Jonathan Shead Steps Down as Director of State Street SPDR S&P/ASX 200 Listed Property ETF

Overview of State Street SPDR S&P/ASX 200 Listed Property ETF's Investment Framework

Registered on the Australian Securities Exchange under ABN 80 455 956 145, State Street SPDR S&P/ASX 200 Listed Property ETF provides investors with diversified exposure to Australia's listed property sector by tracking the S&P/ASX 200 Listed Property Index. This index includes the largest and most liquid property trusts and companies listed on the ASX, enabling investors to access the real estate investment trust market without direct property ownership.

The ETF trades on the ASX like a share during market hours, with State Street managing the underlying portfolio to closely replicate its benchmark index's performance. This passive management style appeals to Australian investors seeking broad listed property sector exposure combined with the flexibility of exchange-traded securities.

Details on Jonathan Shead's Departure and Director Interest Disclosure

Jonathan Shead concluded his directorship of the State Street SPDR S&P/ASX 200 Listed Property ETF on 23 July 2026. His prior director interest notice was dated 21 June 2019, reflecting a multi-year tenure. The final director's interest notice confirms Shead held no securities registered in his name or any relevant indirect interests in the fund upon his exit.

It is common for investment fund directors to hold no direct securities to avoid conflicts of interest. Shead's clean exit with no securities holdings simplifies the transition and ensures no financial entanglements remain. This filing meets the fund's disclosure requirements under section 205G of the Corporations Act and provides transparency regarding governance changes.

Regulatory Compliance for Directors of Listed Property Funds

The final director's interest notice is a key element of Australia's regulatory framework for listed investment funds. ASX listing rule 3.19A.3 mandates disclosure of directors' securities interests, both direct and indirect, to ensure transparency around potential conflicts of interest. Section 205G of the Corporations Act further requires directors to notify their entities of any changes to their notifiable interests.

For the State Street SPDR S&P/ASX 200 Listed Property ETF, these compliance rules are vital given its role in channeling investor capital into the listed property sector. The regulatory framework safeguards retail and institutional investors by promoting transparent governance and proper conflict management. The final director's interest notice confirms State Street has fulfilled all procedural requirements following Shead's departure, maintaining compliance with ASX continuous disclosure rules.

Context of the Listed Property Sector and ETF Market

Operating within Australia's listed property trust sector, State Street SPDR S&P/ASX 200 Listed Property ETF tracks an index comprising office, retail, industrial, residential, and diversified property assets. The S&P/ASX 200 Listed Property Index represents the largest and most liquid sector components. Listed property trusts have historically offered Australian investors income and capital growth potential, making them a core portfolio component.

The ETF structure revolutionizes access to listed property exposure by allowing investors to purchase units via stockbrokers during ASX trading hours, benefiting from diversification and lower transaction costs. Regulatory disclosures, including director interest notices, contribute to the transparency that underpins investor confidence in the listed property ETF market.

Components of the Director Interest Notice

The final director's interest notice for Jonathan Shead includes three parts as required by ASX rules. Part 1, covering securities registered in the director's name, is marked nil, indicating no direct holdings. Part 2, addressing indirect interests, is also nil, confirming no beneficial holdings. Part 3, relating to contracts or arrangements with the fund, is marked not applicable, showing no contractual interests beyond directorship.

This comprehensive notice demonstrates State Street's thorough review of Shead's interests at cessation and full compliance with disclosure mandates, reinforcing the fund's regulatory standing and investor transparency.

Governance Transition Procedures

Director changes at listed investment funds trigger coordinated compliance steps, including ASX notifications, filings under the Corporations Act, and completion of interest disclosures. The final director's interest notice marks the official end of the director's tenure and confirms the status of any interests as of the cessation date.

State Street oversees these governance transitions to ensure management continuity and operational stability despite board changes. These procedures reassure investors that governance remains transparent and compliant. The filing of Shead's final notice signals formal completion of this governance transition.

Investor Impact of Director Changes in Listed Property ETFs

While director changes generally do not affect the fund's investment strategy or holdings—given its passive index tracking—they are part of the broader governance environment. Investors monitoring governance may view director movements as potential indicators of strategic or management shifts.

In Shead's case, the notice indicates a routine departure without concerns. The absence of securities holdings and a clean transition suggest normal director rotation. Investors should focus primarily on the fund's index tracking accuracy, fees, and alignment with the S&P/ASX 200 Listed Property Index when assessing performance. Governance disclosures serve regulatory and transparency purposes separate from investment outcomes.

State Street's Role as Fund Manager and Responsible Entity

State Street Corporation, a global financial services leader, acts as the responsible entity for the State Street SPDR S&P/ASX 200 Listed Property ETF. It holds legal and regulatory responsibility for fund management and director oversight, ensuring compliance with ASX listing rules, the Corporations Act, and other regulations.

The final director's interest notice filing highlights State Street's dedication to transparency and regulatory adherence. Its global stature provides investors with confidence in the fund's operational stability and governance. The careful execution of regulatory filings reflects the operational discipline State Street applies to its Australian fund management, critical for investor trust in the listed property ETF sector.

Outlook on Governance and Succession Planning

The announcement does not specify a successor director or board composition following Shead's exit. State Street is responsible for appointing qualified directors to fill vacancies, consistent with the fund's constitution and regulatory standards. Maintaining robust governance structures remains a priority.

Investors should watch for future ASX filings announcing new director appointments and board updates. Incoming directors will be required to submit initial director interest notices under the same regulatory framework. Provided State Street sustains proper governance and compliance, the fund's index tracking operations should continue unaffected by director changes.