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USX

$10.82+1.03%S&P 50073/100
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BetaShares S&P 500 Equal Weight ETF · BetaShares

Data as at 29 March 2026

TL;DR

BetaShares' Australian-domiciled S&P 500 ETF at 0.07% per year. Tracks the same index as IVV using an optimised sampling approach rather than holding all 500 stocks physically.

MER (Annual Fee)
0.07%
#3 lowest in S&P 500
1Y Return
+15.2%
3Y Return (p.a.)
-
Dividend Yield
1.32%
Trailing 12 months
AUM
$680M
Assets under management
Avg Daily Turnover
$671K
Avg shares × unit price
Unit Price
$10.82
As at 29 March 2026
Provider
BetaShares
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Strategy

Tracks the S&P 500 using optimised sampling. Australian-domiciled, avoiding US estate tax. Dividend withholding tax is applied at the fund level under the Australia-US tax treaty.

Top Holdings

Apple
7.1%
Microsoft
6.5%
NVIDIA
6.2%
Amazon
3.8%
Meta
2.4%
Alphabet
2.3%
Berkshire Hathaway
1.7%
Tesla
1.4%
Broadcom
1.3%
JPMorgan
1.2%
Key Fact

USX uses optimised sampling while IVV uses full physical replication. Sampling means USX holds a representative subset of the 500 stocks rather than all of them, which can lead to slightly higher tracking error but lower transaction costs.

Suited for

Investors who prefer BetaShares as a fund manager and want S&P 500 exposure at a low cost. The 0.07% MER is slightly higher than IVV's 0.03% but still low by any standard.

Risks

Optimised sampling rather than full replication can create minor tracking error against the index. Same concentration risks as other S&P 500 funds — top 10 holdings represent over 35% of the fund.

ETFCheck Score73/100
Fees (40%)90
Fund Size (25%)42
Liquidity (20%)56
Yield (15%)100
How scores are calculated →
Other S&P 500 ETFs
IVV
0.04% MER
89
IHVV
0.10% MER
73
VTS
0.03% MER
61
SPY
0.09% MER
49View all S&P 500 ETFs →

Frequently Asked Questions - USX

How does USX's equal-weight approach change your S&P 500 exposure compared to IVV?+
USX weights all 500 S&P 500 companies equally at approximately 0.2% each, compared to IVV where Apple, Microsoft, and Nvidia alone can exceed 20% of the portfolio combined. This dramatically reduces mega-cap technology concentration and increases effective exposure to mid-sized industrials, financials, and healthcare companies. USX's 1-year return of 15.2% versus IVV's 19.6% reflects how heavily recent market gains have been driven by a handful of dominant tech names.
Why has USX underperformed IVV recently and when might equal-weighting outperform?+
USX's 15.2% one-year return trails IVV's 19.6% because the market-cap-weighted S&P 500 has been driven disproportionately by mega-cap AI and tech stocks that carry minimal weight in an equal-weight fund. Historically, equal-weight strategies outperform during market broadening phases when mid-cap and value stocks lead gains, such as 2000-2007 after the dot-com bust. USX suits investors who believe the current mega-cap concentration is unsustainable and expect a market rotation.
What impact does USX's quarterly rebalancing have on returns and tax for Australian investors?+
USX rebalances quarterly to restore equal weights, which means systematically trimming winners and buying laggards - a contrarian, mean-reversion strategy embedded in the index methodology. This higher turnover can generate more frequent capital gains distributions compared to market-cap-weighted funds like IVV, potentially creating less tax-efficient outcomes for Australian investors outside superannuation structures. SMSF holders benefit from concessional 15% tax rates that reduce this rebalancing drag.
Is USX a good complement to IVV for diversifying US equity risk in an Australian portfolio?+
Yes - holding both IVV and USX creates a barbell approach combining mega-cap momentum exposure with broad equal-weighted diversification. USX's 0.07% MER is very competitive for a smart-beta strategy, and its higher 1.32% yield versus IVV's 1.18% reflects greater weighting to dividend-paying sectors like utilities and financials. This pairing can reduce concentration risk from the 'Magnificent Seven' tech stocks while maintaining comprehensive S&P 500 coverage within an SMSF or taxable portfolio.