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State Street® SPDR® Dow Jones Global Real Estate UCITS ETF (Acc)Index, costs, backtest, listings and taxation

ISIN: IE00BH4GR342Ticker: SPY2 (Xetra) · GLRA (London SE) · GLRA (SIX)Issuer: SPDR
Issuer-declared data
Declared index
Dow Jones Global Select Real Estate Securities Index
TER
0.40%
Transaction costs
0.01% (issuer estimate, from the KID)
Management
Passive (index-tracking) (from the KID)
Replication
Income policy
SFDR
Article 6 — does not promote specific ESG characteristics — inferred (issuer documents do not declare art. 8/9) what does it mean?
Fund assets
373.3 mln EUR
NAV
23.12 USD (30 August 2026)
Domicile
Ireland
Inception date
15 October 2019
Data as declared by SPDR in the issuer’s official files and endpoints · collected on 2 September 2026 (monthly refresh). Facts only, no recommendation.
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Description

State Street® SPDR® Dow Jones Global Real Estate UCITS ETF (Acc) tracks the issuer-declared index: Dow Jones Global Select Real Estate Securities Index. The declared annual cost (TER) is 0.40%, plus 0.01% in transaction costs estimated by the issuer in the KID. Replication is full physical replication (declared as “Replicated” by the issuer); income is accumulated and reinvested in the fund. The fund has assets of about 373 million euro, was launched on 15 October 2019 and is domiciled in Ireland.

The fund’s objective — in the issuer’s words

Investment objective The objective of the Fund is to track the performance of the global listed real estate securities market. The Fund seeks to track the performance of the Dow Jones Global Select Real Estate Securities Index (the "Index") as closely as possible. The Fund is an index tracking fund (also known as a passively managed fund). Investment policies The Fund invests primarily in securities included in the Index. These securities include equity real estate investment trusts ("REITs") and real estate operating companies ("REOCs") from emerging and developed markets around the world. Securities are liquidity, size and revenue screened, and then market capitalisation weighted. Although the Index is generally well diversified, because of the market it reflects it may, depending on market conditions, contain constituents issued by the same body that may represent more than 10% of the Index. In order for the Fund to track the Index accurately, the Fund will make use of the increased diversification limits available under Regulation 71 of the UCITS Regulations. These limits permit the Fund to hold positions in individual constituents of the Index issued by the same body of up to 20%. The Fund seeks to hold all the securities of the Index with the approximate weightings as in that Index. The Fund will use a replication strategy to create a near mirror-image of the Index. In limited circumstances the Fund may purchase securities that are not included in the Index. The Fund may use financial derivative instruments (that is, financial contracts whose prices are dependent on one or more underlying assets) in order to manage the portfolio efficiently. Save in exceptional circumstances, the Fund will generally only issue and redeem shares to certain institutional investors. However, shares of the Fund may be purchased or sold through brokers on one or more stock exchanges. The Fund trades on these stock exchanges at market prices which may fluctuate throughout the day. Market prices may be greater or less than the daily net asset value of the Fund. The Fund's maximum exposure to securities lending as a percentage of its Net Asset Value will not exceed 40%. Shareholders may redeem shares on any UK business day (other than days on which relevant financial markets are closed for business and/or the day preceding any such day provided that a list of such closed market days will be published for the Fund on www.ssga.com); and any other day at the Directors' discretion (acting reasonably) provided Shareholders are notified in advance of any such days. Any income earned by the Fund will be retained and reflected in an increase in the value of the shares. The Shares of the USD Class are issued in U.S. Dollar. Index Source: "Dow Jones," and the Index are service marks of Dow Jones & Company, Inc. and have been licensed for use for certain purposes by State Street Investment Management. The Fund is not sponsored, endorsed, sold or promoted by Dow Jones and Dow Jones makes no representation regarding the advisability of investing in such product(s). Please see the Prospectus for the full index disclaimer.

Keep reading the KID section ▾

Intended retail investorThis Fund is intended for investors who plan to stay invested for at least 5 years and are prepared to take on a medium-high level of risk of loss to their original capital in order to get a higher potential return. It is designed to form part of a portfolio of investments. Practical information Depositary The Fund depositary is State Street Custodial Services (Ireland) Limited.

From the KID’s “Objectives” section · 5 August 2026 · original document ↓
Text generated from the data the issuer declares in official product lists. No recommendation.

Official documents

Key Information Document (KID)PDF in English, from the issuer’s site — always the latest filed versionProspectusPDF in English, from the issuer’s site — the fund’s full legal documentFactsheetPDF in English, from the issuer’s site — the fund’s monthly snapshot
The KID is the document the law requires you to read before investing: 3 pages covering risks, costs and scenarios. The link opens the issuer’s published PDF.

Fund performance

issuer-declared net asset value (NAV) · USD · from Oct 2019 to Sept 2026
Compare with another ETF
Only funds we hold a history for. Three at a time, at most.
Return
+15.2%
Annualised
+2.1%
Volatility (ann.)
19.2%
Max drawdown
-43.38%
-43%-26%-9%+8%+25%Oct 2019Jul 2021Mar 2023Dec 2024Sept 2026The break-even line: the value at the start of the period. Above it you are in gain, below in loss.break-even (0%)+15%Oct 2019Sept 2026
Note — currency risk: the fund is denominated (or hedged) in USD and the chart is in USD. For a euro investor, returns also depend on the EUR/USD exchange rate, up or down.
Tip: drag across the chart to zoom into a period.

Drawdown — distance from previous peak

This isn’t the return: it shows how far the fund is below its previous peak. 0% = you’re at the peak; below zero = how much you’re down and haven’t recovered yet.
0%-10%-20%-30%-40%-50%2019202120232025−43.38% · 23 Mar 2020
Max drawdown
-43.38%
peak → trough
Trough
23 Mar 2020
from the 14 Feb 2020 peak
Recovery time
435 days
recovery only: trough to break-even · ≈ 1 year and 2 months
Underwater
473 days
decline + recovery: peak to break-even · ≈ 1 year and 4 months · → recovered on 01 Jun 2021

The five worst falls in the period

From the peak ofTroughDepthBack to break-evenDays underwater
14 Feb 202023 Mar 2020-43.38%01 Jun 2021473
31 Dec 202127 Oct 2023-33.26%12 Jun 20261,624
02 Sept 202130 Sept 2021-6.90%03 Nov 202162
24 Jul 202602 Sept 2026-5.01%ongoing45
25 Nov 202101 Dec 2021-4.91%29 Dec 202134

Calendar-year returns

2019
-0.1%
2020
-11.0%
2021
30.0%
2022
-25.5%
2023
10.3%
2024
0.9%
2025
8.5%
2026
10.6%

Month-by-month returns

JanFebMarAprMayJunJulAugSeptOctNovDecYear
20263.26.7-7.98.2-0.61.83.0-2.9-0.410.6
20251.82.9-2.40.02.1-0.0-1.14.50.9-1.32.8-1.78.5
2024-4.1-0.22.8-6.43.50.85.96.32.7-4.92.8-7.00.9
20239.3-4.6-3.01.6-4.03.33.6-3.3-6.5-4.610.79.410.3
2022-6.1-2.65.3-5.3-5.0-8.98.1-6.4-12.53.66.4-3.3-25.5
2021-0.83.73.46.71.81.14.31.3-5.66.0-1.77.030.0
20200.3-8.6-23.17.00.31.53.02.0-3.1-3.213.04.1-11.0
2019-1.10.1-0.1
From month-end NAVs, over the fund’s full history, on the series shown in the chart (dividends reinvested where declared). Deeper colour = larger move.
Source: SPDR. Issuer-declared historical series; inflation: Eurostat and national statistical institutes, latest available July 2026 — for later days the index stays at the last published value (institutes publish with a few weeks’ lag). The «adjusted for inflation» view expresses value in today’s purchasing power for the selected country; volatility always stays nominal, as elsewhere on the site (deflating it would add artificial swings caused by the monthly cadence of the price index). Past performance is not indicative of future results: these are facts, not a recommendation.

Tracking difference — issuer-declared

How much the fund returned above (+) or below (−) its index, year by year. It measures the actual deviation: the combined effect of costs (TER and transaction), securities-lending revenue and replication optimisations — which is why it can beat the TER. Tracking difference was positive in 0 of the last 7 calendar years: a past observation, not an indication of future outperformance.
Average TD (last 3 years)
-0.29% /anno
Declared TER
0.40%
YearFundIndexDifference
2025+8.55%+8.79%-0.25%
2024+0.91%+1.18%-0.27%
2023+10.34%+10.68%-0.34%
2022-25.50%-25.30%-0.19%
2021+30.01%+30.21%-0.20%
2020-10.96%-10.92%-0.04%
2019-0.11%-0.02%-0.10%
Figures declared by the issuer on the fund page (net fund and index returns per calendar year, as of 31 July 2026), not computed by us. Partial years excluded. What is tracking difference? →

Risk indicators· EUR

Last yearLast 3 yearsLast 5 yearsFull history
Volatility (ann.)11.41%14.34%16.09%19.28%
Max drawdown-7.41%-18.37%-29.97%-43.17%
Sharpe0.860.310.010.07
Sortino1.220.430.010.09
Computed from the daily NAV series, always in nominal terms. Sharpe and Sortino use the ECB main refinancing rate averaged over the period (last year: 2.21%), weighted by days in force, as the risk-free rate. Same formulas as our public methodology: sample standard deviation annualised over 252 days; Sortino with downside deviation. Past performance is not indicative of future results. Figures in EUR — series converted day by day at ECB reference rates; the table follows the currency selected in the chart.

Portfolio holdings

Securities in portfolio
222
Top-10 weight
45.4%

Top 10 holdings

Welltower Inc.
10.06%
Prologis Inc.
7.84%
Equinix Inc.
6.00%
Simon Property Group Inc.
4.07%
Digital Realty Trust Inc.
3.76%
Realty Income Corporation
3.38%
Public Storage
3.02%
Vivmark Residential
2.82%
Ventas Inc.
2.65%
Extra Space Storage Inc.
1.75%

Sectors

Retail
20.2%
Healthcare
17.1%
Industrial Reit
14.6%
Residential
10.5%
Data Center Reit
10.0%
REOC
8.2%
Diversified
6.9%

Countries

AfghanistanAngolaAlbaniaUnited Arab EmiratesArgentinaArmeniaFrench Southern and Antarctic LandsAustralia: 2.3%AustriaAzerbaijanBurundiBelgium: 0.7%BeninBurkina FasoBangladeshBulgariaThe BahamasBosnia and HerzegovinaBelarusBelizeBoliviaBrazil: 0.3%BruneiBhutanBotswanaCentral African RepublicCanada: 0.7%Switzerland: 1.2%Chile: 0.4%ChinaIvory CoastCameroonDemocratic Republic of the CongoRepublic of the CongoColombiaCosta RicaCubaCyprusCzech RepublicGermany: 0.4%DjiboutiDenmarkDominican RepublicAlgeriaEcuadorEgyptEritreaSpain: 0.5%EstoniaEthiopiaFinland: 0.1%FijiFalkland IslandsFrance: 1.8%GabonUnited KingdomGeorgiaGhanaGuineaGambiaGuinea BissauEquatorial GuineaGreeceGreenlandGuatemalaFrench GuianaGuyanaHondurasCroatiaHaitiHungaryIndonesiaIndiaIrelandIranIraqIcelandIsrael: 0.8%ItalyJamaicaJordanJapan: 7.1%KazakhstanKenyaKyrgyzstanCambodiaSouth KoreaKosovoKuwaitLaosLebanonLiberiaLibyaSri LankaLesothoLithuaniaLuxembourgLatviaMoroccoMoldovaMadagascarMexico: 0.8%MacedoniaMaliMyanmarMontenegroMongoliaMozambiqueMauritaniaMalawiMalaysiaNamibiaNew CaledoniaNigerNigeriaNicaraguaNetherlandsNorwayNepalNew ZealandOmanPakistanPanamaPeruPhilippinesPapua New GuineaPolandPuerto RicoNorth KoreaPortugalParaguayQatarRomaniaRussiaRwandaWestern SaharaSaudi Arabia: 0.1%SudanSouth SudanSenegalSolomon IslandsSierra LeoneEl SalvadorSomaliaRepublic of SerbiaSurinameSlovakiaSloveniaSweden: 1%SwazilandSyriaChadTogoThailand: 0.2%TajikistanTurkmenistanEast TimorTrinidad and TobagoTunisiaTurkeyTaiwanUnited Republic of TanzaniaUgandaUkraineUruguayUnited States of America: 73%UzbekistanVenezuelaVietnamVanuatuWest BankYemenSouth Africa: 0.7%ZambiaZimbabwe
up to 1%1–5%5–15%15–30%over 30%
Hover a country for its percentage.
Top 7 countries
United States73%
Japan7.1%
United Kingdom4%
Singapore2.6%
Australia2.3%
France1.8%
Hong Kong1.6%
Download the full portfolio — Excel, 222 rows
Full portfolio declared by SPDR, as of 31 August 2026: this is the summary. Percentages may not sum to 100 due to cash, derivatives and rounding.
Fund historyFund-assets (AUM) chart year by year and monthly basket snapshots.Open the history →

Italian taxation

Effective rate on capital gains
26.00%
White-list share
0.00%
From the government-bond («white list») share certified by the issuer every semester: 12.5% on that portion, 26% on the rest.
Deep-dive into this fund’s taxation →

Where it shows up commission-free in Italy

According to the official lists published by the brokers (downloaded and cross-checked by us), these share classes of the fund appear tradable with zero fees:

IE00BH4GR342SPY2
  • BG Saxozero within the savings plan (buys)
  • XTBzero (up to €100,000 monthly volume, unreachable for a retail plan); fractions available in plans
IE00B8GF1M35SPYJ
  • Moneyfarmzero within the savings plan (buys), agreement until 12 January 2028
  • Moneyfarmzero on single buys from 1,000 €, agreement until 12 January 2028
  • XTBzero (up to €100,000 monthly volume, unreachable for a retail plan); fractions available in plans
Full terms, traps and method in the observatory: Free savings plans and zero-commission ETFs: the broker survey

Official lists verified on 3 September 2026. We record published terms — this is neither an invitation to open accounts nor a recommendation: lists change, the broker’s documents prevail. Trade Republic, Scalable Capital and Trading 212 publish no per-ISIN lists and don’t appear here.

Stock exchange listings

ExchangeTickerTrading since
Börse DüsseldorfSPY218 Nov 2021
Börse FrankfurtSPY217 Oct 2019
Börse HamburgSPY219 Feb 2020
Börse HannoverSPY29 Dec 2024
Börse München / gettexSPY224 Nov 2020
Börse StuttgartSPY217 Jan 2020
Tradegate ExchangeSPY27 Sept 2020
Xetra (Deutsche Börse)SPY217 Oct 2019
+ 17 more trading venues (MTFs and professional platforms).
Trading venues from the official ESMA register (FIRDS); per-exchange tickers from the issuer’s tax documents and official listings. A dash “—” = that venue does not publish the item (ticker, currency or start date) in the sources we read. The same fund may trade in different currencies depending on the exchange: check the trading currency with your broker. Non-EU listings (e.g. UK, Mexico) not included.

Frequently asked questions

Which index does State Street® SPDR® Dow Jones Global Real Estate UCITS ETF (Acc) track?
The issuer SPDR declares the benchmark: Dow Jones Global Select Real Estate Securities Index.
How much does SPY2 cost?
The issuer-declared TER is 0.40% per year; the transaction costs estimated in the KID are 0.01%.
How is SPY2 taxed in Italy?
On sale, the capital gain is taxed at an effective 26.00% rate (white-list share 0.00%): 12.5% on the government-bond “white list” portion, 26% on the rest.
What is the fund size of SPY2?
The fund size declared by SPDR is about 373 million euro.
When was SPY2 launched?
The fund was launched on 15 October 2019: it has 6 years of history.
How does SPY2 replicate its index?
It is a passively managed ETF: it follows the declared index. Physical (full replication) (issuer wording: “Replicated”).
Does SPY2 pay dividends?
No: it is an accumulating share class — income stays in the fund and is reinvested automatically (issuer wording: “Accumulation”).
Where does SPY2 trade?
Per the official ESMA register it trades on 8 main exchanges, including Börse Düsseldorf (SPY2), Börse Frankfurt (SPY2), Börse Hamburg (SPY2), Börse Hannover (SPY2), Börse München / gettex (SPY2), Börse Stuttgart (SPY2).
What was SPY2's worst fall?
Over the available history (since 2019), the maximum drawdown was -43.38%, reached in March 2020. Past performance is not indicative of future results.
How many securities does SPY2 hold?
The declared portfolio holds 222 securities; the top 10 positions weigh 45.4%.
Transparency note
The data in this sheet is declared by SPDR in the issuer’s official files and endpoints, collected by Rebalix with a monthly refresh; taxation derives from the issuer’s tax documents (Italian Law Decree 138/2011). This is factual information for informational purposes only: it is not financial or tax advice, nor an investment recommendation. Read the fund’s KID and prospectus before investing.