Updated Reviewed quarterly
USF vs USS: ETF Comparison
USF · Smartshares
TER 0.34% · Yield 0.7%
USS · Smartshares
TER 0.51% · Yield 0.8%
Both USF and USS are NZX-listed PIE-wrapped funds. Distributions are taxed in-fund at your Prescribed Investor Rate (max 28%) and Foreign Investment Fund (FIF) rules do not apply to either. The choice is about exposure, fee, and issuer — not tax wrapper.
In 30 seconds: USF (Smartshares US 500 ETF, Smartshares) trades on the NZX at 0.34% TER. USS (Smartshares US Small Cap ETF, Smartshares) trades on the NZX at 0.51% TER. Both USF and USS are NZX-listed PIE-wrapped funds. Distributions are taxed in-fund at your Prescribed Investor Rate (max 28%) and Foreign Investment Fund (FIF) rules do not apply to either. The choice is about exposure, fee, and issuer — not tax wrapper.
- USF: Smartshares US 500 ETF — 0.34% TER, PIE (max 28% PIR)
- USS: Smartshares US Small Cap ETF — 0.51% TER, PIE (max 28% PIR)
- USF yield: 0.7% (Semi-annual)
- USS yield: 0.8% (Semi-annual)
- Cheaper TER: USF
Head-to-head comparison
| Feature | USF | USS |
|---|---|---|
| Fund | Smartshares US 500 ETF | Smartshares US Small Cap ETF |
| Issuer | Smartshares | Smartshares |
| Exchange | NZX | NZX |
| Total expense ratio | 0.34% | 0.51% |
| Dividend yield (TTM) | 0.7% | 0.8% |
| Distribution frequency | Semi-annual | Semi-annual |
| NZ tax wrapper | PIE (max 28% PIR) | PIE (max 28% PIR) |
Where to buy
USF trades on the NZX — buy via any NZX broker (Sharesies, InvestNow, Invest Direct, ASB Securities). 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 USF and USS?▾
USF (Smartshares US 500 ETF) charges 0.34% TER vs USS (Smartshares US Small Cap ETF) at 0.51%. Both are issued by Smartshares. Both USF and USS are NZX-listed PIE-wrapped funds. Distributions are taxed in-fund at your Prescribed Investor Rate (max 28%) and Foreign Investment Fund (FIF) rules do not apply to either. The choice is about exposure, fee, and issuer — not tax wrapper.
Which has the lower fee, USF or USS?▾
USF is cheaper at 0.34% TER vs USS at 0.51% — a gap of 0.17 percentage points. Over 30 years on a NZ$50,000 portfolio at 7% pre-fee return, that fee gap compounds to roughly NZ17,730 of foregone wealth.
Which yields more, USF or USS?▾
USF trailing 12-month yield is 0.7%; USS is 0.8%. Headline yield is gross; after-tax outcome depends on your tax wrapper (PIE (max 28% PIR) for USF, PIE (max 28% PIR) for USS).
Can NZ residents buy both USF and USS?▾
Yes. USF is available via any NZX broker (Sharesies, InvestNow, Invest Direct, ASB Securities). USS is available via any NZX broker (Sharesies, InvestNow, Invest Direct, ASB Securities).
How does NZ tax differ between USF and USS?▾
USF is PIE (max 28% PIR). USS is PIE (max 28% PIR). Same tax wrapper, no structural tax difference between the two for NZ residents. See /tax/pie-vs-fif/ for the full mechanics.
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