Common questions about KSC
What is KSC? ⌄
KSC is the NZX ticker for the Kernel S&P/NZX 20 Fund, issued by Kernel. Cheapest NZX-Top-20 tracker on the market. Total expense ratio is 0.25% per year.
Is KSC PIE-taxed? ⌄
Yes. KSC is a NZ Portfolio Investment Entity (PIE) fund, so it is taxed at your Prescribed Investor Rate (capped at 28%). FIF rules do not apply, and tax is calculated and paid by the fund — you don't need to file foreign-investment income.
What does KSC cost to hold? ⌄
KSC charges a total expense ratio of 0.25% per year, deducted automatically from the fund's net asset value. On every NZ$10,000 invested that's about NZ$25 per year. Platform fees on top depend on where you buy it.
Where can I buy KSC from New Zealand? ⌄
KSC is listed on the NZX, so any NZ broker that supports NZX trading can offer it — including Kernel (direct), InvestNow and Sharesies. Compare fees and minimums before picking one.