Fund-vs-fund · Australasian Equities
Salt NZ Dividend Appreciation Fund vs Smart Australian Resources ETF
Both are Australasian Equities 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 their risk profile and portfolio focus. The Smart Australian Resources ETF carries a risk indicator of 6 (out of 7), reflecting its concentrated exposure to a single sector — Australian mining and energy — with BHP Group alone comprising 35.17% of the portfolio. The Salt NZ Dividend Appreciation Fund sits at risk indicator 4, holding a diversified spread of New Zealand dividend-paying companies across healthcare, infrastructure, energy, and consumer sectors, with its largest position, Fisher & Paykel Healthcare, at 16.1%.
This difference in risk is consistent with the divergence in five-year returns: the Smartshares fund returned 12.8% per annum versus Salt's 3.81%, though past performance reflects the strong commodity cycle during that period and does not indicate future results. Both funds hold identical growth asset allocations of 98.31% and are similar in size — Salt at approximately NZD 112.5 million and Smartshares at approximately NZD 114.4 million.
Fee structures differ meaningfully: the Smartshares ETF charges 0.54% annually, compared to Salt's 1.1%, a gap of 56 basis points that compounds over time. The Smartshares fund links to a current PDS on FMA Disclose; Salt's PDS URL is not present in this snapshot and should be sourced directly from FMA Disclose. Neither fund is a KiwiSaver scheme account product based on the data provided.
Verify all figures against each fund's current PDS and latest Quarterly Fund Update on FMA Disclose before relying on this comparison.
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 Resources ETF charges 0.56% lower in annual fund charges (0.54% vs 1.10%).
- 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 58 australasian equities funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Salt
1.10%
Upper half of cohort
Smartshares
0.54%
Lower half of cohort
5-year return p.a.
Past performance — not a predictor
Salt
3.81%
Upper half over 5 years
Smartshares
12.80%
Top 5% over 5 years
Fund size
Larger = more stable, lower close-risk
Salt
NZ$112m
Upper half by size
Smartshares
NZ$114m
Upper half by size
| Metric | Salt | Smartshares | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.10% | 0.54% | Lower is better |
| Risk indicator (1–7) | 4 | 6 | Higher = more volatility |
| 5-year return p.a. | 3.81% | 12.80% | Higher is better (past not future) |
| Fund size | NZ$112m | NZ$114m | 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 NZ Dividend Appreciation Fund
The Fund targets a portfolio of shares of New Zealand companies that may, in our opinion, pay high and sustainable dividends. The investment objective is to outperform the S&P/NZX 50 Gross Index on a rolling three year basis.Full Salt Salt NZ Dividend Appreciation Fund profile →
Smartshares
Smart Australian Resources ETF
The Smart Australian Resources ETF is designed to track the return (before tax, fees and other expenses) of the S&P/ASX 200 Resources Index. The Index is comprised of companies from the S&P/ASX 200 Index where the company is classified as belonging to the energy sector or the metals and mining industry.Full Smartshares Smart Australian Resources ETF profile →
Common questions
What's the difference between the Salt NZ Dividend Appreciation Fund and the Smart Australian Resources ETF?
Which fund has lower fees, Salt NZ Dividend Appreciation Fund or Smart Australian Resources 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?
