US EquityNZX-listed · PIE-taxed
SmartsharesUSSSmartshares US Small Cap ETF
US small-cap exposure (Russell 2000 equivalent), PIE-taxed. Issued by Smartshares, listed on the NZX, total expense ratio 0.51%, PIE-taxed (max 28%, no FIF).
Last reviewed 2026-07-05sourcesfind similar ETFs →
About this fund
What does USS actually hold?
US small-cap exposure (Russell 2000 equivalent), PIE-taxed. 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].
Next typical distribution: December.USS typically pays in Jun · Dec. Most recent verified distribution: NZ$0.0266 per unit, ex-date 2026-05-28. Issuer sets the exact date — verify on the distribution calendar before relying on a payment date.
Platform availability
Where to buy USS 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 USS taxed for NZ investors?
USS 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 USS
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 | USS vs USF |
| USG | US Growth (USG) Smartshares · NZX | 0.51% | 0.0% | None | PIE | USS vs USG |
| USH | US 500 NZD-Hedged (USH) Smartshares · NZX | 0.38% | 0.7% | — | PIE | USS vs USH |
| SPY | SPY State Street · NYSE Arca | 0.09% | — | Quarterly | FIF | USS vs SPY |
| VOO | VOO Vanguard · NYSE Arca | 0.03% | 1.0% | Quarterly | FIF | USS vs VOO |
Distribution history
Recent distributions — USS
| Ex-date | Pay date | Per unit (NZD) |
|---|---|---|
| 2026-05-28 | 2026-06-19 | NZ$0.0266 |
| 2025-11-27 | 2025-12-19 | NZ$0.0251 |
| 2025-05-29 | 2025-06-19 | NZ$0.0316 |
| 2024-11-28 | 2024-12-20 | NZ$0.0251 |
| 2024-05-30 | 2024-06-20 | NZ$0.0231 |
| 2023-11-29 | 2023-12-20 | NZ$0.0269 |
Source: Smartshares distribution records, verified 2026-07-05. Amounts are cash distributions per unit before tax (PIE tax applies at your PIR) — verify against the issuer source before relying on a payment. USS typically distributes jun · dec; next typical month: December.
See /calendar/distributions/ for the rolling 12-month forward calendar across all covered ETFs.
Sources
- [1]Smartshares US Small Cap ETF fact sheet — Smartshares (2026)
- [2]Portfolio investment entity (PIE) — overview — Inland Revenue (NZ) (2026)
Where to buy USS from New Zealand
The platforms below all support USS. 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 USS 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 2026-07-05). 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-small-cap-etf
NZX listing page
nzx.com/instruments/USS
Fact sheet (PDF)
doc.smartinvest.co.nz/fund-updates/etf/us-shares/2026/Q1/smart-exchange-traded-funds-fund-update-smart-us-small-cap-etf.pdf
Product Disclosure Statement
doc.smartinvest.co.nz/product-disclosure/etf/product-disclosure-statement-global-series-smart-exchange-traded-funds.pdf
External links open in a new tab. We do not earn commission on issuer product pages. See our methodology + disclosure.
Compare
USS against the alternatives
4 side-by-side comparisons covering fee, yield and NZ tax wrapper. Characteristics, not recommendations.
| Comparison | The other fund | Its TER |
|---|---|---|
| USS vs IWM | IWM | 0.19% |
| USS vs AVUV | AVUV | 0.25% |
| USS vs USF | US 500 (USF) | 0.34% |
| USS vs USG | US Growth (USG) | 0.51% |
FAQ
Common questions about USS
What is USS?⌄
USS is the NZX ticker for the Smartshares US Small Cap ETF, issued by Smartshares. US small-cap exposure (Russell 2000 equivalent), PIE-taxed. Total expense ratio is 0.51% per year.
Is USS PIE-taxed?⌄
Yes. USS 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 USS cost to hold?⌄
USS charges a total expense ratio of 0.51% per year, deducted automatically from the fund's net asset value. On every NZ$10,000 invested that's about NZ$51 per year. Platform fees on top depend on where you buy it.
Where can I buy USS from New Zealand?⌄
USS 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.
