Fund-vs-fund · Australasian Equities
Salt NZ Dividend Appreciation Fund vs Smart NZ Dividend 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.
What's different at a glance
- Smart NZ Dividend 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
3.14%
Upper half over 5 years
Fund size
Larger = more stable, lower close-risk
Salt
NZ$112m
Upper half by size
Smartshares
NZ$97m
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 | 5 | Higher = more volatility |
| 5-year return p.a. | 3.81% | 3.14% | Higher is better (past not future) |
| Fund size | NZ$112m | NZ$97m | 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.
Matching holdings
3
of each fund's top 10
Salt weight in shared
14.2%
of Salt NZ Dividend Appreciation Fund top 10 is shared
Smartshares weight in shared
31.1%
of Smart NZ Dividend ETF top 10 is shared
| Holding | Salt | Smartshares |
|---|---|---|
 Contact Energy Ltd NZ | 6.10% | 10.71% |
 Meridian Energy Limited NZ | 4.06% | 10.59% |
 Mercury NZ Limited NZ | 4.03% | 9.85% |
"Min weight" = the smaller of the two weights — a conservative read of how much exposure you'd have to that position if you held both funds.
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 NZ Dividend ETF
The Smart NZ Dividend ETF is designed to track the return (before tax, fees and other expenses) of the S&P/NZX 50 High Dividend Index. The Index is comprised of 25 high yielding companies listed on the NZX and included in the S&P/NZX 50 Index.Full Smartshares Smart NZ Dividend ETF profile →
Common questions
What's the difference between the Salt NZ Dividend Appreciation Fund and the Smart NZ Dividend ETF?
Which fund has lower fees, Salt NZ Dividend Appreciation Fund or Smart NZ Dividend 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?
