Fund-vs-fund · Australasian Equities
Salt NZ Dividend Appreciation Fund vs Smart NZ Top 10 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 investment approach: the Salt NZ Dividend Appreciation Fund is actively managed, selecting and weighting holdings based on dividend growth criteria, while the Smart NZ Top 10 ETF is a passive index-tracking exchange-traded fund replicating the NZX's ten largest listed companies by market capitalisation. This distinction drives most other differences between them.
On fees, Salt charges an annual fund charge of 1.10% versus Smartshares' 0.60% — a 50-basis-point gap that compounds materially over time. Despite the higher fee, Salt's five-year return of 3.81% per annum compares noticeably with the Smart NZ Top 10 ETF's 0.29% over the same period, though past returns are not a reliable guide to future performance. Risk indicators diverge too: Salt sits at 4 (moderate) on the FMA's 1–7 scale, while the Smart NZ Top 10 ETF is rated 5 (moderate to high), suggesting the concentrated index approach has historically produced greater volatility.
Both funds hold near-identical growth asset allocations (98.31%) and share the same top five holdings — Fisher & Paykel Healthcare, Auckland International Airport, Infratil, Contact Energy, and a2 Milk — but the passive fund's weights are roughly double those of the active fund, reflecting its strict market-cap construction. Fund sizes are comparable at approximately NZ$112.5 million (Salt) and NZ$103.3 million (Smartshares). A PDS URL was not available in our snapshot for the Salt fund.
Always verify current fees, returns, and holdings against the source PDS 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 NZ Top 10 ETF charges 0.50% lower in annual fund charges (0.60% 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
0.60%
Lower half of cohort
5-year return p.a.
Past performance — not a predictor
Salt
3.81%
Upper half over 5 years
Smartshares
0.29%
Bottom 15% over 5 years
Fund size
Larger = more stable, lower close-risk
Salt
NZ$112m
Upper half by size
Smartshares
NZ$103m
Upper half by size
| Metric | Salt | Smartshares | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.10% | 0.60% | Lower is better |
| Risk indicator (1–7) | 4 | 5 | Higher = more volatility |
| 5-year return p.a. | 3.81% | 0.29% | Higher is better (past not future) |
| Fund size | NZ$112m | NZ$103m | 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
6
of each fund's top 10
Salt weight in shared
47.6%
of Salt NZ Dividend Appreciation Fund top 10 is shared
Smartshares weight in shared
76.9%
of Smart NZ Top 10 ETF top 10 is shared
| Holding | Salt | Smartshares |
|---|---|---|
 Fisher & Paykel Healthcare Ltd NZ | 16.10% | 24.97% |
 Auckland International Airport Ltd NZ | 9.12% | 15.36% |
 Infratil Ltd NZ | 8.06% | 13.24% |
 Contact Energy Ltd NZ | 6.10% | 10.01% |
 Ebos Group Ltd NZ | 4.19% | 5.19% |
 Meridian Energy Limited NZ | 4.06% | 8.13% |
"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 Top 10 ETF
The Smart NZ Top 10 ETF is designed to track the return (before tax, fees and other expenses) of the S&P/NZX 10 Index. The Index is comprised of ten of the largest companies listed on the NZX.Full Smartshares Smart NZ Top 10 ETF profile →
Common questions
What's the difference between the Salt NZ Dividend Appreciation Fund and the Smart NZ Top 10 ETF?
Which fund has lower fees, Salt NZ Dividend Appreciation Fund or Smart NZ Top 10 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?
