1Target Market Determination — Funds Management
Legal disclaimer
This Target Market Determination (TMD) is required under section 994B of the Corporations Act 2001 (Cth) (the Act).
This TMD describes the class of consumers that comprises the target market for the financial product and mattersrelevant to the product’s distribution and review (specifically, distribution conditions, review triggers and periods, andreporting requirements). Distributors must take reasonable steps that will, or are reasonably likely to, result indistribution of the product being consistent with the most recent TMD (unless the distribution is excluded conduct)..
This document is not a product disclosure statement (PDS) and is not a complete summary of the product features orterms of the product. This document does not take into account any person’s individual objectives, financial situationor needs. Persons interested in acquiring this product should carefully read the PDS for theSPDR® MSCI Australia Select High Dividend Yield Fund before making a decision whether to buy this product.
Important terms used in this TMD are defined in the TMD Definitions which supplements this document. Capitalisedterms have the meaning given to them in the product’s PDS, unless otherwise defined. The PDS can be obtained byvisiting our website ssga.com.

Target Market Summary
This product is intended for use as a core or satellite allocation for a consumer seeking moderate long term
capital growth and a relatively high yield over the long term and has a high risk and return profile for that
portion of their investment. It is likely to be consistent with the financial situation and needs of a consumer
with a medium to long term investment timeframe, and is unlikely to withdraw their money on less than one
day’s notice.

Fund and Issuer identifiersIssuerState Street Global Advisors, Australia Services LimitedIssuer ABN

16 108 671 441

Issuer AFSL

274900Fund manager

State Street Global Advisors, Australia, Limited

Fund manager AFSL

238276

Fund manager ABN

42 003 914 225

TMD contact details

State Street Global Advisors, Australia, Limited
Email: managedfundquery@ssga.com
Phone: (02) 8249 1100 or 1300 382 689

Fund name

SPDR® MSCI Australia Select High Dividend Yield FundARSN

145 353 591

ISIN Code

AU000000SYI8Market Identifier CodeXASX

Product Exchange code

SYI

TMD issue date

29 September 2023

TMD Version

3

Distribution status of fund

Available

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Description of Target Market
TMD indicator key
The Consumer Attributes for which the product is likely to be appropriate have been assessed using a red and green
rating methodology with appropriate colour coding:In target market

Not in target market

Instructions
In the tables below, Column 1, Consumer Attributes, indicates a description of the likely objectives, financial situationand needs of the class of consumers that are considering this product. Column 2, TMD indicator, indicates whether aconsumer meeting the attribute in column 1 is likely to be in the target market for this product.
The Issuer has assessed the product and formed the view that the product, including its key attributes, is likely to beconsistent with the likely objectives, financial situation and needs of consumers in the target market, as the features ofthis product in Column 3 of the table below are likely to be suitable for consumers with the attributes identified with agreen TMD Indicator in Column 2.

Investment products and diversification
A consumer (or class of consumer) may intend to hold a product as part of a diversified portfolio (typically for example,
with an intended product use of minor allocation). In such circumstances, the product should be assessed against theconsumer’s attributes for the relevant portion of the portfolio, rather than the consumer’s portfolio as a whole. Forexample, a consumer may seek to construct a balanced or moderate portfolio with a minor allocation to growth assets.
In this case, a product with a High risk/return profile may be consistent with the consumer’s objectives for that minor
allocation notwithstanding that the risk/return profile of the consumer as a whole is Medium. In making thisassessment, distributors should consider all features of a product (including its key attributes).
The FSC has provided more detailed guidance on how to take this portfolio view for diversification, available on theFSC website. This guidance only applies where a product is held as part of a diversified portfolio.
Consumer Attributes

TMD indicator

Product description including key attributes

Consumer’s investment objective
Capital Growth
Capital PreservationIncome Distribution

The Fund seeks to closely track, before fees andexpenses, the returns of the MSCI Australia Select HighDividend Yield Index.
The Fund is suitable for investors seeking moderate longterm capital growth and a relatively high yield over thelong term.
The Fund generally distributes income quarterly.

Consumer’s intended product use (% of Investable Assets)
Solution/Standalone (morethan 75%)
Major allocation (up to 75%)
Core component (up to 50%)
Minor allocation (up to 25%)
Satellite allocation (up to10%)

The Fund invests in a diversified range of Australiancompanies across the broad economy (excluding REITS)
after screening for persistent and sustainable dividends.

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Consumer’s investment timeframe
Minimum investment
timeframe

The minimum suggested timeframe forholding investments in the Fund is 5years

The minimum suggested timeframe for holding
investments in the Fund is 5 years

Consumer’s Risk (ability to bear loss) and Return profile
Low

The Fund has a very high risk profile and seeks to closely
track, before fees and expenses, the returns of the MSCI
Australia Select High Dividend Yield Index.

MediumHighVery highExtremely highConsumer’s need to access capital
Within one week of request

Unit holders can sell their units on the Australian
Securities Exchange.

Within one month of request
Within three months ofrequest
Within one year of request
Within 5 years of request
Within 10 years of request
10 years or more

Distribution conditions/restrictions
Distribution condition

Distribution condition rationale

Distributors this condition applies to

There are no distribution conditions

Review triggers
Material change to key attributes, fund investment objective and/or fees.
Material deviation from benchmark/objective over sustained period.
Key attributes have not performed as disclosed by a material degree and for a material period.
Determination by the issuer of an ASIC reportable Significant Dealing.
Material or unexpectedly high number of complaints (as defined in section 994A(1) of the Act) about the product or distribution ofthe product.
The use of Product Intervention Powers, regulator orders or directions that affects the product.

Mandatory TMD review periods
Review period

Maximum period for review

Initial review

1 year and 3 months

Subsequent review

3 years and 3 months

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Distributor reporting requirements
Reporting requirement

Reporting period

Which distributors
this requirement applies toComplaints (as defined in section 994A(1) of the Act)
relating to the product. The distributor should provide all thecontent of the complaint, having regard to privacy.

As soon as practicable but no later
than 10 business days following end of
calendar quarterAll distributors

If practicable, distributors should adopt the FSC data standards for reports to the issuer. Distributors must report toState Street Global Advisors, Australia Services Limited using the email address: ddo@ssga.com.

Issued by State Street Global Advisors, Australia Services Limited (AFSL Number 274900, ABN 16 108 671 441) ("SSGA, ASL"). Registered office:Level 14, 420 George Street, Sydney, NSW 2000, Australia. Telephone: 612 9240-7600. Web: ssga.com.
SSGA, ASL is the issuer of interests and the Responsible Entity for the ETFs which are Australian registered managed investment schemes quoted
on the AQUA market of the ASX or listed on the ASX.
This material is general information only and does not take into account your individual objectives, financial situation or needs and you should
consider whether it is appropriate for you. You should seek professional advice and consider the product disclosure document, available atssga.com, before deciding whether to acquire or continue to hold units in an ETF.
Investing involves risk including the risk of loss of principal. Risk associated with equity investing includes stock values which may fluctuate in
response to the activities of individual companies and general market and economic conditions. Please refer to the product disclosure document forthe specific risks associated with investing in the fund.
SPDR and Standard & Poor's® S&P® indices are trademarks of Standard & Poor's Financial Services LLC and have been licensed for use by State
Street Corporation. MSCI indices, the property of MSCI, Inc. ("MSCI") has been licensed for use by SSGA, ASL. SPDR products are not sponsored,
endorsed, sold or promoted by any of these entities and none of these entities bear any liability with respect to the ETFs or make any
representation, warranty or condition regarding the advisability of buying, selling or holding units in the ETFs issued by SSGA, ASL.
This material should not be considered a solicitation to buy or sell a security and investors should obtain independent financial and otherprofessional advice before making investment decisions. There is no representation or warranty as to the currency or accuracy of, nor liability for,decisions based on such information.
The whole or any part of this work may not be reproduced, copied or transmitted or any of its contents disclosed to third parties without SSGA
Australia’s express written consent.
© 2021 State Street Corporation — All Rights Reserved.

5TMD Definitions
TermDefinition

Consumer’s investment objective
Capital Growth

The consumer seeks to invest in a product designed or expected to generate capital return
over the investment timeframe. The consumer prefers exposure to growth assets (such asshares or property) or otherwise seeks an investment return above the current inflation rate.

Capital Preservation

The consumer seeks to invest in a product designed or expected to have low volatility andminimise capital loss. The consumer prefers exposure to defensive assets that are generally
lower in risk and less volatile than growth investments (this may include cash or fixedincome securities).

Income Distribution

The consumer seeks to invest in a product designed or expected to generate regular and/or
tax-effective income. The consumer prefers exposure to income-generating assets (this may
include high dividend-yielding equities, fixed income securities and money market
instruments).

Consumer’s intended product use (% of Investable Assets)
Solution/Standalone (up to100%)

The consumer may hold the investment as up to 100% of their total investable assets. The
consumer is likely to seek a product with very high portfolio diversification.

Major allocation (up to 75%)

The consumer may hold the investment as up to 75% of their total investable assets.
The consumer is likely to seek a product with at least high portfolio diversification.

Core Component (up to 50%)

The consumer may hold the investment as up to 50%, of their total investable assets. The
consumer is likely to seek a product with at least medium portfolio diversification.

Minor allocation (up to 25%)

The consumer may hold the investment as up to 25% of their total investable assets.
The consumer is likely to seek a product with at least low portfolio diversification.

Satellite (up to 10%)The consumer may hold the investment as up to 10% of the total investable assets. The
consumer may seek a product with very low portfolio diversification.
Products classified as extremely high risk are likely to meet this category only.

Investable Assets

Those assets that the investor has available for investment, excluding the family home.

Portfolio diversification (for completing the key product attribute section of consumer’s intended product use)
Note: exposures to cash and cash-like instruments may sit outside the diversification framework below.
Very low

The product provides exposure to a single asset (for example, a commercial property) or aniche asset class (for example, minor commodities, crypto-assets or collectibles).

Low

The product provides exposure to a small number of holdings (for example, fewer than 25securities) or a narrow asset class, sector or geographic market (for example, a single majorcommodity (e.g. gold) or equities from a single emerging market economy).

MediumThe product provides exposure to a moderate number of holdings (for example, up to 50
securities) in at least one broad asset class, sector or geographic market (for example,Australian fixed income securities or global natural resources).

HighThe product provides exposure to a large number of holdings (for example, over 50securities) in multiple broad asset classes, sectors or geographic markets (for example,global equities).

Very highThe product provides exposure to a large number of holdings across a broad range of asset
classes, sectors and geographic markets with limited correlation to each other.

Consumer’s intended investment timeframe
Minimum

The minimum suggested timeframe for holding the product. Typically, this is the rolling
period over which the investment objective of the product is likely to be achieved.

Consumer’s Risk (ability to bear loss) and Return profile
This TMD uses the Standard Risk Measure (SRM) to estimate the likely number of negative annual returns for this product over a 20year period, using the guidance and methodology outlined in the Standard Risk Measure Guidance Paper For Trustees (note thebands in the SRM guidance differ from the bands used in this TMD). However,. SRM is not a complete assessment of risk and potential
loss. For example, it does not detail important issues such as the potential size of a negative return (including under conditions of market

6TermDefinitionstress) or that a positive return could still be less than a consumer requires to meet their investment objectives/needs. The SRM
methodology may be supplemented by other risk factors. For example, some products may use leverage, derivatives or short selling,
may have liquidity or withdrawal limitations, may have underlying investments with valuation risks or risks of capital loss; or otherwise
may have a complex structure or increased investment risks, which should be documented together with the SRM to substantiate theproduct risk rating. You should read the important information about “Risks of managed investment schemes” in the PDS before making
a decision.
A consumer’s desired product return profile would generally take into account the impact of fees, costs and taxes.
Low

For the relevant part of the consumer’s portfolio, the consumer:

has a conservative or low risk appetite,seeks to minimise volatility and potential losses(e.g. has the ability to bear up to 1 negative return over a 20 year period (SRM 1 to2)), andis comfortable with a low target return profile.

The consumer typically prefers stable, defensive assets (such as cash).
MediumFor the relevant part of the consumer’s portfolio, the consumer:

has a moderate or medium risk appetite,seeks low volatility and potential losses (e.g. has the ability to bear up to 4
negative returns over a 20 year period (SRM 3 to 5)), andis comfortable with a moderate target return profile.

The consumer typically prefers defensive assets (for example, fixed income)–.
HighFor the relevant part of the consumer’s portfolio, the consumer:

has a high risk appetite,
can accept high volatility and potential losses (e.g. has the ability to bear up to 6
negative returns over a 20 year period (SRM 5 or 6)), andseeks high returns (typically over a medium or long timeframe).

The consumer typically prefers growth assets (for example, shares and property).
Very highFor the relevant part of the consumer’s portfolio, the consumer:

has a very high risk appetite,
can accept very high volatility and potential losses (e.g. has the ability to bear 6 to7 negative returns over a 20 year period (SRM 6 or 7), andseeks to maximise returns (typically over a medium or long timeframe).

The consumer typically prefers high growth assets (such as high conviction portfolios, hedge
funds, and alternative investments).
Extremely highFor the relevant part of the consumer’s portfolio, the consumer:has an extremely high risk appetite,can accept significant volatility and losses, and
seeks to obtain accelerated returns (potentially in a short timeframe).
The consumer seeks extremely high risk, speculative or complex products which may havefeatures such as significant use of derivatives, leverage or short positions or may be in
emerging or niche asset classes (for example, crypto-assets or collectibles).

Consumer’s need to access capitalThis consumer attribute addresses the likely period of time between the making of a request
for redemption/withdrawal (or access to investment proceeds more generally) and thereceipt of proceeds from this request under ordinary circumstances. Issuers should consider
both the frequency for accepting the request and the length of time to accept, process anddistribute the proceeds of such a request. To the extent that the liquidity of the underlying
investments or possible liquidity constraints (e.g. ability to stagger or delay redemptions)
could impact this, this is to be taken into consideration in aligning the product to theconsumer’s need to access capital. Where a product is held on investment platforms,
distributors also need to factor in the length of time platforms take to process requests forredemption for underlying investments. Where access to investment proceeds from theproduct is likely to occur through a secondary market, the liquidity of the market for the
product and likely realisable value on market should be considered, including in times ofmarket stress.