US EquityNZX-listed · PIE-taxed
SmartsharesUSHSmart US 500 (NZD Hedged) ETF
S&P 500 exposure hedged back to NZD — removes the USD/NZD currency layer. NZX-listed and PIE-taxed, so no FIF return. Issued by Smartshares, listed on the NZX, total expense ratio 0.38%, PIE-taxed (max 28%, no FIF).
Last reviewed 2026-09-04sourcesfind similar ETFs →
About this fund
What does USH actually hold?
S&P 500 exposure hedged back to NZD — removes the USD/NZD currency layer. NZX-listed and PIE-taxed, so no FIF return. As a us equity ETF, it gives a single-trade route into that asset class for NZ investors who'd rather not pick individual securities.
Smartshares is the ETF arm of NZX. It runs the largest NZX-listed ETF range, all PIE-taxed, all denominated in NZD. Most are passive trackers of established indices (S&P/NZX, S&P/ASX, MSCI). For a holdings-level breakdown, see the official Smartshares fact sheet[1].
USH does not distribute.Returns are reflected in unit price (accumulating / no distribution).
Platform availability
Where to buy USH from New Zealand
Based on each platform's advertised market coverage and fee schedule. Verify with the platform before transacting — instrument coverage can change.
| Platform | Per-trade fee | FX | Min | Notes |
|---|---|---|---|---|
 SharesiesSharesies | 1.9% per trade | 0.5% | NZ$0 | Beginners, fractional shares, mixing NZ + US ETFs |
 Interactive BrokersInteractive Brokers | From US$0.35 / trade (Tiered) or US$1 flat (Fixed) | ~0.002% (US$2 min) | US$0 | Larger portfolios, frequent traders, multi-market investors |
 Tiger BrokersTiger Brokers | US$2 flat per US trade (to 200 shares) | 0.50% | NZ$0 | NZ investors who want NZ + US + Asian markets in one account |
 InvestNowInvestNow | NZ$0 platform fee on most funds | N/A (NZD-denominated funds) | NZ$50 (regular) / NZ$250 (lump) | NZ$0 brokerage on Smartshares funds. |
 Invest DirectInvest Direct | From NZ$29.90 per trade | Undisclosed margin on conversion | NZ$0 | Larger NZX and ASX trades, and sponsored NZ holdings in your own name |
 ASB SecuritiesASB Securities | NZ$30 per NZX trade | Bank rates (~1%) | NZ$0 (ASB customer) | Existing ASB customers wanting one login for banking + brokerage |
 Smart (direct)Smart (direct) | NZ$30 one-off set-up | N/A (NZD, NZ-domiciled) | NZ$500 per ETF (NZ$50/mo regular plan) | Regular contributors who want Smart ETFs at no brokerage and do not need to trade intraday |
Showing 7 platforms that list this ETF. Full platform comparison: all 11 NZ brokers → · Full coverage matrix: availability matrix →
NZ tax treatment
How is USH taxed for NZ investors?
USH is a NZ Portfolio Investment Entity. Tax is calculated by Smartshares at your Prescribed Investor Rate (capped). FIF rules do not apply — irrespective of holding size.
The Prescribed Investor Rate is capped at 28%(source). That is the structural advantage of NZ PIE wrappers over direct foreign-listed ETFs once your overseas-share cost basis crosses NZ$50,000(source).
💰 What the PIE cap is worth to you
At the capped PIR of 28%(source), an investor on the39%(source) top marginal rate keeps about NZ$110 more per NZ$1,000 of taxable distributions than the same income taxed at their marginal rate — about NZ$50 more for an investor on the33%(source) rate. Illustrative: assumes the full distribution is taxable and your PIR sits at the cap. A lower PIR widens the gap.
Read more on PIE funds → · PIE vs FIF comparison →
🧮 Model your own after-tax outcome
Mechanical NZ-tax calculator comparing PIE @ PIR vs FIF @ FDR vs FIF @ CV on your principal, assumed return, time horizon, PIR, and marginal rate. → Open the after-tax calculator
General information only — not personalised tax advice. Confirm your treatment with a registered NZ tax adviser before transacting.
Add up to 4 more tickers to compare TER · yield · distribution · NZ tax structure.
Similar ETFs
ETFs with similar focus to USH
Same asset class, issuer cousins, and exchange peers — ranked by closest match. Click any row to compare side-by-side in the multi-compare tool.
| Ticker | Name | TER | Yield | Distribution | NZ tax | Compare |
|---|---|---|---|---|---|---|
| USF | US 500 (USF) Smartshares · NZX | 0.34% | 0.7% | Semi-annual | PIE | USH vs USF |
| USG | US Growth (USG) Smartshares · NZX | 0.51% | 0.0% | None | PIE | USH vs USG |
| USS | US Small Cap (USS) Smartshares · NZX | 0.51% | 0.8% | Semi-annual | PIE | USH vs USS |
| SPY | SPY State Street · NYSE Arca | 0.09% | — | Quarterly | FIF | USH vs SPY |
| VOO | VOO Vanguard · NYSE Arca | 0.03% | 1.0% | Quarterly | FIF | USH vs VOO |
Distribution history
Last 12 distributions — USH
USH does not pay distributions. Returns are reflected in the unit price (accumulating). There is no distribution-payment history to display.
Sources
- [1]Smart US 500 (NZD Hedged) ETF fact sheet — Smartshares (2026)
- [2]Portfolio investment entity (PIE) — overview — Inland Revenue (NZ) (2026)
Where to buy USH from New Zealand
The platforms below all support USH. Each link opens the platform's site directly — we don't take any payment for placement or for clicks.
InvestNow
Sharesies
Interactive BrokersFees + platform details verified against each provider's published rate card. Always check the current schedule before transacting.Full platform comparison →
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Sources for this USH data
The figures on this page come from the documents below. We do not pull live prices; the data is reviewed against issuer fact sheets and exchange listings (last reviewed 2026-09-04). Which figures have been checked against the issuer by machine, rather than by eye, is stated below — an unchecked figure is labelled as such rather than left ambiguous.
- ✓Total expense ratioChecked against the issuer's FMA-mandated quarterly Fund Update on 2026-09-05.
- ✓Distribution yieldChecked against the NZX instrument page's published gross dividend yield on 2026-09-05.Measured as NZX gross dividend yield (includes imputation credits).
Issuer product page
smartinvest.co.nz/funds-and-performance/etfs/us-shares/smart-us-500-nzd-hedged-etf
NZX listing page
nzx.com/instruments/USH
Fact sheet (PDF)
doc.smartinvest.co.nz/fund-updates/etf/us-shares/2026/Q1/smart-exchange-traded-funds-fund-update-smart-us-500-(nzd-hedged)-etf.pdf
External links open in a new tab. We do not earn commission on issuer product pages. See our methodology + disclosure.
FAQ
Common questions about USH
What is USH?⌄
USH is the NZX ticker for the Smart US 500 (NZD Hedged) ETF, issued by Smartshares. S&P 500 exposure hedged back to NZD — removes the USD/NZD currency layer. NZX-listed and PIE-taxed, so no FIF return. Total expense ratio is 0.38% per year.
Is USH PIE-taxed?⌄
Yes. USH is a NZ Portfolio Investment Entity (PIE) fund, so it is taxed at your Prescribed Investor Rate (capped at 28%). FIF rules do not apply, and tax is calculated and paid by the fund — you don't need to file foreign-investment income.
What does USH cost to hold?⌄
USH charges a total expense ratio of 0.38% per year, deducted automatically from the fund's net asset value. On every NZ$10,000 invested that's about NZ$38 per year. Platform fees on top depend on where you buy it.
Where can I buy USH from New Zealand?⌄
USH is listed on the NZX, so any NZ broker that supports NZX trading can offer it — including Sharesies, Interactive Brokers, Tiger Brokers, InvestNow, Invest Direct, ASB Securities and Smart (direct). Compare fees and minimums before picking one.
