VAP vs MVA vs SLF: Australian Property ETFs Compared (2026)

Quick answer: All three track Australian real estate investment trusts (A-REITs), but they spread your money very differently. VAP (Vanguard, 0.23%) and SLF (State Street, 0.16%) weight by company size, so almost 40% of each is one company, Goodman Group. MVA (VanEck, 0.35%) caps every REIT at 10%, giving more weight to shopping-centre, office and diversified landlords. SLF is the cheapest. MVA has returned the most over 1, 3, 5 and 10 years, but it costs more and holds just 13 REITs.

The three A-REIT ETFs side by side

	VAP	SLF	MVA
Issuer	Vanguard	State Street (SPDR)	VanEck
Index	S&P/ASX 300 A-REIT	S&P/ASX 200 A-REIT	MVIS Australia A-REITs
Weighting	By market size	By market size	Size-based, each REIT capped at 10%
Management fee	0.23%	0.16%	0.35%
Holdings	29	19	13
Goodman Group weight	38.2%	38.7%	About 10% (capped)
Fund size	A$3.07b (June qtr 2026)	A$440m (16 Oct 2026)	A$819m (Sept 2026)
Distributions	Quarterly	Quarterly	Twice a year

Sources: Vanguard ETFs at a glance, June quarter 2026; State Street SLF page; VanEck MVA fact sheet, Sept 2026.

Annual management fee

SLF (State Street)0.16% p.a.

VAP (Vanguard)0.23% p.a.

MVA (VanEck)0.35% p.a.

The Goodman Group question

Goodman Group is by far the largest listed property company in Australia, and most of its value comes from industrial property and logistics and data-centre development. Because VAP and SLF weight by market size, Goodman makes up 38.2% of VAP and 38.7% of SLF. Scentre Group (Westfield shopping centres) is next at about 12–13%.

So VAP and SLF are partly a bet on one company. When Goodman does well, they do well; when it falls, they fall harder than the property sector as a whole.

MVA takes the opposite approach. Its index caps each REIT at 10%, so its top eight holdings (Mirvac, Charter Hall, GPT, Stockland, Dexus, Scentre, Goodman and Vicinity) sit between 9.7% and 10.2% each. By sub-sector, MVA is 44.8% diversified REITs, 32.5% retail, 12.6% industrial and 10.1% office. That's a more even mix of property types, but only 13 holdings, so small REITs are left out.

If you already own a broad Australian shares fund like VAS or A200, you already hold Goodman there too. Adding VAP or SLF increases that exposure; MVA adds more of the other landlords instead.

Returns

	1 year	3 years (p.a.)	5 years (p.a.)	10 years (p.a.)	As at
MVA	−11.77%	10.03%	2.84%	5.54%	30 Sept 2026
SLF	−14.39%	9.21%	2.74%	4.75%	30 Sept 2026
VAP	−15.20%	6.50%	2.64%	4.82%	31 Aug 2026

After fees, distributions reinvested. VAP's figures are a month earlier than the others. Past returns don't predict future returns.

Two things stand out. First, all three fell 12–15% in the year to September 2026. Listed property is sensitive to interest rates, and rates rose over that period. Second, MVA's equal-ish weighting has slightly beaten the size-weighted funds over every period shown, despite its higher fee. Over five years the gap is small; over the last year, holding less Goodman helped.

Income and tax

A-REITs pay out most of their rental income, which is why property ETFs suit income investors. MVA's portfolio dividend yield was 5.03% in September 2026. A-REIT distributions often include tax-deferred amounts, which aren't taxed when received but reduce your cost base, so you pay more capital gains tax when you sell. Distributions usually carry few or no franking credits, because trusts don't pay company tax. Your annual tax statement splits each component; how to read an ETF tax statement explains each line.

Gains on sale use the 50% CGT discount for gains up to 30 June 2027 (units held over 12 months), then indexation with a 30% minimum rate under the 2027 CGT changes. See the Capital Gains Tax Calculator.

Which suits which investor

SLF if you want the cheapest broad A-REIT exposure and are comfortable with a heavy Goodman weighting.
VAP if you want the same market-weighted approach across a slightly wider ASX 300 universe (29 REITs vs 19) and like quarterly distributions from a large, established fund.
MVA if you want a more even spread of landlords (shopping centres, offices, diversified) without Goodman dominating, and accept a higher fee and fewer holdings.

Thinking about property ETFs instead of an investment property? Our MVA review covers that trade-off, and the Rental Yield Calculator shows what a physical property would return.

Frequently asked questions

What is the difference between VAP and MVA?

VAP (Vanguard, 0.23% p.a.) holds 29 A-REITs weighted by size, so Goodman Group is about 38% of the fund. MVA (VanEck, 0.35% p.a.) holds 13 A-REITs with each capped at 10%, giving a more even spread across shopping-centre, office, industrial and diversified landlords. MVA has returned slightly more over 1, 3, 5 and 10 years.

Which property ETF has the lowest fee in Australia?

SLF from State Street at 0.16% p.a., followed by Vanguard VAP at 0.23% and VanEck MVA at 0.35%.

Why is VAP so concentrated in Goodman Group?

VAP weights each REIT by its market value, and Goodman Group is much larger than any other listed Australian property company. It made up 38.2% of VAP in the June 2026 quarter. SLF has a similar weighting; MVA caps each REIT at 10%.

Does VAP pay franked dividends?

Mostly not. A-REITs are trusts that pass income through without paying company tax, so their distributions usually carry few franking credits. They often include tax-deferred amounts, which reduce your cost base instead of being taxed straight away.

Why did property ETFs fall in 2026?

Listed property is sensitive to interest rates, and rates rose over the period. All three ETFs fell between 11.8% and 15.2% over the year to August–September 2026.

Related calculators and guides

This article is for general information only and does not constitute financial, tax or legal advice. Individual circumstances vary. Consult a registered tax agent or licensed financial adviser before making decisions based on this information.