Updated Reviewed quarterly
SPYM vs USF: ETF Comparison
SPYM · State Street
TER 0.02% · Yield —
USF · Smartshares
TER 0.34% · Yield 0.7%
USF is a NZX-listed PIE fund (capped at 28% PIR, FIF-exempt). SPYM 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 (SPYM often cheaper) vs NZ tax simplicity (USF cleaner).
In 30 seconds: SPYM (SPDR Portfolio S&P 500 ETF, State Street) trades on the NYSE Arca at 0.02% 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). SPYM 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 (SPYM often cheaper) vs NZ tax simplicity (USF cleaner).
- SPYM: SPDR Portfolio S&P 500 ETF — 0.02% TER, FIF above NZ$50K
- USF: Smartshares US 500 ETF — 0.34% TER, PIE (max 28% PIR)
- SPYM yield: not currently published
- USF yield: 0.7% (Semi-annual)
- Cheaper TER: SPYM
Head-to-head comparison
| Feature | SPYM | USF |
|---|---|---|
| Fund | SPDR Portfolio S&P 500 ETF | Smartshares US 500 ETF |
| Issuer | State Street | Smartshares |
| Exchange | NYSE Arca | NZX |
| Total expense ratio | 0.02% | 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
SPYM 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 SPYM and USF?▾
SPYM (SPDR Portfolio S&P 500 ETF) charges 0.02% TER vs USF (Smartshares US 500 ETF) at 0.34%. SPYM is from State Street; USF is from Smartshares. USF is a NZX-listed PIE fund (capped at 28% PIR, FIF-exempt). SPYM 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 (SPYM often cheaper) vs NZ tax simplicity (USF cleaner).
Which has the lower fee, SPYM or USF?▾
SPYM is cheaper at 0.02% TER vs USF at 0.34% — a gap of 0.32 percentage points. Over 30 years on a NZ$50,000 portfolio at 7% pre-fee return, that fee gap compounds to roughly NZ32,708 of foregone wealth.
Which yields more, SPYM 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 SPYM, PIE (max 28% PIR) for USF).
Can NZ residents buy both SPYM and USF?▾
Yes. SPYM 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 SPYM and USF?▾
SPYM 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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