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 between these two funds is geographic exposure: the Salt Enhanced Property Fund holds New Zealand-listed property securities, with its five largest positions — Precinct Properties, Goodman Property Trust, Kiwi Property Group, Vital Healthcare Property Trust, and Property for Industry — accounting for roughly 76% of the portfolio on their own. The Smart Australian Property ETF, managed by Smartshares, tracks Australian-listed real estate investment trusts, with its five disclosed holdings spread far more evenly, each between approximately 5.3% and 5.8% of the fund. This concentration contrast is the sharpest practical difference for an investor weighing domestic versus trans-Tasman property exposure.
On fees, Salt charges a 1.02% annual fund charge versus Smartshares' 0.54%, a gap of 48 basis points that compounds meaningfully over time. Risk indicators diverge modestly: Salt sits at 5 on the standard 1–7 scale, Smartshares at 6, suggesting the Australian fund carries somewhat higher short-term volatility as rated under the FMA's prescribed methodology. The five-year return figures recorded in each fund's latest Quarterly Fund Update show 1.67% per annum for Salt and 3.03% per annum for Smartshares, though these figures reflect different market environments, currency effects, and time periods and should not be read as a direct performance forecast. Both funds report identical growth asset allocations of 98.31%. Fund sizes are similar — Salt at approximately NZD 18.4 million, Smartshares at approximately NZD 22.7 million. A PDS URL was not available in our snapshot for Salt; Smartshares' PDS is accessible via FMA Disclose.
Always verify all figures against each fund's current Product Disclosure Statement 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 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?
