Fund-vs-fund · Listed Property
Mercer Global Listed Real Estate Fund vs Smart NZ Property ETF
Both are Listed Property funds available to NZ retail investors. Numbers below are sourced from the FMA Disclose register via Sorted Smart Investor and reflect the latest published quarterly fund updates.
Why these two differ
The most material structural difference between these two funds is geographic exposure. The Mercer Global Listed Real Estate Fund invests in global listed real estate, with its five largest holdings — Equinix, Welltower, Ventas, Simon Property Group, and Prologis — all US-domiciled companies. The Smart NZ Property ETF, as its name signals, concentrates entirely in New Zealand-listed property, with Goodman Property Trust, Kiwi Property Group, Precinct Properties, Property for Industry, and Vital Healthcare together accounting for roughly 76% of the portfolio. Both funds sit at 98.31% growth assets, so asset-class composition is virtually identical; the divergence is in which markets carry that exposure.
Fee and risk profiles differ meaningfully. Mercer charges 1.33% in annual fund charges against Smartshares' 0.54% — a gap of 79 basis points. The Mercer fund carries a risk indicator of 6 (on the standard 1–7 FMA scale); the Smartshares fund sits at 5. Over the five-year period disclosed in each fund's latest Quarterly Fund Update, the Mercer fund returned 0.87% per annum and the Smartshares fund returned 3.03% per annum, though past performance is not a reliable indicator of future returns and the two funds track different underlying markets.
By fund size, Smartshares is marginally larger at approximately NZD 78.2 million versus Mercer's NZD 66.2 million. Neither fund is a KiwiSaver scheme account product in this data snapshot.
Verify all figures against the source PDS and latest Quarterly Fund Update on FMA Disclose before relying on any of this information.
Comparison generated 2026-07-05 from each fund's FMA Disclose QFU facts as at that date. If the underlying facts change, this narrative is withheld until it is regenerated — the tables on this page always reflect the current data.
What's different at a glance
- Smart NZ Property ETF charges 0.79% lower in annual fund charges (0.54% vs 1.33%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
Where each fund sits in its cohort
Percentile rank vs all 15 listed property funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Mercer
1.33%
Highest 23% of cohort
Smartshares
0.54%
Lowest 13% of cohort
5-year return p.a.
Past performance — not a predictor
Mercer
0.87%
Bottom 13% over 5 years
Smartshares
3.03%
Upper half over 5 years
Fund size
Larger = more stable, lower close-risk
Mercer
NZ$66m
Upper half by size
Smartshares
NZ$78m
Upper half by size
| Metric | Mercer | Smartshares | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.33% | 0.54% | Lower is better |
| Risk indicator (1–7) | 6 | 5 | Higher = more volatility |
| 5-year return p.a. | 0.87% | 3.03% | Higher is better (past not future) |
| Fund size | NZ$66m | NZ$78m | Larger = more stable, lower close-risk |
| Growth / income split | 98% / 2% | 98% / 2% | More growth = higher long-run return + volatility |
| NZ tax structure | PIE (PIR-capped) | PIE (PIR-capped) | PIE = simpler. FIF = annual return. |
| Currency hedging | — | — | Hedged smooths NZD/foreign FX moves at a small cost. |
| Responsible investment screening | No | No | Specific exclusions live in each fund's SIPO. |
| Available via | Direct | Direct | Platforms accepting retail subscriptions. |
Portfolio overlap
How many top-10 positions both funds hold, and at what weight. Computed from each fund's most recently disclosed top-10 holdings — exact-name matched (Microsoft Corp. = Microsoft Corporation), with a Cash / Cash & Equivalents collapse rule.
What each fund says it does
Mercer
Mercer Global Listed Real Estate Fund
The fund invests in a global portfolio of property securities listed on stock exchanges around the world. It aims to generate medium to high returns over the long term by investing in a broad range of property regions, sectors and securities through a single fund. Environmental, Social and Governance characteristics are integrated into the investment process. The fund aims provide a Gross Return above the FTSE EPRA/NAREIT Developed Total Return Index with net dividends reinvested (100% hedged to the NZD on an after-tax basis) on a rolling three-year basis.Full Mercer Mercer Global Listed Real Estate Fund profile →
Smartshares
Smart NZ Property ETF
The Smart NZ Property ETF is designed to track the return (before tax, fees and other expenses) of the S&P/NZX Real Estate Select Index. The Index is comprised of the largest and most liquid members of the S&P/NZX All Index classified under the GICS Real Estate Industry Group.Full Smartshares Smart NZ Property ETF profile →
Documents
Crawled directly from each manager's website. How we record provenance →
Smartshares
Common questions
What's the difference between the Mercer Global Listed Real Estate Fund and the Smart NZ Property ETF?
Which fund has lower fees, Mercer Global Listed Real Estate Fund or Smart NZ Property ETF?
How do the 5-year returns compare?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
