Kernel Kernel Wealth fees 2026
Updated Reviewed monthly
Flagship NZX-listed funds from 0.25% TER. Zero ticket fee on Kernel direct. No entry / exit / brokerage charges from Kernel.
In 30 seconds: Kernel Wealth's four NZX-listed flagship funds (NZ20, KSC, KGM, KGH) sit at 0.25%–0.29% TER — among the lowest fund-level fees available in New Zealand. On the Kernel direct platform there is no platform fee, no ticket fee, no entry fee and no exit fee. The TER is the only annual cost, deducted inside the fund. Kernel KiwiSaver uses the same underlying funds and applies a small administration fee on top.
- NZX-listed flagship TER: 0.25%–0.29% (per-fund figure in the table below)
- Extended range TER: ~0.25% to ~0.45% depending on fund
- Kernel direct platform: zero ticket fee, zero platform fee
- Minimum to open: NZ$100
- Entry / exit fees: none
- Tax wrapper: PIE — capped at 28% PIR
TER schedule — NZX-listed Kernel funds
The TER is the all-in annual fund cost — management + custody + operating expenses — already deducted inside the fund's unit price.
Fee comparison vs other NZ index providers
| Provider | Lowest TER | Platform fee | Brokerage / ticket |
|---|---|---|---|
| Kernel direct | 0.25% | None | None |
| Smartshares via InvestNow | ~0.34% | None | None |
| Smartshares via Sharesies | ~0.34% | None (free tier) | 1.9% (NZ$25 cap above NZ$1,316) |
| Simplicity | ~0.30% | None | None |
| NZ active KiwiSaver (typical) | 0.80%-1.50% | Bundled | None |
Comparison reflects the lowest-TER fund in each provider's lineup. Buying Kernel-listed tickers via Sharesies adds brokerage; direct on Kernel does not.
Frequently asked questions
How much does Kernel Wealth cost? ▾
Kernel's core NZX-listed funds (NZ20, KSC, KGM, KGH) sit at 0.25%–0.29% TER — per-fund figures in the table below. There is no platform / ticket fee on Kernel direct — you only pay the underlying fund TER. The extended direct-platform range (Bond, ESG, Cash Plus, REIT, Balanced) ranges from approximately 0.25% to 0.45% TER.
Are there any hidden fees? ▾
No entry fees, no exit fees, no platform fee on Kernel direct. The TER is the all-in annual cost (management + custody + operating expenses), deducted inside the fund. You pay nothing else direct to Kernel.
How does Kernel's fee compare to Smartshares? ▾
Kernel's flagship funds at 0.25%–0.29% are typically half the headline TER of equivalent Smartshares funds. Like-for-like example: Kernel NZ20 (0.29%) vs Smartshares FNZ (0.52%). On a NZ$50,000 portfolio held 30 years at 7% pre-fee return, that gap compounds materially in foregone wealth.
Is there a minimum investment? ▾
NZ$100 minimum to open a Kernel direct account. After that, regular contributions can be any amount — Kernel supports fractional unit purchases.
Does Kernel charge brokerage? ▾
Not on its own direct platform — Kernel direct is zero ticket fee. If you buy Kernel-listed tickers via Sharesies / BNZ / Jarden / ASB, those brokers charge their own brokerage on top of the fund TER.
Kernel KiwiSaver fees? ▾
Kernel KiwiSaver applies the underlying fund TER for each allocation option plus a small administration fee. Total all-in cost is typically well below the NZ KiwiSaver industry average. Verify the current fee schedule on the Kernel site as fees can change.
How is Kernel cheaper than Smartshares? ▾
Kernel operates at lower scale than Smartshares but with a simpler / narrower lineup. It can pass more of the cost-of-running savings through to investors. The TER doesn't reflect a different quality of fund — both track similar indices using similar mechanics — it reflects a different cost structure.
