Updated Reviewed quarterly
AVUV vs USS: ETF Comparison
AVUV · Avantis
TER 0.25% · Yield —
USS · Smartshares
TER 0.51% · Yield 0.8%
USS is a NZX-listed PIE fund (capped at 28% PIR, FIF-exempt). AVUV is US-listed and triggers FIF tax once your overseas-share holdings exceed NZ$50,000 cost-basis, plus 15% US withholding tax on dividends. The trade-off is headline TER (AVUV often cheaper) vs NZ tax simplicity (USS cleaner).
In 30 seconds: AVUV (Avantis US Small Cap Value ETF, Avantis) trades on the NYSE Arca at 0.25% TER. USS (Smartshares US Small Cap ETF, Smartshares) trades on the NZX at 0.51% TER. USS is a NZX-listed PIE fund (capped at 28% PIR, FIF-exempt). AVUV is US-listed and triggers FIF tax once your overseas-share holdings exceed NZ$50,000 cost-basis, plus 15% US withholding tax on dividends. The trade-off is headline TER (AVUV often cheaper) vs NZ tax simplicity (USS cleaner).
- AVUV: Avantis US Small Cap Value ETF — 0.25% TER, FIF above NZ$50K
- USS: Smartshares US Small Cap ETF — 0.51% TER, PIE (max 28% PIR)
- AVUV yield: not currently published
- USS yield: 0.8% (Semi-annual)
- Cheaper TER: AVUV
Head-to-head comparison
| Feature | AVUV | USS |
|---|---|---|
| Fund | Avantis US Small Cap Value ETF | Smartshares US Small Cap ETF |
| Issuer | Avantis | Smartshares |
| Exchange | NYSE Arca | NZX |
| Total expense ratio | 0.25% | 0.51% |
| Dividend yield (TTM) | — | 0.8% |
| Distribution frequency | Quarterly | Semi-annual |
| NZ tax wrapper | FIF above NZ$50K | PIE (max 28% PIR) |
Where to buy
AVUV trades on the NYSE Arca — buy via Hatch, Stake, Sharesies, Tiger and Interactive Brokers. USS trades on the NZX — buy via any NZX broker (Sharesies, InvestNow, Invest Direct, ASB Securities). See all 11 NZ investment platforms compared.
Frequently asked questions
What is the difference between AVUV and USS?▾
AVUV (Avantis US Small Cap Value ETF) charges 0.25% TER vs USS (Smartshares US Small Cap ETF) at 0.51%. AVUV is from Avantis; USS is from Smartshares. USS is a NZX-listed PIE fund (capped at 28% PIR, FIF-exempt). AVUV is US-listed and triggers FIF tax once your overseas-share holdings exceed NZ$50,000 cost-basis, plus 15% US withholding tax on dividends. The trade-off is headline TER (AVUV often cheaper) vs NZ tax simplicity (USS cleaner).
Which has the lower fee, AVUV or USS?▾
AVUV is cheaper at 0.25% TER vs USS at 0.51% — a gap of 0.26 percentage points. Over 30 years on a NZ$50,000 portfolio at 7% pre-fee return, that fee gap compounds to roughly NZ26,790 of foregone wealth.
Which yields more, AVUV or USS?▾
Yield data for at least one fund is not currently published — check the issuer fact sheet for the latest trailing 12-month yield. Headline yield is gross; after-tax outcome depends on your tax wrapper (FIF above NZ$50K for AVUV, PIE (max 28% PIR) for USS).
Can NZ residents buy both AVUV and USS?▾
Yes. AVUV is available via Hatch, Stake, Sharesies, Tiger and Interactive Brokers. USS is available via any NZX broker (Sharesies, InvestNow, Invest Direct, ASB Securities).
How does NZ tax differ between AVUV and USS?▾
AVUV is FIF above NZ$50K. USS is PIE (max 28% PIR). The PIE-wrapped fund is simpler — no FIF return, no US withholding, capped at 28% PIR. See /tax/pie-vs-fif/ for the full mechanics.
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