State Street SPDR S&P/ASX 200 Listed Property ETF (ASX:SLF): Concentrated Exposure to Australian A-REITs

Sonal Goyal

05 October 2026 05:58 PM AEDT

State Street SPDR S&P/ASX 200 Listed Property ETF (ASX:SLF): Concentrated Exposure to Australian A-REITs

Image Source: Shutterstock

You are reading a free article with opinions that may differ from the recommendation given by Kalkine in its paid research reports. Become a Kalkine member today to get access to our research reports, in-depth technical and fundamental research. Learn more

Start Your Free Trial Now!

Highlights

State Street SPDR S&P/ASX 200 Listed Property ETF has a reported fund size of approximately A$443.20 million and a management fee of 0.16%.
Real Estate accounts for 100% of the fund’s sector exposure, making SLF a dedicated Australian listed-property ETF.
Goodman Group is the largest holding at 38.52%, followed by Scentre Group at 12.73% and Stockland at 7.20%.
The fund holds 20 companies, with its 10 largest positions accounting for 89.87% of portfolio exposure.

State Street SPDR S&P/ASX 200 Listed Property ETF (ASX:SLF) is designed to track, before fees and expenses, the S&P/ASX 200 A-REIT Index. The fund provides targeted exposure to Australian-listed property trusts and property-related securities rather than the broader equity market. SLF was admitted to the ASX on 18 February 2002 and is classified within the Equity Australia Real Estate category.

Fund Size and Portfolio Structure

SLF has a reported fund size of A$443.20 million and approximately 40 million units outstanding.

The fund carries a management fee of 0.16%. Equities account for 99.56% of reported assets, while cash represents 0.44%. No bond or other asset allocation is reported.

Its investment structure is focused specifically on listed property securities, making the fund considerably more sector-specific than broad Australian equity ETFs.

Real Estate Accounts for Entire Sector Exposure

Real Estate represents 100% of SLF’s reported sector allocation.

No exposure is reported to Technology, Utilities, Basic Materials, Communication Services, Consumer Cyclical, Consumer Defensive, Energy, Financial Services or Healthcare.

This concentration means the ETF’s portfolio characteristics are closely linked to conditions affecting listed property groups, including commercial property, retail centres, industrial assets, office property and diversified property portfolios.

Goodman Group Dominates Portfolio Weighting

Goodman Group is the largest holding in SLF at 38.52% of the portfolio.

Scentre Group is the second-largest position at 12.73%, followed by Stockland at 7.20%. Vicinity Centres represents 6.67%, while Charter Hall Group accounts for 6.20%.

GPT Group has a 6.11% allocation, followed by Mirvac Group at 4.87% and Dexus at 4.21%.

Region Group represents 1.74%, while Charter Hall Long WALE REIT accounts for 1.57%.

The size of the Goodman Group position means that movements in this single holding can have a considerable influence on the overall portfolio.

Top 10 Holdings Represent Nearly 90% of Assets

SLF holds 20 companies, but its 10 largest positions account for 89.87% of total portfolio exposure.

Only 10.12% is allocated across the remaining holdings.

The portfolio is therefore diversified across several listed property groups, but asset concentration remains high among its largest constituents.

The market-cap profile is also weighted toward larger companies. Securities with market capitalisations above A$1 billion account for 92.66% of the portfolio, while companies valued between A$500 million and A$1 billion represent 7.34%. No exposure is reported to companies below A$500 million.

Australian Exposure Reaches 100%

SLF’s geographic exposure is entirely Australian.

Australia accounts for 100% of the reported portfolio, meaning the fund does not provide geographic diversification outside the domestic listed property market.

This distinguishes SLF from global property ETFs that may hold property securities across North America, Europe and Asia.

Distribution and Cost Profile

SLF reported an interim distribution of A$0.073 per unit.

The ex-distribution date was 29 September 2026, with a record date of 30 September and payment scheduled for 30 November 2026.

The reported annual yield is 5.53%.

Portfolio turnover was reported at 5.84%, while the management fee remains 0.16%.

Trading and Risk Snapshot

SLF was quoted at A$11.02, with a bid-offer range of A$11.00 to A$11.30. Trading volume stood at 51,068 units compared with reported average volume of 66,235 units.

The ETF reported a beta of 1.01 and standard deviation of 17.56.

These measures provide a snapshot of portfolio sensitivity and variability. As a listed-property ETF, SLF can be influenced by factors including interest rates, property valuations, rental conditions, occupancy trends and capital-market conditions affecting A-REITs.

Closing Perspective

State Street SPDR S&P/ASX 200 Listed Property ETF provides concentrated access to Australia’s listed property market through 20 holdings. Goodman Group represents more than one-third of the portfolio, while the 10 largest holdings together account for 89.87%. With a fund size of A$443.20 million, a 0.16% management fee and 100% Real Estate sector exposure, SLF is structured as a targeted A-REIT ETF rather than a broadly diversified Australian equity product.

FAQs

Q: What does State Street SPDR S&P/ASX 200 Listed Property ETF (ASX:SLF) invest in?

A: SLF invests in Australian-listed property securities represented in the S&P/ASX 200 A-REIT Index.

Q: What is SLF’s fund size?

A: The reported fund size is approximately A$443.20 million.

Q: What is SLF’s management fee?

A: The ETF has a management fee of 0.16%.

Q: Which company is SLF’s largest holding?

A: Goodman Group is the largest holding at 38.52% of the portfolio.

Q: How concentrated is the SLF portfolio?

A: SLF holds 20 companies, while its 10 largest positions account for 89.87% of total portfolio exposure.

Download Free Report – Explore 3 Stock Ideas & Industry Insights

Unlock 3 stock ideas and key industry insights in our free report. This information is general in nature and does not consider your personal objectives, financial situation, or needs. It is not financial advice.

All investments involve risk—consider independent advice before making any investment decisions.

View 3 Research Reports

Disclaimer:

This article (“Article”) has been prepared by Kalkine Pty Limited (ABN 34 154 808 312) (Australian financial services licence number 425376) (“Kalkine”) and its related bodies corporate who are authorised to provide general financial product advice. Kalkine.com.au and its associated pages are published by Kalkine.

Any information/advice provided in this article is general in nature and does not take into account your objectives, financial situation or needs. You should therefore consider whether the information is appropriate for your objectives, financial situation and needs before acting upon it.

There may be a Product Disclosure Statement, Information Memorandum or other offer document (“Offer Document”) for the securities or other financial products referred to in Kalkine articles. You should obtain a copy of the Offer Document and consider it before making any decision about whether to acquire the security or financial product.

Kalkine strongly recommends that you seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) before acting on any advice/information in this Article or on the Kalkine website. Not all investments are appropriate for all people.

The information in this Article and on Kalkine website has been prepared from a wide variety of sources, which Kalkine, to the best of its knowledge and belief, considers accurate. Kalkine has made every effort to ensure the reliability of the information contained in its articles (including this Article), newsletters and websites. All information represents our views at the date of publication and may change without notice.

The information in this Article does not constitute an offer to sell securities or other financial products or a solicitation of an offer to buy securities or other financial products.

Kalkine does not issue, sell or deal in any financial products.

This Article may contain information on past performance of particular investments. Please note past performance is neither an indicator nor a guarantee of future performance.

To the extent permitted by law, and excluding any dishonesty or gross negligence by Kalkine, Kalkine disclaims and excludes all liability for any direct, indirect, implied, punitive, special, incidental or other consequential loss or damage arising from the use of or reliance on this Article, the Kalkine website and any information published on the Kalkine website without any warranties or representations by Kalkine to you. To the extent the law prohibits or limits this exclusion, Kalkine limits its liability to the resupply of services.

Please also read our Terms & Conditions and Financial Services Guide for further information.

Employees and/or associates of Kalkine and its related entities may hold interests in the securities or other financial products covered in this Article or on the Kalkine website. Any such employees and associates are required to comply with certain safeguards, procedures and disclosures as required by law.

Some of the images/music that may be used in the Article are copyright to their respective owner(s). Kalkine does not claim ownership of any of the pictures displayed/music used in the Article unless stated otherwise. The images/music that may be used in the Article are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated or was found to be necessary.

Kalkine Media Pty Ltd, an affiliate of Kalkine Pty Ltd, may have received, or be entitled to receive, financial consideration in connection with providing information about certain entity(s) covered on its website.