State Street Global Advisors | SPDRs

SPDRs are investments that contain a pool of securities representing a specific index such as the S&P/ASX 50 and S&P/ASX 200. SPDRs are built like managed funds but trade like shares. SPDRs trade on the Australian Securities Exchange. They are priced continually and can be bought and sold throughout the trading day. SPDRs are designed to be attractive to individual and institutional investors alike, because they provide liquid, cost-efficient exposure to a broad range of assets.

SPDR Units can be bought and sold on the ASX though a stockbroker like other listed securities.

The SPDR 50 and the SPDR 200 fund have 2 distribution periods annually, ending on 30 June and 31 December each year. The SPDR Listed Property Fund has 4 distributions annually, ending on 31 March, 30 June, 30 September and 31 December each year. In general terms, unit holders on the register of a fund at the end of a distribution period will be entitled to a pro rata share of the distributable income (if any) for that period based on the number of units held in the fund. Distributable income includes dividends and distributions received from the fund's investments. The Constitution governing each SPDRs fund contains detailed rules on how distributable income and income entitlements are calculated. Distributions are paid after the end of the distribution period. Distribution periods may be varied.

SPDR 50 and the SPDR 200 fund both have in place a distribution reinvestment plan.
Reinvestment plan documentation can be downloaded from this website.

The SPDR 50 and SPDRs200 Fund will distribute all franking credits it receives on a semi-annual basis. The SPDR Listed Property Fund will distribute all franking credits it receives on a quarterly basis.

The total annual operating fees and expenses for the SPDR 50 and the SPDR 200 funds are currently capped at 0.286% pa. of the Net Asset Value of the fund, calculated and accrued on a daily basis. The total annual operating fees and expenses for the SPDR Listed Property Fund are currently capped at 0.40% pa. of the Net Asset Value of the fund, calculated and accrued on a daily basis. The cap excludes transactional fees incurred, such as brokerage and transactional fees charged by custodians and registrars. Transactional fees may therefore be charged in addition to the cap. The cap does not apply to extraordinary fees and expenses or those that were not contemplated at the date of the SPDR Product Disclosure Statement. Investors will also be liable for customary brokerage when buying, selling and redeeming units through a broker.

Transaction fees are also payable for those who use the in-kind application and redemption facility.

The SPDRs Product Disclosure Statement contains further information on fees and expenses.

SPDRs are designed to be cost-efficient. As an indexed investment, they can have the advantage of being less expensive to operate and therefore typically have lower expense ratios. Expense ratios have become increasingly important to both retail and institutional investors because they have a significant impact on the portfolio's return and the investor's potential for wealth accumulation.

Estimated Intraday Net Asset Value is calculated and provided by ASX. The EIN gives an indication of the underlying fair value of the fund.