Highlights

  • OZF seeks to track the S&P/ASX 200 Financials Ex A-REIT index before fees and expenses.
  • Financial services accounted for 99.10% of the reported sector allocation.
  • Commonwealth Bank was weighted at 28.54%, with the ten largest positions representing 90.18%.
  • Management fees and costs were listed at 0.34%, and the portfolio listing contained 31 holdings.

State Street SPDR S&P/ASX 200 Financials ex A-REIT ETF (ASX:OZF) provides exposure to financial equities within a benchmark that excludes Australian real estate investment trusts. It seeks to track the S&P/ASX 200 Financials Ex A-REIT Index before fees and expenses. At the time of writing on 6 November 2026, OZF was trading at AUD 31.81. The largest bank positions dominate its allocation, supplemented by insurance and other financial businesses.

A focused financial sector Equity allocation

OZF’s mandate separates financial companies from the listed property trust exposure that might otherwise be associated with a wider financial classification. The strategy is designed around following the specified benchmark, so its coverage is narrower than a broad Australian share portfolio spanning multiple industries.

Financial services represented 99.10% of the sector breakdown, with technology and industrial classifications making up small reported allocations. The portfolio listing contained 31 holdings. Company breadth within financials does not remove common exposure to funding conditions, lending activity and developments affecting the financial system.

Major banks carry the largest weights

Commonwealth Bank was the largest holding at 28.54%, followed by National Australia Bank at 13.78%, Westpac at 13.55%, ANZ Group at 13.05% and Macquarie Group at 9.44%. Together, those five positions represented 78.36% of the portfolio.

QBE Insurance accounted for 3.92%, Suncorp 2.42%, Insurance Australia Group 2.10%, Washington H. Soul Pattinson 1.91% and Medibank Private 1.42%. The top ten holdings represented 90.18%. Insurance and other businesses extend the mix, but their weights remain smaller than the allocation to the major banks. Individual bank movements can therefore have a material effect on the fund.

Portfolio structure costs and distributions

The asset allocation was 99.03% equities and 0.96% cash. Geographic exposure was 99.35% Australia, with smaller United States and New Zealand allocations. Companies above AUD 1 billion represented 98.89% of the Market Capitalisation breakdown, confirming the predominance of larger financial businesses.

Management fees and costs were listed at 0.34%. A final distribution of AUD 0.268 per unit had an ex-distribution date of 29 June 2026, a Record Date of 30 June and payment on 13 July. Future amounts can vary. The main exposures remain financial sector concentration, changes in company Earnings and valuations, and normal equity market risk.

Key Insights

OZF offers financial equity exposure with substantial major bank concentration and smaller insurance allocations. Its benchmark exclusion of A-REITs defines the mandate, while the leading holding weights show how narrowly a few issuers can influence a sector portfolio.