NZ Equity NZX-listed · PIE-taxed
Kernel NZ20 Kernel NZ 20 Fund
Low-cost exposure to the top 20 NZ companies. Issued by Kernel, listed on the NZX, total expense ratio 0.29%, 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. 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].
Next typical distribution: June.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 |
|---|---|---|---|---|
 Sharesies Sharesies | 1.9% per trade | 0.5% | NZ$0 | Beginners, fractional shares, mixing NZ + US ETFs |
 Interactive Brokers Interactive Brokers | From US$0.35 / trade (Tiered) or US$1 flat (Fixed) | ~0.002% (US$2 min) | US$0 | Larger portfolios, frequent traders, multi-market investors |
 Tiger Brokers Tiger Brokers | US$1.99 per US trade | 0.50% | NZ$0 | NZ investors who want NZ + US + Asian markets in one account |
 Kernel Kernel | NZ$0 brokerage on Kernel funds | N/A (NZD funds) | NZ$1 | NZ$0 brokerage on Kernel funds (direct). |
 InvestNow InvestNow | NZ$0 platform fee on most funds | N/A (NZD-denominated funds) | NZ$50 (regular) / NZ$250 (lump) | Kernel funds available via InvestNow. |
 BNZ Direct Broking BNZ Direct Broking | NZ$30 per NZX trade | ~0.50% (NZD↔AUD) | NZ$0 | Holders who want CHESS-sponsored Australian shares |
 Jarden Direct Jarden Direct | NZ$29.90 per NZX trade | ~0.40% | NZ$0 | Larger NZX trades and global market access through one NZ broker |
 ASB Securities ASB Securities | NZ$30 per NZX trade | Bank rates (~1%) | NZ$0 (ASB customer) | Existing ASB customers wanting one login for banking + brokerage |
Showing 8 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 NZX-listed PIE wrappers over direct foreign-listed ETFs once your overseas-share cost basis crosses NZ$50,000 (source) .
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 | 0.52% | 3.8% | Quarterly | PIE | NZ20 vs FNZ |
| TNZ | NZ Top 10 (TNZ) Smartshares · NZX | 0.60% | — | Quarterly | PIE | NZ20 vs TNZ |
| MZY | NZ Mid Cap (MZY) Smartshares · NZX | 0.75% | — | Quarterly | PIE | NZ20 vs MZY |
| KSC | Kernel NZ 20 (KSC) Kernel · NZX | 0.25% | — | Quarterly | PIE | NZ20 vs KSC |
| VTI | VTI Vanguard · NYSE Arca | 0.03% | 1.3% | Quarterly | FIF | NZ20 vs VTI |
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 do not yet aggregate per-payment history into the canonical dataset on this site — that work is gated on the live-data-feed roadmap item (#42 in our roadmap).
Next typical distribution month: June. 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
- NZX NZ20 listing page — distributions tab
See /calendar/distributions/ for the rolling 12-month forward calendar across all NZX-listed 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.
Kernel Wealth 
Sharesies 
Interactive Brokers Fees + platform details verified against each provider's published rate card. Always check the current schedule before transacting. Full platform comparison →
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).
External links open in a new tab. We do not earn commission on issuer product pages. See our methodology + disclosure.
Related ETFs
KGH — Kernel High Growth Fund
Kernel · 0.25% TER · 2.1% yield
KSC — Kernel S&P/NZX 20 Fund
Kernel · 0.25% TER
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 NZ20
What is NZ20? ⌄
NZ20 is the NZX ticker for the Kernel NZ 20 Fund, issued by Kernel. Low-cost exposure to the top 20 NZ companies. Total expense ratio is 0.29% 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 0.29% per year, deducted automatically from the fund's net asset value. On every NZ$10,000 invested that's about NZ$29 per year. Platform fees on top depend on where you buy it.
Where can I buy NZ20 from New Zealand? ⌄
NZ20 is listed on the NZX, so any NZ broker that supports NZX trading can offer it — including Sharesies, Interactive Brokers, Tiger Brokers, Kernel, InvestNow, BNZ Direct Broking, Jarden Direct and ASB Securities. Compare fees and minimums before picking one.
