Superhero Support

During the account setup process, you will be prompted to take a clear photograph of your Passport or ID card for verification purposes. 

You will also be prompted to take a clear photo of yourself to match against your identification documents.

In some cases we may ask you to use further identification documents to complete your verification.

Superhero provides a number of Reports free of charge when you sign up for a trading account. These reports can be found in the Profile tab of your Superhero account via your web browser or mobile app.

• Portfolio Valuation Report: Shows you all of your current holdings with a summary of the gains or losses on each holdings at the selected date.
• Transaction Statement: Shows you all transactions on your account between the dates selected.
• Cash Statement: Shows you all of the cash movements on your account between the dates selected.
• Unrealised Gain Report: Shows you all of the unrealised (potential) gains and losses on your current holdings at the selected date.
• Realised Gains Report: Shows your realised (traded) gains between the dates selected.
• Realised Gains Detail Report: Shows you a detailed breakdown of your realised (traded) gains between the dates selected.
• Fees & Expenses: Shows you all of the fees and expenses charged to your account between the selected dates. This does not include brokerage, which is capitalised and forms part of the cost base of your investments.
• Income Report: Shows your dividends between the dates selected.

Attribution Managed Investment Trust Member Annual Statements: detailed information regarding dividends for exchange-traded funds (ETFs).

To open a Superhero account, Click Here

You need to add funds to your Superhero Wallet before you can trade, and transfer funds to the currency of the share you wish to purchase.

Once your Wallet is funded, you can search for a share or go to the ‘Invest’ tab to find and click on the share you wish to buy or sell.

Once an order has been placed, it will appear as Pending on the Dashboard of your Superhero account.

Once your order has successfully executed, we will send you a text message or push notification.

You can cancel an order from the Pending tab of your Dashboard provided it has not traded.

Once your order is complete, you can find your Trade Confirmation listed in the Activity tab, by clicking the dropdown next to the transaction and clicking on the pdf button.

• Make a copy of the original document.
• An approved ‘certifier’ must then write or stamp – ‘This is a certified true copy of the original as sighted by me’ on the document.
• The certifier must also write their full name, their signature, their occupation, their phone number, and the date on the document.

• Commonwealth representative (as defined in the Oaths and Declarations Act 1957)
• Member of the police
• Justice of the peace
• Registered medical doctor
• Kaumātua (as verified through a reputable source)
• Registered teacher
• Minister of religion
• Lawyer (as defined in the Lawyers and Conveyancers Act 2006)
• Notary public
•  New Zealand Honorary consul
• Member of Parliament
• Chartered accountant (within the meaning of section 19 of the New Zealand Institute of Chartered Accountants Act 1996)
• A person who has the legal authority to take statutory declarations or the equivalent in New Zealand

Click on Profile within your Superhero account to change your password or update your details.

Too easy. Just go to app.superhero.co.nz and click on ‘Forgot your password?’, then enter your registered email address and hit the ‘Reset Password’ button.

Mobile: click ‘Profile’ and then ‘Log Out’ on the top right.
Desktop: click ‘Log Out’ at the bottom of the menu on the left hand side.
Hot tip: for security reasons, you will be automatically logged out after 15 minutes of inactivity.

Two-Factor Authentication (2FA) is a security feature which requires you, as a Superhero account holder, to authorise all actions on the Superhero platform via your mobile phone.

To make it easier to place trades, you can set up a PIN which replaces SMS confirmations on trade orders. To set up your personalised PIN click on the “Profile tab” and select PIN and follow the instructions.

You can set up a PIN which replaces SMS confirmations on trade orders. To set up your PIN, click on the Profile tab and select ‘PIN’ and then follow the instructions.

The Superhero platform is accessible from outside of New Zealand, however there are some countries you can’t access the Superhero platform from.

Please contact us via live chat or email hello@superhero.co.nz if you would like more information.

Your Superhero Wallet is your personal cash management account. This is where you can hold uninvested cash, see all your trading activity, and where any income or investment distributions you’ve received are deposited.

Available Funds are funds that can be immediately used for trading.

Unsettled Funds are funds used to buy and/or sell orders on your account that have been executed but have not yet settled.

• You can use unsettled funds on sell orders to trade
• You can not use unsettled funds on buy orders to trade

These are funds withheld from your account in order to fulfill pending buy orders, or declared, but not yet paid, dividends. 

Funds may also be restricted if you elected to participate in corporate actions (e.g. share purchase plans, entitlement offerings). 

Total Cash is the amount of funds available to be transferred to your bank account.

Unsettled Funds are funds used to buy and/or sell orders on your account that have been executed but have not yet settled.

• You can use unsettled funds on sell orders to trade
• You can not use unsettled funds on buy orders to trade

No, you cannot make trades unless you have enough available funds in your Superhero Wallet to cover the trade.

No, Superhero does not currently pay interest on cash held in your Superhero Wallet.

No, you do not need to maintain any cash in your Superhero Wallet to keep it active.

No, Superhero does not currently offer any lending or credit facilities to members. You can only trade with Superhero using your own funds.

Recently, there have been instances of fraud in the New Zealand banking system, which are unrelated to Superhero. Unfortunately, we’ve become aware that ASB Bank may have blocked certain accounts, including some linked to our partner, Airwallex.

In some cases, this may result in a hold being placed on fund transfers to your Superhero account. We understand this can be frustrating, but we recommend contacting your bank and asking them to release your transfer to your Superhero account.

You cannot directly link your bank account to your Superhero Wallet. If you want to transfer money from your bank account in near real time, you can use your personalised deposit details found in your Superhero Wallet to do so.

The time it takes for funds to land in your bank account may vary depending on your bank. The withdrawal will generally take between 1 to 2 business days to appear in your bank account.

Superhero has a current daily withdrawal limit of $20,000 to help protect your assets from fraud, as stated in our Terms and Conditions.

In certain circumstances we may be able to increase this limit to a maximum of $100,000 where further documentation is provided. Requests to increase your withdrawal limit may take between 1-2 business days to approve. Please contact us via live chat or email us via hello@superhero.co.nz

To transfer funds out of your Superhero account simply click on Wallet and go to the Withdraw section tab. The bank account you transferred funds in from will automatically have been added to your account. This is the bank account you are able to withdraw to.

If you cannot see your bank account for withdrawal, please contact us on live chat to have your bank account manually verified.

If you have any questions or issues or need to withdraw more than the standard withdrawal limit, you will need to contact us on live chat.

Depending on your bank, deposits may take up to 2 business days to be available in your Superhero Wallet.

The maximum amount you can withdraw at any time is shown in your ‘Wallet’ under ‘Total Cash’, subject to the daily withdrawal limits.

Share sale proceeds will settle to your account according to the T+2 settlement process in Australia and the U.S. T+2 means the Transaction day plus two trading days.

If you have withdrawn funds into the wrong bank account, please get in touch via live chat or email at hello@superhero.co.nz as soon as you become aware of the error.

There is no cost to deposit or withdraw funds from your Superhero account.

At Superhero, we could follow the legacy brokers and use the system the ASX is desperately trying to replace. Instead, we carefully selected a custodian model to serve our customers better. Here’s why:

1. Low pricing and transparent fees: We’re all about keeping things affordable and our fees in plain sight. By adopting the custodian model, we strip out unnecessary ASX fees that other brokers may choose to pass onto you in one way or another. We’re committed to offering a clear and sustainable fee structure from the start.
2. Reducing communication overload: We understand that frequent investors can receive an overwhelming amount of communication containing their holding details from CHESS—sometimes up to 50 letters a month! With Superhero, we manage and consolidate these communications on your behalf, giving you a hassle-free, paper-free investing experience. 
3. Globally recognised model: Having a custodian is the globally-accepted operating approach used by most Australian superannuation funds but also by other reputable market players like IG Markets, Interactive Brokers, Spaceship, Pearler Micro and Stake (for U.S. shares).
4. Compliant with U.S. operations: U.S. shares cannot be held in your name under a “CHESS-sponsored” arrangement as CHESS is an ASX-only system. Therefore, a custodian is used to safeguard your U.S. shares while offering you the full benefits of ownership.
5. Seamless participation in corporate actions: Superhero can facilitate your participation in company offers directly. If you’re an eligible shareholder, we’ll promptly deliver the offer information to your email inbox for you to participate in things like share purchase plans and entitlement offers.

The term “CHESS-sponsored trades” has been bandied around by marketing teams of various brokers but what does this term actually mean? CHESS stands for Clearing House Electronic Subregister System. Basically, it’s a computer system operated by the ASX that facilitates the buying and selling of shares listed on the exchange by managing the settlement of share transactions and recording shareholdings. 

In reality, there is no such thing as a ‘CHESS-sponsored trade’ as all trades in Australia, whether through ASX or Cboe (including those placed on Superhero), are cleared and settled via CHESS.

However, when people use the term “CHESS-sponsored,” they most likely mean that your shares are held by a market participant in your name on a Holder Identification Number, usually referred to as a ‘HIN’.

To trade AU shares, you will first need to transfer NZD into AUD in your Superhero Wallet. Once you have transferred NZD to AUD, you can trade AU shares by searching for or selecting investments on the ‘Invest’ tab within your account. Once you have found the share or ETF you wish to trade, you can Buy or Sell.

To transfer NZD to AUD in your Superhero wallet, click on the FX Transfer tab and follow the steps.

Steps to transfer:
1. Type in the dollar amount you want to transfer (NZ$100 minimum)
2. Click ‘Calculate’. This will hold the rate for 10 seconds
3. Once satisfied with the rate, click ‘Confirm’
4. Your funds will be transferred into AUD in real time and will appear in your AUD wallet.

The stock market is only open Monday to Friday, not on weekends or public holidays. You can still place a trade with Superhero on the weekend or on a public holiday but your order will not trade until the market is open.

The ASX is closed for most public holidays. You can find the full list of public holidays where the ASX is closed on the ASX website.

1. Choose a holding from your portfolio and set ‘Order Type’ to ‘Stop Loss Order’.
2. Set the trigger price. This is the price at or below which your shares or ETF units will begin to sell.
3. Choose the number of units you would want to sell in case the price falls to or below the trigger.
4. Tap ‘Review’ and check the details of your new Stop Loss Order.
5. If you’re happy with it, submit it. You can always view or delete the order later from your dashboard under the ‘Pending’ tab.

Please note: Stop Loss orders are currently available for AU Trading only and valid for 180 days after you place the order.

A stop loss order is an order to commence selling a stock once the share price reaches a specified price, known as the ‘stop’ or ‘trigger’ price. 

When the ‘stop’ or ‘trigger’ price is reached, a stop loss order becomes a market to limit sell order. For market to limit sell orders, an order will be placed at the price set by the highest buyer in the market at the time the order is placed and remains at that price until the order trades, or expires.

Stop loss orders are most commonly used by investors to assist in limiting downside risk.

Note, that because the trigger order will be a market to limit sell order, the price you receive may not be the exact price you set the trigger price at.

Example: You purchase a stock at $10 per share and you set a stop loss order at $8 to protect yourself from further losses. The trigger price is reached and your stop loss order is sent into the market as a market to limit order to sell your shares at the best available price in the market and remains at that price until the order trades or expires.

Please note: Stop Loss orders are currently available for AU Trading only and valid for 180 days after you place the order.

Recurring orders allow you to schedule automatic buy order(s) on a regular schedule. 

You can set up a recurring order for any share or ETF (Australian or U.S.) on the Superhero platform:

1. Log in to your Superhero account.
2. Deposit funds into your Wallet (you can set up a recurring payment from your bank to your Superhero Wallet to automate this step).
3. Find the share you want to invest in from the ‘Invest’ tab or the search bar and select ‘Buy’.
4. Select the ‘Recurring Order’ option and set up your investment amount and schedule.
5. Confirm your order.

You’ll be able to see your recurring orders in the ‘Pending Orders’ tab of your Dashboard.

Australian shares have a minimum of A$100 and cannot be bought as fractional shares and U.S. shares have a minimum of US$10 per trade. You will need to have these minimums available in your Wallet in the correct currency before you set up recurring orders.

You can also set up automatic deposits from your bank account to your Superhero account to ensure you always have funds to cover your recurring orders.

If you wish to view or cancel your recurring order, log into your Superhero account and click on the ‘Dashboard’ tab followed by ‘Pending’.

The main reason your recurring order/s may fail is because you don’t have enough funds in your Superhero Wallet on the day your recurring order is due to execute. 

If you do not have enough funds in your account, we will attempt to re-submit your order on each subsequent day, until the order is placed.

Keep in mind that for recurring orders of Australian shares the minimum order size is A$100 or one whole share, whichever is greater, as Australian shares cannot be bought in fractional units.

For recurring orders of U.S. shares the minimum order size is US$10 and you will need to have funds already converted into U.S. dollars.

Yes! Auto-investing can be set up within your Superhero account.

You can set up recurring buy orders for any Australian or U.S. share within Superhero:

1. Log in to your Superhero account.
2. Deposit funds into your Wallet (you can set up a recurring payment from your bank to your Superhero Wallet to automate this step).
3. Find the share you want to invest in from the ‘Invest’ tab or the search bar and select ‘Buy’.
4. Select the ‘Recurring Order’ option and set up your investment amount and schedule.
5. Confirm your order.

You’ll be able to see your recurring orders in the ‘Pending Orders’ tab of your Dashboard.

Australian shares have a minimum of A$100 and cannot be bought as fractional shares and U.S. shares have a minimum of US$10 per trade. You will need to have these minimums in the correct currency before you set up recurring orders.

You can also set up automatic deposits from your bank account to your Superhero account to ensure you always have funds to cover your recurring orders.

No, Superhero does not lend out the holdings of customers, and never has. 

Securities lending is performed by some brokers where customers’ shares are lent out to other investors and firms for a fee. Securities lending can be used to allow these third parties to short companies.

Currently, Superhero does not consider the practice to be in the best interests of its customers.

The ASX stands for The Australian Securities Exchange. The ASX is Australia’s largest securities exchange and one of the 10 largest exchanges in the world by market capitalisation.

According to the ASX website, ‘ASX acts as a market operator, clearing house and payments system facilitator. It oversees compliance with its operating rules, promotes standards of corporate governance among Australia’s listed companies and helps to educate retail investors.’

There are three ways to hold shares in Australia. 

One is through a broker which allocates your shares to a Holder Identification Number, or ‘HIN’, commonly referred to as “CHESS-sponsored”.

Another is through the registry of the company you own shares in, where you will hold shares on a Shareholder Reference Number or ‘SRN’.

Or, you can do so via a custodian, which is a financial institution licensed to hold assets on your behalf for safekeeping. It’s like having a guardian for your shares that is holding regulatory capital in the event of any potential financial stress, which is there to protect your investments.

The ASX opens at 10:00am Monday to Friday (excluding public holidays). Full information regarding market open times is available on the ASX website.

The trading hours for the Australian stock market are 10:00am to 4:00pm Australian Eastern Standard Time (AEST) on trading days – Monday to Friday (excluding public holidays). You can find all information relating to trading hours on the ASX website.

A Limit Order is an order to buy or sell a certain number of shares for a specified price (or better).

Limit Orders expire 30 days after you place the order. 

You need to add funds to your Superhero Wallet before you can trade, and transfer funds to the currency of the share you wish to purchase.

Once your Wallet is funded, you can search for a share or go to the ‘Invest’ tab to find and click on the share you wish to buy or sell.

Once an order has been placed, it will appear as Pending on the Dashboard of your Superhero account.

Once your order has successfully executed, we will send you a text message or push notification.

You can cancel an order from the Pending tab of your Dashboard provided it has not traded.

Once your order is complete, you can find your Trade Confirmation listed in the Activity tab, by clicking the dropdown next to the transaction and clicking on the pdf button.

With a Superhero trading account, you can trade all ASX-listed shares and ETFs.

A Market Order is an order to buy or sell at  the market price.

For a buy order, the order will be placed at the price set by the lowest seller in the market at the time the order is placed.

 If for any reason your order does not trade immediately, the price of your order will be continually updated (increased) in increments until the order trades, in full.

If the market order is a sell order, the order will be placed at the price set by the highest buyer in the market at the time the order is placed. If for any reason your order does not trade immediately, the price of your order will be continually updated (decreased) in increments until the order trades, in full.

In some circumstances your buy or sell order may only partially trade or may not trade at all (eg. where there are no sellers in the market or where an order breaches, or may cause us to breach, the Corporations Act, Corporations Regulations, ASIC MIRs, ASX Rules, the Market Participant’s Best Execution Policy, Superhero’s trade Vetting Rules,  or any other applicable Rules or laws in Australia or in any other jurisdiction applicable to the order).

Your Limit or Market Order placed for ASX-listed securities will remain active for 30 days after you place the order.

No, Limit and Market Orders cannot be amended once they are placed. If you would like to change your order, please cancel it and replace your order. Market Orders will usually execute immediately.

You can cancel your order under ‘Dashboard – Pending’ and then click on ‘Review’.

Market and Limit Orders can be cancelled provided the order has not already been executed. Market Orders usually execute immediately.

You can cancel your pending order any time under ‘Dashboard – Pending’, then click on ‘Review’ and then ‘Cancel Order’.

Cancelled orders can be found under ‘Pending’ in the Dashboard. Your order may be cancelled for a number of reasons, including:

ASX and Chi-X Operating Rules and ASIC Market Integrity Rules – All orders must be entered in accordance with the ASX and Chi-X Operating Rules and the ASIC Market Integrity Rules. These rules ensure that the market operates in a fair, orderly and transparent manner.

In instances where these rules may be breached your order may be cancelled. The cancellation of orders under these circumstances is usually at the discretion of our Market Participant. ASX or Chi-X may also cancel orders at their discretion.

Examples of where action may be taken by regulatory bodies, include circumstances where there is suspected market manipulation, insider trading, or extreme price movements that create a disorderly market.

Market Participants and Superhero’s Trade Vetting Rules – To ensure a fair, orderly and transparent market, Superhero and our Market Participant have obligations to ensure orders do not breach any market Operating Rules or the ASIC Market Integrity Rules.

To meet these obligations, Superhero and its Market Participant have Trade Vetting Rules in place which may cause an order to be cancelled prior to it reaching the market. This occurs where it is detected that an order may breach the above rules and/or cause a disorderly market.

ASX and Chi-X Order Pricing Rules – Price steps are the minimum price multiples for a security. The multiple depends upon the market price of the security. The ASX price steps for shares are:
* Up to 10c, the price steps are 0.1c
* Over 10c up to $2.00, the price steps are 0.5c
* Over $2.00, the price steps are 1c

You will be unable to place an order if it is not input with the correct price multiples for a particular security.

For example – If BHP is trading at $17.65, its price steps are one cent. You may enter an order at $17.66 or $17.81 etc.

Corporate Actions – Orders are removed from the market (purged/cancelled) when the market closes on the day prior to a corporate action event that affects the value or structure of the unit holding.

Some examples of corporate actions are: dividends, capital returns and capital reconstructions; or share offerings such as a rights issue or share purchase plan.

Expired Orders – If your order does not trade on the day you place it, it will expire 30 days after you place the order.

Your trades are executed in real-time during market opening hours.

ASX 10:00am – 4:00pm Sydney Time
U.S. 9:30am – 4:00pm U.S. Eastern Standard Time (EST)

You will always get the benefit of our Market Participant’s Best Execution Policy.

Yes! Superhero offers real time prices.

In order to retrieve the latest price, you will need to refresh your page.

Yes, you can. We do not charge any fees to transfer your shares into Superhero.

To transfer some or all of your existing shares to your Superhero account, complete the Superhero Broker to Broker Transfer Form and provide a copy of your government-issued ID.

Superhero will action your request within 48 business hours of receiving it and your shares will ordinarily be moved to your Superhero account within 7 business days.

In a small number of cases it may take a little longer. You will receive a text message once your shares are available in your Superhero account.

Yes, you can move your shares held via a Shareholder Reference Number (SRN) to your Superhero account by filling in the Superhero Issuer Sponsored Transfer Form. There is no cost to transfer your shares to Superhero.

To transfer your issuer sponsored holdings to your Superhero account:

• Please complete and sign our SRN Transfer form located at the bottom of the Superhero website under ‘Forms’ (no digital signatures)
• Prepare a copy of your Government issued photo ID (driver’s licence or passport). It must show your signature.
• Prepare a copy of your issuer sponsored holding statement dated within the last year, containing name, number of securities and SRN.
• Submit your documents to us via live chat or email it to hello@superhero.co.nz

The transfer form is available here.

An option is a contract that gives you the right but not the obligation to buy or sell a security before the expiration date, at a predetermined price (exercise price).

Company options are call options issued to shareholders by the company. Option holders have the right but not the obligation to take up (exercise) the options and purchase additional shares in the company. Some company options may be listed on the ASX meaning investors can buy additional options or sell their existing options on the market. However, an option that is not listed on a public stock exchange cannot be traded.

Another feature of company options is that the terms and conditions of the options (i.e. exercise price and expiry date) are determined solely by the issuing company and disclosed in the prospectus documentation. Hence, company options are non-standardised contracts and investors, as with any investment, investors should always read the full prospectus document to ensure all terms are understood.

Exercising your options

When exercising your company options, you agree to purchase the underlying security at the predetermined exercise price, regardless of the market price of the underlying security at the time you exercise your option.

If you wish to exercise your options, you must submit a request up to 3 business days before the option expiry date.

If you purchased options on-market and wish to exercise them, the options must first settle in your account (ASX T+2 settlement rule). This means you must purchase the options at least 5 business days before the option expiry date to be eligible to exercise them in your Superhero account.

Your application will only proceed if you have sufficient funds in your Superhero Wallet at the time you submit an exercise request.

If you have any further queries or wish to exercise your options through Superhero, please contact us on live chat or email us at hello@superhero.co.nz.

For ASX-listed share trading, Superhero charges a flat $5 brokerage fee per trade, regardless of transaction value or volume.

For more information on our fees, please see our Fee Schedule.

Any orders you place are directed into the market by our Market Participant.

There is a $100 minimum for currency transfers to or from New Zealand dollars and AU/U.S. dollars. However, if you have less than AU/US$100 in your Wallet, you are able to transfer the full amount back to New Zealand dollars (minimum balance of AU/US$1 required).

An FX Transfer fee will still apply in this circumstance.

At Superhero, we could follow the legacy brokers and use the system the ASX is desperately trying to replace. Instead, we carefully selected a custodian model to serve our customers better. Here’s why:

1. Low pricing and transparent fees: We’re all about keeping things affordable and our fees in plain sight. By adopting the custodian model, we strip out unnecessary ASX fees that other brokers may choose to pass onto you in one way or another. We’re committed to offering a clear and sustainable fee structure from the start.
2. Reducing communication overload: We understand that frequent investors can receive an overwhelming amount of communication containing their holding details from CHESS—sometimes up to 50 letters a month! With Superhero, we manage and consolidate these communications on your behalf, giving you a hassle-free, paper-free investing experience. 
3. Globally recognised model: Having a custodian is the globally-accepted operating approach used by most Australian superannuation funds but also by other reputable market players like IG Markets, Interactive Brokers, Spaceship, Pearler Micro and Stake (for U.S. shares).
4. Compliant with U.S. operations: U.S. shares cannot be held in your name under a “CHESS-sponsored” arrangement as CHESS is an ASX-only system. Therefore, a custodian is used to safeguard your U.S. shares while offering you the full benefits of ownership.
5. Seamless participation in corporate actions: Superhero can facilitate your participation in company offers directly. If you’re an eligible shareholder, we’ll promptly deliver the offer information to your email inbox for you to participate in things like share purchase plans and entitlement offers.

Recurring orders allow you to schedule automatic buy order(s) on a regular schedule. 

You can set up a recurring order for any share or ETF (Australian or U.S.) on the Superhero platform:

1. Log in to your Superhero account.
2. Deposit funds into your Wallet (you can set up a recurring payment from your bank to your Superhero Wallet to automate this step).
3. Find the share you want to invest in from the ‘Invest’ tab or the search bar and select ‘Buy’.
4. Select the ‘Recurring Order’ option and set up your investment amount and schedule.
5. Confirm your order.

You’ll be able to see your recurring orders in the ‘Pending Orders’ tab of your Dashboard.

Australian shares have a minimum of A$100 and cannot be bought as fractional shares and U.S. shares have a minimum of US$10 per trade. You will need to have these minimums available in your Wallet in the correct currency before you set up recurring orders.

You can also set up automatic deposits from your bank account to your Superhero account to ensure you always have funds to cover your recurring orders.

If you wish to view or cancel your recurring order, log into your Superhero account and click on the ‘Dashboard’ tab followed by ‘Pending’.

The main reason your recurring order/s may fail is because you don’t have enough funds in your Superhero Wallet on the day your recurring order is due to execute. 

If you do not have enough funds in your account, we will attempt to re-submit your order on each subsequent day, until the order is placed.

Keep in mind that for recurring orders of Australian shares the minimum order size is A$100 or one whole share, whichever is greater, as Australian shares cannot be bought in fractional units.

For recurring orders of U.S. shares the minimum order size is US$10 and you will need to have funds already converted into U.S. dollars.

Yes! Auto-investing can be set up within your Superhero account.

You can set up recurring buy orders for any Australian or U.S. share within Superhero:

1. Log in to your Superhero account.
2. Deposit funds into your Wallet (you can set up a recurring payment from your bank to your Superhero Wallet to automate this step).
3. Find the share you want to invest in from the ‘Invest’ tab or the search bar and select ‘Buy’.
4. Select the ‘Recurring Order’ option and set up your investment amount and schedule.
5. Confirm your order.

You’ll be able to see your recurring orders in the ‘Pending Orders’ tab of your Dashboard.

Australian shares have a minimum of A$100 and cannot be bought as fractional shares and U.S. shares have a minimum of US$10 per trade. You will need to have these minimums in the correct currency before you set up recurring orders.

You can also set up automatic deposits from your bank account to your Superhero account to ensure you always have funds to cover your recurring orders.

No, Superhero does not lend out the holdings of customers, and never has. 

Securities lending is performed by some brokers where customers’ shares are lent out to other investors and firms for a fee. Securities lending can be used to allow these third parties to short companies.

Currently, Superhero does not consider the practice to be in the best interests of its customers.

The stock market is only open Monday to Friday, not on weekends or public holidays. You can still place a trade with Superhero on the weekend or on a public holiday but your order will not trade until the market is open.

The U.S. stock market is closed for most public holidays. The New York Stock Exchange and NASDAQ have both published calendars with closed trading days.

A Market Order in the U.S. is an order to buy or sell securities at the prevailing market price.

Market Orders are based on the dollar amount you wish to invest. This may result in the volume of shares being a fractional amount (i.e. a volume of shares less than 1).

Market Orders are placed at market, meaning that:

• if the Market Order is a Buy order, whether during U.S. Market Hours or when the market is closed, you agree to pay the prevailing market price at the time the market order is executed; and
• if the Market Order is a Sell order, whether during U.S. Market Hours or when the market is closed, you agree to receive the prevailing market price at the time the market order is executed.

All Market Orders placed for U.S. listed securities will likely trade immediately. Where this is not the case these orders will expire 30 days after you place the order via the Superhero Platform.

A Limit Order is an order to buy or sell a certain number of shares for a specified price (or better).

Limit Orders expire 30 days after you place the order. 

You need to add funds to your Superhero Wallet before you can trade, and transfer funds to the currency of the share you wish to purchase.

Once your Wallet is funded, you can search for a share or go to the ‘Invest’ tab to find and click on the share you wish to buy or sell.

While it is not a requirement to disclose any arrangement for receiving payment for directing order flow, Superhero currently has no such arrangement and does not receive compensation for Securities transactions executed through designated exchanges, market makers, dealers, or market centres.Where permitted under applicable laws and rules, Superhero reserves the right to receive remuneration for directing orders in Securities. We will notify you in writing of any change to these arrangements.

Once an order has been placed, it will appear as Pending on the Dashboard of your Superhero account.

Once your order has successfully executed, we will send you a text message or push notification.

You can cancel an order from the Pending tab of your Dashboard provided it has not traded.

Once your order is complete, you can find your Trade Confirmation listed in the Activity tab, by clicking the dropdown next to the transaction and clicking on the pdf button.

No, Limit and Market Orders cannot be amended once they are placed. If you would like to change your order, please cancel it and replace your order. Market Orders will usually execute immediately.

You can cancel your order under ‘Dashboard – Pending’ and then click on ‘Review’.

Market and Limit Orders can be cancelled provided the order has not already been executed. Market Orders usually execute immediately.

You can cancel your pending order any time under ‘Dashboard – Pending’, then click on ‘Review’ and then ‘Cancel Order’.

Your trades are executed in real-time during market opening hours.

ASX 10:00am – 4:00pm Sydney Time
U.S. 9:30am – 4:00pm U.S. Eastern Standard Time (EST)

You will always get the benefit of our Market Participant’s Best Execution Policy.

Yes! Superhero offers real time prices.

In order to retrieve the latest price, you will need to refresh your page.

Yes, you can transfer your U.S. shares and ETFs in or out of your Superhero account. Only whole shares can be transferred (i.e. not fractional shares).

If you already hold shares with another broker or with a transfer agent and would like to transfer all or some of your shares to Superhero, you will need to complete a US Share Transfer form available on our website. We do not charge a fee for accepting shares transferred from another broker, but there may be other fees depending on the transfer type, including for shares transferred from the Direct Registration System (DRS) with a transfer agent.

If you wish to transfer shares in your Superhero account to another US broker, you will need to request a transfer form from your other broker. Transferring shares out of your Superhero account will incur transfer fees, which are charged by Apex Clearing Corporation. Please see the Superhero Fee Schedule for further information.

If you require assistance please contact us via:

– live chat; or
– email hello@superhero.co.nz

Superhero does not charge brokerage fees for U.S. share trades. Superhero makes money by charging an FX Transfer Fee when you transfer funds between New Zealand dollars and U.S. dollars.

In some instances, there may be additional charges but these will be disclosed to you in advance. For more information on our fees, please see our Fee Schedule.

Any orders you place are directed into the market by our Market Participant.

To trade U.S. shares, you will first need to transfer NZD into USD in your Superhero Wallet.

Once you have transferred NZD to USD, you can trade U.S. shares by searching for or selecting investments on the ‘Invest’ tab within your account. Once you have found the share or ETF you wish to trade, you can Buy or Sell.

Yes, fractional trading is supported by our U.S. brokerage and execution service and is permitted on the Superhero platform.

Fractional shares are not transferable to other brokerage accounts. Not all U.S. Securities through Superhero are eligible for fractional share orders.

Fractional shares are pieces, or fractions, of whole shares of a company or ETF.

For example, if you want to invest US$100 into a stock that is trading at US$500, using fractional shares you can.

You are able to place a Market Order to buy US$100 worth of shares in that company, which is a ‘fraction’ or 0.2 of a whole share.

Fractional shares are not transferable to other brokerage accounts. Not all U.S. Securities through Superhero are eligible for fractional share orders.

A limit order is an order to buy or sell a specified number, including a fractional number of shares at a specified price or better.

Superhero provides real-time market data during U.S. market hours through licencing arrangements with Nasdaq.

The U.S. market is open at 9:30am and closes at 4:00pm U.S. Eastern time Monday-Friday with the exception of public holidays.

This is 1:30am to 8:00am in New Zealand Standard Time (NZST). Please note that daylight savings time will impact these hours.

There is a minimum trade size of US$10 for U.S. shares and ETFs. Keep in mind that the minimum transfer from NZD to USD is NZ$100.

Just like trading on the ASX, U.S. markets settle trades on a T+2 basis. This means two business days after the transaction has taken place.

You can use the proceeds of any share sales to trade right away but you can only withdraw those funds after the transaction has settled (T+2).

Any dividends or income you are eligible to receive from the U.S. shares and ETFs you own will be paid into your Superhero Wallet as cash.

To transfer NZD to another currency in your Superhero wallet, select the currency you desire and follow these steps.

1. Type in the dollar amount you want to transfer (NZ$100 minimum)
2. Click ‘Calculate’. This will hold the rate for 10 seconds
3. Once satisfied with the rate, click ‘Confirm’
4. Your funds will be transferred in real time and will appear in your chosen wallet.

Note the minimum AU trade is A$100. The minimum US trade is US$10

The FX Transfer fee from NZD to AUD or USD is 50 basis points (bps), meaning $0.0050 in the relevant currency will be added to the rate . That means $0.50 per NZ$100 transferred.

For more information on our fees, please see our Fee Schedule.

There is a $100 minimum for currency transfers to or from New Zealand dollars and AU/U.S. dollars. However, if you have less than AU/US$100 in your Wallet, you are able to transfer the full amount back to New Zealand dollars (minimum balance of AU/US$1 required).

An FX Transfer fee will still apply in this circumstance.

All orders for U.S. securities are subject to U.S. Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA) related fees & charges. These fees are included in the order value as part of your transaction.

To transfer NZD to another currency in your Superhero wallet, select the currency you desire and follow these steps.

1. Type in the dollar amount you want to transfer (NZ$100 minimum)
2. Click ‘Calculate’. This will hold the rate for 10 seconds
3. Once satisfied with the rate, click ‘Confirm’
4. Your funds will be transferred in real time and will appear in your chosen wallet.

Note the minimum AU trade is A$100. The minimum US trade is US$10

Once you have entered the amount you want to transfer, and click ‘Calculate’, the rate will be held for 10 seconds.

If you do not click ‘Confirm’ within the 10-second window, you will need to hit ‘Calculate’ again.

Foreign exchange (FX) rates fluctuate frequently, which is why the rate is only held for ten seconds. This ensures you receive the most accurate rate at the time of conversion.

Your FX transfer will occur instantly and you are able to trade right away.

For more information on our fees, please see our Fee Schedule.

The FX Transfer fee from NZD to AUD or USD is 50 basis points (bps), meaning $0.0050 in the relevant currency will be added to the rate . That means $0.50 per NZ$100 transferred.

For more information on our fees, please see our Fee Schedule.

There is a $100 minimum for currency transfers to or from New Zealand dollars and AU/U.S. dollars. However, if you have less than AU/US$100 in your Wallet, you are able to transfer the full amount back to New Zealand dollars (minimum balance of AU/US$1 required).

An FX Transfer fee will still apply in this circumstance.

Superhero makes money by charging an FX Transfer Fee when you transfer funds between New Zealand dollars and U.S. dollars.

For more information on our fees, please see our Fee Schedule.

Superhero has partnered with Apex Clearing Corporation LLC to manage its U.S. brokerage and execution services.

Apex Clearing is registered with the U.S. Securities and Exchange Commission (SEC), is a member of Financial Industry Regulatory Authority (FINRA) and is a participant in the Securities Investor Protection Corporation (SIPC). This protects every Superhero customer that holds U.S. securities for up to $500,000 (including $250,000 for claims for cash).

Transferring your shares to another person or entity is called an off-market transfer. (This is not a broker to broker transfer). There are two different types of off-market transfers with Superhero.

An internal off-market transfer is when you transfer your existing shares to another Superhero account (incl. deceased estates, change of beneficial owner, etc).

An external off-market transfer is when you transfer your existing shares to another entity, external to your Superhero account.

There is a cost to conduct this type of transfer and we pass this cost on.

Please see the Superhero Fee Schedule for further information.

The full fee schedule for Superhero can be found here.

While it is not a requirement to disclose any arrangement for receiving payment for directing order flow, Superhero currently has no such arrangement and does not receive compensation for Securities transactions executed through designated exchanges, market makers, dealers, or market centres.Where permitted under applicable laws and rules, Superhero reserves the right to receive remuneration for directing orders in Securities. We will notify you in writing of any change to these arrangements.

Superhero does not charge any fees to transfer your shares to Superhero. Some brokers may charge transfer out fees depending on the transfer type, including for US shares transferred from the Direct Registration System (DRS) with a transfer agent.

There is no fee to transfer Aussie shares or ETF’s out of Superhero.

There are fees if you wish to transfer U.S. shares or ETFs out of Superhero.

Please see the Superhero Fee Schedule for further information.

It doesn’t cost you anything to hold funds in your Superhero Wallet. We do not charge fees for account maintenance or inactivity. You can find our full fee schedule for trades and FX transfers here.

There is no cost to deposit or withdraw funds from your Superhero account.

For ASX-listed share trading, Superhero charges a flat $5 brokerage fee per trade, regardless of transaction value or volume.

For more information on our fees, please see our Fee Schedule.

Superhero does not charge brokerage fees for U.S. share trades. Superhero makes money by charging an FX Transfer Fee when you transfer funds between New Zealand dollars and U.S. dollars.

In some instances, there may be additional charges but these will be disclosed to you in advance. For more information on our fees, please see our Fee Schedule.

The FX Transfer fee from NZD to AUD or USD is 50 basis points (bps), meaning $0.0050 in the relevant currency will be added to the rate . That means $0.50 per NZ$100 transferred.

For more information on our fees, please see our Fee Schedule.

All orders for U.S. securities are subject to U.S. Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA) related fees & charges. These fees are included in the order value as part of your transaction.

Transferring your shares to another person or entity is called an off-market transfer. (This is not a broker to broker transfer). There are two different types of off-market transfers with Superhero.

An internal off-market transfer is when you transfer your existing shares to another Superhero account (incl. deceased estates, change of beneficial owner, etc).

An external off-market transfer is when you transfer your existing shares to another entity, external to your Superhero account.

There is a cost to conduct this type of transfer and we pass this cost on.

Please see the Superhero Fee Schedule for further information.

Yes, you can. We do not charge any fees to transfer your shares into Superhero.

To transfer some or all of your existing shares to your Superhero account, complete the Superhero Broker to Broker Transfer Form and provide a copy of your government-issued ID.

Yes, you can transfer your U.S. shares and ETFs in or out of your Superhero account. Only whole shares can be transferred (i.e. not fractional shares).

If you already hold shares with another broker or with a transfer agent and would like to transfer all or some of your shares to Superhero, you will need to complete a US Share Transfer form available on our website. We do not charge a fee for accepting shares transferred from another broker, but there may be other fees depending on the transfer type, including for shares transferred from the Direct Registration System (DRS) with a transfer agent.

If you wish to transfer shares in your Superhero account to another US broker, you will need to request a transfer form from your other broker. Transferring shares out of your Superhero account will incur transfer fees, which are charged by Apex Clearing Corporation. Please see the Superhero Fee Schedule for further information.

If you require assistance please contact us via:

– live chat; or
– email hello@superhero.co.nz

Superhero does not charge any fees to transfer your shares to Superhero. Some brokers may charge transfer out fees depending on the transfer type, including for US shares transferred from the Direct Registration System (DRS) with a transfer agent.

There is no fee to transfer Aussie shares or ETF’s out of Superhero.

There are fees if you wish to transfer U.S. shares or ETFs out of Superhero.

Please see the Superhero Fee Schedule for further information.

Superhero will action your request within 48 business hours of receiving it and your shares will ordinarily be moved to your Superhero account within 7 business days.

In a small number of cases it may take a little longer. You will receive a text message once your shares are available in your Superhero account.

Yes, you can move your shares held via a Shareholder Reference Number (SRN) to your Superhero account by filling in the Superhero Issuer Sponsored Transfer Form. There is no cost to transfer your shares to Superhero.

To transfer your issuer sponsored holdings to your Superhero account:

• Please complete and sign our SRN Transfer form located at the bottom of the Superhero website under ‘Forms’ (no digital signatures)
• Prepare a copy of your Government issued photo ID (driver’s licence or passport). It must show your signature.
• Prepare a copy of your issuer sponsored holding statement dated within the last year, containing name, number of securities and SRN.
• Submit your documents to us via live chat or email it to hello@superhero.co.nz

The transfer form is available here.

Australian-listed companies each conduct an Annual General Meeting (AGM) where shareholders can participate in decisions such as electing new directors to the board and other resolutions relating to the company’s business.

If you would like your vote lodged at a company’s AGM, you will need to reach out to our team via live chat or send us an email at hello@superhero.co.nz at least 4 business days before the meeting commences.

A Share Purchase Plan (SPP) is a form of capital raising by a company that offers existing shareholders the opportunity to apply for new shares.

The intention behind an SPP is to allow shareholders to participate in a capital raise by the company, typically at a discount to the last traded price.

To be eligible to participate in an SPP, you must own shares in the company on the record date (the date set by the company).

Participation is optional. Eligible shareholders have the opportunity to buy up to a maximum of $30,000.

If you are eligible and wish to participate in an SPP, you must:

1. Respond to the invitation email Superhero sends to your registered Superhero email on the open date of the SPP. If you did not receive the email, check your spam folder, or contact us through live chat. (If you have unsubscribed from our emails, you will not receive the invitation.)
2. Click on the invitation link and complete the details before the closing date stipulated in the email. Please note the deadline can change if a company closes their SPP early. We will endeavour to notify clients if a SPP closes early but this may not always be possible due to the short deadlines offered by some companies on occasion.
3. Your application will only proceed if you have sufficient funds in your Superhero Wallet at the time of your submission. We will restrict the funds for the SPP from your Superhero Wallet. We strongly encourage having the funds available when you subscribe.
4. On the share issue date, your funds will be withdrawn from your Superhero Wallet and the SPP shares will be allocated to your Superhero Account.

In some cases, the SPP will be scaled back by the company and you will not receive your full request. In this case, the balance of your funds will be refunded by the company to your Superhero Wallet.

Registry processing times may affect the actual issue date of shares.

A rights issue is a way companies raise capital from existing shareholders on a pro-rata calculation of your existing shareholding.

Rights issues are either renounceable or non-renounceable. Renounceable rights mean you can sell your existing rights or buy additional rights on the market. Non-renounceable rights are not transferable and cannot be bought or sold on the market. Companies may include a shortfall or oversubscription facility as part of their rights issue offer, meaning you can apply for additional shares on top of what you are entitled to.

To be eligible to participate in a rights issue, you must own shares in the company on the record date (the date set by the company).

1. If you are eligible and wish to participate in a rights issue, you must: Respond to the invitation email Superhero sends to your registered Superhero email on the open date of the rights issue. If you did not receive the email, check your spam folder, or contact us through live chat. (If you have unsubscribed from our emails, you will not receive the invitation.)
2. Click on the invitation link and complete the details before the closing date stipulated in the email. Please note the deadline can change if a company closes their rights issue early. We will endeavour to notify clients if a rights issue closes early but this may not always be the case due to the short notice given by some companies.
3. Your application will only proceed if you have sufficient funds in your Superhero Wallet on the closing date. We will restrict the funds for the rights issue from your Superhero Wallet on the closing date. We strongly encourage having the funds available when you subscribe.
4. On the share issue date, your funds will be withdrawn from your Superhero Wallet and the rights issue shares will be allocated to your Superhero Account.

Registry processing times may affect the actual issue date of shares.

A share consolidation reduces the number of shares a company has on issue. This causes the share price to increase proportionally, meaning that the percentage ownership and value of your investment remains the same.

Example: You own 100 ABC shares and they are valued at $1 each for a total value of $100. A 10:1 share consolidation means for every 10 shares you own you will now own 1. In addition, the value of each share will increase from $1 to $10 each.

Under a share consolidation the value of your investment will remain the same. As illustrated above, your investment value is $100 but you will own 10 shares valued at $10 each following the consolidation.

When a share consolidation occurs, the Activity tab in your Superhero Account will show:

Your ABC shares were consolidated at a 10:1 ratio.

A share split is when a company divides its existing shares into multiple shares, thus increasing the number of shares a company has on issue. This is usually done when the share price is relatively high. The value of the company does not change, but more shares become available, and this results in greater liquidity.

Example: You own 100 XYZ shares and they are valued at $1 each for a total value of $100. A 1:10 share split means every 1 share you own you will now own 10. In addition, the value of each share will decrease from $1 to $0.1 each.

Under a share split the value of your investment will remain the same. As illustrated above, your investment value is $100 but you will own 1,000 shares valued at $0.10 each.

When a share split occurs, the Activity tab in your Superhero Account will show:

Your ABC shares were consolidated at a 1:10 ratio.

A scheme of arrangement allows a company to reconstruct its capital, assets or liabilities with the approval of its shareholders and the Court. The most common use of a scheme is to effect the same outcome as a takeover.

Under the arrangement, the bidder and target must first reach agreement to propose the scheme to target shareholders, following which approvals are sought from both target shareholders and the Court.

If you are eligible and wish to participate in a scheme of arrangement, you must:
1. Respond to the invitation email Superhero sends to your registered Superhero email once the scheme has been announced. If you did not receive the email, check your spam folder, or contact us through live chat. (If you have unsubscribed from our emails, you will not receive the invitation.)
2. Click on the invitation link and lodge your vote before the closing date stipulated in the email.
3. Superhero will lodge your vote with the company’s share registry after the closing date.

If the scheme is approved, your existing shares will be exchanged for cash and/or bidder’s shares as set out in the terms of the scheme. This will show in the Activity tab in your Superhero Account as:

– A sell transaction in the security taken over in the scheme, with the sale price equivalent to the cash consideration per share outlined in the offer.
– If you receive the Bidder’s shares as part of the scheme, a buy transaction will reflect you acquiring the Bidder’s shares.

If the scheme is not approved, no changes will be made to your Superhero Account.

A takeover is when one company (Bidder) makes a bid to take control of another company (Target). The bidder will typically offer shareholders cash and/or shares to buy out the shareholding in the target.

If you are a shareholder of the Target, you will have the option to vote if you wish to accept or reject the bidder’s offer.

If you are eligible and wish to participate in a takeover offer, you must:

1. Respond to the invitation email Superhero sends to your registered Superhero email once the takeover has been announced. If you did not receive the email, check your spam folder, or contact us through live chat. (If you have unsubscribed from our emails, you will not receive the invitation.)
2. Click on the invitation link and lodge your vote before the closing date stipulated in the email.
3. Superhero will lodge your vote with the company’s share registry once the closing date has ended.

Please note, you will be unable to sell your shares if you have accepted the takeover offer.

If the takeover is successful, your shares will be exchanged for cash and/or Bidder’s shares regardless of how you voted. This will show in the Activity tab in your Superhero Account as:
– A sell transaction on your holdings on Superhero, with the sale price being the cash consideration per share outlined in the takeover.
– If the takeover involved receiving Bidder’s shares, you will see a buy transaction showing you were allocated Bidder’s shares.

If the takeover did not occur, nothing will happen to your holdings.

If your security has delisted from the ASX, you can no longer trade the security on the market.

After the security delists (and in some cases prior to the security delisting) Superhero will transfer your shares out of your Superhero account and into an issuer holding under your name, managed by the share registry.

If you wish to update your response, simply click on the link in the invitational email and submit a new application. Your latest application will overwrite any previous response you have made.

An option is a contract that gives you the right but not the obligation to buy or sell a security before the expiration date, at a predetermined price (exercise price).

Company options are call options issued to shareholders by the company. Option holders have the right but not the obligation to take up (exercise) the options and purchase additional shares in the company. Some company options may be listed on the ASX meaning investors can buy additional options or sell their existing options on the market. However, an option that is not listed on a public stock exchange cannot be traded.

Another feature of company options is that the terms and conditions of the options (i.e. exercise price and expiry date) are determined solely by the issuing company and disclosed in the prospectus documentation. Hence, company options are non-standardised contracts and investors, as with any investment, investors should always read the full prospectus document to ensure all terms are understood.

Exercising your options

When exercising your company options, you agree to purchase the underlying security at the predetermined exercise price, regardless of the market price of the underlying security at the time you exercise your option.

If you wish to exercise your options, you must submit a request up to 3 business days before the option expiry date.

If you purchased options on-market and wish to exercise them, the options must first settle in your account (ASX T+2 settlement rule). This means you must purchase the options at least 5 business days before the option expiry date to be eligible to exercise them in your Superhero account.

Your application will only proceed if you have sufficient funds in your Superhero Wallet at the time you submit an exercise request.

If you have any further queries or wish to exercise your options through Superhero, please contact us on live chat or email us at hello@superhero.co.nz.

You will be paid cash dividends into your Superhero Wallet.

When a company declares a dividend, the total amount will be available in your Dashboard under Pending until it is paid. Once a dividend is paid, the amount will be deposited into your Superhero Wallet, usually within 1-2 business days after the payment is made. A transaction record and your dividend statement can be found under Activity.

At Superhero, we could follow the legacy brokers and use the system the ASX is desperately trying to replace. Instead, we carefully selected a custodian model to serve our customers better. Here’s why:

1. Low pricing and transparent fees: We’re all about keeping things affordable and our fees in plain sight. By adopting the custodian model, we strip out unnecessary ASX fees that other brokers may choose to pass onto you in one way or another. We’re committed to offering a clear and sustainable fee structure from the start.
2. Reducing communication overload: We understand that frequent investors can receive an overwhelming amount of communication containing their holding details from CHESS—sometimes up to 50 letters a month! With Superhero, we manage and consolidate these communications on your behalf, giving you a hassle-free, paper-free investing experience. 
3. Globally recognised model: Having a custodian is the globally-accepted operating approach used by most Australian superannuation funds but also by other reputable market players like IG Markets, Interactive Brokers, Spaceship, Pearler Micro and Stake (for U.S. shares).
4. Compliant with U.S. operations: U.S. shares cannot be held in your name under a “CHESS-sponsored” arrangement as CHESS is an ASX-only system. Therefore, a custodian is used to safeguard your U.S. shares while offering you the full benefits of ownership.
5. Seamless participation in corporate actions: Superhero can facilitate your participation in company offers directly. If you’re an eligible shareholder, we’ll promptly deliver the offer information to your email inbox for you to participate in things like share purchase plans and entitlement offers.

The term “CHESS-sponsored trades” has been bandied around by marketing teams of various brokers but what does this term actually mean? CHESS stands for Clearing House Electronic Subregister System. Basically, it’s a computer system operated by the ASX that facilitates the buying and selling of shares listed on the exchange by managing the settlement of share transactions and recording shareholdings. 

In reality, there is no such thing as a ‘CHESS-sponsored trade’ as all trades in Australia, whether through ASX or Cboe (including those placed on Superhero), are cleared and settled via CHESS.

However, when people use the term “CHESS-sponsored,” they most likely mean that your shares are held by a market participant in your name on a Holder Identification Number, usually referred to as a ‘HIN’.

1. name;
2. postal address;
3. date of birth;
4. contact phone number and email address;
5. bank account details;
6. photo identification;
7. occupation;
8. source of funds;
9. salary range;
10. reasons for opening an account; and
11. other information we may require to meet our requirements from time to time.

There are three ways to hold shares in Australia. 

One is through a broker which allocates your shares to a Holder Identification Number, or ‘HIN’, commonly referred to as “CHESS-sponsored”.

Another is through the registry of the company you own shares in, where you will hold shares on a Shareholder Reference Number or ‘SRN’.

Or, you can do so via a custodian, which is a financial institution licensed to hold assets on your behalf for safekeeping. It’s like having a guardian for your shares that is holding regulatory capital in the event of any potential financial stress, which is there to protect your investments.

While it is not a requirement to disclose any arrangement for receiving payment for directing order flow, Superhero currently has no such arrangement and does not receive compensation for Securities transactions executed through designated exchanges, market makers, dealers, or market centres.Where permitted under applicable laws and rules, Superhero reserves the right to receive remuneration for directing orders in Securities. We will notify you in writing of any change to these arrangements.

Any orders you place are directed into the market by our Market Participant.

We pass your instructions on to our Market Participant. They execute your instructions according to their Best Execution Policy, the market Operating Rules and the ASIC Market Integrity Rules.

Superhero has been built to ensure our customers and your investments are protected via a custodian, where financial assets are held on your behalf for safekeeping. It can be difficult to understand the different acronyms some brokers often refer to and what they actually mean so we’ve explained a few of these below. If you still have questions our team is available to support you.

What is CHESS sponsorship? 

The Clearing House Electronic Subregister System (CHESS) is the computer system used by the Australian Securities Exchange (ASX) to manage the settlement of trades and record share holdings. 

All trades in Australia, whether through ASX or Cboe (including those placed on Superhero) are cleared and settled via CHESS.

How does custody work? What is the difference?

A custodian is a regulated financial institution licensed to hold financial assets on your behalf for safekeeping. The responsibilities placed on a custodian are very high, and so are the regulations and requirements on those institutions. Unlike keeping your cash under the mattress, there are legal consequences for custodians that do not take the appropriate care when holding your financial assets.

Custodians must have a licence that requires them to hold significant amounts of regulatory capital before they can provide those services. The intention of holding regulatory capital is to protect investors by ensuring a custodian is shielded should it fall into financial stress.

At Superhero, we have appointed a sub-custodian to hold shares on behalf of our customers in Australia for safekeeping.

Your shares are actually held by FinClear, Superhero’s market, clearing and settlement participant. FinClear is used by many major brokers in Australia and holds all of the CHESS-sponsored shares for customers of brokers such as Stake, WeBull, Shaw and Partners and numerous other firms as at September 2023.

As a regulated entity, FinClear holds the legal title as a separate entity from Superhero (so there’s a clear separation between our operating business and your shares). This means that your shares are not in any way linked to Superhero’s financial viability because FinClear holds your shares.

Having a custodian ensures that the beneficial owner (that’s you) is the only one who can give instructions on what to do with your shares: be it buy more, sell some or transfer them to another broker. That is also true for creditors, who have no legal right to access your assets if Superhero were to no longer operate.

At Superhero, a custodian holds shares on behalf of our customers for safekeeping.

Your shares are held by FinClear, our market, clearing and settlement participant on behalf of Superhero. FinClear is used by many major brokers in Australia and holds all of the CHESS-sponsored shares for customers of brokers such as Stake, WeBull, Shaw and Partners and numerous other firms.

As a regulated entity, FinClear holds the legal title as a separate entity from Superhero (so there’s a clear separation between our operating business and your shares). 

Having a custodian ensures that the beneficial owner (that’s you) is the only one who can give instructions on what to do with your shares: be it buy more, sell some or transfer them to another broker. That is also true for creditors, who have no legal right to access your assets if Superhero were to no longer operate.

No. It is against the law for Superhero to exercise any rights attached to the ownership of your cash or securities unless you specifically instruct us to do so. The cash and shares in your Superhero account are entirely under your control as the beneficial owner. 

Your Australian securities are held in a CHESS-sponsored account in the name of FinClear Pty Ltd as sub-custodian of Superhero. Neither Superhero nor FinClear acquires any beneficial or proprietary interest in your securities or cash, or the income and rights attached to your securities and neither are able to exercise any rights attached to the ownership of your securities, including disposing of, or otherwise dealing in, your securities. 

You alone are the beneficial owner of the cash and securities in your Superhero account.

Please refer to Superhero’s Terms and Conditions for further detail.

Your funds are held with the Bank of New Zealand and can only be accessed via your Superhero account.

Rest assured, the shares held in your Superhero account are exclusively yours and legally cannot be accessed by anyone but you, including by any claims from creditors. As the beneficial owner of your shares, only you are able to exercise any rights attached to the ownership of those shares.

Your peace of mind is our priority and if Superhero were to discontinue its business operations for any reason, your shares could be transferred from Superhero to another broker and would continue to be held by FinClear. As an authorised sub-custodian, FinClear are required to have adequate financial resources in place to provide their services to you and afford you with the necessary regulated investor protections should anything go wrong. 

Superhero makes money by charging an FX Transfer Fee when you transfer funds between New Zealand dollars and U.S. dollars.

For more information on our fees, please see our Fee Schedule.

All orders for U.S. securities are subject to U.S. Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA) related fees & charges. These fees are included in the order value as part of your transaction.

The U.S. shares you hold in your Superhero Account are held by Apex Clearing Corporation LLC (Apex) on your behalf as custodian.

Apex does not acquire a beneficial or proprietary interest in your securities or cash, or the income and rights attached to your securities.

For clarity, beneficial ownership means that you, the owner of the shares, gets the direct benefit from the shares. Direct benefits include dividend payments, capital gains, etc.

The shares purchased within your Superhero account are yours and cannot be accessed by others, including claims from any creditors of Superhero or Apex.

Please see Safety of Customer Assets at Apex Clearing Corporation document

Please see Safety of Customer Assets at Apex Clearing Corporation document

A U.S. publicly traded partnership (PTP) is a business organisation owned by two or more co-owners whose shares are regularly traded on an established securities market.

Section 1446(f) of the U.S. Internal Revenue Code imposes new withholding and reporting requirements on sales of a partnership interest. Generally, the securities affected are classified as partnerships for U.S. tax withholding purposes. Such securities include Master Limited Partnerships, Publicly Traded Partnerships, and Exchange Traded Funds.

All non-U.S. tax resident or citizen accounts holding securities that are in the scope of section 1446(f) will be subject to additional withholding requirements.

Current section 1446 regulations already extend to include withholding on partnership distributions. Additional requirements include a new withholding rate on distributions as high as 37%, and a 10% withholding tax on proceeds of sale for partnership securities, regardless of whether a gain or loss has occurred.

Please review Section 1446 regulations with your tax professional to determine whether you will be subject to the new/increased U.S. withholding tax and additional reporting requirements.

Superhero provides two types of dividend statements:

• Income Report: Shows your dividends between the dates selected.

• Attribution Managed Investment Trust Member Annual Statements: detailed information regarding dividends for exchange-traded funds (ETFs).

You can find these in the Reports tab of your Superhero account, which can be accessed via your web browser or mobile app.

Superhero does not provide taxation advice, but does provide a number of reports free of charge when you sign up for a trading account that may assist with tax reporting. These reports can be found in the Reports tab of your Superhero account via your web browser or mobile app and include:

• Realised Gains Report: Shows your realised (traded) gains between the dates selected.
• Income Report: Shows your dividends between the dates selected.
• Attribution Managed Investment Trust Member Annual Statements: detailed information regarding dividends for exchange-traded funds (ETFs).

You sure can. If you would like to add or change the internal revenue department (IRD) number you initially provided Superhero during our tax questionnaire, please contact us via live chat.

If you need to provide your tax details, or if you have made a mistake when completing our tax questionnaire, please contact us on live chat.

A W-8BEN is a form relevant to you if you’re not a US citizen or tax resident and you trade US shares or ETFs on your Superhero account.Superhero can rely on a validly completed W-8BEN form to determine:

(a) your status as a foreign person (i.e. not a US citizen or tax resident), and
(b) the withholding tax rate applicable to US source income.

Individual account holders will complete a digital W-8BEN during Superhero’s onboarding process.

You will be asked to provide your IRD number to Superhero during our tax questionnaire when you make your first deposit with Superhero. If you need to update the tax details or if you have made a mistake when completing our tax questionnaire, please contact us on live chat.

Superhero stores your information securely in keeping with our Privacy Policy.

We operate in accordance with the New Zealand Privacy Act 2020 (the Privacy Act). The Privacy Act governs the way in which we collect, use, disclose, store, secure and dispose of your personal information.

In order to meet both tax reporting and withholding obligations, we need to ask you for some information regarding your tax residency status. You will be prompted to complete this when you make your first deposit with Superhero.

To complete the Superhero tax questionnaire:

1. Select country of birth;
2. Then your country of citizenship (can be more than one);
3. Choose your country of tax residency (typically the country you reside and pay tax in);
4. Complete the W8-BEN Tax Certification declaration.
   

More information on W8-BENs can be found here.

For us to meet our tax reporting and withholding obligations, we need more information from you when you make your first deposit with Superhero.

By collecting information on your citizenship, tax residency status and tax identification numbers, we will be able to fulfil our tax reporting obligations. In certain circumstances, we must ask for and you are required to provide additional information, whereas some information we ask for is optional – we will provide further information where necessary.

When investing in US securities, the additional information (including a declaration) you provide will constitute a W8-BEN in relation to withholding tax under a tax treaty between your country of tax residence and the US Government (if applicable).

Feedback about Superhero?

We love hearing feedback from our customers. To get in touch, either jump on live chat or email us via hello@superhero.co.nz

If you wish to make a complaint, our Customer Success Team can be contacted via live chat through our website or by email at hello@superhero.co.nz. We will try to resolve your complaint honestly, efficiently and fairly.

Superhero has a formalised client complaint resolution procedure in place to resolve any complaints or concerns you may have about the services provided to you. Our complaints team reviews, records and investigates all complaints Superhero receives and escalates matters to the Superhero Compliance Department as required.

If you make a complaint, our first response will be to contact you to discuss the complaint and to register a formal record of such complaint. If, despite our best efforts you believe your complaint has not been satisfactorily dealt with, you may contact an independent industry arbiter, namely, the Financial Services Complaints Ltd.

You can contact FSCL by writing to:

FSCL, PO Box 5967
Wellington 6140
Phone: 0800 347 257
Email: complaints@fscl.org.nz
Website: http://www.fscl.org.nz/