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 Smart NZ Property ETF (Smartshares) holds exclusively New Zealand-listed real estate investment trusts and property companies — Precinct Properties, Kiwi Property Group, Goodman Property Trust, Property for Industry, and Vital Healthcare Property Trust accounting for roughly 75% of the portfolio. The Mercer Global Listed Real Estate Fund, by contrast, holds internationally diversified real estate securities, with its five largest positions being US-domiciled names including data-centre REIT Equinix, healthcare REITs Welltower and Ventas, retail landlord Simon Property Group, and logistics specialist Prologis. Despite this geographic divergence, both funds report identical growth asset allocations of 98.31%.
The fee difference is significant: Smartshares discloses an annual fund charge of 0.54%, while Mercer's equivalent is 1.33% — a gap of 79 basis points. Mercer also carries a higher FMA risk indicator of 6 versus Smartshares' 5, reflecting greater return volatility in the global portfolio. On the five-year return figure, Smartshares returned 1.94% per annum against Mercer's 0.87%, though both figures are modest and reflect a challenging period for listed property globally. Fund size differs too: Smartshares sits at approximately NZD 102.7 million; Mercer at approximately NZD 66.2 million.
Both are retail managed funds, not KiwiSaver scheme accounts. Readers should verify all figures against each fund's current Product Disclosure Statement and latest Quarterly Fund Update on FMA Disclose before relying on any data presented here.
Cached comparison generated 2026-05-21 from each fund's latest FMA Disclose QFU. Regenerated when the underlying facts change.
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?
