Every so often a fresh batch of self-managed super fund data lands, and it offers a glimpse of how trustees are actually investing rather than how commentators assume they are. The latest figures, drawn from Class's 2026 benchmark reporting, paint a picture dominated by Australian shares and property, with Exchange-traded funds rising and Cryptocurrency remaining a curiosity at the margins. But the numbers come with an important caveat about where they come from. This article walks through what the data reveals, and how to read it without overstating what it can tell us.

Read the source before the results

The headline figures here come from Class, a major SMSF administration platform, and describe funds administered on that platform. That is a large and useful sample, but it is not a census of every self-managed super fund in Australia. The broader population, captured in the Australian Taxation Office's own SMSF statistics, can differ, particularly for funds administered elsewhere or self-administered.

This matters because platform data reflects the mix of funds and advisers who use that platform, which may skew towards certain fund sizes, ages or adviser types. Treating one provider's benchmark as the definitive national picture is a common error. The figures are best read as a strong indicator of direction and relative popularity, not as precise shares of the entire SMSF sector.

Australian shares still lead

With that caveat in place, the data shows Australian listed equities remaining the single largest allocation, at around 26.4 per cent of Assets on the platform. Direct shares in familiar large companies continue to anchor many SMSF portfolios, reflecting a long-standing preference for franked dividends and for companies trustees feel they understand.

This concentration in domestic shares is a defining feature of the SMSF sector and a double-edged one. It delivers franking benefits and familiarity, but it also entrenches a home bias and can leave portfolios exposed to a handful of large banks and miners. The persistence of this allocation, year after year, is one of the clearest signals in the data.

Property remains substantial

Direct property continues to hold a large place, at roughly 21.1 per cent of assets on the platform. Property's appeal to SMSF trustees is well documented: a tangible asset, potential rental income, and for Business owners the ability to hold their own premises in the fund. It remains a cornerstone of many funds' strategies.

The recent borrowing changes, which closed new residential gearing from 10 August 2026, may influence how this allocation evolves for new funds, since Leverage is no longer available for residential purchases. Existing property holdings are unaffected, but the data in coming years will be worth watching to see whether the share of new funds putting money into direct property shifts.

ETFs on the rise

Exchange-traded funds are the clear growth story. On the platform, ETFs reached about 7.2 per cent of assets, up around a percentage point, with roughly 35.5 per cent of funds holding at least one ETF, making them the third most popular holding after cash and Australian listed securities. International Equity exposure dominates the most popular ETF choices.

The rise reflects trustees using low-cost, diversified, listed vehicles to broaden portfolios, particularly offshore where direct investing is harder. It is a steady trend rather than a stampede, and ETFs remain a minority of assets overall, but the direction is consistent and it points to a gradual Diversification of the traditionally home-heavy SMSF portfolio.

Crypto stays on the fringe

Despite the attention it attracts, cryptocurrency remains a very small part of SMSF portfolios in the data. Only about 2.2 per cent of funds held any crypto, slightly down on the prior year, and it represented just 0.3 per cent of total assets by value. Class described crypto as a relatively small part of portfolios with no material increase in popularity.

The gap between crypto's share of headlines and its share of SMSF assets is striking. A small cohort of trustees holds it, often in modest amounts, and the overall footprint is tiny. Whatever one's view of the asset class, the data does not support a narrative of SMSFs piling into crypto; if anything, interest has plateaued.

What the data can and cannot tell us

Read carefully, the figures tell a coherent story: a sector still anchored in Australian shares and property, gradually adding diversified ETF exposure, and largely unmoved by crypto. That is useful context for trustees benchmarking their own thinking, and for understanding where the sector's risks, such as home bias and property concentration, actually lie.

What the data cannot do is tell any individual Trustee what to hold. Popularity is not suitability, and a fund's investments should flow from its own strategy, members and circumstances, not from a league table. The caveats about sample and source should travel with any figure quoted from a single platform. This article is general information only and is not Investment advice.

There is a further lesson in how such data is often reported. Eye-catching figures, especially around fashionable assets like cryptocurrency, can be amplified far beyond what the underlying numbers justify, while the unglamorous truth, that most SMSFs remain concentrated in local shares and property, gets less attention. Trustees who read benchmark reports critically, checking the sample, the period and the source before drawing conclusions, will get more value from them.

Used that way, the data becomes a mirror rather than a map. It can prompt a trustee to notice their own home bias, or to ask whether their property concentration is a deliberate choice or an accident of history, without ever dictating an answer. The best response to a benchmark is not to copy it but to let it sharpen the questions the trustees ask about their own fund.

Practical takeaway

The latest platform data shows SMSFs still led by Australian shares (around 26 per cent) and direct property (around 21 per cent), with ETFs rising to about 7 per cent and cryptocurrency stuck near 0.3 per cent of assets. Read it as a strong directional indicator from one large administrator, not a census of all funds. Use such benchmarks for context, remember that popularity is not suitability, and let your own fund's strategy and circumstances drive its investments.