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VAP

$83.50-0.78%Property / REITs63/100
Fund Page ↗

Vanguard Australian Property Securities Index ETF · Vanguard

Data as at 29 March 2026

TL;DR

Tracks Australian listed property trusts in the ASX 300. Goodman Group — a logistics and warehouse REIT — makes up over 36% of the fund due to its extraordinary market cap growth over the past decade.

MER (Annual Fee)
0.23%
#1 lowest in Property / REITs
1Y Return
-5.1%
3Y Return (p.a.)
+7.6%
Dividend Yield
3.37%
Trailing 12 months
AUM
$3,092.2M
Assets under management
Avg Daily Turnover
$2.7M
Avg shares × unit price
Unit Price
$83.50
As at 29 March 2026
Provider
Vanguard
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Strategy

Follows the S&P/ASX 300 A-REIT Index, which covers all Australian Real Estate Investment Trusts in the top 300 ASX companies. Market-cap weighted, so the largest REITs dominate.

Top Holdings

Goodman Group
36.5%
Scentre Group
10.5%
GPT Group
7.2%
Dexus
6.8%
Stockland
5.5%
Charter Hall
5.8%
Mirvac Group
4.2%
Region RE
3.1%
Key Fact

Goodman Group's share price rose over 1,000% between 2015 and 2024, driven by demand for logistics warehouses from retailers, supermarkets, and e-commerce operators. This growth is why Goodman now makes up over a third of the entire Australian REIT index.

Suited for

Investors wanting listed property exposure through a passive, low-cost fund. If Goodman Group's logistics business continues to grow, VAP will reflect that growth heavily.

Risks

Over 36% of the fund is Goodman Group — a single company. A-REITs are also sensitive to interest rates: when rates rise, REIT valuations typically fall because higher rates reduce the present value of future rental income.

ETFCheck Score63/100
Fees (40%)66
Fund Size (25%)66
Liquidity (20%)44
Yield (15%)73
How scores are calculated →
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0.29% MER
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0.35% MER
56
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0.40% MER
51
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0.43% MER
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Frequently Asked Questions - VAP

Why does Goodman Group dominate VAP's portfolio and what risk does that create?+
Goodman Group represents approximately 27% of VAP's holdings due to its massive market capitalisation growth driven by logistics and data centre demand. This means VAP behaves partly like a single-stock bet rather than a diversified REIT fund. Australian investors seeking broad property exposure should consider whether this concentration aligns with their risk tolerance, or whether equal-weighted alternatives like MVA (MER 0.35%) offer better sector diversification across retail, office, and industrial REITs.
How does VAP compare to SLF given they track the same property index?+
Both VAP and SLF track the S&P/ASX 300 A-REIT Index, so their holdings and returns are virtually identical - VAP returned 16.2% and SLF 15.8% over one year. The key differentiator is cost: VAP charges a MER of 0.23% versus SLF's 0.40%, saving SMSF investors meaningful fees over decades. However, SLF occasionally offers tighter bid-ask spreads due to institutional flow, so traders should compare total transaction costs before choosing.
Are VAP distributions eligible for franking credits through SMSF holdings?+
VAP distributions are predominantly unfranked because Australian REITs generally distribute rental income rather than company profits. SMSF trustees in pension phase won't benefit from franking credit refunds as they would with bank-heavy ETFs like VAS. However, a portion of VAP's distributions may include tax-deferred components, which reduce your cost base for CGT purposes - a meaningful benefit for long-term holders that should be discussed with your tax adviser each financial year.
Is VAP still a genuine property diversifier or has it become a growth-tech proxy?+
With Goodman Group's pivot toward data centres and logistics infrastructure, VAP has increasingly correlated with global technology trends rather than traditional rental property fundamentals. This structural shift means VAP may not provide the defensive, income-focused characteristics investors historically expected from REIT allocations. If you want pure exposure to traditional Australian commercial property - shopping centres, offices, and residential - MVA's equal-weighted methodology or selecting individual REITs like Scentre Group may better suit your portfolio diversification goals.