NZ Equity Unlisted PIE fund · PIE-taxed
Kernel NZ20 Kernel NZ 20 Fund
Low-cost exposure to the top 20 NZ companies. Issued by Kernel, unlisted (bought direct on the issuer platform), 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 NZ20 actually hold?
Low-cost exposure to the top 20 NZ companies. 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. Kernel funds are unlisted PIE funds — they are not NZX-traded; you buy units direct on the Kernel platform. For a holdings-level breakdown, see the official Kernel fact sheet[1].
Next typical distribution: September.NZ20 typically pays in Mar · Jun · Sep · Dec. Issuer sets the exact date — verify on the distribution calendar before relying on a payment date.
Platform availability
Where to buy NZ20 from New Zealand
Based on each platform's advertised market coverage and fee schedule. Verify with the platform before transacting — instrument coverage can change.
| Platform | Per-trade fee | FX | Min | Notes |
|---|---|---|---|---|
 Kernel Kernel | NZ$0 brokerage on Kernel funds | N/A (NZD funds) | NZ$1 | Unlisted PIE fund — buy units direct on the Kernel platform (no ticket fee). |
Showing 1 platforms that list this ETF. Full platform comparison: all 11 NZ brokers → · Full coverage matrix: availability matrix →
NZ tax treatment
How is NZ20 taxed for NZ investors?
NZ20 is a NZ Portfolio Investment Entity. Tax is calculated by Kernel at your Prescribed Investor Rate (capped). FIF rules do not apply — irrespective of holding size.
The Prescribed Investor Rate is capped at 28% (source) . That is the structural advantage of NZ PIE wrappers over direct foreign-listed ETFs once your overseas-share cost basis crosses NZ$50,000 (source) .
💰 What the PIE cap is worth to you
At the capped PIR of 28% (source) , an investor on the 39% (source) top marginal rate keeps about NZ$110 more per NZ$1,000 of taxable distributions than the same income taxed at their marginal rate — about NZ$50 more for an investor on the 33% (source) rate. Illustrative: assumes the full distribution is taxable and your PIR sits at the cap. A lower PIR widens the gap.
Read more on PIE funds → · PIE vs FIF comparison →
🧮 Model your own after-tax outcome
Mechanical NZ-tax calculator comparing PIE @ PIR vs FIF @ FDR vs FIF @ CV on your principal, assumed return, time horizon, PIR, and marginal rate. → Open the after-tax calculator
General information only — not personalised tax advice. Confirm your treatment with a registered NZ tax adviser before transacting.
Add up to 4 more tickers to compare TER · yield · distribution · NZ tax structure.
Similar ETFs
ETFs with similar focus to NZ20
Same asset class, issuer cousins, and exchange peers — ranked by closest match. Click any row to compare side-by-side in the multi-compare tool.
| Ticker | Name | TER | Yield | Distribution | NZ tax | Compare |
|---|---|---|---|---|---|---|
| FNZ | NZ Top 50 (FNZ) Smartshares · NZX | 0.50% | 3.3% | Semi-annual | PIE | NZ20 vs FNZ |
| TNZ | NZ Top 10 (TNZ) Smartshares · NZX | 0.60% | 2.0% | Semi-annual | PIE | NZ20 vs TNZ |
| VTI | VTI Vanguard · NYSE Arca | 0.03% | 1.3% | Quarterly | FIF | NZ20 vs VTI |
| QQQ | QQQ Invesco · NASDAQ | 0.18% | 0.7% | Quarterly | FIF | NZ20 vs QQQ |
| VGT | VGT Vanguard · NYSE Arca | 0.09% | 0.6% | Quarterly | FIF | NZ20 vs VGT |
Distribution history
Last 12 distributions — NZ20
NZ20 typically distributes mar · jun · sep · dec. Per-payment history (amount + ex-date + payment date for the last 12 distributions) is published authoritatively on the issuer's own fact sheet and corporate-actions page. We have not yet verified a per-payment history for this fund against the issuer's records, so we point at the authoritative sources below rather than estimating.
Next typical distribution month: September. The exact ex-date and payment date are set by Kernel — verify on the issuer source below before relying on a specific date.
Authoritative sources for distribution history
- Kernel NZ20 product page — corporate actions + distribution announcements
- Kernel NZ20 fact sheet PDF — historical distribution table
See /calendar/distributions/ for the rolling 12-month forward calendar across all covered ETFs.
Sources
- [1]Kernel NZ 20 Fund fact sheet — Kernel (2026)
- [2]Portfolio investment entity (PIE) — overview — Inland Revenue (NZ) (2026)
Where to buy NZ20 from New Zealand
The platforms below all support NZ20. Each link opens the platform's site directly — we don't take any payment for placement or for clicks.
Fees + platform details verified against each provider's published rate card. Always check the current schedule before transacting. Full platform comparison →
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Sources for this NZ20 data
Every TER, yield, and holdings figure on this page traces to one of the documents below. We do not pull live prices; the data is reviewed monthly against issuer fact sheets and exchange listings (last reviewed 2026-05-02).
Issuer product page
kernelwealth.co.nz/funds/nz-20
Fact sheet (PDF)
cdn.sanity.io/files/9i8c3jnd/production/025360c65c90304384e63c04d4fe7de9c3791ca9.pdf
Product Disclosure Statement
cdn.sanity.io/files/9i8c3jnd/production/cd557fdcceb482fada162695d49265ffe9abdd2f.pdf
External links open in a new tab. We do not earn commission on issuer product pages. See our methodology + disclosure.
FAQ
Common questions about NZ20
What is NZ20? ⌄
NZ20 is the Kernel NZ 20 Fund, an unlisted PIE index fund issued by Kernel — it is not traded on the NZX. Low-cost exposure to the top 20 NZ companies. Total expense ratio is 0.25% per year.
Is NZ20 PIE-taxed? ⌄
Yes. NZ20 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 NZ20 cost to hold? ⌄
NZ20 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 NZ20 from New Zealand? ⌄
Kernel NZ 20 Fund is an unlisted PIE fund — it is not traded on the NZX or available through share brokers. You buy units direct on the Kernel platform.
