State Street SPDR S&P/ASX 200 Listed Property ETF Holds $494 Million NAV with Stable Unit Count

Fund Structure and Daily NAV Calculation Process

The State Street SPDR S&P/ASX 200 Listed Property ETF operates as a listed managed investment scheme, offering investors exposure to Australian listed property securities through a single investment vehicle. Issued by State Street Global Advisors, Australia Services Limited (AFSL No. 274900), the ETF is listed on the ASX AQUA market under ticker SLF, allowing trading at market prices throughout the ASX trading day.

The daily update released on 28 July 2026 for settlement on 29 July 2026 illustrates the transparent pricing methodology. The NAV per unit of $12.60 is derived by dividing the total net asset value by units outstanding, per the fund constitution. This NAV per unit serves as both the issue price for new applications and the redemption price, ensuring pricing clarity. The NAV per Creation Unit, representing 50,000 units, was $630,120.00, with a rounding component of $70.32 reflecting minor differences between the net creation basket value and the prevailing index parcel value.

Composition of the 18-Stock Property Portfolio in SLF

The ETF provides diversified exposure across 18 Australian listed property securities, spanning large-cap leaders to mid-cap specialists. The index basket includes Mirvac Group as the largest holding with 15,975 shares, followed by Scentre Group with 21,145 shares, and Goodman Group with 8,278 shares, reflecting substantial exposure to diversified, retail, and industrial property sectors.

Additional holdings include Charter Hall Group (1,915 shares), Stockland (9,844 shares), and specialist REITs such as Centuria Industrial REIT (2,123 shares), Charter Hall Long Wale REIT (2,679 shares), and Charter Hall Retail REIT (2,047 shares). The portfolio also features property income funds like Homeco Daily Needs REIT (7,613 shares), Vicinity Centres (15,968 shares), and Region Group (4,651 shares), ensuring broad diversification across retail, industrial, and community property sectors.

Fund Size Stability and Units Outstanding as of 29 July 2026

The daily update confirms that SLF maintained a stable unit structure with no changes in units outstanding during the reporting period. Opening units on issue as of 29 July 2026 were 39,200,001.00, with no applications or redemptions processed on 28 July 2026. Consequently, units outstanding remained constant, preserving the fund size.

The fund’s total net asset value of approximately $494 million reflects the aggregate value of the 18 property holdings, adjusted for rounding and any undistributed income. With over 39 million units outstanding, SLF holds meaningful scale within the Australian ETF market, facilitating efficient index tracking and cost management. The NAV per unit of $12.60 provides investors a daily valuation based on closing market prices as of 28 July 2026. The stable unit count indicates balanced investor demand and redemption activity.

Exposure to Leading ASX Property Companies and Diversification Advantages

Investing in SLF offers concentrated exposure to Australia’s largest property companies and REITs dominating the listed property sector. Goodman Group’s 8,278 shares provide exposure to a global logistics and industrial property leader benefiting from e-commerce and supply chain trends. Mirvac Group’s 15,975 shares offer diversified exposure across residential, commercial, and retail properties, capitalizing on demographic growth and urbanisation.

The portfolio’s 18 securities reduce concentration risk while providing access to specialized subsectors. Investors gain exposure to infrastructure-focused entities like Waypoint REIT and regionally focused operators such as Region Group. Retail specialists like Scentre Group add income-generating assets tied to consumer spending. Charter Hall’s allocations in long-wale REIT (2,679 shares) and retail REIT (2,047 shares) provide exposure to varying lease structures, including inflation-linked and fixed-income style leases. Inclusion of Centuria Industrial REIT and Centuria Capital Group diversifies industrial property and capital management exposure, sectors showing resilience and growth potential.

NAV Components and Rounding Adjustments in Index Basket Construction

The daily update details NAV calculation components, including the NAV per creation unit of $630,120.00, which aggregates the value of all shares in the 50,000-unit creation basket plus rounding and adjustment components. The rounding component of $70.32 represents a minor differential between the net creation basket value and prevailing index parcel value, a typical feature ensuring efficient pricing and accurate index tracking. This rounding difference is less than 0.02% of the creation unit NAV, highlighting operational efficiency.

The adjustment amount component was $0.00 on the reporting date, indicating no undistributed net income held in liquid investments or that income was fully distributed or reinvested. The index basket shares’ value on 28 July 2026 was $630,190.32, reflecting market values of the 18 property securities at close of trading. These details allow investors to reconcile unit pricing with underlying asset values and confirm accurate index tracking without significant tracking error or cash drag.

Regulatory Compliance and AFSL Status of State Street Global Advisors

SLF operates under a regulatory framework overseen by ASIC and ASX. State Street Global Advisors, Australia Services Limited holds Australian Financial Services Licence Number 274900 and ABN 16 108 671 441, authorizing it to manage registered managed investment schemes. The fund is an Australian registered managed investment scheme listed on the ASX AQUA market, subject to ASX listing rules and continuous disclosure requirements.

The daily fund update forms part of State Street Global Advisors’ continuous disclosure obligations, promoting transparency on fund size, pricing, and holdings. The disclaimer that the information is general and not financial advice complies with the Corporations Act 2001 (Cth). Investors are advised to review the Product Disclosure Statement on the State Street Global Advisors website before investing to assess suitability based on individual objectives and circumstances. Regulatory protections include regular reporting, independent asset valuations, and custodial arrangements separating fund assets from corporate assets.

Index Methodology and Trademark Licensing for the Fund

SLF tracks the S&P/ASX 200 Listed Property Index, maintained by Standard & Poor's Financial Services LLC. The SPDR brand and S&P indices are registered trademarks licensed to State Street Corporation, parent of State Street Global Advisors. The ASX trademark is licensed by ASX Operations Pty Limited to State Street Global Advisors, Australia Services Limited.

These licensing arrangements reflect the collaboration between State Street Global Advisors and leading financial data and exchange providers in delivering index-based investment solutions. The S&P/ASX 200 Listed Property Index captures ASX-listed companies in the property and REIT sectors, with inclusion criteria, weighting, and rebalancing governed by Standard & Poor's methodology. Neither Standard & Poor’s, ASX Operations Pty Limited, nor trademark licensors endorse or assume liability for the fund’s structure or performance, limiting their role to benchmark provision and trademark licensing.

Investor Considerations for Monitoring SLF

Investors in SLF should monitor daily NAV updates and periodic fund reports from State Street Global Advisors to assess ongoing performance, asset values, and index basket changes. Tracking error, representing divergence between fund and index returns, is a critical performance metric reflecting index replication efficiency and management costs. Changes in units outstanding indicate capital inflows or outflows and may signal shifts in investor sentiment toward the property sector.

Daily NAV movements reflect the performance of the 18 property securities, influenced by dividends, market repricing, economic conditions, interest rates, and company-specific factors. Monitoring rounding and adjustment components helps ensure minimal cash drag affecting returns. Investors should also review distribution announcements, as income from property holdings is a significant return component and may have tax implications. Assessing the business performance, dividend sustainability, and capital management of constituent companies aids in evaluating alignment with investment goals and risk tolerance.

Issuer Responsibilities and Investor Protection Measures

State Street Global Advisors, Australia Services Limited, as issuer and Responsible Entity of SLF, holds fiduciary duties including safeguarding fund assets, fair valuation, and timely disclosure. The Responsible Entity maintains governance and compliance with the fund constitution, Corporations Act 2001 (Cth), and ASX listing rules. The daily fund update exemplifies transparency and timely reporting to unitholders.

Investors benefit from protections under managed investment scheme regulations, ASX listing rules, and potential coverage by the Australian Financial Services Compensation Scheme in case of licensee default. Custodial arrangements segregate fund assets from corporate assets, protecting investor capital in insolvency scenarios. Additional safeguards include independent asset valuations, compliance audits, and statutory rights to inspect fund records, ensuring regulatory compliance and investor confidence.