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OZF

$30.36-0.23%Banks & Financials34/100
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SPDR S&P/ASX 200 Financials ex A-REITs Fund · State Street

Data as at 29 March 2026

TL;DR

Tracks ASX 200 financial companies explicitly excluding property trusts. Nearly identical portfolio to QFN in practice, managed by State Street (SPDR) using the S&P benchmark.

MER (Annual Fee)
0.34%
#4 lowest in Banks & Financials
1Y Return
+16.7%
3Y Return (p.a.)
+20.2%
Dividend Yield
4.14%
Trailing 12 months
AUM
$49.6M
Assets under management
Avg Daily Turnover
$22K
Avg shares × unit price
Unit Price
$30.36
As at 29 March 2026
Provider
State Street
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Strategy

Managed by State Street. Tracks the S&P/ASX 200 Financials ex A-REIT Index, which strips property trusts out of the broader financial sector classification.

Top Holdings

CBA
25.2%
NAB
14.8%
Westpac
14.2%
ANZ
12.6%
Macquarie
10.8%
QBE Insurance
3.8%
Suncorp
3.2%
AMP
2.8%
IAG
2.5%
Key Fact

Australian A-REITs are classified within the financial sector under the GICS system — which is why funds called 'Financials' can include Goodman Group unless they explicitly exclude REITs. OZF excludes them. XFJ does not.

Suited for

Investors who hold separate property exposure and want a financial sector allocation that does not double up on REITs. Investors who prefer State Street's SPDR brand over BetaShares for financial sector exposure.

Risks

More concentrated in the big four banks than QFN. In a banking crisis, there is less diversification here than in a broader financial ETF that includes more insurance and diversified financial companies.

ETFCheck Score34/100
Fees (40%)49
Fund Size (25%)0
Liquidity (20%)0
Yield (15%)97
How scores are calculated →
Other Banks & Financials ETFs
XFJ
0.24% MER
59
MVB
0.28% MER
47
QFN
0.34% MER
32View all Banks & Financials ETFs →

Frequently Asked Questions - OZF

Why does OZF exclude A-REITs, and when does that matter for investors?+
OZF tracks the S&P/ASX 200 Financials ex A-REITs index, deliberately stripping out property trusts like Goodman Group, Scentre, and Stockland. This matters most during RBA rate changes - A-REITs are highly interest-rate sensitive, so excluding them gives OZF a purer banking and insurance profile. When rates rise, OZF typically outperforms A-REIT-inclusive rivals like XFJ because banks benefit from wider margins while property trusts face valuation headwinds.
Is OZF or QFN a better choice for income-focused Australian portfolios?+
Both OZF and QFN charge identical MERs of 0.34%, but QFN currently offers a slightly higher yield at 4.35% versus OZF's 4.18%. The difference reflects minor index methodology variations between BetaShares and State Street. For pure income maximisation with franking credits, QFN has a marginal edge, but OZF's State Street structure may appeal to investors who prefer SPDR's established ETF platform and its specific ex-A-REIT index construction methodology.
What types of companies does OZF hold beyond the Big Four banks?+
Beyond CBA, Westpac, NAB, and ANZ, OZF holds major insurers like QBE Insurance and Suncorp, wealth managers such as Macquarie Group, and diversified financials including ASX Limited itself. Regional banks like Bendigo and Adelaide Bank also feature. This gives OZF broader financial sector exposure than investors might assume - roughly 25-30% of the fund sits outside the Big Four, providing meaningful diversification across insurance, wealth management, and financial infrastructure companies.
How does OZF handle dividend taxation and franking for Australian tax residents?+
OZF distributes income semi-annually, passing through franking credits from its heavily bank-weighted portfolio to unitholders. Most distributions carry substantial franking given the Big Four banks typically pay 100% franked dividends. Australian tax residents can use these credits to offset personal tax liabilities, while SMSFs in pension phase receive full franking credit refunds from the ATO. OZF distributions are reported on your annual AMMA tax statement provided by State Street.