Highlights

  • State Street SPDR S&P/ASX 200 Financials Ex A-REIT ETF has a reported fund size of A$45.69 million and a management fee of 0.34%.
  • Financial Services accounts for 98.99% of the portfolio, making OZF a highly concentrated sector ETF.
  • Commonwealth Bank is the largest holding at 30.11%, followed by National Australia Bank, Westpac, ANZ and Macquarie Group.
  • The fund holds 32 companies, while its 10 largest positions represent 90.83% of total portfolio exposure.

State Street SPDR S&P/ASX 200 Financials Ex A-REIT ETF (ASX:OZF) is designed to closely track the S&P/ASX 200 Financials Ex A-REIT Index before fees and expenses. The fund provides targeted exposure to Australian financial companies while excluding Australian real estate investment trusts. OZF was admitted to the ASX on 13 April 2011 and is classified within the Equity Australia Other category.

Fund Size and Portfolio Structure

OZF has a reported fund size of approximately A$45.69 million and around 1.56 million units outstanding.

The fund charges a management fee of 0.34%. Its portfolio is almost entirely invested in equities, with stocks accounting for 99.92% of assets and cash representing 0.07%.

The structure is designed to provide focused access to the Australian financial sector rather than diversified exposure across the wider share market.

Financial Services Dominates Sector Allocation

Financial Services represents 98.99% of the portfolio.

Technology accounts for just 0.81%, while Industrials represents 0.20%. There is no reported exposure to Real Estate, Healthcare, Basic Materials, Communication Services, Consumer Cyclical, Consumer Defensive or Energy.

The concentration means OZF is particularly influenced by developments affecting Australian banks, insurers, diversified financial companies and other major financial institutions.

Commonwealth Bank Leads Portfolio Weightings

Commonwealth Bank of Australia is OZF's largest holding at 30.11%.

National Australia Bank is the second-largest holding at 13.34%, closely followed by Westpac Banking Corporation at 13.30%. ANZ Group Holdings represents 12.62%.

Together, the four major Australian banks account for 69.37% of the portfolio.

Macquarie Group has a further 10.00% weighting, meaning the five largest holdings collectively represent close to four-fifths of fund assets.

Other major positions include QBE Insurance Group at 3.74%, Suncorp Group at 2.30%, Insurance Australia Group at 2.08%, Washington H. Soul Pattinson at 1.79% and Medibank Private at 1.49%.

Top 10 Holdings Account for 90.83%

OZF holds 32 companies, but the largest positions dominate portfolio construction.

The top 10 holdings represent 90.83% of the fund, while the remaining companies collectively account for 9.17%.

This creates meaningful diversification across individual financial companies, although overall exposure remains concentrated among Australia's largest banks and financial institutions.

The market-cap profile is similarly tilted toward large companies. Businesses valued above A$1 billion account for 99.35% of the portfolio, while companies between A$500 million and A$1 billion represent only 0.65%. There is no reported exposure to companies valued below A$500 million.

Geographic Exposure Is Predominantly Australian

Australia represents 99.18% of OZF's reported geographic exposure.

The United States accounts for 0.61%, while New Zealand represents 0.20%.

The fund is therefore overwhelmingly focused on the Australian financial system rather than providing meaningful international diversification.

Distribution and Cost Profile

OZF reported a final distribution of A$0.268 per unit, with an ex-distribution date of 29 June 2026, a record date of 30 June and payment date of 13 July.

The fund's reported annual yield is 3.01%.

Portfolio turnover was reported at 3.22%, consistent with the fund's stated objective of maintaining relatively low portfolio turnover while tracking its benchmark.

Trading and Risk Snapshot

OZF was quoted at A$29.45, with a bid-offer range of A$29.25 to A$29.90. Trading volume stood at 622 units compared with reported average volume of 15,070 units.

The ETF reported a beta of 1.23 and standard deviation of 17.18.

These measures reflect the fund's sensitivity to equity-market movements and its concentration in one sector. Changes in banking conditions, credit activity, insurance earnings and financial-market conditions can therefore have a meaningful influence on the portfolio.

Closing Perspective

State Street SPDR S&P/ASX 200 Financials Ex A-REIT ETF provides highly concentrated exposure to Australia's financial sector. The four major banks account for more than two-thirds of assets, while the top 10 holdings represent 90.83% of the portfolio. With 32 holdings, a fund size of A$45.69 million and a 0.34% management fee, OZF is structured primarily as a targeted financial-sector ETF rather than a broad Australian equities fund.