Updated Reviewed quarterly
SPY vs USF: ETF Comparison
SPY · State Street
TER 0.09% · Yield —
USF · Smartshares
TER 0.34% · Yield 0.7%
USF is a NZX-listed PIE fund (capped at 28% PIR, FIF-exempt). SPY 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 (SPY often cheaper) vs NZ tax simplicity (USF cleaner).
In 30 seconds: SPY (SPDR S&P 500 ETF Trust, State Street) trades on the NYSE Arca at 0.09% TER. USF (Smartshares US 500 ETF, Smartshares) trades on the NZX at 0.34% TER. USF is a NZX-listed PIE fund (capped at 28% PIR, FIF-exempt). SPY 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 (SPY often cheaper) vs NZ tax simplicity (USF cleaner).
- SPY: SPDR S&P 500 ETF Trust — 0.09% TER, FIF above NZ$50K
- USF: Smartshares US 500 ETF — 0.34% TER, PIE (max 28% PIR)
- SPY yield: not currently published
- USF yield: 0.7% (Semi-annual)
- Cheaper TER: SPY
Head-to-head comparison
| Feature | SPY | USF |
|---|---|---|
| Fund | SPDR S&P 500 ETF Trust | Smartshares US 500 ETF |
| Issuer | State Street | Smartshares |
| Exchange | NYSE Arca | NZX |
| Total expense ratio | 0.09% | 0.34% |
| Dividend yield (TTM) | — | 0.7% |
| Distribution frequency | Quarterly | Semi-annual |
| NZ tax wrapper | FIF above NZ$50K | PIE (max 28% PIR) |
Where to buy
SPY trades on the NYSE Arca — buy via Hatch, Stake, Sharesies, Tiger and Interactive Brokers. USF 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 SPY and USF?▾
SPY (SPDR S&P 500 ETF Trust) charges 0.09% TER vs USF (Smartshares US 500 ETF) at 0.34%. SPY is from State Street; USF is from Smartshares. USF is a NZX-listed PIE fund (capped at 28% PIR, FIF-exempt). SPY 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 (SPY often cheaper) vs NZ tax simplicity (USF cleaner).
Which has the lower fee, SPY or USF?▾
SPY is cheaper at 0.09% TER vs USF at 0.34% — a gap of 0.25 percentage points. Over 30 years on a NZ$50,000 portfolio at 7% pre-fee return, that fee gap compounds to roughly NZ25,345 of foregone wealth.
Which yields more, SPY or USF?▾
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 SPY, PIE (max 28% PIR) for USF).
Can NZ residents buy both SPY and USF?▾
Yes. SPY is available via Hatch, Stake, Sharesies, Tiger and Interactive Brokers. USF is available via any NZX broker (Sharesies, InvestNow, Invest Direct, ASB Securities).
How does NZ tax differ between SPY and USF?▾
SPY is FIF above NZ$50K. USF 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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