Key Highlights

  • State Street SPDR S&P/ASX 200 Listed Property ETF (ASX:SLF) traded at $12.78, with a fund size of $495.98 million based on the supplied ASX data.
  • Real estate accounted for 100% of the portfolio, providing direct exposure to Australia's listed property sector.
  • Goodman Group represented 39.28% of the fund, while the top 10 holdings collectively accounted for 87.49%.
  • The ETF had a 0.16% management fee, a reported annual distribution Yield of 4.78% and a Standard Deviation of 17.74%.

State Street SPDR S&P/ASX 200 Listed Property ETF (ASX:SLF) provides investors with exposure to Australian listed property companies through the S&P/ASX 200 A-REIT index . The fund seeks to closely track the benchmark before fees and expenses, with an approach designed around low portfolio turnover and index tracking.

The latest supplied market data showed SLF trading at $12.78, up $0.03, or 0.23%, from the previous close of $12.75. Its intraday range was $12.63 to $12.79, while the 52-week range extended from $11.21 to $14.99.

The fund had a reported size of $495.98 million and 38,900,001 units outstanding. Trading Volume reached 75,402 units against an average volume of 39,550.

Real Estate Accounts for the Entire Portfolio

SLF's portfolio is highly specific by design. Real estate represented 100% of its sector allocation, compared with 98.66% for the broader Equity Australia Real Estate category.

No allocation was reported to technology, utilities, basic materials, communication services, consumer cyclical, consumer defensive, energy, financial services or healthcare. This makes the fund a direct vehicle for gaining exposure to Australia's listed property market rather than a broad Australian equity ETF.

The portfolio was 97.30% invested in stocks, with cash representing 2.52% and bonds 0.18%. The geographic allocation was entirely Australian.

Goodman Group Is the Dominant Holding

The largest feature of SLF's portfolio is its concentration in Goodman Group, which represented 39.28% of the fund. Scentre Group was the second-largest holding at 12.44%, followed by Charter Hall Group at 6.67%.

Vicinity Centres accounted for 6.28%, Stockland 6.12% and GPT Group 5.76%. Mirvac Group represented 4.18%, while Dexus contributed 3.57%. Region Group and Charter Hall Long WALE REIT completed the top 10 holdings at 1.65% and 1.49%, respectively.

Together, the top 10 holdings represented 87.49% of the portfolio, leaving 12.51% among the remaining holdings. The weighting of Goodman Group means developments affecting Australia's largest listed property businesses can have a substantial influence on the ETF's overall performance.

Large-Cap Property Exposure

SLF's portfolio is predominantly concentrated in larger listed property companies. Companies with market capitalisations above $1 billion represented 94.95% of the fund, while those between $500 million and $1 billion accounted for 5.04%. No allocation was reported to companies below $500 million.

This market-cap structure aligns with the fund's benchmark, which focuses on the S&P/ASX 200 listed property segment. It also means smaller property companies have little direct influence on the portfolio compared with the major A-REIT constituents.

The fund's Turnover ratio was 5.84%, consistent with its index-tracking structure and relatively low portfolio turnover.

Distribution Profile Adds an Income Dimension

SLF reported a final distribution of $0.356 per unit, with an ex-date of 29 June 2026 and payment date of 31 August 2026. The supplied annual yield was 4.78%.

Recent distributions included $0.016 in August 2026, $0.167 in June 2026, $0.070 in March 2026 and $0.315 in August 2025. The variation in individual payments highlights the importance of distinguishing between periodic distributions and an annualised yield measure.

The fund's management fee was 0.16%, providing a relatively low-cost structure for accessing the listed Australian property sector.

Risk Metrics and Recent Returns

SLF had a reported Beta of 1.01 and standard deviation of 17.74%. These measures provide historical context regarding market sensitivity and return variability but do not establish future performance.

The supplied total-return figures show a 4.17% return over one month and 15.58% over three months. The six-month return was negative 3.04%, while the one-year return was negative 0.95%. Over three years, the reported total return was 12.01%.

The differing results across these periods reflect the changing conditions experienced by the listed property sector and the underlying companies represented in the benchmark.

Conclusion

State Street SPDR S&P/ASX 200 Listed Property ETF (ASX:SLF) offers a concentrated route into Australia's listed property market, with 100% of its sector allocation directed to real estate and 100% of geographic exposure in Australia. Goodman Group's 39.28% weighting is the most significant portfolio characteristic, while the top 10 holdings collectively account for 87.49%. The fund combines this concentration with a 0.16% management fee, a predominantly large-cap portfolio and a reported annual distribution yield of 4.78%. Its structure makes the performance and financial conditions of major Australian property trusts central to understanding the ETF.