Thoughts on BPI's US Equity Feeder Fund

Hello r/phinvest. I think everyone here agrees that index investing (particularly in the US Index) would be a great investment. Based on what I've seen, you can invest in the S&P500 through one of two ways:

• Open a foreign brokerage account (IBKR, GoTrade, etc) and purchase SPY / VOO directly (I don't think you can use eToro, since eToro uses CFDs - if I'm wrong, please let me know)
• Buy into a feeder fund with a bank (BPI/BDO/Metrobank/etc)

Personally, I think buying into a feeder fund would be a better fit for me since I really don't want to go through the hassle of opening a foreign brokerage account and dealing with all the headaches that go with that (tax implications, having to wire money and dealing with all the friction costs/forex, lack of domestic regulatory support, etc). Kaya I think I'm going with the bank feeder fund, which I've narrowed down into BPI .

Pros and cons:

• Pros: Has PHP-denominated index funds with a relatively low barrier to entry (minimum ticket of Php1k), tracks SPY (which has a relatively small variance with the underlying index)
• Cons: Pretty high trust fee (1.50%)

I know that by taking the PHP fund, I'm basically absorbing whatever forex rate BPI sets out - but quite frankly, I don't have a cheap source of USD anyway. It also makes it a lot easier since most of my banking is done through BPI.

Personally, I've been trading Philippine equities for a few years, and I thought I did pretty well for myself (around 7-8% clean every year) - but if I put the same amount in US equities, I would've made 8-9% (ignoring forex - but incorporating FX would just improve my returns since the PHP is quite weak tbh). I might as well start putting money in it and use it as my retirement fund lol.

Do you guys think this is a good idea, or am I missing something?