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Kernel Wealth Review

We review Kernel Wealth, the personal finance platform and index fund manager offering low fees and a growing range of products, including 28 local and international funds, savings accounts, a US shares and ETF platform and the Kernel KiwiSaver Plan.
Updated 21 September 2026

Important: This review was relaunched in September 2026. Every fee, fund and plan figure was checked against Kernel's published pricing and fund list, and competitor fees against Simplicity's and InvestNow's published fee schedules. Providers can change these at any time, so confirm the details on the provider's site before you invest. Report an error on this page - no name or email needed.
Summary of Kernel Wealth ('Kernel')
  • Kernel launched in 2019 and now runs 28 funds - 23 index funds plus five actively managed ones (Cash Plus, Balanced and three NZ bond funds). All are 0.25% p.a. unless noted:

Ready-made diversified funds
  • Kernel High Growth Fund - over 98% growth assets (shares and listed property). Kernel's flagship.
  • Kernel Balanced Fund - 60% shares, 40% cash and bonds.
  • Kernel Conservative Fund - 30% shares, 70% cash and bonds. Kernel's newest ready-made fund.
  • Kernel Cash Plus Fund - short-term interest-bearing assets, NZ fixed income and floating rate notes. Actively managed; no shares.

New Zealand and Australia
  • Kernel NZ 20 Fund - 20 of the largest NZX-listed companies (e.g. Spark and Fisher & Paykel Healthcare).
  • Kernel NZ 50 ESG Tilted Fund - the S&P/NZX 50 companies, re-weighted on sustainability scores.
  • Kernel NZ Small & Mid Cap Opportunities Fund - NZX companies outside the NZ 20 valued between $100 million and $1 billion (e.g. Briscoes, Hallenstein Glasson and NZX).
  • Kernel NZ Commercial Property Fund - the listed NZ property companies (Goodman Property, Kiwi Property, Precinct Properties and others).
  • Kernel Australia 100 Fund - the 100 largest companies on the ASX, including the big banks and miners.

Global shares
  • Kernel Global 100 Fund and Global 100 (NZD Hedged) Fund - 100 blue-chip companies across major markets (e.g. Apple, Microsoft and Nestlé).
  • Kernel S&P 500 (Unhedged) Fund and S&P 500 (NZD Hedged) Fund - the 500 largest US-listed companies, with or without currency hedging.
  • Kernel World ex-US Fund and World ex-US (NZD Hedged) Fund - developed markets outside the United States, for a global allocation without the US concentration of most global funds.
  • Kernel Emerging Markets Fund (0.45% p.a.) - companies in emerging economies including China, India and Taiwan.
  • Kernel Global ESG Fund and Global ESG (NZD Hedged) Fund - a global portfolio re-weighted on S&P Global ESG scores and Paris Agreement alignment.
  • Kernel S&P Global Dividend Aristocrats Fund - companies with at least ten years of stable or rising dividends; about 60% US, then Canada and the UK.
  • Kernel Total World Fund (0.12% p.a., Plus and Premium plans only) - about 9,500 companies across developed and emerging markets, held through Vanguard's Total World ETF. Kernel estimates the tax leakage from that structure at about 0.12% p.a. Not available in KiwiSaver.
  • Infrastructure and property
  • Kernel Global Infrastructure Fund and Global Infrastructure (NZD Hedged) Fund - utilities, storage, transport and telecommunications infrastructure worldwide.
  • Kernel Global Property (NZD Hedged) Fund (formerly Global Green Property) - global real estate companies, weighted towards sustainable practices.

Thematic
  • Kernel S&P Global Clean Energy Fund (0.45% p.a.) - wind, solar and hydro generators and renewable manufacturers worldwide.
  • Bonds (not available in the KiwiSaver Plan)
  • Kernel NZ Bond Fund (0.40% p.a.) - New Zealand government and investment-grade bonds, actively managed.
  • Kernel March 2027 NZ Bond Fund and March 2029 NZ Bond Fund (0.50% p.a.) - NZ bonds maturing around a set date, for a fixed investment term.
  • Kernel US Bond Fund (0.30% p.a.) - the US bond market, hedged to the New Zealand dollar.
Beyond the funds, Kernel offers three other things:
  1. Savings accounts (see their latest rates on the Kernel website),
  2. Kernel KiwiSaver Plan (four ready-made diversified funds (High Growth, Balanced, Conservative and Cash Plus) or your own mix of the 23 Kernel funds available in KiwiSaver, at 0.25% p.a. on 21 of them and 0.45% on the two specialty funds, with no membership fee)
  3. A US shares and ETF platform (launched in May 2025, it lets Kernel investors buy selected US-listed shares and ETFs with $0 brokerage and a $1 minimum. The cost is the FX fee: 1.50% on the free Core plan, 0.60% on Plus and 0.40% on Premium).

Must-Know Specs:
  1. Kernel charges 0.25% p.a. on 21 of its 28 funds, including all four ready-made funds. The exceptions: Total World 0.12% (Plus and Premium plans only), US Bond 0.30%, NZ Bond 0.40%, S&P Global Clean Energy and Emerging Markets 0.45%, and the March 2027 and March 2029 NZ Bond Funds 0.50%.
  2. The Core plan is free and covers every fund except Total World, plus KiwiSaver and Kernel Save. Plus is $5 a month or $50 a year; Premium is $15 a month or $150 a year. They add the Total World Fund, PIE Save and cheaper FX on US shares - nothing else changes.
  3. There are no transaction, entry, exit or switching fees on funds, and the minimum investment is $1 per fund. US shares and ETFs carry an FX fee instead (1.50%, 0.60% or 0.40% by plan).
  4. Investors can buy funds direct or through a financial adviser. The fund fees are the same either way; an adviser may charge separately.
  5. Recent returns, fees, holdings and a factsheet for every fund are on Kernel's funds page.​
Our View: 
  • The founding team worked for many years at the NZX but launched Kernel to meet a demand for fee-competitive index funds. Since launching they have added KiwiSaver and savings offerings to their product suite. With a 0.25% p.a. management fee on most funds, well under the roughly 1% average for a growth fund, Kernel presents a challenge to established managers. Kernel's website puts money under management at over $4.8 billion for more than 70,000 customers (September 2026), up from about $1 billion at the end of 2024.
  • ​We expect the platform to launch new funds, products and features progressively and will update this guide as these changes go live. Since our first version of this review, Kernel has grown its range to 28 funds and added the KiwiSaver Plan (2022), savings accounts, and a US shares and ETF platform (2025).
  • We are not a fan of high managed fund fees - some actively managed funds charge 1.20% to 2% a year, with a performance fee on top, to look after your savings while you take all the risk on what they invest in. Kernel is a welcome low-cost online index fund manager offering a wide choice of funds. It also focuses on investor education to help foster long-term decision making.
Our Review 
In this guide, we outline what Kernel is. Specifically, the funds and products they offer to New Zealand-based investors, what index funds are and how they're different to other funds, as well as looking at alternatives and the level of fees involved. 
Please note: MoneyHub is not a Financial Adviser, and this guide has been published to explain the investment fundamentals and outline the pros and cons of Kernel's funds as an investment opportunity.
Common Query Answered: "I am very interested in investing in a Kernel fund, but there is no five-year performance data - should I therefore avoid the fund, or what are my options?"
  • Kernel launched in 2019, and several of its funds are newer still. That means funds like the Global ESG Fund won't have 5-year performance data yet, which isn't unusual for a relatively young provider.
  • A short track record on its own isn't a reason to avoid the fund. With an index fund you're relying on the long-run performance of the market it tracks, not a manager's stock-picking, so the fund's own history matters far less than it would for an actively managed fund.
  • The good news is that most Kernel funds are designed to track a specific index and on each fund page, you can toggle between the fund's actual returns and the historical returns of the underlying index.
  • The index history gives you a longer-term reference point for how that market has performed, though it's worth knowing these are gross returns and don't account for taxes, fees, or the fund's tracking error. However, in practice, the fund's returns should track closely to the index before fees.
  • Important: Past performance is not a reliable indicator of future returns. If you're unsure whether a particular fund suits your goals, consider speaking with a financial adviser.

Related guides:
Why does this page link to Kernel?
  • Kernel is a MoneyHub commercial partner: it pays a flat monthly fee to sponsor some of our guides. It doesn't pay for this review, and it doesn't pay per click or sign-up from the links on this page.
  • The fee doesn't set the figures - they come from each provider's published terms - and it doesn't change our view that Simplicity is slightly cheaper on diversified funds, or that anyone who wants a manager picking shares (active management) should look elsewhere.
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The Specs of Kernel

  • Kernel is a private New Zealand-owned company launched in 2019 and based in Auckland.
  • Kernel only sells its own funds, unlike platforms such as Sharesies or InvestNow which offer third-party funds. All underlying investments are held by an independent custodian, meaning your money is protected should anything happen to Kernel.
  • Kernel offers the Kernel KiwiSaver Plan, with options for those with short, medium and long-term time horizons, with the choice to build your own mix or pick a ready-made diversified fund.
  • Most Kernel funds invest in the New Zealand, Australian and overseas sharemarkets; the bond funds and the Cash Plus Fund hold fixed interest and cash. Each share fund holds the companies in the index it tracks. For example, the NZ Commercial Property Fund holds only New Zealand listed property companies.
  • You can invest in Kernel funds via its online platform or by working with selected financial advisers. You can also deposit into Kernel Save or transfer your KiwiSaver to the Kernel KiwiSaver Plan using the online platform.
  • ​Kernel also offers two savings accounts: Kernel Save, on all plans, and Kernel PIE Save, on the Plus and Premium plans; the current rates are on Kernel's savings page. Kernel says deposits are held with a registered New Zealand bank and are covered by the Depositor Compensation Scheme. There are no fees on Kernel Save - the rate you're paid is what you receive, less tax at your marginal rate. PIE Save is taxed inside the fund at your prescribed investor rate, capped at 28%.

Who is Kernel Suited to?

Best For:
  • Kernel accepts individual, joint, kids, company and trust accounts.
  • Short-term investors looking for savings account or fund options to generate a return within 0-3 years.
  • Medium-term investors looking to invest in a balanced portfolio (the Kernel Balanced Fund offers an asset allocation of 60% shares, 40% cash and bonds).
  • Long-term focused investors looking for stability and growth that is passive with low management fees. With 28 funds to choose from, the funds appeal to those looking for high growth, moderate and/or thematic investments.
  • Investors looking for index funds without a sector preference. The NZ 20 Fund holds the 20 largest NZX companies (a2 Milk, Spark, Fisher & Paykel Healthcare) and the NZ Small & Mid Cap Opportunities Fund holds the next tier (Skellerup, Heartland, Briscoes), so neither is over-exposed to one industry. The S&P 500 funds offer global exposure, while aggressive investors may want to consider the High Growth Fund.
  • Ethical investors - Kernel's funds include three ESG-tilted funds (NZ 50 ESG Tilted, Global ESG and its hedged version) at 0.25% p.a., among the cheapest ethical options in the market, with exposure to the NZX if a local investment is preferred. Kernel has also worked closely with S&P to launch some of NZ's first ESG focused indices, including the NZX 50 Portfolio ESG Tilted Index.
  • Ultimately, with any Kernel fund, investments anticipate New Zealand, overseas and sector-specific markets rising over time while being diversified enough to avoid losing money if one or two shares flounder. In saying this, Kernel offers a few specific-sector funds, including the NZ Commercial Property Fund, Global Property (NZD Hedged) Fund, Global Infrastructure Fund (plus a hedged version) and more.

Not suitable for:
  • Investors wanting to pick individual NZ or Australian shares (Kernel's share platform is US-listed only), or investors seeking short-term buying and selling. Index funds are not 'trading' products by nature.

​Standout Features:
  • Some of New Zealand’s lowest management fees, fixed at 0.25% p.a. on 21 of its 28 funds and 0.12% on the Total World Fund (paid plans). It is not the lowest: Simplicity's funds are 0.10% to 0.24%, and InvestNow's Foundation Series US 500 (0.03%) and Total World (0.07%) funds are cheaper again on the ongoing fee, though they charge 0.50% on every buy and sell.
  • Kernel's NZ 20 Fund is the only index fund we know of that tracks the S&P/NZX 20; the other NZ index funds track the top 10 or the top 50.
  • Kernel’s NZ Small & Mid Cap Opportunities fund was the first NZ index fund to invest outside the S&P/NZX 50.
  • The NZ 50 ESG Tilted fund has an annual fee of 0.25% which makes it one of the cheapest ethical funds available.
  • Most Kernel global funds hold their shares directly rather than through an offshore ETF, so they avoid the extra layer of tax leakage a fund-of-ETFs carries. The exception is the Total World Fund, which holds Vanguard's ETF; Kernel puts its leakage at about 0.12% p.a.
  • Kernel’s High Growth Fund holds 98%+ in growth assets, one of the few diversified funds in the market to do so, at 0.25% p.a.
  • Overall, there are 28 funds, each with its own market, sector or theme. Most investors, we understand, invest in more than one fund to diversify their holding.
  • The minimum investment is $1 and there is no platform fee on the Core plan. Plus ($50 a year) and Premium ($150 a year) are only needed for the Total World Fund, PIE Save and cheaper FX on US shares.
  • Kernel Save and the Kernel KiwiSaver Plan are on the free Core plan; PIE Save needs Plus or Premium.
  • There’s no joining fee, meaning every dollar you invest goes directly to your Kernel fund(s). 
  • There are no transaction fees, meaning you don’t get charged every time you buy and sell units in a fund (US shares and ETFs carry an FX fee instead).
  • Where the competition comes out ahead: Simplicity is cheaper on every like-for-like fund (0.10% to 0.24%) and screens all its funds ethically; InvestNow's Foundation Series US 500 and Total World funds are cheaper still to hold (0.03% and 0.07%) if you can live with 0.50% on each buy and sell, and InvestNow carries hundreds of other managers' funds; Sharesies and Smart give you NZ-listed shares and ETFs, which Kernel does not.

Want to know how to trade or invest in the NZX? Our NZX in a Nutshell guide explains what you need to know.

​Kernel offers other investing options - please see our Kernel KiwiSaver Review and ​Kernel Shares and ETF Investing Platform Review

The Competition - Kernel vs Smart, InvestNow and Sharesies

InvestNow, Sharesies and Smart are just some of the options for index fund investing. Kernel's 0.25% is among the lowest management fees in New Zealand, but it is not the lowest: Simplicity (0.10% to 0.24%) and InvestNow's Foundation Series (0.03% to 0.07%, plus 0.50% on each buy and sell) undercut it, and Kernel's own cheapest fund, Total World at 0.12%, needs a paid plan.

​Simplicity's investment funds
  • Simplicity offers 11 investment funds: five diversified funds at 0.24% p.a., three global share and bond funds at 0.15%, and NZ Share, NZ Bond and NZ Cash funds at 0.10%. Its NZ Share Fund is the closest match to Kernel's NZ 20 and NZ 50 ESG Tilted Funds, at 0.10% against 0.25%, and Simplicity applies ethical exclusions across every fund.
  • There is no minimum investment.

InvestNow's Foundation Series
  • InvestNow's own-brand Foundation Series US 500 (0.03% p.a.) and Total World (0.07% p.a.) funds, both available hedged or unhedged, have the lowest ongoing fees of any PIE fund in New Zealand. The catch is a 0.50% transaction fee on every buy and sell, so they suit investors who buy and hold rather than trade or drip-feed small amounts. InvestNow also carries hundreds of third-party funds, which Kernel does not.

Other funds offered by InvestNow and Smart are also worth considering as all platforms, alongside Kernel, have a commitment to low fees.
Smart ETFs are Listed PIEs, not Multi-Rate PIEs. This means they are taxed at a flat 28%, not at your PIR rate. This makes them unsuitable for lower tax rate investors, especially kids. Our review of Kernel vs Smart has further insights.

The Bottom Line

  • We believe Kernel is most suitable for short-term investors looking for a better return than what they can achieve on a savings account - thanks to the Cash Plus Fund, Kernel Save and Kernel PIE Save.
  • Kernel also suits long-term investors with any amount to invest.
  • There's diversity with 28 funds, and Kernel keeps adding to the range: the most recent additions are World ex-US (August 2025), Australia 100, Conservative and the Total World Fund (2026).
  • Amongst its peers, strong alternatives exist. InvestNow, for example, offers a greater range of funds, and no monthly membership fee. However, Kernel funds are exclusive to the Kernel platform (and selected financial advisers).
  • Kernel may not appeal to everyone - if you're fresh into investing and want diversity, Kernel lacks options when compared to InvestNow, Sharesies or Smart.
  • However, Kernel offers low-cost index funds with a focus on innovation and long-term returns. The funds are explained in detail so that potential investors know exactly what they are investing in. Because they are index funds, they follow their investment mandate and won't deviate from it.

Limitations
  • If you are an active saver/investor and want a fund manager to continuously pick shares, Kernel doesn't offer that type of investment option.
  • Kernel only sells its own funds. Its cheapest fund (Total World) and PIE Save need a paid plan, and buying US shares on the free plan costs 1.50% in FX each way.

10 Things to Know About Kernel

​You don’t need to buy Kernel funds directly; they partner with a few financial advisers who can offer advice

If you prefer to talk to someone about making an investment, we suggest getting in touch with Kernel to find an adviser in your area. Currently there is no published list of advisers who offer Kernel products.​

Kernel offers New Zealand, overseas and sector-specific investment diversification

An investment in any one of the Kernel funds goes into a number of companies, so if one doesn't perform as expected, the strength of other companies will balance out low-performing investments. For example, the NZ 20 Fund invests in the twenty largest New Zealand listed companies, so you are well-diversified relative to a 'top 10' NZX fund.
​
Our View: The Kernel KiwiSaver Plan is suitable for short, medium and long-term investors. Offering well-diversified funds including the High Growth, Balanced, Conservative and Cash Plus Funds, investors can pick one of these four or opt to construct their own portfolio from a mix of the other Kernel funds.

Kernel’s funds are PIE funds

Kernel's funds are PIE funds, like KiwiSaver funds, so income is taxed inside the fund at your prescribed investor rate - 10.5%, 17.5% or 28% - rather than at your marginal rate of up to 39%. For higher earners the 28% cap is a saving that compounds over time; a child's account is taxed at the child's PIR.

You can make automatic contributions

If you wish to make regular investments to achieve saving goals, Kernel offers this functionality.​ You can read more about regular investing here.

The composition and performance of Kernel funds are 100% transparent

Kernel exhaustively lists what investments comprise each fund, as well as the percentage weightings. Kernel also reports return on investments in plain English, with data ranging from 3 months to five years.​

You can opt to have dividends your fund(s) receive reinvested, meaning more cash is invested on your behalf

Many of the investments held in Kernel funds pay regular dividends. These cash payments represent the profits from companies returning it to the shareholders, i.e. you. When you create a Kernel account, you will be asked to select whether you want distributions from your investment funds to be automatically reinvested or paid out as cash to your wallet.

Kernel offers a proven investment model by investing in index funds

Most actively managed funds fail to beat their index over long periods. S&P's SPIVA scorecard for 2025 found 79% of active large-cap US funds underperformed the S&P 500 that year, and 90% did over 15 years (S&P Dow Jones Indices, SPIVA U.S. Scorecard Year-End 2025). Index funds give you the market's return minus a small fee; they don't reduce the market's ups and downs.

​Kernel is a challenger personal finance platform - and there are many out there

​Investors can find an array of index funds via other platforms such as InvestNow, Sharesies and Smart, and even Simplicity’s investment funds. The fees vary, but Kernel charges on the lower-end for annual management fees and has a greater emphasis on long-term wealth building.

Kernel also offers other investing options, including the ​Kernel Shares and ETF Investing Platform which allows investors to buy and sell selected US-listed shares and ETFs.

Kernel is a digital service

This is consistent with the likes of Sharesies and InvestNow, who exclusively offer email only and/or online chat. Although Kernel is also available on 0800, and they are very welcoming of investor queries. Kernel doesn't give personalised financial advice, so it can't tell you which fund suits you.

Signing up isn't complicated, and you can deposit money into a Kernel ‘wallet’ until you’re ready to save or invest

Once your account is approved, you can select the fund or funds you want to invest in and confirm the contribution you’d like to make. To register for a Kernel account, you’ll need your IRD number, NZ driver licence or passport and bank account details.

Looking to switch your KiwiSaver to Kernel?
  • Transferring your KiwiSaver balance to Kernel is easy, and takes 2 minutes.
  • Once you have set up and verified your account, you can select to transfer your KiwiSaver balance over to Kernel, in one click.

Our Conclusion

  • We like Kernel's intentions to charge below-market management fees and $0 platform fees on its Core plan.
  • It doesn't charge transaction fees on its funds (US shares and ETFs carry an FX fee of 1.50% on the free plan, 0.60% on Plus and 0.40% on Premium), and most of its global funds avoid the tax leakage of a fund-of-ETFs. On the headline fee it sits behind Simplicity and InvestNow's Foundation Series; on total cost for a regular investor it is close to the bottom of the market.
  • Kernel offers 28 local, international, thematic and sector-specific funds. As more funds are added, the options for investors will grow.
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