Fund-vs-fund · Listed Property
Mint Australasian Property Fund vs Smart Australian 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 Mint Australasian Property Fund holds New Zealand-listed property securities — Goodman Property Trust, Precinct Properties, Kiwi Property Group, and others — while the Smartshares Smart Australian Property ETF tracks Australian-listed REITs such as Region RE, Vicinity, and Arena REIT. An investor's underlying country and currency risk differs substantially between them despite both sitting in the Listed Property category.
On fees, Mint charges an annual fund charge of 1.07%, roughly double the Smartshares ETF's 0.54%. The risk indicators diverge by one band: Mint sits at 5 (on the standard 1–7 scale) versus Smartshares at 6, suggesting the Australian fund carries somewhat higher short-term volatility as rated by each manager's methodology. Over the five-year period disclosed in each fund's latest Quarterly Fund Update, Mint returned 2.51% per annum against Smartshares' 3.03%, though past performance is not a reliable indicator of future returns. Both funds report identical growth asset allocations of 98.31%. Fund size is comparable — Mint at approximately NZD 16.9 million, Smartshares at approximately NZD 22.7 million — making both relatively small pools by institutional standards. Concentration differs markedly: Mint's largest single holding (Goodman Property Trust) represents 18.69% of the portfolio, whereas Smartshares' largest (Region RE) is just 5.75%, reflecting the broader index-based construction of the ETF.
Always verify current fees, returns, and holdings against the source PDS and latest Quarterly Fund Update on FMA Disclose before relying on any figures here.
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 Australian Property ETF charges 0.53% lower in annual fund charges (0.54% vs 1.07%).
- 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
Mint
1.07%
Upper half of cohort
Smartshares
0.54%
Lowest 13% of cohort
5-year return p.a.
Past performance — not a predictor
Mint
2.51%
Lower half over 5 years
Smartshares
3.03%
Upper half over 5 years
Fund size
Larger = more stable, lower close-risk
Mint
NZ$17m
Smallest 23% in cohort
Smartshares
NZ$23m
Lower half by size
| Metric | Mint | Smartshares | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.07% | 0.54% | Lower is better |
| Risk indicator (1–7) | 5 | 6 | Higher = more volatility |
| 5-year return p.a. | 2.51% | 3.03% | Higher is better (past not future) |
| Fund size | NZ$17m | NZ$23m | 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
Mint
Mint Australasian Property Fund
The Fund invests predominantly in Australasian listed property and property-related equities. The Fund is benchmarked against the S&P/NZX All Real Estate (Industry Group) Gross Index with an investment objective of outperforming the benchmark after fees and expenses, over the medium to long term.Full Mint Mint Australasian Property Fund profile →
Smartshares
Smart Australian Property ETF
The Smart Australian Property ETF is designed to track the return (before tax, fees and other expenses) of the S&P/ASX 200 A-REIT Equal Weight Index. The Index equally weights the constituents of the S&P/ASX 200 A-REIT Index, which is comprised of Australian Real Estate Investment Trusts (A-REITs) and mortgage REITs.Full Smartshares Smart Australian Property ETF profile →
Documents
Crawled directly from each manager's website. How we record provenance →
Mint
LiveLast verified 2026-05-08
Smartshares
Common questions
What's the difference between the Mint Australasian Property Fund and the Smart Australian Property ETF?
Which fund has lower fees, Mint Australasian Property Fund or Smart Australian 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?
