Fund-vs-fund · Listed Property
Salt Enhanced 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 is geographic exposure: the Salt Enhanced Property Fund holds exclusively New Zealand-listed property securities — Precinct Properties, Goodman Property Trust, Kiwi Property Group, Vital Healthcare Property Trust, and Property for Industry among its top five — while the Smart Australian Property ETF tracks Australian-listed property, with holdings such as DigiCo Infrastructure REIT, Goodman Group, and Scentre Group. An investor's return profile, currency exposure, and sector mix will differ substantially depending on which market the fund accesses.
On fees, Salt charges a disclosed annual fund charge of 1.02%, nearly double the 0.54% charged by Smartshares for the Australian Property ETF. Both funds carry identical growth asset allocations of 98.31%, but their risk indicators diverge: Salt sits at 5 on the standard 1–7 scale, while the Smartshares fund sits at 6, suggesting the latter has exhibited greater historical return volatility. Five-year returns reflect this contrast starkly — Salt's fund returned 0.27% per annum over five years against the Smartshares fund's 5.88%, though past performance does not predict future results and the periods may not align perfectly across QFUs. Fund size also differs: Salt's fund held approximately NZD 19.8 million at the snapshot date, compared with NZD 42.8 million for the Smartshares fund. A PDS URL was not available in the Salt data snapshot; the Smartshares PDS is filed on FMA Disclose.
Verify all figures against each fund's current PDS and latest Quarterly Fund Update on FMA Disclose before relying on any of this information.
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 Australian Property ETF charges 0.48% lower in annual fund charges (0.54% vs 1.02%).
- 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
Salt
1.02%
Lower half of cohort
Smartshares
0.54%
Lowest 13% of cohort
5-year return p.a.
Past performance — not a predictor
Salt
1.67%
Lower half over 5 years
Smartshares
3.03%
Upper half over 5 years
Fund size
Larger = more stable, lower close-risk
Salt
NZ$18m
Lower half by size
Smartshares
NZ$23m
Lower half by size
| Metric | Salt | Smartshares | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.02% | 0.54% | Lower is better |
| Risk indicator (1–7) | 5 | 6 | Higher = more volatility |
| 5-year return p.a. | 1.67% | 3.03% | Higher is better (past not future) |
| Fund size | NZ$18m | 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
Salt
Salt Enhanced Property Fund
The Fund targets a portfolio of shares of New Zealand and Australian property trusts, companies and other property-related securities. The Fund may also, at our discretion short sell securities, hold cash, lever its assets and utilise active currency management to generate returns (although generally will be fully hedged). The investment objective is to outperform the S&P/NZX All Real Estate (Industry Group) Gross Index on a rolling three year basis.Full Salt Salt Enhanced 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 →
Common questions
What's the difference between the Salt Enhanced Property Fund and the Smart Australian Property ETF?
Which fund has lower fees, Salt Enhanced 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?
